The Board of Education of Salt Lake City School District adopted a resolution on March 4, 2025, authorizing the issuance of general obligation school building bonds. The aggregate principal amount of the bonds is not to exceed $155,000,000.
The bonds are set to bear interest at rates not exceeding 5.50% per annum and will mature over a period of no more than 21 years from their date. The issuance includes a discount from par of no more than 2.00%.
According to the resolution, the purpose of the bonds is to raise funds for constructing buildings, acquiring land and furnishings, and remodeling or updating existing school property under the charge of the Board.
The Board will pledge the full faith and credit of the District for the payment of these bonds. At present, the Board has no other outstanding bonds secured by the full faith and credit of the District.
Based on an estimated principal amount of $137,790,000 and a final maturity of 20 years, the estimated total cost to the Board is projected at $210,165,105.
A copy of the resolution is available for inspection at the office of the Business Administrator of Salt Lake City School District, located at 406 East 100 South in Salt Lake City. Any person in interest has the right to contest the legality of the resolution or the bonds for a period of thirty days following the publication of the notice.
