General Information

Government Type

Public School

Entity

Nebo School District

Public Body

Nebo School District Board of Education

Notice Information

Add Notice to Calendar

Notice Title

NOTICE OF BONDS TO BE ISSUED

Notice Tags

Bonds

Notice Type(s)

Notice, Bond

Event Start Date & Time

July 13, 2024 08:00 AM

Description/Agenda

NOTICE OF BONDS TO BE ISSUED NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Government Bonding Act, Title 11, Chapter 14, Utah Code Annotated 1953, as amended, that on July 12, 2023, the Board of Education (the 'Board') of Nebo School District, Utah (the 'Issuer') adopted a resolution (the 'Resolution') in which it authorized the issuance of its General Obligation School Building Bonds (to be issued in one or more series and from time to time, with any other title or series designation) (the 'Bonds'). PURPOSE FOR ISSUING THE BONDS Pursuant to the Resolution, the Bonds are to be issued for the purpose of (a) paying all or a portion of the costs of constructing or purchasing buildings, or purchasing school sites, or furnishing schools or improving existing school property, and (b) paying issuance expenses of the Bonds. PARAMETERS OF THE BONDS The Board intends to issue the Bonds in the aggregate principal amount of not to exceed Seventy Six Million Dollars ($76,000,000), to mature in not more than seventeen (17) years from issuance, to be sold at a price not less than ninety-eight percent (98%) of the total principal amount thereof, and bearing interest at a rate or rates not to exceed seven percent (7.0%) per annum. The Bonds are to be issued and sold by the Issuer pursuant to the Resolution, with such final terms and provisions as may be deemed appropriate by authorized officers of the Board, provided that said final terms shall not exceed the maximums set forth above. SECURITY PLEDGED FOR THE BONDS The Bonds are general obligations of the Board secured by the full faith and credit and taxing power of the Board. OUTSTANDING BONDS Other than the proposed Bonds, the Board currently has $208,420,000 of general obligation bonds currently outstanding. OTHER OUTSTANDING BONDS OF THE ISSUER Additional information regarding the Board's outstanding bonds or obligations may be found in the Board's financial report (the 'Financial Report') at: http://secure.utah.gov/auditor-search/. For additional information, including any information more recent than as of the date of the Financial Report, please contact Michael Harrison, Business Administrator at (801) 354-7427. TOTAL ESTIMATED COST Based on the Board's current plan of finance and a current estimate of interest rates, the total principal and interest cost of the Bonds, if held until maturity, is $85,410,000. A copy of the Resolution is on file in the office of the Business Administrator at the Board's offices located at 350 South Main Street, Spanish Fork, Utah, where they may be examined during regular business hours 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. NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after the date of the 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 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 this July 12, 2023. /s/ Michael Harrison Business Administrator

Notice of Special Accommodations (ADA)

In Compliance with the American with Disabilities Act, individuals needing special accommodations (including auxiliary communicative aids and services) during this meeting should notify Mike Larsen, Director of Human Resources, at 354-7400 at least three working days prior to the meeting.

Notice of Electronic or Telephone Participation

Electronic Participation is not available.

Meeting Information

Meeting Location

350 S Main
Spanish Fork, , UT 84660
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Contact Name

Ben Ford

Contact Email

ben.ford@nebo.edu

Contact Phone

8013547400

Notice Posting Details

Notice Posted On

July 12, 2023 08:57 AM

Notice Last Edited On

July 12, 2023 08:57 AM

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