ID SCR123

Authorizes the Department of Parks and Recreation to enter into agreements with the Idaho State Building Authority to restructure financing of bonds originally issued in 2001 for acquiring the Vardis Fisher property and parcels along Billingsley Creek in Hagerman Valley.

The original 2001 authorization was for partnering with the University of Idaho to develop an aquaculture and research facility for endangered species, but the federal government failed to provide funding and the University has ceased using the facilities.

The Department of Parks and Recreation is unable to exchange the Vardis Fisher property (which has limited recreational potential) because title remains with the State Building Authority until the original bonds are paid in full.

Restructuring the financing through transfer of existing Department properties and facilities to the State Building Authority will allow issuance of new bonds to pay off outstanding bonds and transfer title of the Billingsley Creek properties to the Department.

The proposed restructuring can be accomplished without additional cost to the state due to historic low interest rates available for State Building Authority financing.