After agreeing in principle earlier this year to raises for all School District employees, the School Board is preparing to ask taxpayers to float another multi-decade, multi-million dollar bond. This, before the previous bond is paid off. We taxpayers are still in hock for $34M of Measure T’s original $40M price tag. We need to pay off the principle and interest costs ($75M) still left on the District’s books.
We Still Owe Plenty
If you remember 1996, Measure T, the 40-year general obligation bond, was passed with 80 percent voter approval. In November 2005, the bond was refinanced, saving the District about $1.3M over the life of the bond. It reduced the repayment period to 35 years (1998-2033) with a grand total repayment cost of $95 million.
Stuck in a Rut
The District still is paying, or should I say we local taxpayers are stuck paying $2.7M a year, well beyond the next decade, before it is finally paid off.
From a different perspective, if you have a newborn child, Measure T will not be paid off until your child is in college in 20 years, in 2033.
Maintenance: Perennial Low Priority
Over the past 15 to 20 years, previous administrations did not see facility maintenance as a top priority. They fixed only what was needed, nothing more. The slow decline of the Robert Frost Auditorium is a prime example of this long-term neglect.
Power of Persuasion
Board members are confident they will persuade a super-majority of voters (55 percent) to buy into another multi-decade, multi-million dollar bond measure. Are they so sure that they might consider not asking for renewal of the annual $96 parcel tax? Are District finances so good the Board can turn its back on the $1.2M a year in parcel tax revenue?
Past Cannot Be Changed
Supporters of the upcoming bond measure will try to counter the lack of past maintenance by arguing that with what little was done is in the past. Our schools’ condition is now, and the community needs to pass the bond measure.
Same As Ever?
Will District facilities be properly maintained this time around? What promises will we have as a community that a future District administration won't be back for another long-term, multi-million dollar bond because of continued poor maintenance of our schools?
If the District’s history is an indicator, well then …
Just say no.
Mr. Laase may be contacted at GMLaase@aol.com
