NOTICE OF PUBLIC HEARING AND BONDS TO BE ISSUED
NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Government
Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended, that on August 26,
2026, the County Council (the “Council”) of Summit County, Utah acting as the governing body
of the Mountain Regional Water Special Service District, Utah (the “Issuer”), adopted a
resolution (the “Resolution”) in which it authorized the issuance of the Issuer’s Water Revenue
Bonds, Series 2026B (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 by the Issuer)
and called a public hearing.
PURPOSE, TIME, PLACE AND LOCATION OF PUBLIC HEARING
The Issuer shall hold a public hearing on September 16, 2026, at the hour of 6:00 p.m. at
at the Richins Building, 1885 West Ute Boulevard, Park City, Utah. The purpose of the hearing
is to receive input from the public with respect to the issuance of the Bonds and 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.
PURPOSE FOR ISSUING THE BONDS
The Bonds will be issued for the purpose of (a) financing the completion of the
optimization and expansion of the Issuer’s Signal Hill Water Treatment Plant and all related
improvements, (b) funding any required debt service reserve fund, and (c) paying costs of
issuance of the Bonds.
REVENUES TO BE PLEDGED
The Bonds are special limited obligations of the Issuer payable from the net revenues of
the Issuer’s water system (the “Revenues”).
PARAMETERS OF THE BONDS
The Issuer intends to issue the Bonds in the aggregate principal amount of not more than
Twenty Million Dollars ($20,000,000), to mature in not more than twenty-one (21) years from
their dated date or dated dates, to be sold at a price not less than ninety-nine percent (99%) of the
total principal amount thereof, and bearing interest at a rate or rates not to exceed six percent
(6.0%) per annum. The Bonds are to be issued and sold by the Issuer pursuant to the Resolution,
including as part of said Resolution, a General Indenture of Trust and a Supplemental Indenture
of Trust (collectively, the “Indenture”) and a Bond Purchase Agreement (the “Bond Purchase
Agreement”), which Indenture and Bond Purchase Agreement were before the Council in
substantially final forms at the time of the adoption of the Resolution and said Indenture and
Bond Purchase Agreement are to be executed by the Issuer in such forms and with such changes
thereto as shall be approved by the Issuer; provided that the principal amount, interest rate or
rates, maturity, and discount of the Bonds will not exceed the maximums set forth above.
OUTSTANDING BONDS SECURED BY REVENUES
Other than the proposed Bonds, the Issuer currently has $77,368,340 principal amount of
bonds outstanding secured by the Revenues.
OTHER OUTSTANDING BONDS OF THE ISSUER
Information regarding all of the Issuer’s outstanding bonds may be found in the Issuer’s
audited financial report (the “Financial Report”) at:
https://reporting.auditor.utah.gov/searchreport/s/. For additional information more recent than as
of the date of the Financial Report please contact Andy Garland, District General Manager
(phone: 435-940-1916).
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 for the Project, if held until maturity, is
approximately $23,898,660.
A copy of the Resolution, the Indenture and the Bond Purchase Agreement are on file in
the office of Mountain Regional Water Special Service District, 5739 Paintbrush Road, Park
City, Utah, where they may be examined during regular business hours of the Issuer from 8:30
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 posting of this notice.
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),
the Bond Purchase Agreement, 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 August 26, 2026.
/s/ Andy Garland
District Clerk
4918-5603-3739, v. 1
