NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Government Bonding Act (the 'Bond Act'), Title 11, Chapter 14, Utah Code Annotated 1953, as amended, that on April 22, 2024, the Board of Trustees (the 'Board') of the Black Desert Public Infrastructure District (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorizes the issuance of the Issuer's Junior Limited Tax General Obligation Bonds, Series 2024C (the 'Bonds') (to be issued in one or more series, under one or more indentures and with such other series or title designation(s) as may be determined by the Issuer) and holding a public hearing as described herein.
PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING
The Issuer shall hold a public hearing on May 9, 2024, at the hour of 9:30 a.m. at 912 West 1600 South, Suite B-200, St. George, UT 84770 or electronically at zoom.us/join using Meeting ID: 898 3303 6724 and Passcode:170152. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Bonds and (b) any potential economic impact that the Project to be financed with the proceeds of the Bonds may have on the private sector. All members of the public are invited to attend and participate.
PURPOSE FOR ISSUING THE BONDS
The Bonds will be issued for the purpose of (a) financing all or a portion of the cost of public infrastructure as permitted under the Local District Act, Title 17B or the Bond Act (the 'Project') and (b) paying costs related to the issuance of the Bonds.
REVENUES TO BE PLEDGED
The Bonds are limited tax general obligations of the Issuer payable from all or any portion of ad valorem property taxes of the Issuer collected from all taxable real property situated within the boundaries of the Issuer, subject to a maximum rate of 0.010 per dollar of taxable value (the 'Junior Pledged Revenues').
PARAMETERS OF THE BONDS
The Issuer intends to issue the Bonds in the combined aggregate principal amount of not more than Thirty Million Dollars ($30,000,000). The Bonds shall mature in not more than thirty-one (31) years from their date or dates and taxes being imposed for a period of up to forty (40) years from the first date of imposition thereof, to be sold at a price not less than ninety-five percent (95%) of the total principal amount thereof, and bearing interest at a rate or rates not to exceed twelve percent (12%) per annum. The Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, an Indenture of Trust (the 'Indenture').
OUTSTANDING BONDS SECURED BY REVENUES
Other than the proposed Bonds, the Issuer currently has $0 principal amount of bonds outstanding secured by the Junior Pledged Revenues. The Issuer currently has $106,000,000 of bonds outstanding secured by revenues senior to the Junior Pledged Revenues.
TOTAL ESTIMATED COST OF BONDS
Based on the Issuer's current plan of finance and a current estimate of interest rates, the total principal and interest cost of the Bonds is estimated at approximately $79,937,578.
A copy of the Resolution and the Indenture are on file at Snow Jensen & Reece, P.C., 912 W. 1600 S., Suite B-200, St. George, Utah 84770 where they may be examined during regular business hours from 9:00 a.m. to 5:00 p.m. for a period of at least thirty (30) days from and after the date of publication of this notice.
NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after the first date of the publication of this notice is provided by law during which any person in interest shall have the right to contest the legality of the Resolution, the Indenture, the Bonds, the Project, or any provision made for the security and payment of the Bonds, and that after such time, no one shall have any cause of action to contest the regularity, formality, or legality thereof for any cause whatsoever.
DATED this April 22, 2024.
/s/Stephanie Nast
Secretary/Clerk
Notice of Special Accommodations (ADA)
The District complies with the Americans with Disabilities Act by providing accommodations and auxiliary communicative aids and services for all those in need of assistance. Persons requesting these accommodations for public meetings should call Jennifer Gowans at 435-628-3688 at least 24 hours before the meeting.
Notice of Electronic or Telephone Participation
Unless otherwise noted in the posted Agenda, meetings of the Board of Trustees will be held in person. For meetings held via videoconferencing or telephonic communication Trustees and other meeting participants and attendees will be able to participate remotely. Persons requesting video conference or telephonic accommodations for public meetings should call Jennifer Gowans at 435-628-3688 to make arrangements.