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 (the “Act”) that on March 7, 2017, the Board of County Commissioners of Emery County, Utah acting as the Governing Body (the “Board”) of the Castle Valley Special Service District, Utah (the “Issuer”), shall adopt a resolution (the “Resolution”) in which it calls a public hearing and authorizes the issuance of the Issuer\'s General Obligation Bonds, Series 2017 (the “Series 2017 Bonds”) in the aggregate principal amount of not to exceed $900,000, to bear interest at a rate or rates of not to exceed 2.5% per annum, to mature in not more than 7 years from their date or dates, at a price not less than ninety-nine percent (99%) of the total principal amount thereof, plus accrued interest to the date of delivery. The estimated total cost for the proposed bonds to be issued in the proposed amount of $900,000 at the maximum interest rate, if the bonds are held until maturity is approximately $981,980. Currently, the Issuer does not have more than $7,390,296 in outstanding general obligation bonds. The Issuer has also obtained a grant commitment from the Utah Permanent Community Impact Fund Board in the amount of $619,000.
The Bonds will be issued pursuant to an Election duly passed on November 3, 2009, from which it appears that the total number of votes cast at the Election in favor of the issuance of General Obligation Bonds was 1101 and that the total number of votes cast at said election against the issuance of said bonds was 623 and there were 0 mutilated ballots.
NOTICE IS FURTHER GIVEN that the Board of County Commissioners of Emery County, Utah acting as the Governing Body of the Castle Valley Special Service District, Utah, calls a public hearing for April 4, 2017, at 3:00 p.m., or as soon thereafter as feasible, in the County Commission Chambers at 75 East Main Street in Castle Dale, Utah to receive input from the public with respect to the issuance of the Series 2017 Bonds and the potential economic impact that the facilities and related improvements to be paid for in whole or in part with the Series 2017 Bonds will have on the private sector. The maximum amount, interest rate, maturity, and discount on the Series 2017 Bonds will be as set forth above. As general obligation bonds, ad valorem (real) property taxes are proposed to be pledged for repayment of the Series 2017 Bonds.
The Series 2017 Bonds will be issued pursuant to a Final Bond Resolution to be adopted authorizing and confirming the sale of the Series 2017 Bonds for the purposes (i) the facilities approved on the ballot which consist of improving, through purchase or construction or both, facilities for the collection and treatment of sewage; facilities used in connection with the acquisition, treatment, storage, transportation, and supply of water for domestic, industrial, secondary and other purposes; drainage and storm sewer facilities, including curbs and gutters; and transportation facilities consisting of roads, sidewalks and related bridges and viaducts; together with all necessary land, rights‑of‑way, equipment and furnishings therefor, and including such legal, engineering, and fiscal agent expenses reasonably incurred in connection with the acquisition of such facilities in and for the District, and (ii) paying the costs of issuance of the Series 2017 Bonds.
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 Series 2017 Bonds will not exceed the maximums set forth above.
Copies of the Final Bond Resolution are on file in the office of the Clerk of the Issuer at the Issuer’s office at 86 South 100 East in Castle Dale, Utah and in the office of the County Clerk/Auditor at 75 East Main in Castle Dale, Utah, where they may be examined during regular business hours of the Issuer’s Clerk and the County Clerk/Auditor from 8:30 a.m. to 5:00 p.m. Monday through Friday for a period of at least thirty (30) days from and after the public hearing.
NOTICE IS HEREBY GIVEN that a period of thirty (30) days from and after the first publication of the notice of public hearing and bonds to be issued is provided by law during which any person in interest shall have the right to contest the legality of the Final Bond Resolution, or the Series 2017 Bonds, or any provision made for the security and payment of the Series 2017 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.
Published in the Emery County Progress March 7 and 14, 2017.