Cold Spring Harbor voters Thursday night approved the liquidation of a reserve fund to pay two sex-abuse lawsuits.
The vote was 241-27.
The district had asked for the vote to cover the settlements brought under the Child Victims Act against two former teachers, both of whom are dead. The district had previously agreed to pay one former student $8 million and the other $6 million.
By liquidating the 2020 Capital Reserve Fund, the board of education wants to pay off the bonded indebtedness immediately and avoid long-term interest costs.
Additional information about the claims and settlements can be found on the district’s website, www.csh.k12.ny.us and in a brochure, in both English and Spanish, mailed to all residents.
Cold Spring Harbor to Vote on Financing of Sex-Abuse Settlement