The Canyons Board of Education is moving forward with plans for acquiring the regional headquarters of global tech giant eBay with the aim of transforming it into an innovative learning center focused on training students for the 21st century workplace. The Board of Education, acting as a Local Building Authority, on Tuesday, Sept. 3 approved a resolution allowing the issuance and sale of up to $50 million in lease-revenue bonds. This action initiated a 30-day contest period during which a public hearing will be held to gather input on the proposal. The public hearing is scheduled for Tuesday, Oct. 1 at 7 p.m. at the Canyons District Offices, 9361 S. 300 East in Sandy. The lease-revenue bonds will help pay for the purchase of the 36-acre eBay campus and minor renovations to the 215,000-square-foot eBay facility. The District is also investing existing capital funds and using proceeds from the sale of property it owns to pay for the eBay campus, which would reduce the amount of bonds that would need to be sold. Depending on these and other various factors, the District may need to generate increased tax revenue to repay the bonds, resulting in an estimated $20-$25 increase on the averaged-priced home in Canyons, which is valued at about $703,000. If this action is required, a truth-in-taxation hearing will be held in August 2025. If the timeline goes as expected, a competitive bond sale would be held November.Lease-revenue bonds are an option for addressing targeted capital needs in a way that doesn’t incur unnecessary debt. The bonds also have a comparatively short repayment schedule. The anticipated repayment schedule for this series is 16 years.
NOTICE OF INTENT TO ISSUE A LEASE REVENUE BOND
AND PUBLIC HEARING
PUBLIC NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Building Authority Act, Title 17D, Chapter 2, Utah Code Annotated 1953, as amended, and the Local Government Bonding Act, Title 11, Chapter 14, Utah Code, as amended (together, the “Act”), that the Governing Board (the “Governing Board”) of the Local Building Authority of Canyons School District, Utah (the “Authority”) intends to issue its Lease Revenue Bonds, Series 2024B (the “Bonds”) and will hold a public hearing to provide members of the public desiring to be heard an opportunity to present testimony on the proposed issuance of the Bonds in accordance with Sections 11-14-103 and 17D-2-501 of the Utah Code Annotated 1953, as amended. Said public hearing will be held on October 1, 2024, at 7:00 p.m., at 9361 S. 300 E., Sandy, Utah. The purpose of the Bonds is to provide funds to (a) finance all or a portion of the costs of acquisition and remodeling of a high school/innovation center, and all related improvements (the “Project”); (b) fund any required debt service reserve fund; and (c) pay costs associated with the issuance of the Bonds. The length of term of the Bonds shall not exceed 17 years. The average annual amount that the Authority will be required to pay in principal and interest on the Bonds is $4,370,000. The intended lessee of the facility to be constructed using proceeds from the Bonds is Canyons School District, Utah (the “District”) and the expected annual amount of lease payments that the District will pay is $4,370,000. The Authority anticipates taking action on the proposal to issue the Bonds directly following the public hearing at the same meeting listed above.
DATED this September 3, 2024.
/s/ 莱昂·威尔科克斯
秘书兼司库
公开听证会通知和将要发行的保证金
PUBLIC NOTICE IS HEREBY GIVEN pursuant to the provisions of the Local Building Authority Act, Title 17D, Chapter 2, Utah Code Annotated 1953, as amended, and the Local Government Bonding Act, Title 11, Chapter 14, Utah Code, as amended (together, the “Act”), that on September 3, 2024, the Governing Board (the “Governing Board”) of the Local Building Authority of Canyons School District, Utah (the “Authority”) expects to consider for adoption a resolution (the “Resolution”) authorizing the issuance of the Authority’s Lease Revenue Bonds, Series 2024B (the “Bonds”), and calling a public hearing to receive input from the public with respect to the issuance of the Bonds.
公开听证会的时间、地点和地点
管理局将于 2024 年 3 月 12 日星期二晚上 7:00 举行公开听证会 公开听证会地点位于犹他州峡谷学区（“学区”）的学区办公室，地址：9361 South 300东部，桑迪，犹他州。听证会的目的是收集公众对以下方面的意见：(a) 拟议债券；(b) 全部或部分由债券收益资助的改进、设施或财产可能产生的任何潜在经济影响对私营部门有影响。欢迎所有公众人士出席和参与。
发行债券的目的
The Authority intends to issue the Bonds to provide funds to (a) finance all or a portion of the costs of acquisition and remodeling of a high school/innovation center, and all related improvements (the “Project”); (b) fund any required deposits to a debt service reserve fund; and (c) pay costs associated with the issuance of the Bonds.
债券参数
The Authority intends to issue the Bonds in a principal amount of not to exceed Fifty Million Dollars ($50,000,000), to bear interest at a rate or rates of not to exceed six percent (6.0%) per annum, to mature in not more than seventeen (17) years from their date or dates, and to be sold at a price not less than ninety-eight (98%) of the total principal amount thereof, plus accrued interest, if any, to the date of delivery of the Bonds.
The Bonds are to be issued and sold by the Authority pursuant to the Resolution, including as attachments to said Resolution forms of a Third Supplemental Indenture of Trust (the “Third Supplemental Indenture”) amending and supplementing a General Indenture of Trust dated as of August 1, 2021, as previously amended and supplemented (collectively, the “Indenture”) and a Second Amendment to Master Lease Agreement (the “Second Amendment to Master Lease”) amending the Master Lease Agreement dated as of August 1, 2021, as previously amended (collectively, the “Lease”), which Third Supplemental Indenture and Second Amendment to Master Lease were before the Governing Board at the time of the adoption of the Resolution. The Third Supplemental Indenture and Second Amendment to Master Lease are to be executed by the Authority and/or the Board with such terms and provisions and any changes thereto as authorized by the Resolution.
债券的安全性
该债券仅由管理局通过向董事会租赁 2024 系列项目而获得的租金、收入和其他收入（每年可更新）支付。
以租赁收入为担保的未偿还债券
The Authority currently has $77,645,000 of bonds outstanding secured by Lease Revenues.
管理局其他未偿还债券
有关管理局所有未偿还债券的信息，请参阅董事会经审计的财务报告（“财务报告”），网址为： https://reporting.auditor.utah.gov/searchreports/s/. For additional information, including any more recent than as of the date of the Financial Report please contact Leon Wilcox at 801-826-5040.
预计总成本
根据对当前利率和融资计划的估计，预计本期债券持有至到期的偿债成本总额为 $67,472,161。
决议的副本以及契约和租约的表格已在位于犹他州桑迪 9361 South 300 East 的地区办公室存档，可在上午 8:00 至下午 5 点的正常工作时间进行检查：自本通知最后发布之日起至少三十 (30) 天内，周一至周五（法定节假日除外）下午 00 点。
进一步通知，法律规定自本通知发布之日起三十 (30) 天的期限内，(i) 任何利益相关者均有权对该决议的合法性提出质疑，契约、租赁或债券，或为债券的担保和付款而制定的任何规定，在此之后，任何人均不得以任何理由提出任何诉讼理由质疑其正规性、正式性或合法性，并且(ii) 区内的活跃选民（定义见《犹他州法典》第 20A-1-102 条）可以签署书面请愿书，请求进行选举以授权发行债券。如果在上述 30 天内向管理局提交了至少 20% (20%) 的选区活跃选民签署的书面请愿书，则管理局应要求在投票之前举行选举以获得选民授权。本期债券的发行。如果该区不到百分之二十 (20%) 的活跃选民在上述 30 天内提交书面请愿书，则管理局可以在不进行选举的情况下继续发行债券。
DATED this September 3, 2024.
/s/ Leon Wilcox Secretary-Treasurer
