In the 19th century, the site of present-day Osgood was known as Eagle Rock, and it was the location of an important ferry crossing of the Snake River.
The name came from an isolated basalt island in the Snake River that was the nesting site for approximately twenty eagles.
However, the name Eagle Rock eventually migrated downstream to the town that today is known as Idaho Falls, and at that point the ferry crossing site became known as Payne.
In 1972, a Boy Scout from Idaho Falls constructed a small monument on the west shore of the river, within sight of Eagle Rock.
The community is easily accessed by exit 128 of Interstate 15 and is due north of Fanning Field, the airport which serves Idaho Falls.