Haddonfield school district to hold public hearing on $1.7 million capital lease

Money will go toward unforeseen costs related to the district’s ongoing referendum project, officials say

The Haddonfield Public School District recently placed an advertisement for a capital lease for $1.7 million to support the ongoing referendum project, according to a post on the district’s website.

“The additional monies are needed to cover costs for unforeseen but anticipated conditions during construction,” the district said in a statement. “While the low bid for the project was within the overall project construction estimate, it did not allow the full construction contingency recommended by our project consultants.”

“Therefore, additional contingency funds to ensure the proper completion of the project were provided in the operating budget. However, in accordance with state law, the district is required to borrow the needed funds, although the loan can quickly be paid back.”

A state-required public hearing on the matter will be held at 7 p.m. Thursday, Sept. 13, in the library at Haddonfield Memorial High School.