Letter to the Editor: Let’s make sure the school bond is callable
March 1, 2011 · 12:15 PM
Now that the bond has officially passed, it is of the utmost importance to demand that the sale of this bond be what is called a “callable bond.” That means that should not all of the funds be needed for this project, some of the bond can be bought back and the monies go to repay the debt early, hopefully relieving some of the debt we have just incurred.
I believe that some voted for this with the misguided thought that it would only cost $10 per month to repay the bond. As it stands now, according to MyAmortizationChart.com, $47.7 million at 6 percent interest for a 20-year period will cost $82.02 million. That is about $4.5 million a year. I don’t think $10 per month will cover it. The school board did you no service by remaining relatively silent on the true costs.
This is a democracy and as such there are usually at least two sides to the issues, here maybe more. I wish to thank all those who voted. It’s not always neat and tidy, but I know we all care about education and our children.
— George Wright