Residents in the Oyster Bay-East Norwich School District are being asked to vote in favor of a roughly $30 million school bond referendum on Dec. 7. If passed, the money would be used for “21st Century Improvements,” the details of which the district has been sharing with residents since the fall. There would be no additional charge to taxpayers if the bond is passed.
“This is a one-time opportunity to replace the expiring bond [$15.5 million], while addressing our facility needs,” Dr. Francesco Ianni said at Tuesday’s Board of Education meeting. “Our mission is to empower our students to achieve excellence. If we don’t have a successful vote we can’t put this up again.”
The interest rate for the new bond would be low, he said, at 1.5 percent and the debt service would be $2.2 million annually, which it is now. “Right now, the interest is so low that financial advisors are saying they have never seen it so low,” Ianni said. “This would be an amazing opportunity for the district to do great work.”