Provo District sells $9.4 million in bonds

PROVO — Provo School District sold $9.4 million in general-obligation bonds Tuesday morning.

Provo district business administrator Kerry Smith said. Morgan Keegan and Company, based in Memphis, Tenn., won the bid because it offered the lowest interest rate — 3.96 percent.

Morgan Keegan will find investors to purchase the bonds.

The district will repay the $9.4 million plus interest over the next 20 years, Smith said.

The district will use the money for expansion projects at Provost and Sunset View Elementary Schools, an expansion at Centennial Middle School and the purchase of property around Timpanogos Elementary, which will be rebuilt at its current site.

The money will also pay for a study of the seismic safety of the district's schools and some projects, such as new windows, to help the district save money on energy costs in its buildings.

Voters in June OK'd the district's request to issue up to $35 million in bonds to pay for building construction and remodeling in city schools.