Board of Trustees
Zion Mountain Local Service District Public Hearing
Notice Date & Time: 7/13/23 6:00 PM -7/13/23 6:30 PM
Description/Agenda:
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 (the 'Act'), that on June 8, 2023, the Governing Board (the 'Board') of the Zion Mountain Local Service District, Utah (the 'District'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the District's Tax Increment Revenue Bonds, Series 2023 (the 'Series 2023 Bonds') (to be issued in one or more series and with such other series or title designation(s) as may be determined by the District). The District anticipates receiving certain tax increment revenues with respect to the East Zion Community Reinvestment Project Area (the 'Project Area') and the District will pledge the tax increment revenues that it receives from the Project Area for the payment of the Series 2023 Bonds.
TIME, PLACE, LOCATION AND PURPOSE OF PUBLIC HEARING
The District shall hold a public hearing on July 13, 2023, at the hour of 6:00 p.m. The location of the public hearing is 9065 West Highway 9, Mt. Carmel, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Series 2023 Bonds and (b) any potential economic impact that the Series 2023 Project (defined below) may have on the private sector. All members of the public are invited to attend and participate.
PURPOSE FOR ISSUING THE SERIES 2023 BONDS
The Series 2023 Bonds will be issued for the purpose of: (a) financing all or a portion of the costs of sewer system improvements, including, but not limited to, the construction of a new water reclamation facility to treat wastewater and recycle water for reuse and all related improvements (collectively, the 'Series 2023 Project') and (b) paying costs of issuance of the Series 2023 Bonds.
PARAMETERS OF THE SERIES 2023 BONDS
The District intends to issue the Series 2023 Bonds in the aggregate principal amount of not more than Ten Million Dollars ($10,000,000), to mature in not more than thirty-two (32) years from their date or dates, to be sold at a price not less than ninety-eight percent (98%) of the total principal amount thereof, and bearing interest at a rate or rates not to exceed one percent (1.00%) per annum. The Series 2023 Bonds are to be issued and sold by the District pursuant to the Resolution, including as part of said Resolution, a Master Resolution (the 'Master Resolution') which was before the Board at the time of the adoption of the Resolution and said Master Resolution is to be executed by the District in such form and with such changes thereto as shall be approved by the District; provided that the principal amount, interest rate or rates, maturity, and discount of the Series 2023 Bonds will not exceed the maximums set forth above.
REVENUES PROPOSED TO BE PLEDGED
The Series 2023 Bonds are special limited obligations of the District secured by a pledge of certain tax increment revenues generated from the Project Area (the 'Revenues').
OUTSTANDING BONDS SECURED BY PLEDGED REVENUES
The District currently has no bonds outstanding secured by the Revenues.
OTHER OUTSTANDING BONDS OF THE DISTRICT
Information regarding the District's outstanding bonds may be found in the District'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 the Clerk of the District at (435) 632-6310.
TOTAL ESTIMATED COST OF BONDS
Based on the District's current plan of finance and a current estimate of interest rates, the total principal and interest cost of the Series 2023 Bonds if held until maturity, is $10,694,850.
A copy of the Resolution and form of the Master Resolution is on file in the District's office located at 9065 West Highway 9, Mt. Carmel, Utah, where they may be examined during regular business hours of the District 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, or the Series 2023 Bonds, or any provision made for the security and payment of the Series 2023 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 June 8, 2023.
/s/Kevin McLaws
Notice of Special Accommodations:
In compliance with the Americans with Disabilities Act, individuals needing special accommodations (including auxiliary communicative aids and services) during this meeting should notify Kevin McLaws (435)648-2555
Notice of Electronic or telephone participation:
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Other information:
Location:
9065 West Hwy 9, Mt Carmel, 84755
Contact information:
Kevin McLaws , kevin@mclaws.org, (435)648-2555