The Cold Spring Harbor Central School District is set to pay $14 million to settle two lawsuits from students who say teachers sexually abused them.

The students say they were sexually abused in the late 1970s and early 1980s.

One student will get $8 million, the other will get $6 million.

News 12 has learned they were able to report the incidents following the 2019 Child Victims Act, which extended the deadline for when sexual abuse lawsuits could be filed.

Both accused teachers have since passed away.

In a letter to parents, the school district superintendent said they have the funds to make the initial payments, but say they still need to finance the remaining $7.2 million. That would result in the community voting on whether or not to liquidate a capital reserve.

Residents tell News 12 they are concerned about where the money would come from.

The Cold Spring Harbor Central School District Board of Education says they will be holding future meetings on the topic focusing on the payment plan.