Local Building Authority of Alpine School District
Notice Tags
Public Education
Notice Type(s)
Notice,
Bond
Event Start Date & Time
April 23, 2025 03:30 PM
Event End Date & Time
May 23, 2025 03:30 PM
Description/Agenda
NOTICE OF BONDS TO BE ISSUED
NOTICE IS HEREBY GIVEN pursuant to the provisions of 17D-2-502 and 17D-2-601 Utah Code Annotated 1953, as amended (the 'Utah Code'), that on April 22, 2025, the Board of Trustees (the 'Board') of the Local Building Authority of Alpine School District, Utah (the 'Authority'), adopted a resolution (the 'Resolution') authorizing the issuance of the Authority's lease revenue Bonds (the 'Bonds') , in one or more series, in the aggregate principal amount of not to exceed $238,000,000, to bear interest at a rate or rates of not to exceed 6.00% per annum, to mature in not more than 31 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 two percent.
Pursuant to the Resolution, the Bonds are to be issued for the purpose of raising money for (A) the acquisition, construction, and improvement of a high school and elementary school(s) (collectively, the 'Project'), and (B) paying expenses incurred in connection with the issuance and sale of the Bonds.
The bonds are payable from annually-renewable lease payments from Board of Education of Alpine School District, Utah County, Utah (the 'Alpine District Board') or the Board of Education of the West District (the 'West District Board') and will be secured by a mortgage or deed of trust on the Project. The estimated total cost to the Authority for the proposed Bonds that will be used to finance the costs of the Project, if the Bonds are held until maturity and based on estimated interest rates currently in effect, is $361,395,083.
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 (the 'Indenture'), a Master Lease Agreement (the 'Lease') between the Authority and the Alpine District Board, a Ground Lease (the 'Ground Lease') between the Authority and the Alpine District Board and a Leasehold Deed of Trust, Assignment of Rents and Security Agreement (the 'Deed of Trust'). Said Indenture, Lease, Ground Lease and Deed of Trust are to be executed and delivered by the Authority in such form and with such changes as shall be approved by the Authority together with other related bond documents; provided that the principal amount, interest rate or rates, maturity and discount of the Bonds will not exceed the maximums set forth above. The rights and obligations of the Alpine District Board under the Master Lease and Ground Lease are expected to be transferred to the West District Board on July 1, 2027, pursuant to Sections 53G-3-302(6)(a) and 53G-3-306 of the Utah Code.
Copies of the Resolution and the forms of the Indenture, the Lease, the Ground Lease, the Deed of Trust, 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 of the Authority at 575 North 100 East, in American Fork, 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 (30) days thereafter.
NOTICE IS FURTHER GIVEN that for a period of thirty (30) 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.
DATED April 22, 2025.
LOCAL BUILDING AUTHORITY OF ALPINE SCHOOL DISTRICT, UTAH
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 Kevin Thomas, 801-610-8548, 24 hours prior to the meeting.