A CH-UH Schools Bond Levy In 2014, Instead Of In 2013, Won't "Lose" Us A Dime

I've done my homework. Boy, have I.

And members of the BOE's Lay Facilities Committee, and the administration have helped me with it.

 

The school district needs a state approved Comprehensive Plan for two reasons:

• To get a 14% match from the state for Phase I.
• And to be eligible, with *additional* state approval, to borrow the rest of the $ that the Comprehensive Plan requires.

 

That *additional* approval, and the ability to pass a bond levy for Phase II, if it comes at all, is estimated by the LFC to be 7 - 10 years away. Because we're 522nd on the state's waiting list of school districts!

 

The Phase I bond levy is constrained by the district's borrowing limits. That $ figure *will* go down by $50 MILLION or so after 2013. Our district's depressed property values, plus the state's formulas, finally catch up with us.

The Phase II bond levy is constrained not by our borrowing limits, but by the $ value of the Comprehensive Plan that the state approves, provided we get the *additional* approval in 7 - 10 years.

 

So, if we were to pass a bond levy for *only* $90 MILLION of a $250 MILLION Comprehensive Plan in 2014, we would be eligible to borrow the rest, $160 MILLION in 7 - 10 years, provided the state gives that *additional* approval.

 

If the bond levy is passed in 2013 for $140 MILLION, in 7 - 10 years, provided we get that *additional* state approval, we would be eligible to borrow the remaining $110 MILLION.

 

Either way, with state approval of the Comprehensive Plan, plus that *additional* approval in 7 - 10 years, we can get the total $250 MILLION needed to complete the project.

 

The *only* difference, provided we receive the *additional* approval in 7 - 10 years, is when we get the $50 MILLION.

 

And if we don't receive that *additional* approval in 7 - 10 years, then we got lots bigger problems.

 

I don't care much at all for the "analysis" and recommendations coming from the LFC for lots of reasons. And I haven't been shy about saying that in public. I think their work needs to be redone. With real community input, and (volunteer) expert analysis, this time.

 

Since it makes very little - if any - difference, I'd prefer that we get things done right in 2014, rather than that we get them done fast in 2013.

 

I hope you will agree.