General Information

Government Type

State Agency

Entity

Office of State Treasurer

Public Body

Utah Charter School Finance Authority

Notice Information

Add Notice to Calendar

Notice Title

Notice of Public Hearing (TEFRA)

Notice Tags

Bonds, Charter Schools

Notice Type(s)

Notice, Hearing, Bond

Event Start Date & Time

August 13, 2025 11:00 AM

Event End Date & Time

August 13, 2025 11:30 AM

Description/Agenda

NOTICE OF PUBLIC HEARING AND OF BONDS TO BE ISSUED NOTICE IS HEREBY GIVEN that on July 23, 2025 the Utah Charter School Finance Authority (the 'Authority') adopted a resolution (the 'Resolution') declaring its intent to issue charter school revenue bonds in an amount not to exceed $19,000,000 (the 'Bonds') and to mature on or prior to December 31, 2061, pursuant to Title 53G, Chapter 5, Part 6, Utah Code Annotated 1953, as amended and the Utah Industrial Facilities and Development Act, Title 11, Chapter 17, Utah Code Annotated 1953, as amended (collectively, the 'Act'). The Authority or its designee shall hold a public hearing on Wednesday, August 13, 2025, at the hour of 11:00 a.m. to receive input from the public with respect to the issuance of the Bonds and the financing and/or refinancing of the Facilities (as defined below), which public hearing shall be held at the offices of the Authority, Utah State Treasurer, C180 State Capitol Complex (Room 180 in the State Capitol), Salt Lake City, Utah. Public access to the public hearing shall be both in person and by remote access. Members of the public may join the teleconference by dialing the following toll free number and entering the following passcode: (877) 230-5394 (Passcode: 2582727#). The Authority proposes to loan the proceeds of the Bonds to Advantage Arts Academy, a Utah nonprofit corporation (the 'Borrower') pursuant to the terms of a loan agreement (the 'Loan Agreement') for the purpose of (i) refunding certain prior obligations used for the purpose of financing the acquisition by the Borrower of charter school facilities and the related site located at 6171 West 11800 South, Herriman, Utah (the 'Facilities'), (ii) funding a debt service reserve fund for the Bonds, and (iii) paying certain issuance expenses (collectively, the 'Series 2025 Project'). The Bonds shall be special obligations of the Authority payable solely from amounts provided by the Borrower, including monies and securities held from time to time under a trust indenture (the 'Indenture'). The Bonds and the interest thereon will not be a general obligation debt of the Authority, the State of Utah or any political subdivision thereof, and neither the Authority, the State of Utah nor any political subdivision thereof will be liable thereon. The issuance of the Bonds shall not directly, indirectly or contingently, obligate the Authority, the State of Utah or any agency, instrumentality or political subdivision thereof to levy any form of taxation therefor or to make any appropriation for their payment. The Bonds shall be issued pursuant to the Resolution and the Indenture; provided that the principal amount, interest rate or rates, maturity and discount, if any, will not exceed the respective maximums described in the Resolution. Copies of the Resolution, the Indenture and the Loan Agreement are on file in the offices of the Authority, Utah State Treasurer, C180 State Capitol Complex (Room 180 in the State Capitol), Salt Lake City, Utah, where they may be examined Monday through Friday (except on legal holidays) from 8:00 a.m. to 5:00 p.m. for a period of at least thirty (30) days from and after the date of publication of this notice. All members of the public are invited to attend and participate in the public hearing as described above. Written comments may be submitted to the Authority, Utah State 8 4929-4587-4261, v. 3 Treasurer, C180 State Capitol Complex (Room 180 in the State Capitol), P.O. Box 142315, Salt Lake City, Utah 84114-2315; attention Chief Deputy State Treasurer. Written comments should be mailed in sufficient time to be received before the August 13, 2025, public hearing. Additional information can be obtained from the Authority at its office shown above or by calling (801) 538-1042. Subsequent to the public hearing, the Governor of the State of Utah will consider approving the issuance of the Bonds. NOTICE IS FURTHER GIVEN that a period of thirty (30) days after the date of publication of this notice is provided by law during which any person in interest shall have the right to contest the legality of the Resolution, the Indenture, the Loan Agreement or the Bonds, or any provision made for the security and payment of the Bonds, and that after such time, no one shall have any cause of action to contest the regularity, formality or legality thereof for any cause whatsoever. DATED the ___ day of August, 2025. By: /s/ Scott Jones, Secretary NOTICE OF PUBLIC HEARING AND NOTICE OF BONDS TO BE ISSUED NOTICE IS HEREBY GIVEN that on July 23, 2025 the Utah Charter School Finance Authority (the 'Authority') adopted a resolution (the 'Resolution') declaring its intent to issue charter school revenue bonds in an aggregate principal amount not to exceed $40,000,000, to mature in not more than 40 years, to bear interest at rates not to exceed 9.00% per annum, and to be sold to the purchasers thereof at a discount of not more than 5% of the principal amount thereof (the 'Bonds'), pursuant to Title 53G, Chapter 5, Part 6, Utah Code Annotated 1953, as amended and the Utah Industrial Facilities and Development Act, Title 11, Chapter 17, Utah Code Annotated 1953, as amended (collectively, the 'Act'). The Authority or its designee shall hold a public hearing on August 13, 2025, at the hour of 11:00 a.m., to receive input from the public with respect to the issuance of the Bonds and the financing of the Facilities (as defined below), which public hearing shall be held at the offices of the Authority, Utah State Treasurer, C180 State Capitol Complex (Room 180 in the State Capitol), Salt Lake City, Utah. The Authority proposes to loan the proceeds of the Bonds to Real Salt Lake Academy High School dba Salt Lake Academy High School, a Utah non-profit corporation (the 'Borrower'), pursuant to the terms of a loan agreement (the 'Loan Agreement') for the purpose of (i) refunding certain outstanding obligations of the Borrower (the 'Salt Lake Academy Refunded Obligations'), which financed the costs of acquiring the Borrower's existing charter school facilities at its high school campus located at 14787 S. Academy Parkway, Building B in Herriman, Utah (the 'High School Campus'), (ii) in connection with the Borrower's acquisition of Athlos Academy of Utah ('Athlos Academy'), refunding certain outstanding obligations of Athlos Academy (the 'Athlos Academy Refunded Obligations'), which were incurred by Athlos Academy to finance the costs of acquiring the existing charter school facilities at the Borrower's k-8 campus located at 12309 W. Mustang Trail Way in Herriman, Utah (the 'West Herriman Campus' and, collectively with the High School Campus, the 'Facilities'), (iii) financing the acquisition and construction of improvements to the High School Campus and the West Herriman Campus (the '2025 Project'), (iii) funding a debt service reserve, and (iv) paying costs of issuance of the Series 2025 Bonds. The High School Campus consists of an approximately 69,459 square-foot high school (grades 9- 12) charter school facility located on approximately 3.45 acres at 14787 S. Academy Parkway, Building B in Herriman, Utah. The West Herriman Campus consists of an approximately 89,314 square-foot k-8 charter school facility located on approximately 10.50 acres at 12309 W. Mustang Trail Way in Herriman, Utah. The Facilities are or will be owned and operated by the Borrower. The Bonds shall be special obligations of the Authority payable solely from the trust estate pledged under an Indenture of Trust between the Authority and U.S. Bank Trust Company, National Association, as trustee thereunder (collectively, the 'Indenture'). The Bonds and the interest thereon will not be a general obligation debt of the Authority, the State of Utah or any political subdivision thereof, and none of the Authority, the State of Utah nor any political subdivision thereof will be liable thereon, and in no event will the Bonds or the interest thereon be payable out of any funds or properties other than those expressly provided therefor under the Indenture. The Bonds shall be issued pursuant to the Resolution and the Indenture. The Indenture and the Loan Agreement may contain such additional or alternative terms and provisions as shall be approved by the governing board of the Authority; provided that the principal amount, interest rate or rates, maturity and discount, if any, will not exceed the respective maximums described in the Resolution. Copies of the Resolution, the Indenture and the Loan Agreement are on file in the offices of the Authority, Utah State Treasurer, C180 State Capitol Complex (Room 180 in the State Capitol), Salt Lake City, Utah, where they may be examined from 8:00 a.m. to 5:00 p.m., Monday through Friday, except for legal holidays, for a period of at least 30 days from and after the date of publication of this notice. All members of the public are invited to attend and participate in the public hearing by teleconference, as described above. Written comments may be submitted to the Utah Charter School Finance Authority, Utah State Treasurer, C180 State Capitol Complex, Salt Lake City, Utah 84114, Attention Chief Deputy State Treasurer. Written comments should be mailed in sufficient time to be received before the August 13, 2025, public hearing. Additional information can be obtained from the Authority at its office shown above or by calling (801) 538-1042. Subsequent to the public hearing, the Governor of the State of Utah will consider approving the issuance of the Bonds. NOTICE IS FURTHER GIVEN that a period of 30 days after the date of publication of this notice is provided by law during which any person in interest shall have the right to contest the legality of the Resolution, the Indenture, the Loan Agreement or the Bonds, or any provision made for the security and payment of the Bonds, and that after such time, no one shall have any cause of action to contest the regularity, formality or legality thereof for any cause whatsoever. DATED July 23, 2025. UTAH CHARTER SCHOOL FINANCE AUTHORITY

Notice of Special Accommodations (ADA)

In compliance with the Americans with disabilities Act, individuals needing special accommodations during this meeting should notify Reba Arndt, Administrative Assistant, at Room 180 State Capitol Building, 801-538-1042.

Notice of Electronic or Telephone Participation

One or more members of the Authority will participate via telephonic conference originated by the Chair, and the meeting shall be an electronic meeting, and the anchor location shall be the offices of the State Treasurer set forth above, within the meanin

Meeting Information

Meeting Location

350 N. State Street Ste 180
Salt Lake City, UT 84114
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Contact Name

Kirt Slaugh

Contact Email

kslaugh@utah.gov

Contact Phone

(801)538-1472

Notice Posting Details

Notice Posted On

July 18, 2025 04:35 PM

Notice Last Edited On

July 18, 2025 04:35 PM

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