RESOLUTION REGARDING $89 MILLION BOND ISSUE

If voters approve the $89 million building referendum, annual operating savings and cost avoidance is estimated at $1.5 to $2 million.  The Board of Education approved a resolution of intent to use the operational savings and proceeds to help pay for future maintenance and Life Safety work for buildings being retained by the District.  To the extent possible, this would alleviate the need for the issuance of additional Life Safety bonds until the $89 million bonds for the new construction project are retired. 

The resolution states that following the completion of the $89 million project, Adams, Berrian, Dewey, Ellington, Irving, Madison, and Washington Schools will be available for sale.  The proceeds of the sale of district properties and Life Safety cost saving resulting from the new construction project would be made available to maintain all district properties, specifically those that are not part of the new construction.  The resolution includes that the current Board will take reasonable steps to suggest that future Boards, through the use of the savings generated by the $89 million project, defer issuance of future Life Safety bonds until the $89 million bond issue is fully retired.

 

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