In last week’s edition of The Forecaster there was an extensive explanation of all of the benefits associated with the $9 million development of the parcel of land on Hunter Road, at the discount price of only $4.4 million.
In the entire discussion, however, there was no mention of how we are actually going to pay for this. Anyone who has to balance the household budget knows that putting $4.4 million on the “credit card” is not the same as paying for it. Do we have the $200,000 (estimated) that this is going to cost us in annual interest? And how about the $4.4 million that will come due in 15 years? Will we have the money available to pay off that bond? How can we justify borrowing $4.4 million for ball fields while at the same time discuss how to cut school teachers and other educational costs to in order to conform with reduced school budgets?
At the very least, along with putting the bond issue up for a vote, we should also mandate that the taxes (sales/real estate) be immediately increased to cover this bond issue. We would set up a fund into which these tax increases will be deposited. That money would then be used exclusively to pay off the bond interest (annually) and the bond when it comes due in 15 years.