General Information

Government Type

Public School

Entity

Weber School District

Public Body

Weber School Board of Education

Notice Information

Add Notice to Calendar

Notice Title

Weber School District Notice of Bonds to be Issued

Notice Tags

Education

Notice Type(s)

Notice

Event Start Date & Time

April 10, 2024 06:00 PM

Event End Date & Time

April 10, 2024 07:00 PM

Description/Agenda

NOTICE OF BONDS TO BE ISSUED NOTICE IS HEREBY GIVEN pursuant to the provisions of Sections 11 14 316 and 17D 2 502 Utah Code Annotated 1953, as amended, that on February 7, 2024, the Board of Trustees (the 'Board') of the Local Building Authority of Weber School District, Utah (the 'Authority'), adopted a resolution (the 'Resolution') authorizing the issuance of the Authority's lease revenue bonds (the 'Bonds') in the aggregate principal amount of not to exceed $60,000,000, to bear interest at a rate or rates of not to exceed 6.00% per annum for fixed interest rate Bonds and 15% per annum for variable interest rate Bonds (provided that a default rate of not to exceed 18% per annum may be applied in certain circumstances), to mature in not more than 26 years from their date or dates and to be sold at a discount from par, expressed as a percentage of principal amount, of not to exceed 2.00%. The purchaser will not be required to make a good faith deposit in connection with its agreement to purchase the Bonds. Pursuant to the Resolution, the Bonds are to be issued for the purpose of raising money for (a) financing certain costs of (i) acquiring, constructing, equipping and furnishing the Roosevelt Elementary replacement in Washington Terrace, Utah, and (ii) a portion of the new elementary to be located in West Haven, Utah (collectively, the 'Project'), (b) providing reserves, if necessary, (c) paying capitalized interest, and (d) paying expenses incurred in connection with the issuance and sale of the Bonds. The Bonds are to be issued and sold by the Authority pursuant to the Resolution, including as attachments to such Resolution forms of an Indenture of Trust, a Master Lease Agreement, a Ground Lease, a Construction Agency Agreement, and a Deed of Trust, Assignment of Rents and Security Agreement (collectively, the 'Operative Documents'). Said Operative Documents are to be executed and delivered by the Authority in such form and with such changes as shall be approved by appropriate representatives of the Authority; provided that the principal amount, interest rate or rates, maturity and discount of the Bonds will not exceed the maximums set forth above. The Authority proposes to pledge to the payment of the Bonds various rental payments made to the Authority by the Board of Education of Weber School District, Utah, pursuant to the Operative Documents. The Bonds will be the first and only series of lease revenue bonds issued by the Authority. More detailed information relating to the Authority's outstanding bonds can be obtained by contacting the Secretary and Treasurer of the Authority at 5320 Adams Avenue Parkway, in Ogden, Utah. Assuming a final maturity for the Bonds of 25 years from the proposed date of issuance of such Bonds and that the Bonds are issued in an aggregate principal amount of $60,000,000 and are held until maturity, based on the Authority's currently expected financing structure and interest rates in effect around the time of publication of this notice, the estimated total cost to the Authority of the proposed Bonds is $104,881,919. Copies of the Resolution and the forms of the Operative Documents, and certain other documents pertaining to the issuance and sale of the Bonds are on file in the office of the Authority, which is the office of the Secretary and Treasurer of the Authority at 5320 Adams Avenue Parkway, Ogden, Utah where they may be examined during regular business hours of the Authority from 8:00 a.m. to 5:00 p.m., Monday through Friday of each week (except holidays). Such documents shall be available for inspection from and after the date of the publication of this notice until at least thirty days thereafter. NOTICE IS FURTHER GIVEN that for a period of thirty days from and after the date of the publication of this notice, 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 payments of such Bonds and after such time, no one shall have any cause of action to contest the regularity, formality, or legality thereof for any cause whatsoever. NOTICE IS FURTHER GIVEN that pursuant to Section 17D 2 502, Utah Code Annotated 1953, as amended, if within thirty calendar days of the publication of this notice, a written petition requesting an election and signed by at least twenty percent of the registered voters of Weber School District is filed with the Board, then the Board shall submit the question of whether or not to issue the Bonds to the voters of Weber School District for their approval or rejection. DATED this 7th day of February, 2024. LOCAL BUILDING AUTHORITY OF WEBER SCHOOL DISTRICT, UTAH By /s/ Robert D. Petersen Secretary and Treasurer

Notice of Special Accommodations (ADA)

In compliance with the Americans with Disabilities Act, individuals needing special accommodations (including auxiliary communicative aids and services) during this meeting should notify Larry Hadley, Director of Facilities and Operations, at 955 West 12th Street Ogden, 801-476-3903, at least three working days prior to the meeting.

Notice of Electronic or Telephone Participation

N/A

Meeting Information

Meeting Location

5320 Adams Avenue Parkway
Ogden, UT 84405
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Contact Name

Pam Wahlen

Contact Email

pawahlen@wsd.net

Contact Phone

(801)476-7800

Notice Posting Details

Notice Posted On

March 12, 2024 03:36 PM

Notice Last Edited On

March 12, 2024 03:36 PM

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