We have recommended several renovations and improvements. Some are urgent due to current building conditions. Others will save the community money in the future.
In order to fund these renovations and repairs, it will be necessary to issue bonds. We must initially fund the entire cost of the project. However, the Roof and Wall Renovations are eligible for 30 percent State Aid. The Wood-Chip Boiler Project is eligible for 90 percent State Aid. Some funding will be short term loans to cover the cost until we receive state reimbursement (anticipated to be one year for roof; one to three years for the wood-chip system). Our share of the roof costs will be covered by a twenty-year bond. Because of the substantial state funding for the wood-chip system, we propose a five-year term bond for that portion.
The economics of each project are such that they will save us considerable money over the life of the projects. It is projected that even if no state aid were available, it would still be wise to pursue both of these projects. The roof project is critical to preserve the structural integrity and safety of our school building.
Here we present information explaining the needs we have identified and the solutions that we propose. We present several levels of detail.
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