NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED - Revision 1
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General Information
- Government Type
- Municipality
- Entity
- Henefer
- Public Body
- Town Council
Notice Information
- Notice Title
- NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
- Notice Tags
- Bonds, Hearings
- Notice Type(s)
- Meeting, Hearing, Bond
- Event Start Date & Time
- February 7, 2023 07:00 PM
- Event End Date & Time
- February 7, 2023 09:00 PM
- Event Deadline Date & Time
- 02/06/23 04:00 PM
- Description/Agenda
- NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED NOTICE IS HEREBY GIVEN pursuant to the provisions of the Utah Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended, that on January 3, 2023, the Town Council of Henefer Town, Utah (the 'Issuer') adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Water Revenue Bonds, in one or more series (the 'Bonds'), in an aggregate principal amount of not to exceed $5,500,000, bearing interest or a Hardship Grant Assessment Fee in Lieu of Interest at the rate or rates not to exceed 1.0% per annum, to mature in not more than 35 years from their date or dates, and to be sold at a price not less than 99% of the total principal amount thereof. The estimated total cost to the Issuer for the proposed Bonds, if the Bonds are held until the maximum maturity, based on the maximum authorized amount and interest or a Hardship Grant Assessment Fee in Lieu of Interest above, is approximately $6,520,800. However, the Issuer anticipates that the principal amount of one series of Bonds will be sold to the State of Utah Department of Natural Resources, Board of Water Resources in the amount of $1,496,000 bearing interest at the rate of 1.0% per annum to be repaid over 25 years in which case the total amount to be repaid would be $1,703,700. And, that the principal amount of a second series of Bonds will be sold to the State of Utah Department of Environmental Quality, Drinking Water Board in the amount of $2,100,000 bearing a Hardship Grant Assessment Fee in Lieu of Interest at the rate of 1.0% per annum to be repaid over 30 years in which case the total amount to be repaid would be $2,460,500. Additionally, the Bureau of Reclamation has authorized a WaterSmart grant in the amount of $1,000,000 for the Project, none of which will need to be repaid. It is anticipated that the Town Council will determine a secondary water rate. As water revenue bonds, no taxes will be pledged to repay the Bonds. Presently, the Issuer has no outstanding bonds secured by a pledge of secondary water revenues. NOTICE IS FURTHER GIVEN that the Issuer called a public hearing for the purpose of inviting public comment on the proposed issuance of the Bonds and the economic impact that the improvements proposed to be financed with the Bonds will have on the private sector. The public hearing will be held on February 7, 2023, at 7:00 p.m., or as soon thereafter as feasible, at the regular meeting place of the Henefer Town Council located at 150 W. Center Street, Henefer, Utah. The Bonds will be issued, pursuant to the Resolution and a Final Bond Resolution to be adopted by the Town Council of the Issuer authorizing and confirming the sale of the Bonds, for the purpose to finance, in part, (i) the acquisition, construction and installation of a secondary water system (the 'System'), including transmission and distribution, and related improvements (the 'Project'), and (ii) to pay the costs of issuing the Bonds. A draft of the Final Bond Resolution in substantially final form was before the Town Council and was part of the Resolution at the time of its adoption by the Town Council (collectively, the 'Bond Resolutions'). The Final Bond Resolution is to be adopted by the Town Council in such form and with such changes thereto as shall be approved by the Town Council upon the adoption thereof; provided that the principal amount, interest rate or rates or a Hardship Grant Assessment Fee in Lieu of Interest, maturity, and discount of the Bonds will not exceed the maximums set forth above. Copies of the Parameters Resolutions and the Bond Resolutions are on file in the office of the Town Clerk of the Issuer at the Town offices where they may be examined by appointment during regular business hours of the Town offices, for a period of at least thirty (30) days from and after the last date of publication of this notice. NOTICE IS FURTHER GIVEN that, for a period of thirty (30) days from and after the last date of the publication of this notice, any person in interest shall have the right to contest the legality of the Resolution, the Final Bond Resolution, or the Bonds, or any provision made for the security and payment of the Bonds by filing a verified written complaint in the district court of the county in which he/she resides, and that after such time, other than referendum rights, no one shall have any cause of action to contest the regularity, formality or legality thereof for any cause whatsoever. DATED January 3, 2023. /s/ Shelley Richins Town Clerk
- Notice of Special Accommodations (ADA)
- NA
- Notice of Electronic or Telephone Participation
- NA
Meeting Information
- Meeting Location
-
150 W CENTER STREET
P.O. BOX 112
HENEFER, UT 84033
Show in Apple Maps Show in Google Maps - Contact Name
- No Name
- Contact Email
- notapplicable@noemailprovided.gov
- Contact Phone
- NULL
Notice Posting Details
- Notice Posted On
- January 17, 2023 12:18 PM
- Notice Last Edited On
- March 08, 2023 08:17 AM
- Deadline Date
- February 6, 2023 04:00 PM