The Gloucester Board of Supervisors voted 4 to 2 on Aug. 6 (Gloucester Point representative Chris Hudson was absent) to proceed with a plan to sell bonds in order to finance $12 million of the $28 million price tag for the new Page Middle School. They also voted to sell an additional $5 million worth of bonds to pay for air conditioning and roof repairs at existing schools.
During the presentations to the supervisors, those in the room learned that over the course of the bond’s life (think of it as a mortgage) the county’s taxpayers would have to pay back, if ideal interest rates are available at the time of sale this fall, over $9 million in interest. That’s in addition to the principal amount. The total bill will be over $26 million.
The temperament at the hearing and meeting was that the $12 million couldn’t be avoided inasmuch as the old Page school has been demolished by Kiser and the school board and the construction on Wal...
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