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Misusing School Bond Money for Non-School Purposes

Vernon’s school bond ordinances contain a clause which states:  “That all grants received for the project shall be applied to pay the costs of the project or to reduce the amount of bonds or notes issued to finance the project…”

When state reimbursement (often 50% of a school bond project) was slow in coming, the Town “closed out” the bonds.  Any reimbursement then received from the State was allowed to accumulate in accounts and is being used to buy big-ticket items which are not school-related.

There was no public referendum when several million dollars approved by referendum for school building repairs was used elsewhere.

Republicans will say they did this so they didn’t have to raise taxes to buy these items.  But borrowing costs more than a tax increase.  Interest amounts to almost 50% of the bonds issued.  When debt service costs increase dramatically, Republicans will blame prior Mayors or Councils and continue to insist that they’re keeping taxes low.

Republicans’ claim that theirs is the Party of low taxes is a shell game with taxpayers as marks.

 

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