Board of Education OKs Issuance of Final $42 Million in Bonds

The final $42 million in bonds from the 2010 Canyons School District bond election are about to be issued.

The Canyons Board of Education on Tuesday, Feb. 3, 2015, adopted a resolution authorizing the issuance and sale of $42 million in general obligations bonds. The bonds are the last of the $250 million in bonds authorized by voters in the 2010 election.

Bond proceeds will fund the final bond projects, including the rebuild of Alta View and Butler elementary schools, the rebuild of Midvale Middle School, and renovations to Indian Hills Middle School. This is the first step in the bond sale process, which will allow CSD to capitalize on lower construction costs and borrow funds at low interest rates, which currently are around 2.6 percent.

Canyons School District is pleased to deliver on its bond promises to the public. Tax rates have remained neutral.  Canyons’ AAA Bond Rating has enabled the district to secure low interest rates to save taxpayers money. In 2014, Canyons was able to refinance some of the debt issued by the former Jordan School District to save the district $4.5 million.

CSD also has completed the following bond projects since breaking ground on its first projects in spring 2011:

– Corner Canyon High School: Fall 2013
– Upgrades at Brighton and Hillcrest high schools to accommodate ninth-graders: Fall 2013
– Rebuilt Butler Middle School: Fall 2013
– Rebuilt Draper Park Middle School (formerly Crescent View Middle School): Fall 2013
– Rebuilt Midvale Elementary: Fall 2012
– Refurbish Albion Middle School: Fall 2012
– Seismic upgrades at Sandy Elementary: Fall 2011

Five of the bond projects remain. They are:

– Mount Jordan Middle rebuild, scheduled for completion in fall 2015
– Butler Elementary rebuild, scheduled for completion in fall 2016
– Midvale Middle rebuild, scheduled for completion in fall 2017
– Alta View Elementary rebuild, scheduled for completion in fall 2017
– Indian Hills renovation, scheduled for completion in fall 2018

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