D91 to pay off bond early, saving millions of dollars
IDAHO FALLS, Idaho (KIFI) - The Idaho Falls Board of Trustees announced plans this week to pay its current bond off early, which will save D91’s patrons and taxpayers millions of dollars.
“This is an incredible accomplishment and it is really, really good news for our parents and patrons,”
“This is an incredible accomplishment and it is really, really good news for our parents and patrons,” Idaho Falls School District 91 superintendent Dr. Jim Shank said
During the June 15 board meeting, board members approved a resolution that sets aside $5.65 million from the district’s payment and redemption fund to fully pay off its bond nine years early. The bond was set to mature in 2032, but should be completely paid off in 2023.
Patrons approved the $53 million bond in 2012. It was used to construct new Dora Erickson, Ethel Boyes, Edgemont and Longfellow elementary schools; renovate Emerson Alternative High School; update Clair E. Gale Junior High to become Compass Academy; create new and updated science labs at Skyline High School and make minor improvements to Idaho Falls High School.
“As board members, we take very seriously our role as stewards of taxpayer money. We work hard to manage our debts and obligations, and we are thrilled to be able to pay off this bond early, resulting in millions and millions of dollars in savings for our patrons and taxpayers,” Board Chair Lara Hill said.
Paying off the bonds early will eliminate the district’s existing debt and will minimize the impact of
future bonds on D91’s taxpayers.
During recent public outreach about D91’s long-term facility needs, patrons in community meetings and the facilities steering committee encouraged the board to pay off its existing obligations before proposing another bond.Idaho Falls School District 91 has spent the last six months gathering input from the community as part of an effort to develop a long-term facilities plan. After reviewing thousands of responses from parents, patrons and staff, the plan’s final recommendations include: Build a new Idaho Falls High School to replace the current school, renovate Skyline High School, build a new elementary school south of town and replace Temple View with a new elementary school north of town. The board is expected to announce next steps on this plan this summer, which will likely include a bond resolution.
“Idaho Falls is growing. We need to ensure the facilities in Idaho Falls School District 91 keep pace with that growth so we can continue to provide students with the education and opportunities they need to be successful after high school,” Dr. Shank said.
