NEWS RELEASE
For additional information, contact: Lorie Pearce, Executive Assistant to BOE/Supt at lpearce@pcschools.us
Board of Education Actions & Accomplishments – March 29, 2022
by Erin Grady, BOE President
The PCSD Board of Education met in a Special Session on Tuesday, March 29, 2022 at 2:00 P.M. At the meeting, the Board of Education led a review of the financing plans for Ecker Hill Middle School, Parley’s Park Elementary School, and the Trailside Elementary School expansion/renovations which were not included in the November 2021 General Obligation Bond election.
Throughout the Bond election, all six schools and projects were contemplated and described for the community. Three of the projects were selected to be funded through a General Obligation Bond, and three of the projects were referred to alternative financial options from private bank funding to capital campaign funds and donations or to secure funding through an alternative lease revenue bond.
Currently, all projects are on time and on budget as we work through the planning phases with the Ecker Hill Middle School project beginning this summer and with Parley’s Park and Trailside beginning work next summer. We are also pleased that our Collective Commitments for Clean Energy are also running according to plan.
In order to fund the three projects not included in the GO Bond, the Board of Education authorized its Local Building Authority to access an alternative revenue option in the form of a lease/revenue bond through a financial resolution at today’s session. This financing product does not lead to a tax increase and is, instead, paid back from existing capital revenues. For example, it is likely that the entirety of the Trailside expansion will be paid for with capital reserves.
The alternate funding option through the lease revenue bond and its flexibility provides an opportunity to pay down debt earlier or to offset costs as we continue with local capital funding donations or campaigns.
Both Bond Counsel and the District’s Financial Advisor were on hand to ensure full understanding of this finance option and encouraged the Board of Education to move forward with securing this option while interest rates remain favorable. Bond Counsel also described a similar approach in other districts across Utah.
The next regular meeting of the Park City School District Board of Education will be held at 3:00 P.M. on Tuesday, April 19, 2022 at 2700 Kearns Blvd. The meeting is also live-streamed.
The Building Authority will host a public hearing opportunity on Monday, April 25, 2022 at 6:00 P.M. The public hearing will also be live-streamed.