Schools
Seaford School District Creates Higher Borrowing Ceiling Due to Sandy
Board of education votes to issue up to $9 million in tax anticipation notes for 2013/14 school year in response to many district homes and businesses that suffered damage from superstorm.
The Seaford Board of Education voted Thursday night to create a higher borrowing ceiling for the 2013/14 school year due to many local homes and businesses seeking relief from damages caused by Hurricane Sandy last fall.
The resolution passed by the school board in a 4-0 vote authorizes the district to issue up to $9 million in tax anticipation notes (TANs) for the 2013/14 school year. This number is $1 million more than the $8 million the district asked for the ability to borrow for the current 2012/13 school year. TANs are typically borrowed for a one year period and repaid during the same fiscal year.
Seaford Superintendent of Schools Brian Conboy said during Thursday’s meeting that 183 homeowners and seven business owners in the district have applied for tax relief as a result of the Oct. 29 superstorm that devastated neighborhoods in a flood zone south of Merrick Road. Conboy said increasing the borrowing ceiling will protect the district from potential lost revenue caused by those seeking tax relief.
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“We’re not paying more interest giving ourselves the ability to borrow more, we’re only going to be charged interest on the money that we do borrow,” Conboy said. “We’re just planning in case we need to borrow some more.”
Conboy and Seaford Interim Assistant Superintendent for Business Alan Phillips along with school officials from other area districts met recently with the Nassau County Assessor’s office to discuss the issue the tax impact of Sandy-damaged homes and businesses. Conboy said many other districts in areas hard hit by Sandy are also planning to raise their borrowing ceiling.
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“Every southern Nassau district was represented in force at that meeting,” Conboy said. “Next year we don’t know what the tax impact might be but most of the districts at this meeting have determined that they will be asking for a higher borrowing ceiling.”
The Seaford school board also voted at Thursday night’s meeting to rescind tax exemptions for the 2013/14 school year that have been provided in the past to businesses conducting capital improvement projects.
The next Seaford school board meeting is scheduled for June 20 at 7:30 p.m. at Seaford Manor School.
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