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Box Elder School District proposes $55 million loan to build two elementary schools; board debates voter approval
Summary
District financial staff proposed a roughly $55 million construction loan to build Discovery and West Tremont elementary schools and a multi‑million-dollar capital package (secure vestibules, AC, playgrounds, sewer repairs). Board members debated whether to pursue a ballot bond or proceed now with a direct loan, citing growth, petitions and cost tradeoffs.
Neil, the district business administrator and financial advisor, told the Box Elder School Board on Friday that the district needs about $55,000,000 in financing to build two elementary schools — Discovery expansion and West Tremont — and to fund associated capital work. "We need a loan to build these schools. We don't have $55,000,000 in reserve to build the schools," Neil said, adding lenders might require a roughly $4.5 million debt‑service reserve under worst‑case underwriting terms.
The package outlined by staff included secure vestibules (an estimated $2,600,000, citing HB 84 (2003) requirements for secured front entrances), a district‑wide air conditioning effort ($5,100,000), preventive sewer inspections and repairs, playground replacements, and vehicle and bus…
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