IDAHO FALLS — Members of the Idaho Falls School District 91 Board of Trustees have approved a resolution that will return their bond nearly a decade ahead of schedule.
According to the press release, a resolution was approved on June 15 “that sets aside $5.65 million from the district’s Payment and Reimbursement Fund to fully repay his bond nine years earlier.” The bond was scheduled to mature in 2032, but is expected to be fully repaid in 2023, saving taxpayers a total of $7.5 million.
By repaying these obligations early, the District’s debt will be eliminated, minimizing the impact of future obligations on D91 ratepayers.
“As council members, we take our role as stewards of taxpayers’ money very seriously,” council chair Lara Hill said in the statement. “We’re working hard to manage our debts and obligations, and we’re excited to be able to pay off this obligation sooner, which will translate into millions and millions of dollars in savings for our customers and taxpayers.”
After reviewing responses from community members on how District 91 should use this debt elimination, the plan’s final recommendations include building a new high school in Idaho Falls to replace the current one, the renovation of Skyline Secondary School, the construction of a new primary school in the south of the city. and the replacement of Temple View with a new elementary school.
“Idaho Falls is growing,” Superintendent Dr. Jim Shank said. “We need to make sure School District 91 Idaho Falls facilities keep pace with this growth so we can continue to provide students with the education and opportunities they need to succeed after high school.”
The board is expected to announce the next steps in this plan this summer, which will likely include a bond resolution.
“During a recent public outreach on the long-term needs of D91’s facilities, community meeting clients and the facilities steering committee encouraged the council to pay off its existing bonds before proposing another bond,” the council said. communicated.
A $53 million bond was approved in 2012, which was used to build new Dora Erickson, Ethel Boyes, Edgemont, and Longfellow elementary schools, as well as renovations for Emerson Alternative High School, updating Care E. Gale Junior High to be transformed into Compass Academy, and the creation of new and updated science labs at Skyline High School, as well as minor improvements at Idaho Falls High School.
“It’s an incredible achievement,” said Dr. Shank. “This is really great news for our parents and our customers.”