NOTICE OF BONDS TO BE ISSUED
NOTICE IS HEREBY GIVEN pursuant to the provisions of Section 11-17-16, Utah Code Annotated 1953, that on October 27, 2016, the Board of Trustees (the “Board”) of the South Davis Sewer District, Utah (the “District”), adopted a resolution (the “Resolution”) in which it authorized and approved the issuance and sale by the District of its revenue bonds (the “Bonds”) on behalf of ALPRO SD, LLC (the “Company”), in an aggregate principal amount of not to exceed $25,500,000, initial rate or rates of not to exceed 8.00% per annum, to mature in not more than 23 years, to be sold to the purchasers thereof at a discount of not more than 5.00% of the principal amount thereof.
The Bonds are to be issued pursuant to the Utah Industrial Development and Facilities Act, Title 11, Chapter 17, Utah Code Annotated 1953, as amended (the “Act”) for the purpose of financing a portion of the company’s share of the cost of the acquisition, construction, equipping and furnishing of a project for the handling, treatment and processing through anaerobic digestion of, and resource recovery of energy and useable materials from, solid waste consisting of organic matter (the “Project”), providing necessary reserves and paying certain costs of issuance of the Bonds.
The Bonds are to be issued and sold by the District pursuant to the Resolution, including as part of the Resolution the drafts of an Indenture of Trust and a Loan Agreement with the Company, (collectively, the “Transaction Documents”) that were before the Board and attached to the Resolution in substantially final form at the time of the adoption of the Resolution. The proceeds from the sale of the Bonds will be loaned to the Company pursuant to the Loan Agreement and used for the purposes set forth above. The Board is to approve the Transaction Documents in such form and with such changes thereto as the Board shall approve upon the adoption of a final bond resolution, provided that the principal amount, interest rate or rates, maturity and discount, if any, will not exceed the respective maximums described above.
The Bonds will be limited and special obligations of the District payable by the District solely from amounts received by the District under the Loan Agreement and certain other amounts pledged under the Indenture of Trust securing the Bonds. Neither the faith and credit nor the taxing power of the State of Utah nor any political subdivision thereof is pledged to the payment of principal or purchase price of, premium, if any, or interest on the Bonds. The Bonds and interest thereon will not constitute or give rise to a general obligation or liability of the District or a charge against its general credit or taxing powers, and the Bonds will not constitute a loan of the credit of the District within the meaning of any state constitutional restriction or statutory limitation.
A copy of the Resolution (including the exhibits attached thereto, including the Indenture of Trust and Loan Agreement) is on file in the office of the Clerk at 1800 West 1200 North, West Bountiful, Utah, where it may be examined during regular business hours of the Clerk from 8:00 a.m. to 5:00 p.m. Said Resolution shall be so available for inspection for a period of at least 30 days from and after the date of the publication of this notice.
NOTICE IS FURTHER GIVEN that pursuant to law for a period of 30 days from and after the date of the publication of this notice, any person in interest shall have the right to contest the legality of the above-described Resolution of the Board or the Bonds or any provisions made for the security and payment of the 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 16th day of March, 2017.
SOUTH DAVIS SEWER DISTRICT, UTAH
By /s/ Susanne Monsen