OCR Text |
Show i Board Considers Bond Alternatives Faced with a highly prohibitive bond market, members of the Park City School Board are considering issuing short term bond anticipation notes to raise the $5.8 milllion needed to build a new middle school. Voters authorized the issuance, of the bonds some time ago but administrators postponed their sale hoping for lower interest rates and a more favorable market. Since interest rates have not improved and the money for , the new school is now urgently needed, advisors from First Security Bank suggested the option of selling the anticipation notes. The notes would be secured by the School District's authorization to eventually issue bonds. The notes would mature in two years but would have a recall feature which would allow them to be retired before their maturity date if bond interest reates improve. Once the anticipation notes arc either retired at maturity or recalled, the School District would go ahead and issue regular long term construction bonds. School Board Members are expected to make a final decision on the proposal sometime next week. |