Ocean City Schools bond referendum FAQ

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Information about Ocean City Schools bond referendum FAQ
News & Politics

Published on February 5, 2014

Author: OceanCityGazette

Source: slideshare.net

Description

Ocean City Schools bond referendum FAQ

OCEAN CITY SCHOOL DISTRICT CAPITAL IMPROVEMENT PROJECT 2015 PROJECT Q: What is Capital Improvement Project (CIP 2015)? A. The Ocean City School District’s CIP 2015 is the proposed renovation to the Primary School. This renovation includes: • Replacing the following: the roof, an emergency generator, the hot water heater, selected deteriorated steel window lintels, boilers, lighting in classroom and multi-purpose rooms, the ceiling system, deteriorated exterior doors and frames, the fire alarm system, classroom corridor doors(as well as installing security-type door hardware) • Upgrading the heating and ventilation system, • Installing air conditioning and new windows • Removing asbestos caulking in windows, exterior building-mounted lighting Q: Why does this CIP need to be done at this time? A. When planning and opportunity come together, it is time to act. With interest rates at historic lows, now is the perfect time to issue bonds. The School Board has diligently managed its finances over the last several years; with its reserves and the availability of a Department of Education facility grant, now is the time to act. This project will allow us to provide a safer and healthier learning environment for our children and this, above all, is why we are considering this project. Q: When is the CIP for the Primary School being scheduled? A. The bulk of the work for the Primary School project is being scheduled for the summer of 2015. The preliminary work will begin after school hours in May and June. The substantial completion of the project will be scheduled before the start of school in September, 2015.

FUNDING Q. How will this CIP be financed? A. Funding for the Primary School Project will come from several sources as listed below: • • • State Grant District Capital Reserve School Bond Referendum - $2,399,279.00 $1,756,667.53 $2,497,421.47 $6,653,368.00 Q. What is a bond referendum? A. The sale of bonds would provide over one-third of the funds needed to renovate and upgrade the Primary School. If approved by voters on March 11, 2014, the Ocean City School District would issue bonds and provide funds totaling $2,497,421.47 for the Primary School project. The $6,653,368.00 total is made up of $2,399,279.00 from the New Jersey Department of Education ROD grant, $1,756,667.53 from the School District’s capital reserve account, and $2,497,421.47 of new funds financed by general obligation bonds. Bonds are like home mortgages; they allow capital investments to be made as they are needed with repayment at a low interest rate over a period of years. Q: Why use bonds? A. General obligation bonds allow the Ocean City School District to borrow money and repay it – with low interest – over a long period of time, typically 10-15 years. This is similar to someone taking out a mortgage to buy a house. Q: What is the tax implication of the bond? A. Based on the School District’s current debt and capital assumptions, a property tax increase of .0028 cents is required for the debt and capital cost for this project. Based on an average assessed home value of approximately $500,000.00, it would cost a homeowner in Ocean City an increase in property taxes of approximately $15.39 per year for a bond issue period of 10 years. Q: What happens if the bond doesn’t pass? A. If the referendum doesn't pass, the Ocean City School District has an 18-month window of time in which to secure local funding for the project. The only other dates for a bond referendum are: September 2014, December 2014, January 2015 and March 2015.

VOTING INFORMATION By casting your ballots on Tuesday, March 11, 2014, the Ocean City voters will decide whether the Ocean City School District may use $2,497,421.47 in bond funding to pay for the renovation and upgrade to the Primary School to continue to ensure a safer and healthier school for students. Q. What is the ballot question? A. The Board of Education of the City of Ocean City in the County of Cape May, New Jersey is authorized (a) to undertake various improvements and renovations to the Ocean City Primary School, including the acquisition and installation of equipment and any necessary site work; (b) to appropriate $5,998,198 for such improvements funded, in part, by grants from the State of New Jersey in the amount of $2,399,279 and by funds allocated from the Board of Education’s capital reserve account in the amount of $1,101,497; (c) to issue bonds of the School District in the principal amount of $2,497,422; and (d) to transfer local share funds between the school facilities projects. The final eligible costs for the proposed improvements approved by the New Jersey Commissioner of Education are $5,885,198. The proposed improvements do not include school facility construction elements in addition to the facilities efficiency standards developed by the Commissioner of Education or not otherwise eligible for State support pursuant to N.J.S.A. 18A:7G-5(g). Q. What are the polling hours on March 11, 2104? A. The polling hours are from 3pm to 9pm. Q. Where are the polling places? A. For a listing of polling places for the March 11, 2014 Special Election, please visit: http://www.capemaycountyvotes.com/wp-content/uploads/2013/04/Polling-Places-List.pdf Remember: Vote on March 11, 2014 on the Primary School Project referendum. A COMMUNITY MEETING WILL BE HELD ON WEDNESDAY, FEBRUARY 19, 2014 AT 5:30 PM IN THE HIGH SCHOOL COMMUNITY ROOM

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