PANEL TO OVERSEE FUNDS FOR NEW PROVO SCHOOL

The Provo School District is moving ahead with plans to create a building authority to oversee financing for a new Independence High School.

The school board approved a motion Tuesday allowing the administration to begin putting together the legal documents to establish the authority. The board will consider formally creating the authority later this year. School board members would make up the authority.The district is considering several funding options for the alternative high school, including a lease-revenue bond and a lease-revenue anticipation note.

Regardless of what option the board chooses, it will have to borrow money to build the estimated $1.5 million school, said Lynn Smith, business administrator.

The school is to be constructed adjacent to Paul Ream Wilderness Park at approximately 800 North and 1800 West.