AND BONDS TO BE ISSUED

NOTICE IS HEREBY GIVEN that on March 3, 2016, the Board of Trustees of the Local Building Authority of Spring City, Sanpete County, Utah (the “Issuer”), adopted a resolution (the “Resolution”) declaring its intention to issue its Lease Revenue Bonds (the “Bonds”) pursuant to the provisions of the Utah Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended and the Utah Local Building Authority Act, Title 17D, Chapter 2, Utah Code Annotated 1953, as amended (collectively, the “Act”) and to call a public hearing to receive input from the public with respect to the issuance of the Bonds and the potential economic impact on the private sector that the facility funded by the Bonds may have.

TIME, PLACE AND LOCATION

OF PUBLIC HEARING

The Issuer shall hold a public hearing on April 7, 2016, at the hour of 6:30 p.m. The location of the public hearing is the City Office, 150 East Center Street, Spring City, Utah. The purpose of the meeting is to receive input from the public with respect to the issuance of the Bonds and any potential economic impact that the Project financed in whole or in part with the proceeds of the Bonds may have on the private sector. All members of the public are invited to attend and participate.

PURPOSE FOR ISSUING BONDS

The Issuer intends to issue the Bonds for the purpose of (i) financing a portion of the restoration of the Historic Old School for use as city offices, community center, public safety facility, senior citizen center and related improvements; and (ii) paying costs of issuing the Bonds.

OUTSTANDING BONDS SECURED

BY THE SAME REVENUE

The Issuer currently has outstanding bonds secured by the pledge of lease revenue bonds for the Old Historic School, namely: the 2014 Lease Revenue Bond sold to the Utah Permanent Community Impact Fund Board in the original principal amount of $325,000.00.

ESTIMATED TOTAL COST OF THE BONDS

The estimated total cost to the Issuer for the proposed Bonds is $408,325.00. The estimated cost of interest on the Bonds is $123,325.00.

PARAMETERS OF THE BONDS

The Issuer intends to issue the Bonds in the principal amount of not to exceed $400,000.00, to bear interest at a rate not to exceed 3.0% per annum, to mature in not more than 35 years from their date or dates and to be sold at a price not less than 100% of the total principal amount thereof, plus accrued interest, if any, to the date of delivery.

The Bonds will specify that any installment of principal on the Bonds which shall not be paid when due shall bear interest at the rate of 18% per annum from the due date thereof until paid.

NOTICE IS FURTHER GIVEN that a period of 30 days from and after the last date of 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.

A copy of the Resolution is on file in the office of the City Recorder in Spring City, Utah, where it may be examined during regular business hours of the City Recorder from 8:00 a.m. to 4:00 p.m., Monday through Thursday.

DATED this 3rd day of March 2016.

Michelle Chandler

Spring City Recorder

Legal Notice 68248 Published in The Pyramid March 17 and 24, 2016.