NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended, that on June 11, 2024, the Board of Trustees (the 'Board') of the Fields Estates Public Infrastructure District (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorizes the issuance of the Issuer's Limited Tax General Obligation Bonds, Series 2024A-1 (the '2024A-1 Senior Bonds') and Subordinate Limited Tax General Obligation Bonds, Series 2024B (the '2024B Subordinate Bonds' and collectively with the 2024A Senior Bonds, 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 June 27, 2024, at the hour of 10:00 a.m., at 10610 South Jordan Gateway, Suite 200, South Jordan, Utah 84095 or via electronic means at zoom.us/join or 1-719-359-4580 using Meeting ID: 830 3176 2703 and Passcode: 870922.
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. Comments received will be added to the public record at the public hearing. Public comment during the meeting will be allowed.
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, (b) funding capitalized interest, (c) funding a reserve fund, and (d) paying costs related to the issuance of the Bonds.
REVENUES TO BE PLEDGED
The Bonds are Limited Tax General Obligation Bonds of the Issuer payable from all or any portion of (i) ad valorem property taxes of the Issuer, subject to a maximum rate of 0.005 per dollar of taxable value and (ii) revenues received by Issuer, if any, pursuant to one or more impact fee or infrastructure reimbursement agreements (collectively, the 'Pledged Revenues').
PARAMETERS OF THE BONDS
The Issuer intends to issue the Bonds in the combined aggregate principal amount of not more than Twelve Million Dollars ($12,000,000). 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 thirteen percent (13.0%) 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 (Senior), and an Indenture of Trust (Subordinate) (together, the 'Indentures').
OUTSTANDING BONDS SECURED BY REVENUES
Other than the proposed Bonds, the Issuer currently has $-0- principal amount of bonds outstanding secured by the 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 2024A-1 Senior Bonds is estimated at approximately $17,205,764 and of the 2024B Subordinate Bonds is estimated at approximately $5,651,101.
A copy of the Resolution and the Indentures are on file at York Howell & Guymon, 10610 South Jordan Gateway, Suite 200, South Jordan, Utah 84095, where they may be examined during regular business hours from 9:00 a.m. to 4:00 p.m. for a period of at least thirty (30) days from and after the date of publication of this notice. For electronic copies of the Resolution and Indentures, please call (801) 527-1040 or email ashleyt@yorkhowell.com.
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 Indentures, or the Bonds, 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 June 11, 2024.
/s/Bronson Tatton
Clerk/Secretary
Notice of Special Accommodations (ADA)
The District complies with the Americans with Disabilities Act by providing reasonable accommodations for those in need of assistance. Persons requesting accommodations for public meetings should call Ashley Tedesco at 801-527-1023 at least one (1) full business day before the meeting.
Notice of Electronic or Telephone Participation
Topic: Fields Estates Public Infrastructure District - Third Meeting (Public Hearing - Bonds)
Time: Jun 27, 2024 10:00 AM Mountain Time (US and Canada)
Join Zoom Meeting
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Meeting ID: 830 3176 2703
Passcode: 870922
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