Bonds Bid Backward

The North Summit School District intends to issue lease revenue bonds totaling $125 million to finance a new high school adjacent to the current Coalville campus. The plan places the new campus southwest of the Coalville Cemetery, where the old North Summit High School and its aging swimming pool await demolition. The projected annual debt service of $7.9 million over a 31‑year horizon will be absorbed by property‑tax revenue, mirroring a voter‑approved bond but without a ballot. Twenty‑seven‑year lives for steel frame, glass curtain walls, and terrazzo tiles refreshed annually will keep maintenance costs low, yet the aesthetic payoff—oxidized copper façades and native sandstone trim—risks being a punk‑rock cliché in the desert. Return on investment depends on enrollment growth, yet the district's financial model assumes a conservative 0.5 % rise per year, a figure that barely covers inflation. Given the pre‑approved financing, the new building’s ROI remains a question mark. In light of these facts, my cynical recommendation is to Sell.