NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED

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 (the “Act”), that on March 18, 2025, the City Council (the “Council”) of Fairview City, Utah (the “Issuer”) adopted a resolution (the “Resolution”) in which it authorized the issuance of the Issuer’s Water Revenue Bonds, in one or more series (herein, the “Bonds”) in an aggregate Principal amount not to exceed $1,700,000, to bear interest at a rate or rates not to exceed 6.0%, to mature in not more than thirty-five (35) years from their date or dates, and to be sold at a price not less than ninety-seven  percent (97%) of the total principal amount thereof, plus accrued interest, if any, to the date of delivery.  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 $4,071,155.  Currently, the Issuer has no more than $687,011 in outstanding bonds that are secured by the same pledge of water revenues as the proposed Bonds. 

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 April 15, 2025, at 7:30 p.m., or as soon thereafter as feasible, at the regular meeting place of Fairview City located at 85 S. State Street, Fairview, Utah 84629.  As water revenue bonds, no property taxes will be pledged for repayment of the Bonds.

The Bonds will be issued pursuant to the Resolution and an Authorizing Resolution to be adopted authorizing and confirming the sale of the Bonds for the purpose to finance, in part, (i) the acquisition and construction of water system improvements, and related improvements (the “Project”), and (ii) to pay the costs of issuing the Bonds.

A draft of the Authorizing Resolution in substantially final form was before the Council and was part of the Resolution at the time of the adoption of the Resolution by the Council.  The Authorizing 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, the interest rate or rates, maturity and discount of the Bonds will not exceed the maximums set forth above.

A copy of the Resolution and Authorizing Resolution are on file in the office of the City Recorder of the Issuer where they may be examined during regular business hours of the Issuer from 8:00 a.m. to 4:00 p.m. Monday through Thursday 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, any person in interest shall have the right to contest the legality of the Resolution or Authorizing Resolution or the Bonds, or any provision made for the security and payment of the Bonds by filing a verified written complaint in the City court of their county of residence, and that after such 30-day period, other than referendum rights, no one shall have any cause of action to contest the regularity, formality or legality thereof for any reason.