Specifications include, but are not limited to: Iron County, Utah (the “County”) is seeking qualified firms to serve as senior managing underwriter and/or comanaging underwriters in connection with the issuance of up to $95,000,000 Sales Tax Revenue Bonds, Series 2024 (the “Series 2024 Bonds”) anticipated to be sold in September 2024 as market conditions permit. The County reserves the right to sell the Series 2024 Bonds through a competitive sale, negotiated sale, direct purchase or private placement. The Series 2024 Bonds will be issued for the purpose of (a) financing the construction, furnishing and equipping of a new jail and related improvements (collectively, the “Project”), (b) funding any debt service reserve fund, as required, and (c) paying costs of issuance of the Series 2024 Bonds. The County has outgrown their current jail facility and haves’ restrictions on being able to expand that facility in its current location. The Project will help to build a new Sheriff Administration office and 2 Pod jail facility to replace their outdated jail facility. The Series 2024 Bonds will be secured by the following sales tax pledges: (i) the sales and use tax (the “Local Sales Tax”) levied by the County pursuant to the Title 59, Chapter 12, Part 2 (the “Local Sales and Use Tax Act”), (ii) the county option sales and use tax (the “County Option Tax”) levied by the County pursuant to Title 59, Chapter 12, Part 11, Utah Code (the “County Option Sales and Use Tax Act”) and (iii) the sales and use tax (the “Section 2216 Tax” and collectively with the Local Sales Tax and County Option Tax, the “Pledged Taxes”) levied by the County pursuant to Title 59, Chapter 12, Section 2216, Utah Code (the “Local Option Sales and Use Taxes for Transportation Act”). More details can be found in Appendix A of the RFP. The County is looking at 35-year to 40-year amortization options to maximize bond proceeds for this project. The County is planning to structure debt service on the Series 2024 Bonds around the Section 2216 Tax, while using the Local Sales Tax and County Option Tax to enhance coverage. The goal of the County would be to generate $95MM in bond proceeds and use all of the Section 2216 Tax towards debt service.
