The Moorestown School District went out for bonds on Nov. 18 for the Building Excellence Referendum that passed in September in regard to school improvements.
Voters approved two referendum questions on Sept. 30 — one for a $37.6 million project that includes improvements to aging infrastructure at schools for exterior renovations, interior renovations, HVAC upgrades, electrical/security and technology upgrades, and one for $5.2 million that includes patching and paving of driveways and parking lots at the schools, cafeteria table replacements at George C. Baker School, carpeting and flooring replacements at UES, theater improvements and athletic fields improvements.
The state pledged $13.7 million to help fund the projects through the ROD grant program.
It was announced at the Moorestown Board of Education meeting that a bond sale was made earlier that day with a result of a 3.376 percent interest rate, less than the 5 percent that was originally projected.
“I’m very pleased with those rates. We wanted to go sooner rather than later. So we were very pleased with this rate,” said Lynn E. Shugars, business administrator and board secretary. “We haven’t calculated how this affects the individual homeowner yet, but the $37 or so we had anticipated costing the average homeowner would actually be less than that. So we are very pleased about that.”
Board President Don Mishler explained that before the school district went to bid, it still needed to get an architect and construction manager for the projects. The bidding process could take somewhere between 30 and 60 days.
“It is possible that some things would be able to be done this summer, but we haven’t identified what they are and if we are at this point doing anything,” Mishler said.
If the construction projects end up coming in under budget, the money left would be used to pre-pay the bonds. The district is only allowed to spend the money on things voters approved.
Mishler also brought up the Upper Elementary School roof that he said a lot of people have been asking questions about. The school roof is still under warranty, with five years left, and is planned to be replaced before it gets out of warranty. However, the board put it in the bond referendum thinking about timing, prices, low interest rates and state aid.
“It was a tough decision. The board debated it significantly,” Mishler said.
“It is something that must be planned and organized, as financially responsible as we can for the voters,” Mishler said.
In other news:
• According to the board, there has been some confusion in regard to the PARCC tests and opt outs. In New Jersey, there is no opting out for the PARCC test.
• The next BOE meeting will be Dec. 9 at 7:30 p.m. at the William W. Allen Middle School.
