Dear Congresswoman Eshoo:
We are writing as concerned community members in the Belmont-Redwood Shores School District to thank you for elevating local agencies for relief through the Emergency Economic Stabilization Act of 2008. Our district's limited taxpayer funds have fallen victim to the failures of our nation's financial markets. These funds are critical in providing fiscal solvency, maintaining core academic instruction and supplementary services, completing a new school to address our enrollment growth, making debt service payments, and the ability to meet required State reserve for economic uncertainty and unfunded mandates such as Individuals with Disabilities Education Act.
The demise of the oldest investment bank on Wall Street, the now bankrupt Lehman Brothers, has left many on California's Main Street holding troubled assets. In our Belmont-Redwood Shores School District, the loss of these funds will result in:
· Loss of $44,000 for core academic instruction and supplementary services
· Loss of $225,000 for debt repayment for TRANS loan
· Loss of $1.15 million to fund the completion of essential components of the new school being built to eliminate District's enrollment growth challenge (multi-purpose/science-math rooms, Learning Center and Library)
· Loss of $66,000 to meet debt service payments for 20:1classrooms and make necessary repairs to existing buildings
· Loss of $72,000 to meet State required 3% reserve for economic uncertainty and unfunded mandates
· Probable fiscal insolvency
We strongly support your commitment and continued efforts to ensure this solvable and urgent problem is remedied with the purchase or insurance of these troubled assets, consistent with both the purpose and intent of Troubled Assets Relief Program (TARP). Please let us know what we can do to help you be successful in this effort.
