These last two weeks I have heard some persons nonchalantly compare a bond measure to getting a home mortgage. The only similarity between the two is in the extended length of paying off the debt.
When negotiating a loan to buy a house, you represent your own interests. Only when satisfied with the terms do you sign, putting yourself in debt. It is your sole decision to put yourself into debt by signing a long-term mortgage.
The same is not true about choosing local General Obligation bonds. When a bond is chosen, elected officials decide the length and the amount of debt to be repaid. Even though it is only the local property owners who will be paying back this debt, they are not the only ones voting for them to take it on. Other voters who do not own local property also will be voting on whether to raise the taxes on others who do own property. Does this sound like the self-determination of buying into the American Dream?
Would it be that much trouble, in this day and age, to cross-reference the voting and property rolls so that only those who would be paying off the debt would determine whether to take it on?
Borrowing the Future
Listening to some of our current School Board members talk about bond financing makes me really nervous. I wonder if they truly, fully understand the far-reaching implications of their decisions. Does their seeming short-sightedness on these far-reaching decisions make it that much easier for them to decide. Does knowing that the protracted bond debt will become the problem of a future generation make it easier for them to decide to kick the can of debt down the road?
Maintaining the Future
This bond measure is important. Our school facilities are in need of repair. But unless our community can make our District administration change to a policy of maintaining of school facilities – before November’s election – to make them fundamentally invest in maintaining our school’s facilities, we will find ourselves in the same position in 10 years. We will have to pass another multi-decade, multi-million dollar bond to fix deteriorating facilities before previous bonds are close to being paid off.
Time of Community Influence
Can anyone deny that if we do not choose to protect this latest possible bond/investment in our schools, we will still paying on earlier bonds while being asked to add the tax burden of a third bond measure? We would be paying back principle and interest on three bonds, maybe a fourth, before our first bond from 1996 is off the books.
The best time for a community to change its district maintenance policy is before voting on a bond measure, not after.
Unless we, as a community, commit to maintaining our facilities, we never will break the cycle of bonded indebtedness.
Mr. Laase may be contacted at GMLaase@aol.com
