The Alpine School Board on Tuesday plans to set financial parameters on a $60 million bond issuance approved by some 60 percent of voters in June.
The 6 p.m. public meeting will be at board headquarters, 575 N. 100 East.The document will establish the total amount of the bond issuance, the maximum number of years over which the bonds may mature, the maximum interest rate and other legal stipulations.
School officials say the money will be used to buy land and build at least four new elementary schools and renovate 17 older buildings in the fastest-growing school district in Utah.
The measure will raise property taxes $14 annually on property valued at $100,000.
A $6.9 million leeway proposal also was approved at the ballot box. Combined, the revenue package will increase property taxes $30.50 on a $100,000 property for the first year, climbing to $63.50 in three years.
Leeway monies will pay for a $3.4 million technology upgrade and $1.2 million personnel and utility costs for new schools. Officials also want to spend $1.6 million on literacy and safety programs. Some $700,000 is dedicated to reducing junior high class sizes.
The state gives 40 cents to the district for every 60 cents given by taxpayers through leeway initiatives. Alpine next year will receive $2.7 million in on-going funds from the state in addition to the $4.2 million local collections.