The deed is done:

The School Board unanimously approved the sale of $38 million in working cash bonds on Monday, estimated to add some 21.7 cents to the tax rate. . . .

Much like the cost of a loan to purchase a home or car is much more than what is actually borrowed, the amortized cost to issue the $38 million bonds, essentially borrowing the cash, will cost taxpayers $60,461,887.

The $38 million goes into the district’s reserve fund and will hopefully mean that the district no longer has to issue tax anticipation warrants, which will preserve more money for the education fund. It’s unfortunate that it’s come to this, but there are few options left after several years of irresponsible spending by the school district. The real question is, will the school board stick to the plan and not deplete their reserves again?