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EAGLE -- North Star Charter School has successfully restructured its long-term bond debt, the school's board announced Thursday.

The school has been on shaky financial ground for several years and nearly had its charter revoked by the Meridian School District last summer.

According to North Star, the school has been burdened by $12 million in bond debt since 2009.

Last June, the district told the school their charter would be revoked if they could not prove financial stability for the coming school year.

The school and the district eventually reached an agreement allowing the school to remain open.

The new bond restructuring, which went into effect on May 30, includes a significantly lower interest rate.

School officials say the restructuring will allow the school to sustain a normal operations budget and operate without the burden of financial stress.

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