Civic Log

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 October 7, 2026, the Board of County Commissioners (the 'Commission') of Utah County, Utah (the 'Issuer'), adopted a resolution (the 'Resolution') in which it authorized the issuance of the Issuer's Sales Tax Revenue Bonds, Series 2026 (the 'Series 2026 Bonds') (to be issued in one or more series and with such other series or title designation(s) as may be determined by the Issuer), and called a public hearing to receive input from the public with respect to (a) the issuance of the Series 2026 Bonds and (b) any potential economic impact that the Series 2026 Project (defined below) financed with the proceeds of the Series 2026 Bonds may have on the private sector. TIME, PLACE AND LOCATION OF PUBLIC HEARING The Issuer shall hold a public hearing on November 4, 2026, at the hour of 2:00 p.m. at 100 East Center Street, Room 1400, Provo, Utah. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Series 2026 Bonds and (b) any potential economic impact that the Series 2026 Project (defined below) to be financed with the proceeds of the Series 2026 Bonds may have on the private sector. All members of the public are invited to attend and participate. PURPOSE FOR ISSUING THE SERIES 2026 BONDS The Series 2026 Bonds will be issued for the purpose of (a) financing the construction of a new public works facility and related improvements (the 'Series 2026 Project'), (b) funding any debt service reserve funds, as necessary, and (c) paying costs of issuance of the Series 2026 Bonds. PARAMETERS OF THE SERIES 2026 BONDS The Issuer intends to issue the Series 2026 Bonds in the aggregate principal amount of not more than Thirty Million Dollars ($30,000,000), to mature in not more than twenty-one (21) 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 six and one half percent (6.50%). The Series 2026 Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution, a General Indenture of Trust and a Supplemental Indenture of Trust (together, the 'Indenture') which were before the Commission in substantially final form at the time of the adoption of the Resolution and said Indenture is to be executed by the Issuer in such form and with such changes thereto as shall be approved by the Issuer; provided that the principal amount, interest rate or rates, maturity, and discount of the Series 2026 Bonds will not exceed the maximums set forth above. The Issuer reserves the right to not issue the Series 2026 Bonds for any reason and at any time up to the issuance of the Series 2026 Bonds. SALES AND USE TAXES PROPOSED TO BE PLEDGED The Issuer proposes to pledge all of the revenues produced by the sales and use taxes levied by the Issuer under the County Option Sales and Use Tax revenues received by the Issuer pursuant to Title 59, Chapter 12, Part 11, Utah Code Annotated 1953, as amended, for the Series 2026 Bonds and all or any portion of other sales or excise taxes legally available to be pledged to the Series 2026 Bonds (the 'Revenues'). OUTSTANDING BONDS SECURED BY PLEDGED TAXES The Issuer currently has $420,000 of bonds outstanding secured by the Revenues. OTHER OUTSTANDING BONDS OF THE ISSUER Additional information regarding the Issuer's outstanding bonds may be found in the Issuer's financial report (the 'Financial Report') at: http://secure.utah.gov/auditor-search/. For additional information, including any information more recent than as of the date of the Financial Report, please contact the County Auditor at (801) 851-8110. TOTAL ESTIMATED COST OF BONDS Based on the Issuer's current plan of finance and a current estimate of interest rates, the total principal and interest cost of the Series 2026 Bonds to be issued under the Act to finance the Series 2026 Project, if held until maturity, is $37,561,157. A copy of the Resolution and the Indenture are on file in the office of the Utah County Clerk, 100 East Center Street, Provo, Utah, where they may be examined during regular business hours 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 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 Indenture (as it pertains to the Series 2026 Bonds), or the Series 2026 Bonds, or any provision made for the security and payment of the Series 2026 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.