Notice Date & Time: 9/19/16 11:30 AM
Description/Agenda:
NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
PUBLIC NOTICE IS HEREBY GIVEN that pursuant to the Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1959, as amended, and the Local Building Authority Act, Title 17D, Chapter 2, Utah Code Annotated 1959, as amended (collectively, the 'Act'), the Governing Board (the 'Board') of the Local Building Authority of the Weber Area Dispatch 911 and Emergency Services District, Utah (the 'Authority'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Authority's Lease Revenue Bonds, Series 2016 ('Series 2016 Bonds') and called a public hearing to receive input from the public with respect to the issuance of the Series 2016 Bonds.
PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING
The Authority shall hold a public hearing on September 19, 2016, at 11:30 a.m., at the Weber Center located at 2380 Washington Boulevard, 1st Floor Breakout Room, Ogden, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Series 2016 Bonds and (b) any potential economic impact that the project to be financed with the proceeds of the Series 2016 Bonds may have on the private sector. All members of the public are invited to attend and participate.
PURPOSE FOR ISSUING THE SERIES 2016 BONDS
The Series 2016 Bonds will be issued for the purpose of (a) financing the acquisition, renovation, construction and equipping of office space for the Weber Area Dispatch 911 and Emergency Services District (the 'District') (the 'Project'), (b) funding a debt service reserve fund, if necessary and (c) paying issuance expenses of the Series 2016 Bonds.
PARAMETERS OF THE SERIES 2016 BONDS
The Authority intends to issue the Series 2016 Bonds in the principal amount of not to exceed Six Million Dollars ($6,000,000), to bear interest at a rate or rates of not to exceed six percent (6.0%) per annum, to mature in not more than twenty-one (21) years from their date or dates of issuance, and to be sold at a price not less than ninety-eight percent (98%) of the total principal amount thereof, plus accrued interest to the date of delivery.
The Series 2016 Bonds are payable solely from the rents, revenues and other income received by the Authority from the leasing of the Project to the District on an annually renewable basis.
The Series 2016 Bonds are to be issued and sold by the Authority pursuant to the Resolution, including as part of said Resolution, forms of a General Indenture of Trust and a First Supplemental Indenture of Trust (collectively, the 'Indenture'), a Master Lease Agreement (the 'Master Lease'), and a Security Document (the 'Security Document'), which were before the Board and attached to the Resolution at the time of the adoption of the Resolution.
Copies of the Indenture, Master Lease, and Security Document are on file in the office of the District located at, 2186 Lincoln Avenue, Ogden, Utah, where they may be examined during regular business hours of the District 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 last date of publication of this notice.
OUTSTANDING BONDS SECURED BY REVENUES
Other than the proposed Series 2016 Bonds, the Authority currently has no bonds outstanding secured by the rents, revenues and other income received by the Authority from the leasing of projects to the District on an annually renewable basis.
OTHER OUTSTANDING BONDS OF THE AUTHORITY
Information regarding all of the Authority's outstanding bonds may be found in the Authority's audited financial report (the 'Financial Report') at: http://auditor.utah.gov/accountability/financial-reports-of-local-governments. For additional information more recent than as of the date of the Financial Report please contact Tina Mathieu, at phone: 801-395-8222.
TOTAL ESTIMATED COST
Based on an estimate of the current interest rate and financing plan, the estimated total debt service cost of the Series 2016 Bonds, if held until maturity is $7,656,550.
NOTICE IS HEREBY GIVEN that a period of thirty (30) days from and after the last date of the publication of this notice is provided by law during which (i) any person in interest shall have the right to contest the legality of the Indenture, Master Lease, or Security Document, or any provision made for the security and payment of the Series 2016 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; and (ii) registered voters within the District may sign a written petition requesting an election to authorize the issuance of the Series 2016 Bonds. If written petitions which have been signed by at least twenty percent (20%) of the registered voters of the District are filed with the Authority during said thirty (30) day period, the Authority shall be required to hold an election to obtain voter authorization prior to the issuance of the Series 2016 Bonds. If fewer than twenty percent (20%) of the registered voters of the District file a written petition during said thirty (30) day period, the Authority may proceed to issue the Series 2016 Bonds without an election.
Dated August 22, 2016.
/s/ Tina L. Mathieu
Secretary-Treasurer
