Utah School District Offering $201 Million of Bonds for Construction Projects
MS
Published on 06/26/2025 at 14:30
By Patrick Sheridan
The Local Building Authority of Alpine School District, Utah, is selling about $201 million of municipal bonds to finance construction of a high school and an elementary school in its western region.
The deal is a lease arrangement whereby the authority will lease the project to the Board of Education of West School District, Utah.
The Series 2025 Lease Revenue Bonds have maturities ranging from 2029 to 2045. Pricing on the bonds is expected on July, 10 with delivery slated for July 23, per the roadshow document accompanying the preliminary official statement posted Wednesday on MuniOS.
Pricing is scheduled for July 10 and delivery is set for July 23.
Interest on the bonds is payable March 15 and Sept. 15, commencing Sept. 15, 2025.
The bonds are secured by a lease under which the Board of Education of West School District will pay base rentals in the amounts and at times that are sufficient to pay the principal of and interest on the bonds coming due each fiscal year. Those payments, however, will only be made if the board annually appropriates funds sufficient to pay the base rentals coming due during each succeeding renewal term under the lease, plus such additional amounts as are necessary to operate and maintain the project during such period. The board's principal source of funds designated for capital projects is property taxes.
The Alpine District was established in 1915 and covers approximately 724 square miles in the northern half of Utah County, Utah. The district operates 92 schools consisting of 69 elementary schools, 19 middle/junior high schools, 13 traditional high schools and one special-purpose school facility. As of Oct. 1, 84,757 students were enrolled at the Alpine District.
Moody's Ratings and Fitch Ratings have given the bonds Aa2 and AA+ ratings, respectively.
Morgan Stanley is the underwriter of the offering.
Write to Patrick Sheridan at [email protected]
(END) Dow Jones Newswires
06-26-25 1429ET