The Idaho Falls School District plans to pay off a $53 million bond early to lessen the tax burden as it plans to ask voters to approve a bond measure for a new high school in August.
The trustees approved a resolution June 15 to use $5.65 million from the district’s payment and redemption fund to pay off the remainder owed on the three series of 2012 bonds nine years early.
“This is an incredible accomplishment and it is really, really good news for our parents and patrons,” said Superintendent Jim Shank in a statement.
Moody's Investors Service rates the bonds Aa2, but does not provide an outlook.
In addition to building a new Idaho Falls High School at a different site, the proposed bond would help renovate Skyline High School, build an elementary school on the south side and replace Temple View with a new elementary school on the north side. The bond discussion remains in the early stages and the school board hasn't indicated how much debt it might need.
The bond being redeemed ahead of its 2032 date was approved by voters in 2012 to pay for the construction of four schools to replace some of the district’s elementary schools. The district estimates early repayment could save property owners $850,000.
The early pay-off could soften the blow to property owners from the bond proposed to construct the new high school.
The board held six months of public hearings to develop a long-term facilities plan. Plans to float bond grew out of that process. The board, said in the release, that it will announce further plans this summer, which are likely to include a bond resolution.
Idaho Falls had 10,194 students enrolled in 2021-22, up from 10,005 the prior year.
