NOTICE OF BONDS TO BE ISSUED
NOTICE IS HEREBY GIVEN pursuant to the provisions of the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended, that on March 8, 2012, the Board of Trustees (the “Board”) of Benchland Water District, Utah (the “Issuer”), intends to adopt a resolution (the “Resolution”) in which it authorizes the issuance of the Issuer’s Water Revenue Refunding Bonds, Series 2012 (or with such other series or title designation as may be determined by the Issuer) (the “Series 2012 Bonds”) in the aggregate principal amount of not more than Eight Hundred Twenty-Seven Thousand Dollars ($827,000), to mature in not more than ten (10) 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 to bear interest at a maximum net effective rate or rates of not to exceed three and one-half percent (3.50%) per annum, plus accrued interest to the date of delivery. No deposit is currently contemplated in connection with the sale of the Series 2012 Bonds.
The Series 2012 Bonds will be issued for the purpose of (a) refinancing all of certain outstanding water revenue bonds of the Issuer, (b) funding a debt service reserve fund, if necessary, and (c) paying costs of issuance of the Series 2012 Bonds.
The Series 2012 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 dated as of June 1, 2010, as heretofore amended and supplemented, as further amended and supplemented by a Supplemental Indenture of Trust (the “Supplemental Indenture” and collectively, the “Indenture”), which was before the Board and attached to the Resolution is substantially final form at the time of adoption of the Resolution.
The Series 2012 Bonds are special limited obligations of the Issuer payable from the net revenues of the Issuer’s water system.
A copy of the Resolution and the Indenture are on file in the Issuer’s office at 485 E. Shepard Lane, Kaysville, Utah, where they may be examined during regular business hours of the Issuer 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 (only as it 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 March 8, 2012.
/s/ Scott Parsell