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Park Ridge Board of Education - HVAC Referendum

UPDATE: Referendum Results

Question #1 (Heating System) – Passed 757-84

Question #2 (A-wing AC) – Passed 737-87

Thank you, Park Ridge!

 

Park Ridge Board of Education

HVAC Referendum

March 13, 2018

1:00 - 8:00 PM

 

Save the date! The Park Ridge Board of Education will hold a Referendum information meeting for the school community on Wednesday, February 28, 2018 at 7:00PM in the HS Little Theater.

 

Click Here for HVAC Referendum Information and FAQ

 

Click Here for HVAC Referendum Flyer 

PROPOSALS

 

PROPOSAL #1

 

The Board of Education of the Borough of Park Ridge in the County of Bergen, New Jersey is authorized to undertake a school facilities project consisting of the conversion of steam heat to hot water heat in the older portion of the High School. The Board is authorized to expend up to $2,800,000 on such project and issue bonds for such project in an amount not to exceed $2,800,000. The State has agreed to provide debt service aid in the amount of 40% of the “final eligible costs” of the school facilities project. All of the costs of the project are “final eligible costs.”

 

PROPOSAL #2

 

IF AND ONLY IF PROPOSAL #1 IS APPROVED, the Board of Education of the Borough of Park Ridge in the County of Bergen, New Jersey is authorized to undertake a school facilities project consisting of the replacement of unit ventilators and the installation of air conditioning in A-Wing of the High School. The Board is authorized to expend up to $798,466 on such project and issue bonds for such project in an amount not to exceed $798,466. The State has agreed to provide debt service aid in the amount of 40% of the “final eligible costs” of the school facilities project. All of the costs of the project are “final eligible costs.”

 

 

EXPLANATORY STATEMENTS

 

 

PROPOSAL #1

The Board is seeking to undertake the conversion of steam heat to hot water heat in the older portion of the High School at a cost not to exceed $2,800,000 which will be funded through the issuance of a short term bond/note.

 

PROPOSAL #2

The Board is seeking to undertake the replacement of unit ventilators and the installation of air conditioning in the A-Wing of the High School at a cost not to exceed $798,466 which will be funded through the issuance of a short term bond/note.

 

STATE FUNDING FOR PROPOSAL #1 AND PROPOSAL #2

The Board will receive State aid for each of the projects in Proposal #1 and Proposal #2 in the form of debt service aid anticipated to be in the amount of 34%-40% of total project costs. This State aid reduces the taxpayers’ share of each of the projects to between 60% and 66% of the total project cost.  Such State funding will only be available if the respective proposals pass. The Board expects to fund its local share of debt service with monies that will be available in the Capital Reserve Fund so it is anticipated that no new tax dollars will be raised to pay for the projects.