Authorizing Resolution (Designation Resolution - Assessment Ordinance) Iron Horse PID
Notice Tags
Resolutions
Notice Type(s)
Notice
Event Start Date & Time
May 2, 2024 02:55 PM
Description/Agenda
RESOLUTION NO. 2024-08
A RESOLUTION OF THE BOARD OF TRUSTEES OF THE IRON HORSE
PUBLIC INFRASTRUCTURE DISTRICT ESTABLISHING THE TERMS AND
CONDITIONS OF AN ASSESSMENT ORDINANCE FOR THE IRON HORSE
ASSESSMENT AREA #1 (THE 'ASSESSMENT AREA'), AUTHORIZING
THE EXECUTION OF A DESIGNATION RESOLUTION AND AN
ASSESSMENT ORDINANCE FOR THE ASSESSMENT AREA; APPROVING
THE APPRAISAL FOR THE ASSESSMENT AREA; AUTHORIZING THE
TAKING OF ALL OTHER ACTIONS NECESSARY TO THE
CONSUMMATION OF THE TRANSACTIONS CONTEMPLATED BY THIS
RESOLUTION; AND RELATED MATTERS.
WHEREAS, the Board of Trustees (the 'Board') of the Iron Horse Public Infrastructure
District (the 'District'), desires to designate an assessment area to be known as the 'Iron Horse
Assessment Area #1' located in the general area as described in the forms of the Designation
Resolution and Assessment Ordinance attached hereto (the 'Assessment Area') for the purpose of
financing the costs of publicly owned infrastructure, facilities or systems, along with other
necessary miscellaneous improvements, and to complete said improvements in a proper and
workmanlike manner (collectively, the 'Improvements') in an amount not to exceed $15,000,000
(including administrative and overhead costs, costs of funding a reserve fund (if any), capitalized
interest related to the proposed bonds (if any) and paying costs of issuance in connection with the
proposed bonds), pursuant to the Assessment Area Act, Title 11, Chapter 42, Utah Code Annotated
1953, as amended (the 'Act'); and
WHEREAS, the Board hereby finds and determines that pursuant to the Act, the
Improvements constitute a publicly owned infrastructure, system or other facility that (i) the
District is authorized to provide or (ii) is necessary or convenient to enable the District to provide
a service that the District is authorized to provide; and
WHEREAS, the Board desires to authorize a Designation Resolution setting forth the
terms, assessments and specific conditions of the Assessment Area in substantially the form
presented to the meeting at which this Resolution was adopted and which is attached hereto as
Exhibit B (the 'Designation Resolution'); and
WHEREAS, the Board also desires to authorize an Assessment Ordinance setting forth the
terms, assessments and specific conditions of the Assessment Area in substantially the form
presented to the meeting at which this Resolution was adopted and which is attached hereto as
Exhibit C (the 'Assessment Ordinance'); and
WHEREAS, the Board also desires to authorize and approve the Appraisal of the
Assessment Area (the 'Appraisal'), in substantially the form presented to the meeting at which
this Resolution was adopted and which is attached hereto as Exhibit D; and
WHEREAS, in order to allow the District flexibility in confirming the details of the
Assessment Area, the properties to be included in the Assessment Area, the assessments to be
levied in the Assessment Area and other terms and conditions needed to finalize the Designation
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Resolution and the Assessment Ordinance, the Board desires to grant to any one of the Chair, Vice
Chair, or Treasurer (the 'Designated Officer') the authority to approve the Designation Resolution
and the Assessment Ordinance, and any changes with respect thereto from the forms which were
before the Board at the time of adoption of this Resolution, so long as such changes are
substantially within the parameters described herein and all of the property owners in the final
Assessment Area consent to inclusion in the Assessment Area; and
NOW, THEREFORE, BE IT RESOLVED by the Board of Trustees of the Iron Horse
Public Infrastructure District, as follows:
Section 1. The terms defined or described in the recitals hereto shall have the same
meanings when used in the body of this Resolution.
Section 2. All actions heretofore taken (not inconsistent with the provisions of this
Resolution) by the Board and by the officers of the District directed toward the execution and
delivery of the Assessment Ordinance and Designation Resolution are hereby ratified, approved,
and confirmed.
Section 3. The Designation Resolution, in substantially the form attached hereto as
Exhibit B, is in all respects hereby authorized and approved, and the Designated Officer and the
Secretary/Clerk or Assistant Secretary/Clerk (each a 'Secretary/Clerk') are hereby authorized and
directed to execute and deliver the same on behalf of the District with final terms as may be
established by the Designated Officer, and with such alterations, changes or additions as may be
necessary or as may be authorized by herein.
Section 4. The Assessment Ordinance, in substantially the form attached hereto as
Exhibit C, is in all respects hereby authorized and approved, and the Designated Officer and the
Secretary/Clerk are hereby authorized and directed to execute and deliver the same on behalf of
the District with final terms as may be established by the Designated Officer, and with such
alterations, changes or additions as may be necessary or as may be authorized by herein.
Section 5. The Appraisal, in substantially the form attached hereto as Exhibit D, is all
respects hereby authorized, approved and accepted and the Designated Officer and Secretary/Clerk
and other appropriate officials of the District are hereby authorized to utilize the Appraisal in
connection with the designation of the Assessment Area and the imposition of assessments within
the Assessment Area and as otherwise deemed appropriate by such officials.
Section 6. The Designated Officer and Secretary/Clerk and other appropriate officials
of the District are hereby authorized and directed to execute and record the Designation Resolution
and the Assessment Ordinance, and the Designated Officer or other appropriate officials of the
District, and each of them, are hereby authorized and directed to execute and deliver for and on
behalf of the District any or all additional certificates, documents and other papers and to perform
all other acts they may deem necessary or appropriate in order to implement and carry out the
matters authorized in this Resolution and the documents authorized and approved herein.
Section 7. The Designated Officer or other appropriate officials of the District are
authorized to make any alterations, changes, deletions, or additions to the Designation Resolution
and the Assessment Ordinance, or any other document herein authorized and approved which may
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be necessary to conform the same to the final terms of the assessment bonds to be issued by the
District to finance the Improvements, to correct errors or omissions therein, to complete the same,
to remove ambiguities therefrom, or to conform the same to other provisions of said instruments,
to the provisions of this Resolution or any resolution adopted by the Board or the provisions of the
laws of the State of Utah or the United States. The execution thereof by the Designated Officer
and the Secretary/Clerk on behalf of the District of the documents approved hereby shall
conclusively establish such necessity, appropriateness, and approval with respect to all such
additions, modifications, deletions, and changes incorporated therein. Minor and non-substantive
changes may be made to the Appraisal after the date hereof, provided such changes shall be
approved by the Chair and such approval shall be evidenced by the acceptance by the Chair of the
final Appraisal and further provided that the final Appraisal meets the requirements of the Act.
Section 8. No party should rely on the adoption of this Resolution as an indication or
approval that the District will issue assessment bonds (the 'Series 2024 Bonds') for the financing
of the Improvements. The proposed Improvements are more particularly described in the
Certificate of Project Engineer attached to the Designation Resolution. The Designated Officer is
hereby authorized to determine if all or some portion of the described Improvements will be
financed within the Assessment Area.
Section 9. It is hereby declared that all parts of this Resolution are severable, and if
any section, clause, or provision of this Resolution shall, for any reason, be held to be invalid or
unenforceable, the invalidity or unenforceability of any such section, clause, or provision shall not
affect the remaining sections, clauses, or provisions of this Resolution.
Section 10. All resolutions, orders, and regulations or parts thereof heretofore adopted
or passed which are in conflict herewith are, to the extent of such conflict, hereby repealed. This
repealer shall not be construed so as to revive any resolution, order, regulation, or part thereof
heretofore repealed.
Section 11. This Resolution shall be contingent upon receipt of executed
Acknowledgment, Waiver and Consent Agreement(s), in substantially the form attached hereto as
Exhibit E, from all property owners within the proposed Assessment Area and this Resolution shall
take effect immediately upon receipt of such executed Agreement(s).
Section 12. The District hereby declares its intention and reasonable expectation to use
proceeds of tax-exempt bonds to reimburse itself for initial expenditures for costs of the
Improvements. The Series 2024 Bonds are to be issued, and the reimbursements made, by the
later of 18-months after the payment of the costs or after the Improvements are placed in service,
but in any event, no later than three years after the date the original expenditure was paid. The
maximum principal amount of the Series 2024 Bonds which will be issued to finance the
reimbursed costs of the Improvements are not expected to exceed $15,000,000.
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 on 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 accommodation for public meetings should call Jennifer Gowans at 435-628-3688 to make arrangements.