In response to your March 21, 2014 article regarding the proposed bond for the Sewanhaka CHSD, there are several points that should be clarified for the residents who were not present at the March 18 meeting.
1. The “smaller bond” that board members stated would be “considerably less” than the original $99.5 million bond is not, in fact, significantly different from the original bond in cost and projects included. It is $84.6 – $87 million.
2. The article states that the superintendent said the Board learned recently that it could expect 47 percent reimbursement from the state for projects in the bond. Not mentioned, however, and this is crucial – that reimbursement depends upon the projects being approved by the state.
And at this point, it is not possible to know which projects will be acceptable for reimbursement. Taxpayers should not be misled into thinking that these funds are guaranteed.
3. In addition, it was not mentioned that even if the state were to approve the projects, there is no deadline by which the state must reimburse the district.
In the meantime, the costs would have to be covered by the district (our taxes).
4. Finally, there is almost no mention of the enormous interest that this 20-year debt will incur.
For the first several years of the bond, the rate will be 3 l/2 – 4 percent – which will add millions to the cost of the bond. Then, in the future as rates rise, the interest will also increase.
The title of the article “Sewanhaka eyes smaller bond for May” in itself was misleading.
The proposals being presented by the board may be for a smaller bond, but the slight decrease from the cost of the original bond, especially when considering the interest that must be added, leaves us with choices that are little different from the bond to which we have already said “No!”
The board must be more responsible in developing a cost-efficient plan to improve our schools. A plan that we can afford!
Christine Grincato
New Hyde Park
