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NOTICE OF BONDS TO BE ISSUED
PURPOSE FOR ISSUING THE SERIES 2025 BONDS
The Series 2025 Bonds will be issued to (a) finance the construction of a storage pond, distribution pipelines and pump stations and related improvements to the water and sewer system of the Issuer (collectively, the “Series 2025 Project”), (b) pay costs of issuance of the Series 2025 Bonds and (c) fund a debt service reserve and capital interest account, if any.
PARAMETERS OF THE SERIES 2025 BONDS
The Issuer intends to issue the Series 2025 Bonds in the aggregate principal amount of not more than Eight Million Dollars ($8,000,000), to mature in not more than thirty-six (36) years from their date or dates, to be sold at a price not less than ninety-seven percent (97%) of the total principal amount thereof, and bearing interest at a rate or rates not to exceed seven percent (7.0%) per annum. The Series 2025 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a General Indenture of Trust and a Third Supplemental Indenture of Trust (together, the “Indenture”) which were before the Board in substantially final form at the time of the adoption of the Resolution and said Indenture is to be executed by the Issuer in such form and with such changes thereto as shall be approved by the Issuer; provided that the principal amount, interest rate or rates, maturity, and discount of the Series 2025 Bonds will not exceed the maximums set forth above. The Issuer reserves the right to not issue the Series 2025 Bonds for any reason and at any time up to the issuance of the Series 2025 Bonds.
REVENUES PROPOSED TO BE PLEDGED
The Series 2025 Bonds are special limited obligations of the Issuer payable from the net revenues of the Issuer’s water and sewer collection and treatment systems (the “System”).
OUTSTANDING BONDS SECURED BY REVENUES
The Issuer currently has $ 4,555,000 of bonds outstanding secured by the net revenues of the System.
OTHER OUTSTANDING BONDS OF THE ISSUER
Additional information regarding the Issuer’s outstanding bonds may be found in the Issuer’s financial report (the “Financial Report”) at: https://reporting.auditor.utah.gov/searchreports/s/. For additional information, including any information more recent than as of the date of the Financial Report, please contact Annette Ames, Budget Director (801) 745-3435.
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, if held until maturity, is $8,215,800.
A copy of the Resolution and the Indenture are on file at 2580 N Hwy 162 Suite A, Eden, Utah, where they may be examined during regular business hours from 9:00 a.m. to 5:00 p.m. Monday through Friday, 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 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 Series 2025 Bonds, or any provision made for the security and payment of the Series 2025 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 December 12, 2024.
/s/ Annette Ames
Controller/Recorder
