I read with interest the lead article on Thursday, May 27, concerning the new school situation.
The paragraph on the last page that started with the sentence, "The city and voters must decide what to do with $18.15 million in bonds that were sold for the school and now won't be used for that purpose," caught my attention.
I admit that I have not read the legal document for that particular bond issue. However, I would be amazed if there was not a provision in that document that allows for returning the monies to the bond buyers if those monies are not used for the purpose for which the bonds were originally issued. This option was not listed as a possible alternative action.
Reducing our debt load by $18.15 million would be a good thing. Not having to make principal payments on $18.15 million would be a good thing. Not having to pay interest on $18.15 million would be a good thing. Let us consider retiring the bonds now. Retiring the bonds early would be a good thing.
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