Public Hearing on Kane Co. - Best Friends Bond 2017 10:15 AM

November 20, 2017 10:15 AM

NOTICE OF BONDS TO BE ISSUED

AND OF PUBLIC HEARING

COUNTY COMMISSION OF

KANE COUNTY, UTAH

 

NOTICE IS HEREBY GIVEN pursuant to the provisions of the Utah Industrial Facilities and Development Act, Title 11, Chapter 17, Utah Code Annotated 1953, as amended, that on October 16, 2017, the County Commission (the “Commission”) of Kane County, Utah (the “County”) adopted a resolution (the “Resolution”) in which it authorized the issuance of the County’s Industrial Facilities and Development Revenue Bonds, Series 2017 (Best Friends Animal Society Project) (or such other designation as may be determined by the County) (the “Bonds”) in the aggregate principal amount of not to exceed $25,000,000 and to mature in not more than 32 years from the date of issuance.  Pursuant to the Resolution, the County proposes to lend the proceeds of the Series 2017 Bonds to Best Friends Animal Society, a Utah nonprofit corporation (the “Borrower”) for the purpose of financing all or a portion of certain buildings and related improvements, infrastructure, and equipment to be used for animal care needs, visitor amenities, office space, and similar projects relating to its exempt purposes (the “Project”).  The Project will be on portions of +/- 3,500 acres located at approximately 5001 Angel Canyon Road, in Kane County, Utah.  The Project and related property and improvements will be owned by the Borrower.

NOTICE IS FURTHER GIVEN that, in connection with the County’s proposed issuance of the Series 2017 Bonds, the County will meet on November 20, 2017, at the Commission Chambers, 76 North Main Street, Kanab, Utah, at 10:15 a.m. and will resume at 6:00 PM Kanab High School Auditorium 59 E Cowboy Dr, Kanab, Utah  84741, for the purpose of conducting a public hearing.  Interested individuals are invited to express their views, both orally and in writing, on the proposed issue of the Bonds and the location and nature of the Project.  Comments at the public hearing are invited.  Written comments may be submitted to the County at its Clerk/Auditor's office located at 76 North Main Street, in Kanab, Utah, until 5:00 p.m. on November 17, 2017.  Additional information may be obtained from the County at its office shown above or by calling (435) 644-2458.  Subsequent to the hearing, the Commission will consider approving the Bonds.

The County is authorized to issue the Bonds pursuant to the Act.  The Bonds will be special limited obligations of the County payable solely from amounts provided by the Borrower, including monies and securities held from time to time pursuant to a loan or other financing agreement and related security documents pursuant to which the Bonds are to be issued.  The Bonds and the interest thereon will not be a debt of the County or of the State of Utah or any political subdivision, and neither the County nor the State of Utah or any political subdivision will be liable thereon, and in no event will the Bonds or the interest thereon be payable out of any funds or properties other than those of the Borrower.  The Bonds will not constitute indebtedness within the meaning of any constitutional or statutory debt limitation or restriction.

The Bonds are to be issued and sold by the County pursuant to the Resolution and a Final Bond Resolution to be adopted by the County.  A copy of the Resolution is on file in the office of the County Clerk/Auditor of the County in the Kane County offices at 76 North Main Street, Kanab, Utah, where it may be examined during regular business hours of the County 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 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.

 

Date:  October 31, 2017

 

                 /s/ Karla Johnson               

            County Clerk/Auditor