NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED FOR GRAPEVINE WASH BASIC LOCAL DISTRICT
Notice Tags
Bonds
Notice Type(s)
Notice,
Meeting
Event Start Date & Time
July 22, 2024 02:00 PM
Event End Date & Time
July 22, 2024 03:00 PM
Description/Agenda
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 25, 2024, the Board of Trustees (the 'Board') of the Grapevine Wash Local District (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorizes the issuance of the Issuer's Limited Tax General Obligation Bonds, Series 2024 (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 July 22, 2024, at the hour of 2:00 p.m., at 912 West 1600 South, Suite B-200, St. George, UT 84770 or via electronic means at zoom.us/join or (253) 215-8782 using Meeting ID: 849 1108 8947 and Passcode: 023132.
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 Special District Act, Title 17B, Chapter 1 (b) funding capitalized interest, (c) funding a reserve fund or a surplus fund, and (d) paying costs related to the issuance of the Bonds.
BOND CONSENT
On or before July 2, 2024, 100% of the surface property owners and registered voters within the boundaries of the Issuer consented to the issuance of not to exceed $88,000,000 of limited tax bonds (the 'Bond Consent') for the purpose of paying all or a portion of the cost of public infrastructure as permitted under the District Act, and on such date there were no registered voters within the boundaries of the Issuer.
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 of 0.010 per dollar of taxable value (the 'Maximum Mill Levy') and (ii) revenues received by Issuer, if any, pursuant to one or more impact fee, connectors fee, infrastructure reimbursement agreements, or related agreements (collectively, the 'Pledged Revenues').
PARAMETERS OF THE BONDS
The Issuer intends to issue the Bonds in the aggregate principal amount of not more than Eighty-Eight Million Dollars ($88,000,000). 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 (13.00%) per annum. The Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution and 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 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 2024 Bonds is estimated at approximately $80,666,457.
A copy of the Resolution and the Indenture are on file at Snow Jensen & Reece, 912 West 1600 South, Suite B-200, St. George, UT 84770, 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 posting of this notice.
NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after the first date of the posting 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 Bond Consent, the Indenture, 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 July 2, 2024.
/s/Michael Jensen
Notice of Special Accommodations (ADA)
In compliance with the Americans with Disabilities Act, individuals needing special accommodations (including auxiliary communicative aids and services) during this meeting should notify Brian Hickman at 435-632-8200.