The school asked permission from voters to borrow $18,500,000 in August 2012. Voters ok’d the deal. Here is the ballot showing the request: http://www.scribd.com/doc/118152115/April-17-...
Now Supt. Chritchloe writes a letter saying a miracle has happened and somehow 18.5 million is gonna turn into 23 million. Whatever the explanation, voters did not approve borrowing 23 million.
Listen to the explanation.“the district EARNED more than anticipated”. How do you earn an extra 24% from a lender? You don’t. The district is borrowing 24% more than authorized.
Much like the Nash hire, the decision to borrow more than authorized and hide behind an irrational explanation is a stick in the eye to voters.
In November, 2012, when the first half of our bonds were issued (approximately 9 million dollars), the district earned almost 2.5 million dollars more than anticipated. This was fantastic news for our district. So much so, that we asked the building principals to put together additional lists of wants and needs for their respective schools due to the extra funding. Furthermore, we anticipate when the second half of the bonds are issued in late spring, we will receive another 2 million dollars more than expected. This means that our 18.5 million dollar “NO TAX INCREASE BOND ISSUE” has the potential to become a 23 million dollar “NO TAX INCREASE BOND Issue”, at NO cost to the tax payers.
You may ask yourself, how can this occur? As much as we would like to predict the market, we can’t. However, all the stars aligned (and the market) for the school district. The issue was run at the best possible time in today’s market. The important thing to keep in mind is that our students will benefit greatly. Please check the district’s website for the progress of our bond issue.