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Notice of Bonds – Intermountain Power Agency (IPA): NOTICE OF BONDSOctober 3, 2024NOTICE TO REMAIN IN PLACE UNTIL November 4, 2024NOTICE IS HEREBY GIVEN that the Board of Directors of Intermountain Power Agency, a Utah interlocal entity (“IPA”), has approved the issuance of the bonds described below. This Notice of Bonds (this “Notice”) is published by IPA pursuant to Utah Code Section 11-13-219. On October 2, 2024, the IPA Board of Directors adopted that certain Sixty-Sixth Supplemental Power Supply Revenue Bond Resolution (the “Supplemental Resolution”) authorizing, among other things, the issuance (the “Issue”) of the following bonds (collectively, the “2024 Series A and B Bonds”): Power Supply Revenue Bonds, 2024 Series A (Tax-Exempt) and Power Supply Revenue Bonds, 2024 Series B (Federally Taxable). The Supplemental Resolution is supplemental to that certain Power Supply Revenue Bond Resolution adopted by IPA on September 28, 1978, as heretofore supplemented, amended and restated (the “Bond Resolution”). IPA anticipates selling the 2024 Series A and B Bonds pursuant to a Purchase Contract proposed to be entered into by IPA with the underwriters identified in such Purchase Contract.Issuer; Purpose of IssueThe issuer will be IPA. IPA owns the Intermountain Power Project, including the coal-fueled electric power generation facilities near Delta, Utah (the “Project”). The purposes of the Issue are to (i) finance a portion of the costs of replacing the existing coal-fueled generation facilities with two combined-cycle natural gas-fired power blocks with an approximate combined net generation capability of 840 MW, where “net generation capability” means gross power generation less auxiliary load for generation and transmission support, (ii) provide moneys sufficient to pay capitalized interest on the 2024 Series A and B Bonds through July 1, 2025, (iii) provide moneys for deposit to a debt service reserve account established under the Bond Resolution to provide security for the 2024 Series A and B Bonds, among others, and (iv) pay the costs of issuance of the 2024 Series A and B Bonds. Parameters of the 2024 Series A and B BondsThe 2024 Series A and B Bonds will be issued as revenue bonds in two series, each of which may contain, one or more term bonds, in the aggregate principal amount of not more than $175,000,000, to mature in not more than 21 years from their date or dates of delivery, to bear interest at a rate or rates not to exceed 6.000% per annum and to be sold at a discount from par of no more than 3.000% of the principal amount of the 2024 Series A and B Bonds issued.General Description of Security PledgedPursuant to the Bond Resolution, the 2024 Series A and B Bonds will be direct and special obligations of IPA payable solely from and secured solely by (i) the proceeds of the sale of bonds issued by IPA, (ii) IPA’s revenues from ownership and operation of the Project, and (iii) all funds and accounts established by the Bond Resolution (other than specified funds and accounts), including the investments and investment income of such funds and accounts as provided in the Bond Resolution. Neither the full faith and credit nor the taxing power of the State of Utah (the “State”) or any political subdivision or agency of the State will be pledged to the payment of the principal of, premium, if any, or interest on the 2024Series A and B Bonds.Page 2 of 2Total Par Amount of Outstanding BondsAs of the date of this Notice, the bonds issued by IPA currently outstanding that are secured by a pledge of the security described above on a parity with the 2024 Series A and B Bonds consist of the following (being the “Senior Bonds”): (i) the following (the “2022 Series A and B Bonds”): (a) the Power Supply Revenue Bonds, 2022 Series A (Tax-Exempt) in the aggregate principal amount of $732,755,000, and (b) the Power Supply Revenue Bonds, 2022 Series B (Federally Taxable) in the aggregate principal amount of $64,850,000, and (ii) the following (the “2023 Series A and B Bonds”): (a) the Power Supply Revenue Bonds, 2023 Series A (Tax-Exempt) in the aggregate principal amount of $767,650,000, and (b) the Power Supply Revenue Bonds, 2023 Series B (Federally Taxable) in the aggregate principal amount of $67,395,000. Other than the Senior Bonds, IPA has no other bonds or obligations outstanding that are secured by a pledge of the revenues pledged to secure the 2024 Series A and B Bonds.More Detailed Information Relating to Outstanding BondsMore detailed information regarding IPA’s outstanding bonds may be found in (i) IPA’s Official Statement dated April 28, 2022 relating to the 2022 Series A and B Bonds (at https://emma.msrb.org/P21572718-P21214692-P21636035.pdf), (ii) IPA’s Official Statement dated July 12, 2023 relating to the 2023 Series A and B Bonds (at https://emma.msrb.org/P11685885-P11297046-P11727440.pdf), and (ii) IPA’s Annual Disclosure Report for the 2022-2023 Fiscal Year dated as of March 29, 2024, including the Consolidated Financial Statements of IPA for the Years Ended June 30, 2023 and 2022 and Independent Auditors’ Report (at https://emma.msrb.org/P11745729-P11342207-P11777632.pdf). Estimated Total Cost of IssueThe estimated cost to IPA for the 2024 Series A and B Bonds, if such bonds are held to maturity, based on interest rates in effect as of the date of this Notice is equal to $286,483,187.Examination of Supplemental Resolution and Bond ResolutionA copy of the Supplemental Resolution and the Bond Resolution may be examined at the offices of IPA at 10653 S. River Front Parkway, Suite 120, South Jordan, UT 84095, Monday through Friday, from 8:00 a.m. to 5:00 p.m., for a period of 30 days from the date of this Notice set forth above. Reference is made to the Supplemental Resolution and the Bond Resolution for a complete description of the terms and conditions of such documents

Posted on , by Kevin Orton

Ordinance 24-22 Amend Definition of Warehouse Storage Units & Include Additional Conditions for Warehouse Storage Units

ORDINANCE NO. 24-22

 

AN ORDINANCE OF FILLMORE CITY, UTAH AMENDING THE FILLMORE CITY MUNICIPAL CODE, TITLE 10, CHAPTER 2: DEFINTIONS, TO AMEND THE DEFINTION OF WAREHOUSE STORAGE UNITS, AND TITLE 10, CHAPTER 9A, SECTION 8, TO INCLUDE ADDITIONAL CONDITIONS FOR WAREHOUSE STORAGE UNITS.

 

The City Council of the City of Fillmore, Utah, (referred to herein as the “City Council”), states the following as the basis for enacting this ordinance:

 

RECITALS

 

  1. Fillmore City previously adopted a land use ordinance, pursuant to law, which is set forth in Title 10 of the Fillmore City Municipal Code.

 

  1. Fillmore City may enact and amend ordinances, resolutions, and rules regarding land use for the purposes outlined in Utah Code Ann. § 10-9a-102.

 

  1. Fillmore City has enacted Title 10, Chapter 2, Definitions, which defines terms used in the Fillmore City Land Use Regulations.

 

  • Heretofore, the definition of “Warehouse Storage Units,” excluded the use of shipping containers for commercial storage.

 

  • Fillmore City has also enacted Chapter 9, Industrial District, Article A., Light Industrial District, which provides for the purpose, use table, development standards, etc., regarding development in the Light Industrial Zone.

 

  • The Light Industrial District allows as a conditional use Warehouse Storage Units (Commercial Only).

 

  • Applicant Mike Greenwood, for MK Opportunities, LLC, submitted an application to amend Title 10 of the Fillmore City Municipal Code to allow for the use of cargo shipping containers for self-storage facilities in the Light Industrial Zone.

 

  • On September 24, 2024, the Fillmore City Planning Commission (referred to herein as the “Planning Commission”) held a public hearing to receive public comment regarding such amendment, after publishing notice as required by law, and there allowed the opportunity for public comments related to the proposed amendment.

 

  • After considering the matter, the Planning Commission found it appropriate and in the public interest to recommend adoption of such amendment to the City Council with conditions in place to mitigate problems associated with shipping containers as commercial storage facilities.

 

  • The City Council has now considered the matter and received public comment, after publishing notice as required by law, and has determined that the Planning Commission recommendation is appropriate and the changes should be adopted as such changes further the health, safety and welfare of Fillmore City.

 

NOW, THEREFORE, BE IT ORDAINED by the City Council of the City of Fillmore, Utah:

 

SECTION 1:  Adoption of Recitals.  The Recitals set forth above are hereby adopted and incorporated into this ordinance by reference.

 

SECTION 2:  Amendments to Title 10, Chapter 2, Definitions. The definition of Warehouse Storage Units shall be amended as follows:

 

WAREHOUSE STORAGE UNITS: A structure in which goods, merchandise or equipment are stored for eventual distribution, or for which storage space is rented. For all zones, except the Light Industrial zoning district, such structure must be a building. For the Light Industrial zoning district, only, a warehouse storage unit may include cargo shipping containers as provided in Section 10-9A-101 et seq., upon approval of a conditional use permit.

 

SECTION 3:  Amendments to Title 10, Chapter 9, Article A, Section 8, Conditional Use Standards of Review, to include standards for Warehouse Storage Units. Section 10-9A-8 shall be amended in its entirety as shown on the attached and incorporated Exhibit A.

 

SECTION 4:  Effective Date.  This ordinance shall become effective upon publication.

 

SECTION 5:  Publication.  This ordinance or a summary thereof is ordered published in accordance with Utah Code Ann. § 10-3-711, as a class A notice under Section 63G-30-102.

 

SECTION 6:  Severability.  If any provision of this ordinance less than the entire ordinance is held invalid by a court of competent jurisdiction, this ordinance shall be deemed severable, and such finding of invalidity shall not affect the remaining portions of this ordinance.

 

SECTION 7:  Conflicting Ordinances.  To the extent that any ordinances, resolutions, or policies of the City of Fillmore conflict with the provisions of this ordinance, they are hereby amended to be in accordance with the provisions hereof.

 

PASSED AND ADOPTED this _____ day of _______________ 2024.

 

CITY OF FILLMORE, UTAH:

 

 

By:  ____________________________

MICHAEL D. HOLT, Mayor

 

Attest: _____________________________

KEVIN ORTON, City Recorder

 

 

 

VOTING:

 

Dennis Alldredge        ___Yea            ___Nay           ___Absent       ___Abstain     

Curt Hare                    ___Yea            ___Nay           ___Absent       ___Abstain

Gene Larsen                ___Yea            ___Nay           ___Absent       ___Abstain

Kyle Stevens               ___Yea            ___Nay           ___Absent       ___Abstain

Michael Winget           ___Yea            ___Nay           ___Absent       ___Abstain