96 South Main Street, PO Box 77, Nephi, Utah 84648 - Voice: 435 623-0525 - FAX: 435 623-4735
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March 22, 2023
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Legal Notices Back to top
NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
P UBLIC NOTICE IS HEREBY GIVEN
That the governing board of the Local Building Authority of Rocky Ridge Town, Utah (the “Governing Board” and the “Authority,” respectively) adopted a resolution (the “Resolution”) declaring its intention to issue lease revenue bonds (the “Bonds”) pursuant to the Utah Local Building Authority Act, Title 17D, Chapter 2, Utah Code Annotated 1953, as amended, and calling the public hearing described below.
TIME, PLACE AND LOCATION OF PUBLIC HEARING
The Authority shall hold a public hearing on April 19, 2023, at 7:30 p.m., or as soon thereafter as feasible. The location of the public hearing is at the Authority’s regular meeting place at the M.L.A. Building located at 151 North Eastridge Road, Rocky Ridge, Utah. The purpose of the public hearing is to receive input from the public with respect to the issuance of the Bonds and the potential economic impact that the improvement, facility, or property for which the Bonds will pay all or part of the cost will have on the private sector. All members of the public are invited to attend and participate.
PARAMETERS OF THE BONDS
The Authority intends to issue the Bonds as Lease Revenue Bonds in an aggregate principal amount of not to exceed $1,600,000, to bear interest at the rate or rates of not to exceed 1.0% per annum, to mature in not more than thirty-five (35) years from their date or dates, and to be sold at a price not less than ninety-nine percent (99%) of the total principal amount thereof, plus accrued interest to the date of delivery. No taxes will be pledged for the repayment of the Bonds. The security of the Bonds will be the facility constructed. The Bonds will not be on parity with any other Bonds of the Authority or the Town or secured by the same revenues as any other bonds. If Bonds are issued in the full amount above, and carried to maximum maturity, at the maximum interest rate, then the amount to be repaid will be approximately $1,896,960. However, the Town and Authority anticipate that the Bonds will not be issued in an amount in excess of $1,145,000 at an interest rate of not more than 1.0% per annum, to be repaid over thirty (30) years, in which event the amount to be repaid will be approximately $1,330,920. The Issuer has obtained a grant commitment in the amount of $1,144,572 for the Project from the Community Impact Board, none of which will need to be repaid. There are no other bonds currently outstanding that are secured by the same pledge of revenues as the proposed Bonds.
PURPOSE FOR ISSUING BONDS
The Bonds will be issued pursuant to the Resolution, and an Authorizing Resolution and Master Resolution (collectively, the “Bond Resolutions”) to be adopted by the Authority Board authorizing and confirming the sale of the Bonds for the purpose to finance, in part, (i) the acquisition and construction of a town hall and senior center, and related improvements for the benefit of Rocky Ridge Town, Utah (the “Project”); and (ii) to pay the costs of issuing the Bonds.
A draft of the Final Bond Resolutions in substantially final form was before the Authority Board and was part of the Resolution (collectively, the “Borrowing Resolutions”) at the time of the adoption of the Resolution by the Authority Board. The Final Bond Resolutions will be adopted by the Governing Board in such form and with such changes thereto as shall be approved by the Governing Board upon the adoption thereof; provided that the principal amount, interest rate, maturity and discount of the Bonds will not exceed the maximums set forth above.
Copies of the Borrowing Resolutions are on file in the office of the Secretary of the Authority at the Authority’s offices where they may be examined during regular business hours for a period of at least thirty (30) days from and after the 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 (the “30-day Period”), (i) any person in interest shall have the right to contest the legality of the Borrowing Resolutions, 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 or she resides, and that after the 30-day Period, no one shall have any cause of action to contest the regularity, formality or legality thereof for any cause for any reason, and (ii) registered voters within the Town may sign a written petition requesting an election to authorize the issuance of the Bonds. If written petitions which have been signed by at least 20% of the registered voters within the Town are filed with the Authority during the 30-day Period, the Authority shall be required to hold an election to obtain voter authorization prior to the issuance of the Bonds. If fewer than 20% of the registered voters within the Town file a written petition during the 30-day Period, the Authority may proceed to issue the Bonds without an election.
DATED this March 15, 2023.
/s/ Marilyn Bronson
Secretary
Local Building Authority of
Rocky Ridge Town, Utah
Published in The Times-News, Nephi, Utah on 3/22/2023