Albion Middle School offices will begin operating at Cottonwood Heights Elementary, 2415 E. Bengal Blvd. (7600 South), on Monday, June 13, 2011. Phone numbers to the Albion Main Office, 801-826-6700, and other extensions will remain the same, but will be out of service June 9 - 12 to allow for the move. Albion students and staff will spend the 2011-2012 school year at Cottonwood Heights Elementary to allow Albion to be remodeled.
Thursday, May 5 at 6 p.m.
Albion Middle School Kiva
2755 E. Newcastle Drive (8890 South), Sandy
School and District officials will provide additional information and answer questions about moving to Cottonwood Heights Elementary for the 2011-2012 school year during building renovations.
The Board of Education on Tuesday, March 22, 2011 unanimously voted to issue $68 million in bonds to allow the District to break ground on all five Phase 1 building projects this summer.
The District was able to secure an extraordinarily low 3.79 percent, 20-year interest rate from J.P. Morgan on the bonds after securing the highest-possible bond rating of Aaa from Moody’s Investors, and a AA+ bond rating, the second-highest possible, from Fitch Ratings. The low interest rate saves the District about $3 million, George K. Baum & Co. bond counsel Dustin Matsumori said.
The Board cast its vote on the same day Canyons School District was featured on the front page of The Bond Buyer, a highly respected daily newspaper of public finance.
The Phase 1 building projects are rebuilds of Midvale Elementary and Butler Middle; a seismic retrofit for Sandy Elementary, a renovation of Albion Middle and the building of a new high school in Draper. All of the projects are expected to begin by the end of the summer and be completed between the summer of 2012 and the fall of 2013.
The bond issuance is the first in the $250 million bond Canyons voters approved in June 2010 to renovate or rebuild aging schools, build a new high school in Draper, and forward the District’s efforts to better prepare students for college and careers. The Board on March 1 approved a resolution to authorize the issuance of up to $70 million in bonds.
Canyons School District has received the highest possible bond rating of Aaa from Moody’s Investors Service, and a AA+ – the second-highest rating – from Fitch Ratings.
“Moody's Investors Service has assigned an underlying Aaa rating and a stable outlook to Canyons School District,” according to a March 15, 2011 statement from Moody's Investors Service. The rating “incorporates the district's solid financial operations with ample reserves buttressing the district's short operating record, and modest debt profile featuring level taxing rates.”
Canyons voters in June 2010 approved a $250 million bond to renovate or rebuild aging schools, build a new high school in Draper, and forward the District’s efforts to better prepare students for college and careers.
The Canyons Board of Education on March 1, 2011 approved a resolution to authorize the issuance of up to $70 million in bonds to enable the District to break ground this summer on the first five building projects. The projects are the rebuilding of Midvale Elementary and Butler Middle School; a seismic retrofit for Sandy Elementary; a renovation of Albion Middle School; and the building of a new high school in Draper.
The bond ratings will help the District secure the lowest possible interest rates on the first bond issuance and ultimately, save taxpayers money.
Read about the Fitch rating on Trading-house.net.