NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended and the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended, that on October 22, 2024, the Board of Trustees (the “Board”) of MIDA Mountain Village Public Infrastructure District (the “Issuer”), adopted a resolution (the “Resolution”) in which it authorizes the issuance of the Issuer’s Tax Allocation and Sales Tax Revenue Bonds, Series 2024 (the “Bonds”) (to be issued in one or more series, under one or more indentures and with such other series or title designation(s) as may be determined and applicable by the Issuer) and hold a public hearing to receive input from the public with respect to (a) the issuance of the Bonds and (b) any potential economic impact that the Project described herein to be financed with the proceeds of the Bonds may have on the private sector.
PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING
The Issuer shall hold a public hearing on November 19, 2024, at the hour of 10:00 a.m. via electronic means. The purpose of the hearing is to receive input from the public with respect to (a) the issuance of the Bonds and (b) any potential economic impact that the Project to be financed with the proceeds of the Bonds may have on the private sector. All members of the public are invited to attend and participate using the following web address to register: https://us06web.zoom.us/webinar/register/WN_r6zGDtDZSM6Z7kr7xgxtmg.
PURPOSE FOR ISSUING THE BONDS
The Bonds will be issued for the purpose of (a) financing or refinancing all or a portion of the cost of public infrastructure as permitted under the Local District Act, Title 17B and the Military Installation Development Authority Act (“MIDA Act”), Title 63H, Chapter 1, including refunding all or a portion of certain outstanding obligations and loans of the Military Installation Development Authority, (b) funding capitalized interest, (c) funding a reserve fund, and (d) paying costs of issuance of the Bonds.
REVENUES TO BE PLEDGED
The Bonds will be secured by any combination of legally available sales and excise taxes imposed currently or in the future by the Military Installation Development Authority and/or senior or subordinate tax allocation revenues of the Military Installation Development Authority and any other legally permitted revenues under the MIDA Act (collectively, the “Pledged Revenues”).
PARAMETERS OF THE BONDS
The Issuer intends to issue the Bonds in one or more series in the aggregate original principal amount of not more than Three Hundred Ninety Million Dollars ($390,000,000), to mature in not more than forty (40) years from their date or dates, to be sold at a price not less than ninety-six percent (96%) of the total principal amount thereof and bearing interest at a rate or rates not to exceed ten percent (10%) per annum. The Bonds are to be issued and sold by the Issuer pursuant to the Resolution, including as part of said Resolution one or more of a General Indenture of Trust and a Supplemental Indenture of Trust (together, the “Indenture”).
OUTSTANDING BONDS SECURED BY REVENUES
Other than the proposed Bonds, the Issuer currently has $-0- principal amount of bonds outstanding secured by the Pledged Revenues.
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 Bonds is estimated at approximately $792,491,417.
A copy of the Resolution and the Indenture are on file at 15 West South Temple, Suite 1450, Salt Lake City, Utah, where they may be examined during regular business hours from 9:00 a.m. to 4:00 p.m. for a period of at least thirty (30) days from and after the date of posting of this notice and are also available under the heading “LINKS TO DOCUMENTS” below. For office access, please call 801-364-5080 or email rtracy@gilmorebell.com.
NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after the date of the posting 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 (but only as it relates to the Bonds), or the Bonds, or any provision made for the security and payment of the 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 October 23, 2024.
LINKS TO DOCUMENTS:
- Parameters Resolution – MIDA Mountain Village PID Series 2024 Bonds
- General Indenture – MIDA Mountain Village PID Series 2024 Bonds
- First Supplemental Indenture MIDA Mountain Village PID Series 2024 Bonds
AGENDA
A full agenda for this meeting will be posted no later than 24 hours prior to the meeting.