Senate Education hears overview of $1 billion School Modernization Fund; statewide facility assessment shows billions in needs

State Department of Education officials told the Idaho Senate Education Committee that the School Modernization Facilities Fund has supplied most of its bond proceeds to school districts and that a new statewide facilities condition assessment shows multi‑billion dollar needs over the next two decades.

Gideon Tolman, financial officer at the State Department of Education, said the Legislature’s House Bill 521 created the School Modernization Facilities Fund and authorized the State Building Authority to issue bonds for school district capital projects. "Last session, the legislature passed House Bill 521, which had several components, including creating the School Modernization Facilities fund," Tolman said. Tolman told the committee the authority and underwriters chose JPMorgan as lead underwriter for the sale and that the bonds were structured to maximize net proceeds to districts.

The presentation explained that the legislation allowed districts to choose either annual installments over 10 years or a one‑time lump sum; Tolman said every district elected the lump sum. He told the committee that bond proceeds were issued in two series and that about $750 million was distributed…