Utah's largest public school system is planning to sell up to $238 million of bonds to finance school buildings in a part of the district that will be split into a separate entity.
The lease revenue bond sale comes after voters on Nov. 5 chose to
The debt issuance was made possible by Senate Bill 188, which was signed into law last month by Utah Gov. Spencer Cox. The measure directs the
Proceeds from the $238 million issue will finance construction of a high school and elementary school in the new west school district, which is experiencing high population growth and is in need of additional facilities, he added.
"The terms of the (lease revenue bonds) would make Alpine School District liable for debt service until July 1, 2027, at which time (the west school district) will assume the debt and begin paying off principal," Stowell said in an email.
A timeline for the split indicates
On March 25, Alpine's school board passed a bonding intent resolution and set a public hearing for April 22, when further action could also be taken on the debt sale, which would then be subject to a 30-day contest period, according to a draft bond calendar. Underwriter selection is slated for April 25 with pricing scheduled for May 28.
Alpine had $153.2 million of lease revenue bonds and $319.1 million of general obligation bonds outstanding as of June 30, according to its
Its latest lease revenue bond sale through the district's Local Building Authority was in 2023 with
Alpine's last general obligation bond sale was in 2022 with a $25.7 million
Alpine serves about 84,000 students from several northern Utah County communities in 61 elementary, 14 junior high, and 11 high schools, along with seven special purpose schools.
