NOTICE TO USERS OF THE SYSTEM
REQUEST FOR PUBLIC COMMENT ON LOAN APPLICATION TO THE DRINKING WATER BOARD
The Magna Water District, Salt Lake County (the “Issuer”) has applied to the State of Utah, Drinking Water Board (“Drinking Water”) for a loan (the “Loan”) to be used to make improvements to the Issuer’s water system (the “System”), including replacing lead or galvanized steel water service lines (collectively, the “Project”).
The Board of Trustees of the Issuer (the “Board”) has determined that the Project is necessary to preserve the sources and supply of water in the System.
Security for the Loan would be provided through the sale of a non-voted Water Revenue Bond (the “Bond”) to Drinking Water. The Bonds are expected to be issued in the net amount of $800,000 ($4,000,000 initial principal amount of the Bond less a principal forgiveness from Drinking Water in the amount of $3,200,000). The remaining Bond amount of $800,000 will be repaid to Drinking Water over a period of approximately 20 years with an interest rate of 2.00%. Payments will be made from the net revenues of the System. It is not expected that the Issuer’s water rates will increase to pay for the Project.
It is the policy of the Drinking Water to provide a 15-day period for public comment prior to the purchase of any non-voted Water Revenue Bonds. In this regard, the Board is soliciting the comments of the users of the System (either favorable or negative). Interested individuals are encouraged to response in writing by July 10, 2025. All written comments received prior to that date will be reviewed by the Drinking Water prior to the final decision on whether to proceed with the Bond purchase. Comments should be addressed to the Issuer:
Magna Water District
PO BOX 303
Magna, Utah 84044
In addition, the Issuer will hold and conduct a public hearing on July 10, 2025, at a meeting commencing at 10:00 a.m. to receive input from the public with respect to the Bonds and the Project. The public hearing will be held at 8885 W. 3500 S., in Magna, Utah. All members of the public are invited to attend and participate in the public hearing.
Thank you for your consideration in this matter.
Sincerely,
MAGNA WATER DISTRICT, SALT LAKE COUNTY, UTAH
NOTICE OF PUBLIC HEARING
MAGNA WATER DISTRICT, SALT LAKE COUNTY, UTAH
PUBLIC NOTICE IS HEREBY GIVEN that on July 10, 2025, the Board of Trustees (the “Board”) of the Magna Water District, Salt Lake County, Utah (the “Issuer”) will hold and conduct a public hearing to receive input from the public with respect to the issuance of Water Revenue Bonds (the “Bonds”) and the potential economic impact that the project for which the bonds pay all or part of the cost will have on the private sector, pursuant to Section 11-14-318 of the Utah Code Annotated 1953, as amended.
PURPOSE FOR THE ISSUANCE OF THE BONDS
The Issuer intends to issue the Bonds for the purpose of (1) financing a portion of the costs of improvements to the Issuer’s water system (the “System”), including replacing lead or galvanized steel water service lines (collectively, the “Project”) (collectively, the “Project”) and (2) paying the costs incurred in connection with the issuance and sale of the Bonds.
MAXIMUM PRINCIPAL AMOUNT OF THE BONDS
The Issuer intends to issue the Bonds in an amount not to exceed $4,500,000.
THE TAXES, IF ANY, PROPOSED TO BE PLEDGED
The Issuer will not pledge any taxes of the Issuer for the payment of the Bonds. Instead, the Issuer will pledge, pursuant to a General Indenture of Trust, the revenues attributable to the System for the payment of the Bonds.
TIME, PLACE AND LOCATION OF PUBLIC HEARING
The Issuer will hold and conduct a public hearing during a public meeting that is to begin at 10:00 a.m. on July 10, 2025. The public hearing will be held at 8885 W. 3500 S., in Magna, Utah. All members of the public are invited to attend and participate in the public hearing. Prior to the public hearing, written comments may be submitted to the Issuer, to the attention of the Clerk, 8885 W. 3500 S., Magna, Utah 84044.
DATED June 12, 2025.
MAGNA WATER DISTRICT, SALT LAKE COUNTY, UTAH
Magna Water District agendas may be found listed below. If you are needing a document that is not available below, contact us and we will be happy to assist you.
Please feel free to join us at our Board Meetings. We have opened up our Office for the public. With this opening we are excited to announce our Board meetings are again opened for anyone who would like to join us in person.
2025 ANNUAL SCHEDULE OF BOARD MEETINGS
Please click 2025 Annual Board Meetings for a schedule of board meetings for 2025.
