The County Commission voted 2-0 on Tuesday to authorize a $12 million revenue bond sale on behalf of the Ronald Reagan Academy.

Commission Chairman Steve White said the commission is allowing the school to use the county's bond rating only to get a favorable interest rate on the note.

"We're not liable for anything," White said. The academy will assume the full responsibility for paying the bonds.

Todd Powell, chairman of the academy's board of trustees, said the school's building is owned by U.S. Charter Development, a company that has built several charter schools in the area. He said loan payments will equal the lease payments at first but, in the long run, will be cheaper than leasing.

The state's Industrial Facilities and Development Act allows government entities, such as the county, to finance projects that are considered publicly beneficial.

Deputy County Attorney Kent Sundberg said the agreement with Ronald Reagan Academy is identical to one issued recently to Payson-based Liberty Academy.

The commission will conduct a public hearing on the bond sale Sept. 11.

dmeyers@sltrib.com