From Deseret News archives:

Alpine District to use $110M in bonds

Published: Friday, Jan. 12, 2007 12:04 a.m. MST
 |  E-MAIL | PRINT | FONT + - 
AMERICAN FORK — The Alpine School District will use $110.8 million in issued bonds to build schools and pay off existing debts.

The district, with help from Zions Public Finance, offered the bonds for sale on an electronic market in Salt Lake City on Monday afternoon and Tuesday morning.

UBS offered the district the most competitive interest rate, 3.95 percent, business administrator Rob Smith said.

Moodys Investor Service has given the district a bond rating of Aa2.

UBS will find investors to purchase the bonds. The district has up to 15 years to repay the debt.

The district will use $78 million for new-construction projects, including building a new high school and elementary school in Saratoga Springs, beginning a renovation at Pleasant Grove High School and adding classrooms at three elementary schools, district spokeswoman Jerrilyn Mortensen said.

The remaining $32 million was used to refinance existing debt and take advantage of the low interest rate. Taxpayers will save more than $1 million in interest, Smith said.

Comments

You can be the first to comment on this story.

previousnext

Latest comments

Cougars in better mood about bowl

Both teams will be motivated. these are 2 highly ranked teams trying to show...

Justice was long in coming.

Spend our way out of a financial crisis? Hey that's terrific financial...

"Where I come from, a wise person does not necessarily have any formal...

Letters: Health care scam

Several of you have mentioned Glenn Beck. Glenn is a great role model, if...

Andersen apologizes for Jordan hoax

He has a home in Park City. He comes to Utah fairly often. But the...

I just shoveled 6" of global warming off the driveway this morning.

can't wait for a repeat title in 2010. Go Frogs!!!!

Iowa is a good team, but their conference is weak, weak, weak this year. You...

Helicopters rescue stranded hikers

To hiker's friend: I had the pleasure of being around SAR at a nearby area...

Advertisements