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Displaying items by tag: ButlerBond
Thursday, 18 August 2011 21:57

Back-to-School Construction Update

From initial site work to a completed seismic upgrade, Canyons School District is making fast progress on the first five projects funded by proceeds of the $250 million bond voters approved in 2010. Here are a few details from Facilities Director Rick Conger's presentation to the Board of Education on Aug. 16, 2011: 

Sandy Elementary: Following a tight, three-month turnaround, an extensive seismic upgrade to Sandy Elementary School has been completed. Sandy Elementary was ready to welcome students back to school on Aug. 22.

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New High School: Site and utilities work is well underway at the campus of the new high school in Draper.

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Butler Middle School: A groundbreaking ceremony will take place at 5 p.m. on Thursday, Sept. 8. In preparation for the event, site and utilities work have begun on the new school’s footprint, adjacent to the current building, and construction bids are under final review.

Albion Middle School: The demolition portion of the school renovation is complete, and a new roof is to be completed by late fall. Albion students started the 2011-2012 school year at Cottonwood Heights Elementary on Monday, Aug. 22.

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Midvale Elementary: Site and utility work has started adjacent to Midvale Middle School, where the elementary school will be rebuilt. Crews aim to complete the work in August 2012.  

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Cottonwood Heights Mayor Kelvyn Cullimore, Jr. has written a column thanking Canyons School District for continuing its partnership with the city on the rebuilding of Butler Middle School and the optimization of open space at Mountview Elementary.

"Canyons School District has been a fabulous partner with Cottonwood Heights," Mayor Cullimore wrote. "Together we have been able to deploy our combined resources for our mutual good and in the process make better use of those resources in meeting the needs of the joint constituencies we serve. The cooperation and collaborative attitude displayed by the Canyons School District toward the city of Cottonwood Heights demonstrates a commitment to principles of good government and wise stewardship."

To read Mayor Cullimore's full column, including details about Mountview and Butler, please visit the Cottonwood Heights City Web site.


Tuesday, 22 March 2011 20:01

Board Issues $68 Million in Bonds

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.

Wednesday, 16 March 2011 16:10

Canyons Receives Aaa Bond Rating

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.

 

The Board of Education is examining the possibility of partnering with Cottonwood Heights City to redevelop the Mountview Elementary property, to help fund a larger auditorium at the new Butler Middle School, and to create tennis courts on city property adjacent to Cottonwood Heights Elementary. The District is taking bids now to demolish the vacant Mountview Elementary school, and is expected to present recommendations to the Board in its Tuesday, March 22, 2011 meeting.

Under a potential city partnership, the Mountview property could be converted into four soccer fields and other open space, which would help Cottonwood Heights Recreation Center and Salt Lake County accommodate little league football, soccer, and lacrosse during the reconstruction of Butler Middle School and provide community field space afterward. The Board expressed interest in discussing the costs of demolishing the building and adding sod and watering systems, and the terms of a potential partnership with the City and Cottonwood Heights Recreation Center.

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