Bonneville School Board to seek $58.5 million bond

The Bonneville School Board has voted 3-2 in favor of a resolution to hold a special bond election August 29. The board is seeking voter approval of a $58,500,000 general obligation bond. It would be used to build and furnish a new middle school, a special education hub, a new roof at Iona Elementary School, and safety improvements at Falls Valley Elementary School, including an improved student drop-off area. The board expects an anticipated interest rate of 3.75 percent over the 18-year life of the bonds. The total amount to be repaid is $74,124,178, consisting of the $58,500,000 principal and $33,682,786 of interest totaling $92,182,786. The district would also receive an estimated bond levy equalization payment of $18,058,608. The school district’s existing bonded indebtedness is $101,737,325. Once complete, the resolution approved by the board Wednesday night will be submitted to the county elections office. The district has till July 10 to complete that action.