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 August 18, 2015, the Governing Board (the “Board”) of the Ashley Valley Water and Sewer Improvement District, Uintah County, Utah (the “Issuer”) adopted a resolution (the “Resolution”) in which it authorized the issuance of the Issuer's Water Revenue Bonds (the “Bonds”) in the aggregate principal amount of not to exceed $2,600,000 to bear interest at a rate or rates not to exceed 1.5% 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 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 interest rate above, is approximately $3,360,960. However, the Issuer anticipates that the Bonds will not be issued in an amount in excess of $1,984,000 at an interest rate of 1.5% per annum, to be repaid over 30 years, in which event the amount to be repaid will be approximately $2,478,365. Presently, the Issuer has no more than $8,602,800 in outstanding bonds secured by a pledge of water revenues. The State of Utah Permanent Community Impact Fund Board has authorized a grant to the Issuer in the amount of $1,985,340. It is not anticipated that water rates will be increased to pay for the Bonds.
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 September 15, 2015, at 12:00 noon or as soon thereafter as feasible, at the District Office located at 609 W. Main, Vernal, Utah.
The Bonds will be issued pursuant to the Resolution and a Final Bond Resolution to be adopted authorizing and confirming the sale of the Bonds for the purposes of (i) financing the costs of constructing water system improvements, including new water lines, and related improvements and (ii) paying the costs of issuance of the Bonds.
A draft of the Final Bond Resolution in substantially final form was before the Board and was part of the Resolution (collectively, the “Bond Resolutions”) at the time of its adoption by the Governing Board. The Final Bond Resolution will be adopted by the Board in such form and with such changes thereto as shall be approved by the 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 Bond Resolutions and information on the Issuer’s outstanding bonds are on file in the office of the Clerk of the Issuer at the Issuer’s offices in Vernal, Utah, where they may be examined during regular business hours of the Clerk from 8:00 a.m. to 5:00 p.m. Monday through Friday 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: August 18, 2015.
/s/ Nora Garcia
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