General Information

Government Type

Special Service District

Entity

Verk Industrial Regional Public Infrastructure District

Public Body

Board of Trustees

Notice Information

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Notice Title

NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED

Notice Tags

Bonds, Hearings

Notice Type(s)

Notice, Meeting, Hearing, Bond

Event Start Date & Time

May 1, 2025 09:00 AM

Event End Date & Time

May 1, 2025 09:15 AM

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 April 8, 2025, the Board of Trustees (the 'Board') of the Verk Industrial Regional Public Infrastructure District (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorizes the issuance of the Issuer's Tax Differential Bonds, Series 2025 (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 1, 2025, at the hour of 9:00 a.m., at the Library Hall Building, 80 S Main, Spanish Fork, Utah 84660 or via electronic means at https://meet.google.com/vem-zmyf-rhi. 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, (b) funding capitalized interest, (c) funding a reserve or surplus fund (as necessary), and (d) paying costs related to the issuance of the Bonds. REVENUES TO BE PLEDGED The Bonds are Limited Tax and Tax Differential Bonds of the Issuer payable from all or any portion of all or any portion of Tax Differentials pledged by the Utah Inland Port Authority to the Issuer pursuant to an Interlocal Tax Sharing Agreement (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 One Hundred Million Dollars ($100,000,000). 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 (except for capital appreciation bonds, which upon conversion shall just be limited to the maximum par amount as described herein), 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 (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 Series 2025 Bonds is estimated at approximately $120,206,550. A copy of the Resolution, the Tax Sharing Agreement, and the Indenture are on file at the Spanish Fork City Manager's Office, 40 S. Main St., Office 130, Spanish Fork, Utah 84660, 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. 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, 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 April 8, 2025. /s/Jesse Cardon 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. People requesting accommodation for public meetings should contact the Spanish Fork City Manager's Office at 801-804-4530 at least one full business day before the meeting.

Notice of Electronic or Telephone Participation

This meeting will be simulcast via Google Meet so members of the Board and the public may participate electronically. see link below, https://meet.google.com/vem-zmyf-rhi

Meeting Information

Meeting Location

LIBRARY HALL BUILDING
80 S MAIN
SPANISH FORK, UTAH, UT 84660
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Contact Name

Seth Perrins

Contact Email

sperrins@spanishfork.gov

Notice Posting Details

Notice Posted On

April 09, 2025 01:42 PM

Notice Last Edited On

April 09, 2025 01:42 PM

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