Metuchen borough: Question 3 - High School Gym Addition Bond Proposal

The Board of Education of the Borough of Metuchen in the County of Middlesex, New Jersey is authorized: (a) to provide for an additional gym and related facilities at Metuchen High School, including field and athletic facilities improvements, fixtures, furnishings, equipment, site work and related work; (b) to appropriate $12,754,038 for such purposes and (c) to issue bonds of the school district in the principal amount of $12,754,038. The final eligible costs of the project approved by the Commissioner of Education are $1,008,403. The cost of the project includes $2,851,706 for 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). The State debt service aid percentage will equal 40% of the annual debt service due with respect to the final eligible costs of the project. The Board of Education is authorized to transfer funds among the facilities projects approved at this election. This Bond Proposal in Question No. 3 will take effect only if it is approved by voters and the Bond Proposal in Question No. 1 and the Additional Spending Proposal in Question No. 2 are also approved by the voters at this Annual Election. Do you approve this bond proposal?