Maybe we shouldn’t spend it so fast
In October 2007, voters approved a $248-million bond package for the Oklahoma City Public Schools. So far, the district has sold $15.5 million worth of bonds, and Superintendent Karl Springer says they should hold up before issuing more:
Springer announced at Monday’s school board meeting that funding will fall $40 million short if the district continues promised projects.
Voters were told construction would take five years, but that won’t be possible because it will take 10 years to generate the $248.4 million, Springer said. Because of inflation, that would fall about $40 million short of the actual cost of the projects.
In Springer’s view, the district should decline to sell the remainder of the approved bonds and seek voter approval for a new package with more appropriate timing.
Board members have yet to decide on what actions, if any, they will take. Board chairman Kirk Humphreys noted:
“The district took a bond proposal to the voters that greatly exceeded its bonding capacity.”
The new package would be a slightly harder sell, since some folks will remember that we just had an election in 2007 and hardly any of them will know about this little contretemps, which is one reason to mention it here.
