How much interest will be paid on the bond?
The interest on this bond is included in the estimated tax rate of $113 per $100,000 of market value. Tax payers will not pay more to cover the interest. In fact, the State will be paying 82% of the interest costs for this bond, saving the Gem County taxpayers. Following are the numbers:
♦ The Bond is for $20,400,000 - the estimated interest on this amount over 20 years is $6,522,513.
♦ Through the State of Idaho Bond Levy Equalization, they will provide $5,348,503.
♦ The property tax payers in Gem County will pay $1,138,010 in interest over the life of the bond.
♦ The bond rate of $113 per $100,000 of property value will cover the principal and interest of this bond.