Gary DeKoter: School bond comes with hidden costs
I totally agree with the comments by Dean Massey in his Oct. 10 letter to the editor. In addition, I would like everyone to realize that the bonds being proposed will have a deferral of principal payments until at least 2024. At that time an existing bond issue will be paid off, and the tax reduction we would have received is now used to increase the principal payments on this bond.
The result is that we get a lower tax increase now in exchange for no tax reduction later and additional interest cost on this bond that will be millions of dollars based on information I received from the Yes Committee. We did the same thing with the Soda Creek bond issue.
If we are to approve a bond issue, we should do it at the lowest cost possible.
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