In what's shaping up to be a significant financial rescue operation, the Tolleson Union High School District has agreed to give the ailing Isaac School District a $25 million loan. The assistance comes as Maricopa County reported that the Isaac School District is more than $28 million in debt, a daunting figure for the district that houses 11 schools and an online school, according to FOX 10 Phoenix. Teachers, who have gone unpaid and continued to work, are finally seeing a light at the end of the tunnel.
After a distressing period of financial uncertainty, wherein educators shouldered the burden of working without compensation, the Isaac School District reached an agreement on January 29 with Tolleson Union to significantly dent their debt. Superintendent of Public Instruction Tom Horne previously announced that federal aid to the tune of $6 million is also on its way, as reported by FOX 10 Phoenix.
The backbone of this financial remedy is the leasing of Isaac Middle School property to Tolleson Union, a strategic move by the state receiver tasked with navigating toward a sustainable resolution for Isaac's monetary woes. As per KTAR News, the agreement stipulates that Isaac will repay the loan over 12 years at a 6% interest rate. While this plan presents a viable step forward, teachers like kindergarten educator Andrea Valencia remain cautiously optimistic yet wary of being "blindsided" by potential setbacks.
Despite the innovative finance measures, educators at Isaac School District are still awaiting their paychecks, with a walk-in organized by the Isaac District Education Association (IDEA) to underscore their demand for immediate payment. The Arizona Education Association President, Marisol Garcia, hailed the dedication of the district's teachers and expressed eagerness for a resolution on Friday, as detailed by KTAR News.
