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The Westfield News
VOL. 86 NO. 13
Serving Westfield, Southwick, and the surrounding Hilltowns
www.thewestfieldnews.com TUESDAY, JANUARY 17, 2017
“Whether it is the best of times or the worst of times, it is the only time we have.” — ART BUCHWALD
75 cents
Body found on Orange Street By DAN DESROCHERS Correspondent WESTFIELD—Police say that a body of a 21-year-old male was found on Orange Street Saturday morning. Police report that Peter Yuroskiyh, 21, of Westfield, was found dead around 11 a.m. Saturday morning in a yard on Orange Street. Massachusetts State and Westfield Police are currently investigating the death. Westfield Police Sgt. Robert Saunders said that the there were no signs of foul play and no crime is suspected, when he commented on Monday afternoon. However, no further information was released and an investigation is ongoing, including into what caused Yuroskiyh’s death.
WNG FILE PHOTO
We hear so much about bonds, so what are they? By DAN DESROCHERS Correspondent WESTFIELD–There has been a lot of talk recently about bonds in the city. From a water treatment bond to a meter replacement bond to a fiber internet expansion bond, they have occupied the city’s news and committees for a while now. So, what are they, anyway? According to Meghan Kane, the city’s treasurer collector, bonds are large loans that the city uses to finance large projects. “Bonds are the way the city is able to borrow money for large projects,” Kane said. These loans may be needed because the city doesn’t have enough money in the budget or in their free cash–money set aside every year for unforeseen expenditures–to take care of projects that need immediate financing. One such example is the new water treatment plant that the city needs to filter out polyflourinated carbons (PFCs) from the water supply. In order to finance this, since the city did not have the amount of money needed to build the treatment plant, they requested a $5 million bond. However, the process for this may be a bit tricky. First, when a bond is initially requested it is not a bond at all. Instead, it is a short-term note. These notes have a specific time frame that they are utilized for before they must be paid on, and these expired shortterm notes are gathered together to create a bond.
“Two years is the maximum length for most short-term notes,” Kane said. “After the two years we sell the bonds in a package to a financial institution.” In order to sell the bond to a financial institution though, the total will be given to the city’s financial advisor, who then coordinates getting the bond to the open market for bidding. Kane said that the bidding process usually occurs with large investment banks, since the bonds can be quite large– some can be upwards of $50 million when they reach the market.
Once the bids are in, Kane said that she and others then evaluate the offers and choose the bid that provides the city with the lowest interest rate. “The interest rate depends on the bond size and length, but past bonds have been around 2 to 3.5 percent,” Kane said. These bonds, Kane said, are desirable to institutions because they are tax-exempt and are almost guaranteed to be repaid. “There’s not a lot of risk with municipal bonds defaulting,” she said. This is because cities have guaranteed revenue streams–residents. This could be from taxes, but Kane said that it is also from the different departments that the bonds are taken
out for, and those departments may have revenue generation of their own. As an example, the above-mentioned $5 million bond is actually going to be paid through the revenues generated from the Westfield Water Department and not through income taxes. Other municipal services like Westfield Gas and Electric would also be able to pay back on loans through their subscription services, so that would mean that income tax wouldn’t be used to pay on their bonds, either. For repayment, the city generally pays on bonds twice a year–once on the interest and once on the principal balance. Currently, the city has about $92 million in principal balance for bonds owed and this total is expected to be matured out–or able to be paid off–by 2036. Kane said that this may seem like a large number, but this is average for municipalities of Westfield’s size. Plus, the bonds finance many projects that the city desperately needed at the time. Also, as long as the city continues to pay the debts on time, they will continue to maintain a quality bond credit rating with financial institutions. Kane said that currently the city holds a good bond rating, so the rates of the city’s bonds should continue to be favorable. The Standard and Poor’s rating of Westfield is currently AA+, which is one level below the highest rating, AAA. Westfield’s rating is also the same as Massachusetts’s rating, and only 13 other US states have a higher rating.
Payton family legacy leads off Speaker Series By LORI SZEPELAK Correspondent WESTFIELD — Dr. Robert Brown leads off the Westfield Athenaeum’s Spring Speaker Series with a fascinating look at the Payton family – one of the few black families in 19th century Westfield. The hour-long lecture is planned at St. John’s Lutheran Church, 60 Broad St., this Wednesday, January 18, beginning at 6:30 p.m. Brown, a well-known historian in the city, said he chose this lecture topic for the speaker series for several reasons. “Not only are we marking celebrations of Martin Luther King Jr. this week, but I believe this will be brand new information to listeners,” said Brown. Brown noted that Philip Anthony Payton Sr. was a slave from North Carolina who was liberated and traveled in 1872 with the veterans of the Westfield Civil War Unit who were stationed in North Carolina. As part of Brown’s lecture, he will include slides showing pictures of the Civil War Unit.
Philip A. Payton, Jr., who grew up in Westfield, was known as “The Father of Harlem” because of his real estate empire in New York City.
Brown said that Payton lived in Westfield for 40 years and became a businessman and property owner. “Payton raised his family here and owned buildings on Elm Street just south of the old Lambson building,” said Brown, adding that his business endeavors included grocery stores, beauty parlors and a barbershop. Through photographs from Athenaeum archives and other resources, Brown will share pictures of the Payton family – ranging from Payton’s children in high school sports and graduations to his businesses. Three children of Payton were academics while the oldest son, Philip A. Payton Jr., built a real estate empire in New York City which, for a brief time, was worth millions and resulted in his reputation as “The Father of Harlem.” “The son, who owned 42 properties north of Central Park, was the Donald Trump of his era,” said Brown, adding he died in 1917. See Speaker Series, Page 3
Eighth grade student selected for Project 351 By GREG FITZPATRICK Correspondent SOUTHWICK – An eighth grade student at Southwick Regional High School was selected to be an ambassador for Project 351. Jaydin Brown is one of more than 360 eighth graders across the 351 communities in Massachusetts that was hand-chosen by her teachers. Project 351 is a non-profit and youth-driven service organization that was launched by former Governor Deval Patrick in 2011 and now continued by current Governor, Charlie Baker. Southwick Regional High School had their own selection process as the staff sent their nominations to the seventh and eighth grade guidance counselor, Lindsay Smithies. Then Smithies delivered the nominations to the administration to look over and decide. Smithies’ was very pleased that Brown was going to represent the Southwick-Tolland-Granville Regional School District for Project 351. “Jaydin’s (Brown) the type of student you want to have in class,” said Smithies. The guidance counselor also labeled Brown as a “silent leader.” The official launch day for Project 351 took place on Jan. 14 at Gillette Stadium in Foxborough, Mass. As it brings all of the new ambassadors together, the launch day also allows the students to honor Martin Luther King Jr. and work together for the day doing team-building activities and focusing on leadership. Brown and the other ambassadors will also meet Gov. Baker. Brown is already familiar with launch day and being an ambassador as her sister represented Duggan Middle School in Springfield, three years ago. “After the launch, her journey (Brown’s) will really begin with Project 351,” said Smithies. Brown will be working with her mentor for the program, Smithies, and work on community service projects in the local area including a food pantry drive and an event for 9/11. This marks the first year that the Southwick-TollandGranville Regional School District has participated in Project 351. This is Smithies first year at Southwick Regional High School. Previously she worked at West Springfield Middle School where they were involved with Project 351. Smithies’ has seen the first-hand impact that Project 351 can have on the community and the school that is partnering with it and believes the same could happen at Southwick Regional High School. “I think it will be fun to bring in a new service project,” said Smithies. “It could be a launch point for us.” Brown believes that any of her classmates can go out in the community and help make a difference. “Everybody can do something,” said Brown. “I hope somebody will do something, just to do something for the community.” Project 351 is only for eighth graders, but Brown’s time as an ambassador will last through the end of the fall in 2017.
Jaydin Brown, an eighth grader at Southwick Regional High School, was selected to be an ambassador for Project 351. (Photo by Greg Fitzpatrick)