Lehigh Valley Conservative

1. Is the $1,246,995,931.00 (that’s dollars with a B–billion) cost of the amortization of the bond issues if we pay them off without another dime borrowed?

2. Why would anyone agree and/or sign any contract were you have the potential to have interest rates of those magnitudes listed and possibly applicable?

3.  Is the Bethlehem Area School District (BASD) in debt $278,905,000.00 and will have total amortized costs of $1,246,995,931.00 if paid off with the amortization schedule listed in Appendix A and no further borrowing takes place?

4. If the answers were “YES” Why would anyone allow himself to do that?

5.  If the answer is “NO” what are the number of indebted-ness?

Now we move on to the “Resolution” pasted March 16, 2009 and this simple question. 

6. Does the school board understand the resolution pasted March 16,2009?

I ask that question because on the following pages I find these words.

Page 2. General Obligation Note Series of 2003 dated as of May 1,2003 in the original principle amount of $74,175,000.00.
 
Page 3.  Fixed Payer Swap does not exceed $15 million the maximum termination fee.  Also on page 3 these words—in the maximum aggregate principle amount of $105 million.

Now I really don’t want to sound stupid but does all that mean we are adding another 30-35 million dollars of debt?  If it is a bad dream and I’m stupid good but I go on with this.

Exhibit B page 1 of 1; How are the people going to meet the “General Obligation Bond Payments Due” when it shows these amounts due? 

Sounds just a little like something we shouldn’t be fooling around with, not when you are millions of dollars in debt and everything seems to be sinking, like revenues and the dollar.

Page 11 Section 21
 “ The school board hereby authorizes the preparation of a preliminary official statement for use in the marketing of the bonds and authorizes the superintendent of the school district to approve the form of such preliminary official statement and a final official statement with respect to the bonds of the school district,— The President of the school board shall affix his or her signature to the official statement.—shall constitute conclusive evidence of the approval—by the school board.”

Are you people sure you want to do that?  And if you do/did I don’t want you to come back to the “Taxpayer” as the politicians are doing in DC with the AIG bonus gate and tell the citizen you had no idea it was in the contract.  Because it sounds like Dr. Lewis is about to hang you folks out to dry and leave you holding the bag while the citizens nail your hide to the side of the barn.  Why the citizen just might vote you all out and bring in some people that can stand against this nonsense. 

“We Shall See” and I continue because it gets better just in case you think you are free of the knowledge of what is happening.

Section 22—Further involves the school board

Section 24— Continues to involve the board;
 “School Board are authorized and directed to contract with the paying agent—in connection with the Sinking Fund established for the bonds.”

All the way through these sections of the contract it involves the school board up to their eyeballs.  So did you read it and do you understand you and Dr. Lewis are responsible for this mess.

And one more time I must ask the school board if they understand the depth of their responsibility in what they are signing and/or involving themselves with?

The citizens may not realize what has or is about to happen but there are only a few scenarios that fit these conditions.

A. Dr. Lewis is incompetent and you are too dumb to realize he is and went ahead and signed the resolution authorizing the bond issue.

B. Dr. Lewis is incompetent and so is the whole board and you went ahead and signed the resolution authorizing the bond issue.

C. Dr. Lewis is incompetent and has intimidated you too death and you are to scared to go up against him for whatever reason and you rather have your hide nail to the barn by the citizen.

D.  All of you, including Dr. Lewis, are living on another planet or in some liberal dream world were no body pays for anything nor is responsible for action.

And like I said the citizens may not realize what you are doing but rest assure they will and when they do I’m afraid there just might be some trouble.  And guess what you will not be able to say someone didn’t warn you.  Don’t you think you want to consider what you are doing and just possibly stand up and fast for the citizen/taxpayer and have some compassion for the person who is going to pay the bill (OUR CHILDREN)?

Let me close with this, somebody had better take a close look at the “Audit” the “Bond issue and over all debt” and how well Dr. Lewis is managing the districts revenues because he isn’t and something isn’t “RIGHT”. And finally maybe some sharp investigative reporter will get hold of this disaster that is about to happen and look into it.  But fat chance of that happening they are all too busy making president Obama look good.

You people here in Bethlehem will just need to suffer, so go back to sleep, the pain will come and wake you up.

Randy Toman
Bethlehem, PA.

PS: Come join Concerned Citizens of Bethlehem Area School District —CC-BASD we are just getting started and need your help if your not sleeping, we can be contacted at thenarrowway@juno.com
 
We just may need a TEA PARTY here in Bethlehem, Pa.