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 February 8, 2012, the Board of Trustees (the “Board”) of the Bountiful Irrigation District (the “Issuer”), adopted a resolution (the “Resolution”) in which it authorized the issuance of the Issuer’s Water Revenue Bonds, Series 2012 (the “Series 2012 Bonds”) and called a public hearing to receive input from the public with respect to the issuance of the Series 2012 Bonds and any potential economic impact that the Project described herein to be financed with the proceeds of the Series 2012 Bonds may have on the private sector.
TIME, PLACE AND LOCATION OF PUBLIC HEARING
The Issuer shall hold a public hearing on March 7, 2012, at the hour of 7:00 a.m. at 995 South 500 West, Bountiful, Utah. The purpose of the hearing is to receive input from the public with respect to the issuance of the Series 2012 Bonds and any potential economic impact that the Project to be financed with the proceeds of the Series 2012 Bonds may have on the private sector. All members of the public are invited to attend and participate.
PURPOSE FOR ISSUING THE SERIES 2012 BONDS
The Series 2012 Bonds will be issued for the purpose of (a) financing the acquisition and construction of improvements to the Issuer’s existing water system and related improvements (collectively, the “Project”) and (b) paying costs of issuance of the Series 2012 Bonds.
REVENUES TO BE PLEDGED
The Series 2012 Bonds are special limited obligations of the Issuer payable from the net revenues of the Issuer’s water system.
PARAMETERS OF THE SERIES 2012 BONDS
The Issuer intends to issue its Water Revenue Bonds, Series 2012 in the aggregate principal amount of not more than One Million Five Hundred Thousand Dollars ($1,500,000), to bear interest at the rate or rates of not to exceed six percent (6.0%) per annum, to mature in not more than ten (10) years from their date or dates, and to be sold at a price not less than ninety-eight percent (98%) of the total principal amount thereof. The Series 2012 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a Master Resolution (the “Master Resolution”) which were before the Board and attached to the Resolution in substantially final form at the time of the adoption of the Resolution. Said Master Resolution is to be executed by the Issuer in such form and with such changes thereto as shall be approved by the President and/or General Manager; provided that the principal amount, interest rate or rates, maturity, and discount of the Series 2012 Bonds will not exceed the maximums set forth above.
A copy of the Resolution and the Master Resolution are on file in the office of the Secretary of the Issuer at 995 South 500 West, Bountiful, Utah, where they may be examined during regular business hours of the Secretary 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 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 Master Resolution (but only as the same relates to the Series 2012 Bonds), or the Series 2012 Bonds, or any provision made for the security and payment of the Series 2012 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 February 8, 2012.
/s/ Durrell Nielsen