{"id":4786,"date":"2015-10-12T15:58:43","date_gmt":"2015-10-12T21:58:43","guid":{"rendered":"http:\/\/www.parkrag.com\/?p=4786"},"modified":"2015-10-12T15:58:43","modified_gmt":"2015-10-12T21:58:43","slug":"were-not-just-spending-66-million-on-the-school-bond","status":"publish","type":"post","link":"https:\/\/v2.parkrag.com\/index.php\/2015\/10\/12\/were-not-just-spending-66-million-on-the-school-bond\/","title":{"rendered":"We&#8217;re Not Just Spending $66 Million On the School Bond"},"content":{"rendered":"<p><strong>Note: This post was updated to reflect a comment provided by a reader indicated I did not calculate interest correctly.<\/strong><\/p>\n<p>I like to check out citizen comments on the Park Record. There is always something to learn. Today I was looking at the heated conversations on the <a href=\"http:\/\/www.parkrecord.com\/park_city-news\/ci_28947522\/group-forms-opposition-pcsd-bond\">&#8220;No School Bond&#8221;<\/a> group article from Saturday. Commenters kept saying things like &#8220;$55 million is a lot of money&#8221; to spend.<\/p>\n<p>I just wanted to point out that we as a community are not just spending $66 million on this plan ($56 million bond plus $10 million that&#8217;s in the bank). There is also interest on the school bond that should be accounted for. The School Board has estimated the interest rate at 4% (although it could turn out less depending on when the bonds are issued).<\/p>\n<p>Four percent doesn&#8217;t sound like much, but it does add up<\/p>\n<p>Borrowing: $56,300,000<br \/>\nRate: 4%<br \/>\nTerm: 20 years<\/p>\n<p>Total borrowing costs are approximately $25.5 million.<\/p>\n<p>So, the total money being put into this project by our community is:<\/p>\n<p>$56 million (bond) + $10 million (in the bank) + $25.5 million (interest) =<\/p>\n<p><strong>$91.5 million. <\/strong><\/p>\n<p>That is the cost of this\u00a0plan to the community.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Note: This post was updated to reflect a comment provided by a reader indicated I did not calculate interest correctly. I like to check&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":""},"categories":[22],"tags":[],"_links":{"self":[{"href":"https:\/\/v2.parkrag.com\/index.php\/wp-json\/wp\/v2\/posts\/4786"}],"collection":[{"href":"https:\/\/v2.parkrag.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/v2.parkrag.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/v2.parkrag.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/v2.parkrag.com\/index.php\/wp-json\/wp\/v2\/comments?post=4786"}],"version-history":[{"count":0,"href":"https:\/\/v2.parkrag.com\/index.php\/wp-json\/wp\/v2\/posts\/4786\/revisions"}],"wp:attachment":[{"href":"https:\/\/v2.parkrag.com\/index.php\/wp-json\/wp\/v2\/media?parent=4786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/v2.parkrag.com\/index.php\/wp-json\/wp\/v2\/categories?post=4786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/v2.parkrag.com\/index.php\/wp-json\/wp\/v2\/tags?post=4786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}