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Sweet Home board authorizes $2 million in settlements and moves to finance costs with bonds
Summary
The Board approved settlements of three Child Victims Act cases totaling $2,000,000 ($75,000; $1,500,000; $350,000), found there is no available insurance to cover the amounts, amended the 2025–26 budget, and authorized issuance of bonds or other obligations up to $2,000,000 to finance the settlements.
The Sweet Home Board of Education approved expenditures to settle three civil actions filed under New York’s Child Victims Act and took steps to finance the settlements.
Board materials list the New York State Supreme Court index numbers and settlement amounts as follows: 810761/2021 for $75,000; 810987/2021 for $1,500,000; and 811174/2021 for $350,000, for a combined total of $2,000,000. Meeting materials state the District does not have available insurance coverage to contribute to the settlements.
To pay the settlements the Board declared the $2,000,000 an unexpected ordinary contingent expense of the 2025–26 fiscal year and amended the budget by increasing approved appropriations by $2,000,000. The Board also adopted a bond resolution authorizing the issuance of serial bonds or other obligations not to exceed $2,000,000 to finance the settlements and delegated to the Board President authority to issue bond anticipation notes and complete required documentation. The resolution requires publication as provided by law.
Recorded votes on the consent motion and accompanying bond resolution show the items carried (Yes 6, No 0, Absent 1).
