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North Summit’s school board announced its intent to issue lease revenue bonds in November after voters rejected a bond at the polls for the second year in a row.
With LRBs, the district goes into debt to itself and doesn’t have to seek voter approval. The bonds are paid off with property tax money — the same funding mechanism as a voter-approved bond.
District leaders say the bonds are necessary to fund replacements for the aging North Summit High School and its swimming pool.
According to district documents, the LRBs can’t exceed $125 million — the same amount as the bond voters rejected — and will mature in 31 years or less. The district expects to pay about $7.9 million a year for the bonds.
The board to vote on whether to issue the LRBs at its 6:30 p.m. meeting Dec. 3. Locals are invited to attend the public hearing at the district office to provide feedback.
Preliminary plans show the new North Summit High School would be built on district-owned property southwest of the Coalville Cemetery. Once the new high school is completed, the old one will be torn down and a new pool will be built in its place.
