NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED WELLINGTON, CARBON COUNTY, UTAH
NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
WELLINGTON, CARBON COUNTY, UTAH
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, that on December 4, 2013, the City Council (the
"Council") of Wellington City, Utah (the "Issuer"), with the Mayor Pro
Tem presiding, adopted a resolution (the "Resolution") in which it
authorized the issuance of the Issuer's Water Revenue Bonds, in one or
more series (the "Bonds") in the aggregate principal amount of not to
exceed $3,500,000, to bear interest at the rate or rates not to exceed
3% per annum, to mature in not more than forty (40) years from their
date or dates, and to be sold at a price not less than 99% of the
total principal amount thereof, plus accrued interest, if any.
Presently, the Issuer does not have any other bonds that are secured
by the same pledge of drinking water revenues as the proposed Bonds.
The estimated total cost to the Issuer for the proposed Bonds, if the
Bonds are held until the maximum maturity, based on the maximum
interest rate above, is $6,014,139. The United States Department of
Agriculture, Rural Utilities Service ("USA") has authorized a grant to
the Issuer in the amount of $925,000 for the Project.
NOTICE IS FURTHER GIVEN that the Issuer called a public hearing for
the purpose of inviting public comment on the proposed issuance of the
Bonds and the economic impact that the improvements proposed to be
financed with the Bonds will have on the private sector. The public
hearing will be held on January 15, 2014, at 7:00 p.m. or as soon
thereafter as feasible, at the Wellington City Hall located at 150
West Main Street, in Wellington, Utah. As water revenue bonds, no
property taxes will be pledged for repayment of the Bonds.
The Bonds, pursuant to the Resolution and a Final Bond Resolution of
the Council of the Issuer, authorizing and confirming the sale of the
Bonds for the purpose of (i) financing the acquisition of drinking
water system improvements, including the construction of a water
treatment plant, and related improvements, and (ii) paying issuance
expenses to be incurred in connection with the Bonds.
The Bonds are to be issued and sold by the Issuer pursuant to the
Resolution, including as part of said Resolution the draft of a Final
Bond Resolution which was before the Council and attached to the
Resolution in substantially final form at the time of the adoption of
the Resolution (collectively, the "Bond Resolutions") and said Final
Bond Resolution is to be adopted by the Council in such form and with
such changes thereto as shall be approved by the Council upon the
adoption thereof; provided that the principal amount, interest rate or
rates, maturity, and discount of the Bonds will not exceed the
maximums set forth above.
A copy of the Bond Resolutions are on file in the office of the City
Recorder of the Issuer in the Issuer's offices in Wellington, Utah,
where they may be examined during regular business hours of the Issuer
from 9:00 a.m. to 5:00 p.m. (closed for lunch from 12:00 p.m. to 1:00
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 Bond Resolutions or the Bonds, or any provision
made for the security and payment of the Bonds by filing a verified
written complain in the district court of their county of residence,
and that after such time, other than by referendum no one shall have
any cause of action to contest the regularity, formality or legality
thereof for any cause whatsoever.
DATED December 4, 2013.
/s/ Â Ken
PowellÂ Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â
Published in the Sun Advocate December 17 and 24, 2013.
These legal notices, along with those from other fine Utah newspapers, can be viewed at www.utahlegals.com