Alpine School District Public Hearing - Revision 1
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General Information
- Government Type
- Public School
- Entity
- Alpine School District
- Public Body
- Alpine School District Board of Education
Notice Information
- Notice Title
- Alpine School District Public Hearing
- Notice Tags
- Public Education
- Notice Type(s)
- Notice, Hearing, Bond
- Event Start Date & Time
- April 22, 2025 06:00 AM
- Event End Date & Time
- April 22, 2025 06:15 AM
- Description/Agenda
- EXHIBIT A NOTICE OF INTENT TO ISSUE LEASE REVENUE BONDS FOR THE WEST DISTRICT AND HOLD PUBLIC HEARING BOARD OF EDUCATION AND LOCAL BUILDING AUTHORITY OF ALPINE SCHOOL DISTRICT, UTAH PUBLIC NOTICE IS HEREBY GIVEN that the Local Building Authority of Alpine School District, Utah County, Utah (the 'Authority') intends to issue lease revenue bonds (the 'Bonds') in the aggregate principal amount of not to exceed $238,000,000 and to mature in not more than 31 years from their date or dates. The Board of Education of Alpine School District, Utah County, Utah (the 'Board of Education') and the Board of Trustees (the 'Board of Trustees') of the Authority will consider resolutions providing for the issuance of the Bonds at meetings that begin at 6:00 p.m. on April 22, 2025, at 575 North 100 East, American Fork, Utah 84003. Authority for the Bonds. The Bonds are being issued pursuant to the Local Building Authority Act, Title 17D, Chapter 2, and Title 53G, Chapter 3, Part 3 of the Utah Code Annotated 1953, as amended (the 'Utah Code'), and in particular, Section 53G-3-302 of the Utah Code. Purpose for Issuing Bonds. The Authority intends to issue the Bonds for the purpose of (1) paying the costs incurred in connection with the issuance and sale of the Bonds and (2) financing all or a portion of the costs of the acquisition, construction, and improvement of a high school and elementary school(s) (collectively, the 'Project'). The estimated annual amount that the Authority will be required to pay in principal and interest on the Bonds is $17,540,000. Payments under the Lease relating to the Project and debt service on the Bonds shall be paid pursuant to Sections 53G-3-302 (5)(a)(i) et seq. Exhibit A-2 Type of Bonds and Annual Lease Payment. The Bonds are expected to be issued and sold by the Authority as lease revenue bonds pursuant to an Indenture of Trust (the 'Indenture'), a Master Lease Agreement (the 'Lease') between the Authority and the Board of Education and a Ground Lease (the 'Ground Lease') between the Authority and the Board of Education. The rights and obligations of the Board of Education under the Master Lease and Ground Lease are expected to be transferred to the Board of Education of the West District (the 'West District Board') pursuant to Sections 53G-3-302(6)(a) and 53G-3-306 of the Utah Code. The expected annual amount of lease payments that the West District Board will pay under the Lease is $17,540,000. Payments under the Lease relating to the Project shall be paid pursuant to Sections 53G-3-302 (5)(a)(i) et seq. 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. Project Approved by Voters of West District. A majority of voters in the West District approved the acquisition, construction, and improvement of the Project in the bond election held by the Board of Education on November 8, 2022 (the 'Bond Election'). Time, Place and Location of Public Hearings. The Board of Education and the Board of Trustees will hold public hearings to (a) explain the reasons for the issuance of the Bonds, (b) provide members of the public an opportunity to present testimony on the proposed issuance of the Bonds and (c) receive input from the public with respect to the issuance of the Bonds and the Project during meetings that begin at approximately 6:00 p.m. on April 22, 2025. The public hearing will be held at 575 North 100 East, American Fork, Utah 84003. All members of the public are invited to attend and participate in the public hearings. Prior to the public hearings, written comments may be submitted to the Authority, to the attention of the Business Administrator, 575 North 100 East, American Fork, Utah 84003. DATED March 25, 2025. BOARD OF EDUCATION OF ALPINE SCHOOL DISTRICT, UTAH COUNTY, UTAH and LOCAL BUILDING AUTHORITY OF ALPINE SCHOOL DISTRICT, UTAH COUNTY, 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.
- Notice of Electronic or Telephone Participation
- Not applicable
Meeting Information
- Meeting Location
-
575 North 100 East
American Fork, UT 84003
Show in Apple Maps Show in Google Maps - Contact Name
- Rhonda Mortensen
- Contact Email
- remortensen@alpinedistrict.org
- Contact Phone
- (801)610-8420
Notice Posting Details
- Notice Posted On
- April 07, 2025 10:35 AM
- Notice Last Edited On
- April 07, 2025 10:36 AM
Board/Committee Contacts
| Member | Phone | |
|---|---|---|
| Rhonda Mortensen | remortensen@alpinedistrict.org | (801)610-8420 |