I am responding to your specific questions about the interest costs in the bond referendum proposed by the Hicksville School District.

The Hicksville Board of Education, following recommendations from a committee of community taxpayers, educators and professional architects, is proposing that the community consider a $42 million bond issue for the purpose of addressing 21st Century educational needs throughout the school district.

The dollars would be spent fairly evenly among all buildings in the district for the purpose of addressing infrastructure needs including security, boilers, roofing and windows, as well as classroom Internet and technology upgrades. The strategic objective is to modernize, rebuild and rehabilitate important elements of our infrastructure similar to the efforts of Hicksville homeowners who take out home equity loans as their houses begin to age. While we have been addressing repairs over the years since the last bond issue some 40 years ago, major components have begun to wear out.

To determine what impact this bond issue would have on Hicksville homeowners we start with the assumption that the average assessed home is $6,000. Using current assessed value and current adjusted base proportions, the cost would be $3.37 per $100 of assessed value, $16.85 per month, or $2,02.17 per year prior to state aid. Pursuant to current state aid formulas, we would expect 27.3 percent of the proposal back in state aid and that would reduce the number by approximately $50 a year. That level of support presumes no change in current state aid formulas.

The interest carried by the bond issue will be determined when the issue is brought to market if the voters approve the resolution in March. The interest rate figure for Hicksville's bond referendum is based on an estimated rate of 5.375 percent, or some $20.1 million in interest over the 15-year span of the bond. Fifteen years is the estimated term for the type of work in this bond under New York State's newly legislated "assumed amortization periods."

The process of identifying what should be replaced and upgraded follows two and a half years of meetings and public comment. The joint efforts and cooperation among taxpayers, educators, the board and architects specializing in school construction allows the board to place this proposal before the voters for their review and ultimate decision. We welcome dialogue and discussion of this proposal given that the future of the school's infrastructure is far too important to do otherwise.

Edward J. Finn, Ph.D.

Superintendent of Schools