Notice of Bonds to be Refinanced, Repaid Early

Notice of Bonds to be Refinanced, Repaid Early 

In a move to save $1 million in taxpayer funds, the Canyons Board of Education on March 4, 2025 approved a resolution to approve the “refunding” of up to $25.5 million in voter-approved bonds. This will reduce the repayment timeframe by two years, retiring the 2010 bonds in 2031, instead of 2033. Retiring the bonds early is estimated to save taxpayers $1 million in interest payments.

NOTICE OF BONDS TO BE ISSUED

NOTICE IS HEREBY GIVEN pursuant to the provisions of the Utah Refunding Bond Act, Title 11, Chapter 27, Utah Code Annotated 1953, as amended, that on March 4, 2025, the Board of Education (the “Board”) of Canyons School District, Utah (the “School District”) adopted a resolution (the “Resolution”) in which it authorized the issuance of the Board’s General Obligation Refunding Bonds (Utah School Bond Guaranty Program) (the “Bonds”) (to be issued from time to time, in one or more series and with such other designation(s) as the Board may determine).

PURPOSE FOR ISSUING THE BONDS

The Bonds, pursuant to the Resolution, are to be issued for the purpose of (i) refunding outstanding bonds of the Board in order to achieve a debt service savings and (ii) paying related expenses.

PARAMETERS OF THE BONDS

The Board intends to issue the Bonds in the aggregate principal amount of not to exceed Twenty Five Million Five Hundred Thousand Dollars ($25,500,000), to mature in not more than ten (10) years from their date or dates, to be sold at a price not less than ninety-eight percent (98%) of the total principal amount thereof and bearing interest at a rate or rates not to exceed six percent (6.0%) per annum. 

The Bonds are to be issued and sold by the Board pursuant to the Resolution, with such final terms and provisions as may be deemed appropriate by authorized officers of the Board, provided that said final terms shall not exceed the maximums set forth above.

A copy of the Resolution is on file in the office of the Business Administrator of the Board in the Board’s offices located at 9361 South 300 East, Sandy, Utah, where they may be examined during regular business hours of the Business Administrator, from 8:00 a.m. to 5:00 p.m., for a period of at least thirty (30) days from and after the date of publication of this notice.

SECURITY PLEDGED FOR THE BONDS

The Bonds are general obligations of the Board secured by the full faith and credit and taxing power of the Board.

NOTICE IS FURTHER GIVEN that a period of thirty (30) days from and after the date of the publication of this notice is provided by law during which any person in interest shall have the right to contest the legality of the Resolution or the Bonds, or any provision made for the security and payment of the Bonds, and that after such time, no one shall have any cause of action to contest the regularity, formality or legality thereof for any cause whatsoever. 

DATED this March 4, 2025.

                                                                              /s/                Leon Wilcox

                                                                           Business Administrator