The DOCUMENTED Facts
“When you add on things to a school bond like a public safety complex, people start to get wary, they’re just trying to shove things on you, so that hurt the bond … Rhode Islanders tend to support school bonds but when they get too big, and also with very high interest rates, people start to think about it, is it worth doing it at this point? Obviously the voters in North Kingstown feel they do not want to go forward.”
- WPRI (12 News) Political Analyst Joe Fleming
Now that the election is over, I’ll stop updating this website but here is another great website with even more documented facts from the Citizens’ Accountability Group! And that site will remain active. – Ed Renehan
Meanwhile …
Why is everyone using the phrase megabond?
People are calling the two key proposed bonds ($167.4 million for a new middle school and $55 million for a new public safety complex) a “megabond” because they will be presented to voters together as a single ballot referendum item this coming November. In other words, one cannot vote for the public safety complex bond without also voting for the middle school bond, and vice versa.
Why is this the precisely WRONG time to be taking out massive bond loans?
In the current economic environment, bond interest rates are at a 22-year high.
What will be the impact on residential property taxes in North Kingstown?
The current (pre-megabond) residential property tax rate in North Kingstown is $14.43 per thousand of property valuation. This does not compare favorably with the Narragansett residential property tax rate of $9.31 per thousand or Newport’s residential property tax rate of $9.61 per thousand. Significant increases above and beyond NK’s already very high residential property tax rate will be necessary in order to service the whopping $222 million in megabond debt at historically high interest rates, and it will become unsustainable.
According to representations made at recent NK Town Council meetings, assuming minimum state reimbursement for a portion of the middle school construction costs, the residential tax rate in NK could go up by as much as 12.4%, skyrocketing to more than $16 per thousand in valuation. If passed along with the additional Recreation Center bond which is also on the ballot, tax rates can go up to as much as $16.50 per thousand on bonds totaling just short of a quarter BILLION dollars.
That’s 44% higher than the residential tax rate in Narragansett.
A $500,000 home in NK would see a tax increase north of $1000 per year.
Why do many people consider the combining of the middle school bond with the safety complex bond to be an act of cynical and deliberate disenfranchisement of North Kingstown citizens?
Numerous citizens speaking at public forums and on social media have expressed that they would like to have the option to vote in favor of the safety complex, but won’t be able to because they cannot in good conscience vote in favor of our town taking on the total combined debt.
Who are we? We are a very informal, randomly assorted, bipartisan (Dems, Republicans, Indies) collection of taxpayers committed to using our First Amendment Rights to educate our fellow North Kingstown residents as to the dire fiscal consequences that will result from passage of the bonds on the ballot this November. We are also dedicated to investigating why our NK School Committee wants us to let them borrow $167.4 million to build a middle school that at this point in time has no committed site, no detailed architectural plan, and (many would argue) no properly valid reason for even being up for discussion. The links below tell the tale. The volunteer funder and administrator of this website is Edward Renehan, office@newstreetcommunications.com. (Note that I have deactivated info@nkmegabond.org as of this morning, 8 November.)
Links:
October 19th Revelations! Get the latest damning facts …
In Praise of Dr. Ken Duva … and Why This Bond Referendum is Premature
Is it REALLY Less Expensive to Build New than to Renovate Wickford Middle School?
The NK School Department Intends to Use YOUR Tax Dollars to Lobby YOU to Support the Megabond
Our Town Council Has Done a Great Disservice to Our NK First Responders
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