D303 wants the taxpayer's trust, but they won't even reveal the total cost of the referendum to the taxpayers who would carry the bill.
According to
D303’s official referendum information, the district is asking voters to authorize
$282.5 million in bonds, with a planned
25-year financing structure. But the borrowing amount
is only the principal
(oops, I did it again). Interest adds to the total taxpayer bill that they'll be paying over the next 25+ years.
St. Charles CUSD 303
A
Prairie State Taxpayer Alliance estimate published on Americans for Prosperity’s website projects approximately
$223 million in interest, bringing total bond repayment to roughly
$505 million. Under that estimate, approximately
44 cents of every dollar (44% for those who need a punch in the face) repaid would cover interest—not pay down the original borrowing. Those interest payments would be financing costs, not additional school improvements.
Americans for Prosperity
That estimate deserves attention, but it must be presented accurately. It comes from a campaign opposing the referendum (but at least someone is sharing truths to consider - D303 certainly isn't), not a finalized D303 bond repayment schedule. It uses a
5.08% benchmark for 30-year AAA municipal bonds, rather than an interest rate secured by D303. Actual repayment costs would depend on the terms of the bonds ultimately issued, including their rates and repayment schedule.
Americans for Prosperity
Who receives the interest (drumroll please)?
The bondholders and bankers. As the
U.S. Securities and Exchange Commission explains, municipal-bond investors lend money to public entities in exchange for interest payments and repayment of principal.
SEC
What is the full cost (not just the base loan amount) of the taxpayer's commitment? Well don't the residents deserve a clear comparison of the amount borrowed, projected interest, total repayment and less expensive alternatives.
Supporting schools should not mean overlooking financing costs.
The decision is not simply what D303 wants to build. It is how much taxpayers will ultimately pay—and for how long.
Does D303 have classes on morality? If not, perhaps they should hire coaches to teach D303 ethics.
