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Defeat of School Bond

Posted: February 26, 2008 7:51 p.m.
Updated: April 28, 2008 5:01 a.m.
 
To The Editor:

It has been awhile and we're still getting nasty letters and e-mails from the proponents of Measure V. They all seem to have the same theme: "You opponents of the school bond hate children, want them to go to shacks for schools, kick your dogs, etc." Or "Now that you've defeated the bond, what are you going to do for ME?"

You did have more than 2,000 "yes" votes. Why don't the 2,000 of you pledge to pay $46 per $100,000 assessed value of your homes for 30 years, make it legal, mandatory, and flow with the property? Then your school board can take these pledges to a lender and borrow the money to build your school. This is how most churches are built.

The cost will be much less than a bond because a mortgage's principal decreases with each payment. Not so with bonds.

A $1,000 bond pays 10 percent interest. For a 30-year bond it will pay $100 every year for 30 years, for a total of $3,000 interest plus the original $1,000 bond. For $4,000 the bond issuer gets $1,000 minus the commission for selling the bond. Not a good investment for the issuer.

In the end YOU will have built your school without forcing your neighbors to do it for you. Won't that be a GREAT feeling?


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