Districts make plans to pay off KSBIT bills
By Nola Sizemore, Harlan Daily Enterprise, Ky. | |
McClatchy-Tribune Information Services |
The trust announced last year that it would disband due to financial woes and school districts would have to pay off outstanding claims of about
Having received their bill, which was court-mandated, members of the
Harlan Independent Schools Superintendent
"We have several options to pay that," said Morton. "One of which is not to pay it. Another option is to pay 25 percent of that up front and then you get an interest free option to pay the remaining balance over the next six years. On the property and liability, you have to pay 40 percent up front and then you have only two years to pay the balance of that. You can see what that looks like for us. That would be
Morton said there is another option of financing through KSBIT. He said the district usually finances their school buses through KSBIT.
"Generally, they have a really good program that helps school district, but in this case you just did a 10-year finance for
If they finance through KSBIT, Morton said, "You don't pay anything the first year and all total, interest included, would bring you up to
Morton said he is still looking at the budget and will come back to the board with a recommendation in the next few days. He said if the district is going to finance this, KSBIT must be notified by the end of August.
"This is a fiasco," said board chairman
Morton added this "hurts his stomach" to think about spending
"I think this is unfortunate that there was
Morton said the "door has not been shut on further assessment," but his hope is "there won't be."
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