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The purpose of the Credit Enhancement Program is to provide a guaranty which reduces borrowing costs on voter-approved general obligation school bonds of Idaho school districts and to earn a return for the Public School Endowment Fund in the process. The reduction in borrowing costs is achieved by obtaining a higher rating on the bonds because the EFIB makes a non-cancellable commitment that the Treasurer can borrow funds from the Public School Endowment Fund to make a bond payment in the unlikely event that the school district or the state, through its School Bond Guaranty Program, are unable to.
The Credit Enhancement Program for School District Bonds is rated Aaa by Moody’s and AAA by Standard & Poor’s and is governed by the following:
EFIB Policy – School Bond Credit Enhancement Policy
Idaho Statutes – Title 33, Chapter 53 and Title 57, Chapter 7
Administrative Rules – IDAPA 32.01.01
The program is adjunct to the School Bond Guaranty program administered by the State of Idaho Treasurer’s Office
Application Process
- To apply for the School Bond Guaranty program, please contact the State of Idaho Treasurer’s Office.
- The application materials will be reviewed by the Treasurer, the EFIB, and the Department of Education. If approved, the school district will receive a Certificate of Eligibility from the Treasurer and the EFIB.