Agenda Item Title:
Title
Council considering the adoption of Resolution 22-14C, authorizing and approving the conduit bond issuance of not to exceed $26 million school facility revenue and refunding bonds to finance the costs of a new science building, other related improvements, and to refund certain outstanding school facility revenue bonds and other obligations for Waterford School
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Presenter: Brian Kelley, Administrative Services Director
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Description/Background:
A public hearing on this issue was held on March 1, 2022.
Consideration for adoption of a resolution authorizing and approving the conduit bond issuance of not to exceed $26,000,000 school facility revenue and refunding bonds, series 2022 (Waterford School, LLC), to finance the costs of a new science building and related improvements and to refund certain outstanding school facility revenue bonds and other obligations for Waterford School, LLC (the “borrower”); such bonds shall be payable solely from the revenues arising from the pledge of a loan agreement, among sandy city, Utah, the borrower, and Zions Bank Corporation, N.A., DBA Zions first national bank; authorizing the execution and delivery of said loan agreement and related documents.
Fiscal Impact:
None
Further action to be taken:
None
Recommended Action and/or Suggested Motion:
Recommendation
Motion to adopt Resolution 22-14C A resolution authorizing and approving the conduit bond issuance of not to exceed $26,000,000 school facility revenue and refunding bonds, series 2022 (Waterford School, LLC), to finance the costs of a new science building and related improvements and to refund certain outstanding school facility revenue bonds and other obligations for Waterford School, LLC (the “borrower”); such bonds shall be payable solely from the revenues arising from the pledge of a loan agreement, among sandy city, Utah, the borrower, and Zions Bancorporation, N.A., DBA Zions First National Bank; authorizing the execution and ...
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