New Providence borough: Question 1 - Bond Proposal

The Board of Education of the Borough of New Providence in the County of Union, New Jersey (the "Board") is authorized to (a) undertake renovations, alterations, upgrades and improvements to the Salt Brook Elementary School, the Allen W. Roberts Elementary School, and the New Providence Middle School/High School including, for all the foregoing, acquisition and installation of fixtures, furniture, equipment and site work (the "Projects"); (b) to appropriate $22,191,122.00 for such purposes; and (c) to issue bonds of the School District in the principal amount not to exceed $22,191,122.00. The final eligible costs of the Projects approved by the New Jersey Commissioner of Education are $20,106,122.00, consisting of $4,658,311.00 allocated to the Salt Brook Elementary School, $6,373,005.00 allocated to the Allen W. Roberts Elementary School, $1,429,875.00 allocated to the New Providence Middle School, and $7,644,931.00 allocated to the New Providence High School. The proposed improvements include $2,085,000.00 for school 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), consisting of $600,000.00 allocated to the Salt Brook Elementary School, $630,000.00 allocated to the Allen W. Roberts Elementary School, $210,000.00 to the New Providence Middle School and $645,000.00 allocated to the New Providence High School. The State debt service aid percentage will equal 40% of the annual debt service due with respect to the final eligible costs of the Projects. The Board is authorized to transfer funds among the Projects approved at this election. By resolution the Board may appropriate interest earnings, capital reserve or general fund surplus if needed for the projects. Do you approve this bond proposal question?