SBPS Board approves early payoff for one of two BMS bond issues

SBPS Board approves early payoff for one of two BMS bond issues
File photo (KNEB/RRN)
June 11th, 2024 | News Release

The Scottsbluff Public Schools Board of Education Monday night approved a resolution to pay off a series of bonds issued for the Bluffs Middle School Renovation.

The bonds, originally issued in 2009 for $7.85M, were set to mature in 2029 but through sound fiscal management and oversight by the Board of Education and District staff will be paid early.

Due to the payoff of these bonds, the Scottsbluff taxpayers will see an estimated seven-cent decrease in the levy for the 2024 tax year. This equates to approximately $73.30 of savings for every $100,000 in valuation. The bonds being paid off are one of two series of bonds that were issued for the BMS renovation project with the other series slated to be paid in 2025.

“With thanks to both current and past members of the Board of Education for their conservative financial oversight, the District is able to begin paying off the BMS bonds five years early,” said Marianne Carlson, SBPS Executive Director of Finance. “This early payoff results in savings given directly back to our taxpayers by allowing us to lower the levy by seven cents.”

Proceeds from the bonds were used in 2009-2010 for a comprehensive renovation of Bluffs Middle School, a historic building located at 23rd and Broadway in Scottsbluff. Bluffs Middle School serves approximately 800 students in Grades 6-8 each school year.

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