Meetings & Agendas

Pursuant to the Utah Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended (the “Act”), on February 6, 2024, the City Council (the “Council”) of Ballard City, Utah (the “Issuer”) adopted a resolution (the “Resolution”) in which it authorized the potential issuance of the Issuer’s Subordinated Road and Sales Tax Revenue Bonds, in one or more series, in an aggregate principal amount of not more than $1,800,000 (the “Bonds”), to bear interest at the rate or rates not to exceed one-half of one percent (0.50%) per annum, to mature in not more than ten (10) years from their date or dates, and to be sold at a price not less than 99% of the total principal amount thereof. 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 approximately $1,845,750. However, the Issuer anticipates that the Bonds will not be issued in an amount in excess of $1,514,000 at an interest rate of one-half of one percent (0.50%) per annum, to be repaid over ten (10) years, in which event the amount to be repaid will be approximately $1,555,920. Presently, the Issuer has no more than $101,000 in outstanding bonds secured by a pledge of Sales Taxes and no more than $171,000 in outstanding bonds secured by a pledge of B&C Road Funds. As excise tax revenue bonds, no property taxes will be used to secure the Bonds. The State of Utah Permanent Community Impact Fund Board has authorized a grant to the Issuer in the amount of $1,514,000, none of which will need to be repaid.

NOTICE IS FURTHER GIVEN that the Issuer will hold a public hearing on March 19, 2024 at 7:00 p.m. or as soon thereafter as feasible at the offices of the Issuer located at 2381 East 1000 South, Ballard, Utah. The purpose of the public hearing is to receive public input regarding the proposed issuance of the Bonds and the potential economic impact that the improvement, facility, or property for which the bonds pay all or a part of the cost will have on the private sector.

The Bonds, pursuant to the Resolution, and a Bond Resolution to be adopted authorizing the sale of the Bonds, are to be issued for the purpose of (i) financing the acquisition and construction of road improvements and related matters; (ii) paying costs associated with the issuance of the Bonds.

The Issuer proposes to pledge the Class B & C Road Funds received by Issuer pursuant to Sections 72-2-107 through 72-2-110, Utah Code Annotated 1953, as amended, and the Sales Tax Funds received by Issuer pursuant to Title 59, Chapter 12, Part 2, Utah Code Annotated 1953, as amended for repayment of the Bonds.

Copies of the Resolutions and the Bond Resolutions are on file in the office of the Recorder of the Issuer in Ballard City, Utah, where they may be examined during regular business hours from 8:30 a.m. to 4:30 p.m., Monday through Friday, for a period of at least 30 days from and after the last date of publication of this notice.

NOTICE IS FURTHER GIVEN that a period of 30 days after the last 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 Bond Resolution, the Bonds, or any provision made for the security and payment of the Bonds by filing a verified written complaint in the district court of the county in which he/she resides, and that after such time, other than referendum rights, no one shall have any cause of action to contest the regularity, formality or legality thereof for any cause whatsoever. If written petitions which have been signed by at least 20% of the registered voters of the Issuer, are filed with the Issuer during said 30-day period, the Issuer shall be required to hold an election to obtain voter authorization prior to the issuance of the Bonds. If fewer than 20% of the registered voters of the Issuer, file a written petition during said 30-day period, the Issuer may proceed to issue the Bonds without an election.

DATED this February 6, 2024.

/s/ Kaelyn Meyers

Recorder