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OFFICIAL BALLOT
SPECIAL GENERAL OBLIGATION BOND ELECTION JOINT SCHOOL DISTRICT NO. 251, JEFFERSON AND MADISON COUNTIES, STATE OF IDAHO March 14, 2023 Question No. 1 New Middle School QUESTION NO. 1: Shall the Board of Trustees of Joint School District No. 251, Jefferson and Madison Counties, State of Idaho (the “District”), be authorized to issue general obligation school bonds of said District in the principal amount of up to $75,000,000 for the purpose of financing the costs of (i) acquiring and constructing a new middle school, including all lighting, heating, ventilation, and sanitation facilities, (ii) remodeling Rigby Middle School into a career technical education (CTE) center, and (iii) constructing an eight classroom addition to Farnsworth Middle School, together with all equipment and facilities necessary to operate said buildings, facilities and improvements and costs and expenses related thereto, such bonds to become due in such installments as may be fixed by the Board, the final installment of such bonds to come due not later than twenty (20) years from the date of issuance, all as provided in the Resolution adopted by the Board on January 11, 2023? The interest rate anticipated on the proposed bond issue is 4.00% per annum. The total amount estimated to be repaid over the life of the bonds, based on the anticipated interest rate, is $84,456,677, consisting of $75,000,000 in principal and $42,170,750 of interest, less $32,714,073 in estimated bond levy equalization payments. The term of the bonds will not exceed twenty (20) years from the date of issuance. The estimated average annual cost to the taxpayer on the proposed bond levy is a tax of $156 per $100,000 of taxable assessed value, per year, based on current conditions. [Currently, the District collects a bond levy in the amount of $277 per $100,000 of taxable assessed value, per year that is expected to decrease by an amount such that if the proposed bonds are approved, the estimated average annual cost to the taxpayer per $100,000 of taxable assessed value is not expected to increase based on current conditions. ] As of March 14, 2023, the total existing bonded indebtedness of the District, including interest accrued, is $42,919,146. 
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Understanding the Ballot.(1) The bond election will take place on March 14, 2023. There is also early voting and absentee voting available.
(2) The projects listed as (i)-(iii) are the only projects that can be completed with the $75,000,000 bond amount. Bonds are for building/construction and cannot be used for other things like paying teachers' salaries or curriculum.
(3) The term or duration of this bond is 20 years. The District can, at their discretion, pay down the bond quicker if community growth supports a quicker payoff.
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Question No. 2
New Gymnasium for Roberts Elementary QUESTION NO. 2: Shall the Board of Trustees of Joint School District No. 251, Jefferson and Madison Counties, State of Idaho (the “District”), be authorized to issue general obligation school bonds of said District in the principal amount of up to $5,000,000 for the purpose of financing the costs of (i) acquiring and constructing a new gymnasium for Roberts Elementary School and (ii) renovating and improving other existing schools and facilities in the District, together with all equipment and facilities necessary to operate said improvements and costs and expenses related thereto, such bonds to become due in such installments as may be fixed by the Board, the final installment of such bonds to come due not later than twenty (20) years from the date of issuance, all as provided in the Resolution adopted by the Board on January 11, 2023? The interest rate anticipated on the proposed bond issue is 4.00% per annum. The total amount estimated to be repaid over the life of the bonds, based on the anticipated interest rate, is $5,464,024, consisting of $5,000,000 in principal and $2,580,500 of interest, less $2,116,476 in estimated bond levy equalization payments. The term of the bonds will not exceed twenty (20) years from the date of issuance. The estimated average annual cost to the taxpayer on the proposed bond levy is a tax of $10 per $100,000 of taxable assessed value, per year, based on current conditions. [Currently, the District collects a bond levy in the amount of $277 per $100,000 of taxable assessed value, per year that is expected to decrease by an amount such that if the proposed bonds are approved, the estimated average annual cost to the taxpayer per $100,000 of taxable assessed value is not expected to increase based on current conditions.] As of March 14, 2023, the total existing bonded indebtedness of the District, including interest accrued, is $42,919,146. 
[End Form of Ballot]
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