Nov 30 New York City Comptroller John Liu on
Friday proposed borrowing $407 million through a new bond
program to remove dangerous toxins from public schools.
Proceeds from the sale of the bonds, which would be called
Green Apple Bonds, would be used to strip polychlorinated
biphenyls, or PCBs, from old lighting fixtures by 2015.
That would be six years earlier than the Department of
Education's existing plan to remove PCB-carrying light fixtures
in 772 buildings by 2021.
Debt service on the bonds would total $380 million through
2021. But the cost would be offset by about $719 million in
savings from reduced energy consumption and federal energy
conservation subsidies, Liu said in a statement.
Included in that number are expected savings based on
current record-low interest rate, compared to the city's higher
10-year average cost.
The spending is already included in the city's long-term
plan, but Liu's proposal would accelerate it, a spokesman said.
A lawsuit against the Education Department by a coalition of
parents is still pending. The parents contend that the
continuing presence of PCBs violates federal toxic substance
control laws, and that the city's 2021 remediation timeframe is
The manufacture of PCBs was banned in 1979. They have been
shown to cause cancer in animals.