District 91 Board of Trustees paying off bond nine years early
IDAHO FALLS – The board members of Idaho Falls School District 91 have approved a resolution that will pay off their bond almost a decade earlier than expected.
According to the news release, a resolution was approved on June 15 “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, saving taxpayers a total of $7.5 million.”
By paying off these bonds early, the district’s debt will be eliminated, which will minimize the impact of future bonds on D91’s taxpayers.
“As board members, we take very seriously our role as stewards of taxpayer money,” said Board Chair Lara Hill in the news release. “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.”
After reviewing responses from community members on how District 91 should use this elimination of debt, the final plan recommendations include the construction of a new Idaho Falls High School to replace the current school, renovating Skyline High School, building a new elementary school south of town and replacing Temple View with a new elementary school.
“Idaho Falls is growing,” said Superintendent Dr. Jim Shank. “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.”
The board is expected to announce next steps on this plan this summer, which will likely include a bond resolution.
“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,” the release said.
A $53 million dollar bond was approved in 2012, which was used to construct new Dora Erickson, Ethel Boyes, Edgemont and Longfellow elementary schools, along with providing renovations for Emerson Alternative High School, updating Care E. Gale Junior High to be turned into Compass Academy, and creating new and updated science labs at Skyline High School, as well as making minor improvements to Idaho Falls High School.
“This is an incredible accomplishment,” said Dr. Shank. “It is really, really good news for our parents and patrons.”