General Information

Government Type

Public School

Entity

Park City School District

Public Body

Park City District Board of Education

Notice Information

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Notice Title

Park City District Board of Education

Notice Tags

Hearings, Education

Notice Type(s)

Notice, Hearing

Event Start Date & Time

December 17, 2024 06:00 PM

Event End Date & Time

December 17, 2024 06:30 PM

Description/Agenda

NOTICE OF INTENT TO ISSUE A LEASE REVENUE BOND AND PUBLIC HEARING PUBLIC NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Building Authority Act, Title 17D, Chapter 2, Utah Code Annotated 1953, as amended, and the Local Government Bonding Act, Title 11, Chapter 14, Utah Code, as amended (together, the 'Act'), that the Governing Board (the 'Governing Board') of the Local Building Authority of Park City School District, Utah (the 'Authority') intends to issue its Lease Revenue Bonds, Series 2025 (the 'Bonds') and will hold a public hearing to provide members of the public desiring to be heard an opportunity to present testimony on the proposed issuance of the Bonds in accordance with Sections 11-14-103 and 17D-2-501 of the Utah Code Annotated 1953, as amended. Said public hearing will be held on December 17, 2024, at 6:00 p.m., at 2700 Kearns Blvd., Park City, Utah. The purpose of the Bonds is to provide funds to (a) finance all or a portion of the costs of land improvements along Kearns Blvd. which include, but are not limited to, the construction and/or renovation of athletic fields and support buildings and all related improvements (the 'Project'); (b) fund any required debt service reserve fund; and (c) pay costs associated with the issuance of the Bonds. The length of term of the Bonds shall not exceed twenty-one years. The average annual amount that the Authority will be required to pay in principal and interest on the Bonds is expected to be $2,500,000. The intended lessee of the facility to be constructed using proceeds from the Bonds is Park City School District, Utah (the 'District') and the annual amount of lease payments that the District will pay is expected to be $2,500,000. The Authority anticipates taking action on the proposal to issue the Bonds directly following the public hearing at the same meeting listed above. This proposed lease revenue bond commits money from future property tax and income tax revenue allocated to the school district. Additionally, a lease revenue bond generally has a higher interest cost than a voter-approved general obligation bond. DATED this November 19, 2024. /s/ Randy Upton Secretary-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 LORIE PEARCE AT 435-645-5600, AT LEAST THREE WORKING DAYS PRIOR TO THE MEETING.

Notice of Electronic or Telephone Participation

N/A

Meeting Information

Meeting Location

2700 Kearns Blvd.
Park City, UT 84060
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Contact Name

Lorie Pearce

Contact Email

lpearce@pcschools.us

Contact Phone

(435)615-0225

Notice Posting Details

Notice Posted On

November 21, 2024 11:28 AM

Notice Last Edited On

November 21, 2024 11:28 AM

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