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Notice is hereby given that on Tuesday, September 19, 2023, a public hearing, as required by Section 147(f) of the Internal Revenue Code of 1986, as amended, will be held by the County Commission (the “Commission”) of Grand County, Utah (the “Issuer”) with respect to the restructuring of the Issuer’s Hospital Revenue and Refunding Bonds (Moab Regional Hospital Project), Series 2021 (the “Bonds”) by means of the amendment of the terms of such Bonds. The Bonds are qualified 501(c)(3) bonds originally issued in the aggregate principal amount of $50,024,000. The hearing will commence at 4:00 p.m., or as soon thereafter as the matter can be heard and will be held at 125 East Center Street, Moab, Utah.
The Bonds were issued pursuant to the Utah Industrial Facilities and Development Act, Title 11, Chapter 17, Utah Code Annotated 1953, as amended. The proceeds of the Bonds were loaned to Moab Valley Healthcare, Inc. d/b/a Moab Regional Hospital (the “Borrower”) for the purpose of (a) refunding all or a portion of the Issuer’s FHA Insured Mortgage Hospital Revenue Bonds (Moab Regional Hospital Project), Series 2009 and the Supplemental Mortgage Note dated as of June 24, 2010, executed by the Borrower in favor of U.S. Bank National Association and (b) financing all or a portion of the costs of the acquisition, construction, reconstruction, remodeling, replacement, equipping and furnishing of (i) an approximately 8,500 square foot addition to the Moab Regional Hospital, located at 450 Williams Way in Moab, Utah, (ii) an approximately 18,600 square foot addition to the office medical building adjacent to the Moab Regional Hospital (the “Moab Regional Hospital Complex”), (iii) an approximately 2,500 square foot new mental health and addiction medicine building including medication-assisted treatment on a site proximate or adjacent to the Moab Regional Hospital and the Moab Regional Hospital Complex, (iv) approximately 2,600 square feet of existing space at the Moab Regional Hospital Complex, (v) approximately 15,000 square feet of existing space at the Moab Regional Hospital and (vi) related improvements to the Moab Regional Hospital and the Moab Regional Hospital Complex sites.
The Bonds will continue to be special limited obligations of the Issuer payable solely from the loan repayments to be made by the Borrower, and certain funds and accounts established by the transaction documents for the Bonds.
The hearing will provide a reasonable opportunity to be heard for persons wishing to express their views on the merits of the amendment of terms and re-issuance of the Bonds or related matters. Additional information on how to attend and share comments (including electronically) may be obtained from the Issuer at its office shown above or by calling (435) 259-1321. Subsequent to the hearing, the Commission will consider approving the amendment of terms and re-issuance of the Bonds.
GRAND COUNTY, UTAH
Dated: September 11, 2023
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