Alpine District to use $110M in bonds

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.