ST. ANTHONY — Trustees from an East Idaho school district could save their taxpayers $600,000 over the upcoming eight years by refinancing two bonds.
According to a report by the Rexburg Standard Journal, trustees in the Fremont County School District approved the motion during a board meeting last week, citing projected annual savings of about $4.80 per $100,000 of taxable property.
“I know that in the grand scheme of things, that seems pretty small, but it is $600,000, Superintendent Byron Stutzman said. “Any time we can save $600,000 we should save $600,000.”
Stutzman floated the idea to refinance the bonds’ remaining balance of $8.4 million earlier this year, following a meeting with advisors from Zion’s Bank. Trustees approved a measure after projected savings came back at just under 7 percent of the the remaining balance, $8.4 million.
Fremont County voters originally approved the bonds in 2008 as a means of remodel Henry’s Fork Elementary. The district still plans on paying the bonds off by 2024.
Fremont County includes the city of St. Anthony, which is located roughly 15 miles northeast of Rexburg.