WPCNR SCHOOL DAYS. By John F. Bailey. October 18, 2006: The School District Referendum result passes with a simple majority of 53%, according to Superintendent of Schools Timothy Connors in an interview with The CitizeNetReporter early this afternoon. According to Assistant Superintendent for Business, Fred Seiler, the district can borrow up to $356 Million before the 5% rule referred to in the New York State Constitution affects the amount the district wishes to borrow..

A source had alerted WPCNR to the statute (see early story), and WPCNR had asked Superintendent of Schools earlier today why the 60% majority did not apply.

Connors said today with Mr. Seiler in a conference call with WPCNR, “It’s really clear there’s a 5% rule on what you’re allowed to borrow, and we’re far below that. (The amount, $66.6 Million), we’re about one and a half percent. Because we’re below the dollar amount, we’re not required to have the super majority, we simply have to have a simple majority.”

The vote yesterday found 1,032 voting for the $69.6 Million Referendum, and 926 voting against, a margin of 53% to 47%.

Assistant Superintendent for Business Fred Seiler explains that school districts would be subject to a 60% super majority for approval if they wanted to borrow more than their debt limit:  “For city school districts, it (the debt limit) is restricted to 5%. If a district were to exceed their 5% debt limit, they would need to have a 60% plurality on their vote. In White Plains, we’ve just done the numbers for our district, the equalization of the full valuation of our property comes to a little more than $7 Billion dollars. So our 5% debt limit would be $356 Million.

When we take into account our current debt plus the proposed debt for this new project, we come to $108 Million. We’re well below the $356 Million that is permissible to us under that 5% debt limit.”

Connors told WPCNR, that though the district is able to borrow $356 Million, it was only goin to borrow “what we need and manage it well.”