ADVERTISEMENT

NOTICE OF PROJECT NOTICE IS HEREBY GIVEN

NOTICE OF PROJECT NOTICE IS HEREBY GIVEN that the City Council of the City of Grand Forks, North Dakota, proposes to construct an expansion (the “Project”) of its Wastewater Treatment Facility (the “Utility”). The estimated cost of the Project is $62,500,000. The City Council proposes to issue bonds in the estimated amount of $54,620,000 (the “Bonds”) by adoption of a resolution in accordance with Article 9 of Chapter 2 of the Grand Forks City Code, as amended. The resolution which authorizes the issuance of the Bonds will include a provision for a reserve in an amount equal to the lesser of: (i) the maximum annual debt service to become due on all bonds secured by revenues of the Utility (the “Parity Bonds”), or (ii) one hundred twenty-five percent (125%) of the average annual debt service to become due on the Parity Bonds, or (iii) ten percent (10%) of the proceeds of the Parity Bonds. The reserve is to be established and maintained from bond proceeds or revenues on hand and available therefor. Under the terms of the resolution and Article 9 of Chapter 2 of the Grand Forks City Code, as amended, if at any time a deficiency exists in the reserve, the City Council will levy a tax upon all taxable property in the City of Grand Forks for payment of such deficiency. The resolution will also provide that rates, fees and charges for the Utility will be established and revised from time to time when necessary, so that the revenues derived from the Utility will at all times be sufficient to pay when due the principal of and interest on the Parity Bonds, and to maintain the reserve in the amount required by the resolution. Notice is hereby given that written protests against the issuance of the Bonds must be filed in the office of the City Auditor of the City of Grand Forks, North Dakota, within twenty (20) days after the publication of this notice. If written protest against the issuance of the bonds, signed by electors of the City of Grand Forks equal in number to at least twenty percent (20%) of the number of voters participating at the last general election held within the City of Grand Forks, are filed in the office of the City Auditor, the Bonds shall not be issued. If the protests are found to be insufficient or invalid by the City Council, the City Council may proceed to authorize the bonds in accordance with Article 9 of Chapter 2 of the Grand Forks City Code, as amended. Petitions described above shall contain the date of signature, the signature of the elector, the address of the elector, the age of the elector and the length of residency within the City of Grand Forks of the elector. If any of these protest signature requirements are missing from the petition, the protest shall not be counted by the City Auditor. Date: November 30, 2022. BY ORDER OF THE CITY COUNCIL Maureen Storstad, Director of Finance and Administrative Services (Dec. 7, 2022) 127955