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School Facilities Referendum
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Q.1
What is a referendum?
A.
A referendum is a public question placed on the ballot to be voted on by
the community.
Q.2
What is the purpose of this referendum?
A.
This referendum will give the Board of Education the authority to sell
bonds to fund various improvements to school facilities.
Q.3
When is the referendum?
A.
Tuesday, January 28, 2003 from 2:00 to 9:00 p.m.
Q.4
Why is the referendum being held now?
A.
There are three primary reasons to finance these capital improvements
now.
·
The district is making the
final payment on an existing bond in 2003 providing an opportunity to keep debt
service levels constant.
·
Interest rates are at
record lows in a strong New Jersey Bond Market.
·
The district is eligible
to obtain a refund offered by the State Department of Education under the
Educational Facility Construction and Financing Act.
Q.5
What is the total cost of the referendum?
A.
The referendum proposes $6.1 million in capital improvement projects.
($6,173,688)
Q.6
Why should we keep debt levels constant?
A.
The district has very little debt. Keeping
the debt levels provides equity among generations so that each generation
contributes to the construction and maintenance of school facilities.
Q.7
How much will the State contribute to these projects?
A.
The State has committed to provide up to $1.7 million or about 28% for
improvement projects listed in this referendum. ($1,710,062 or 27.7%)
Q.8
How will the referendum impact taxes?
A.
Passing this referendum will not increase taxes applied to debt service.
This is possible because the new bonds will replace existing bonds being
paid off.
Q.9
What improvements will be made with the passage of the referendum?
A.
The Board approved a final list of projects at its November 19 meeting.
It is available on the district website, by e-mail or by calling the
hotline.
Q.10
Is the Macopin Expansion included in the referendum?
A.
No. The Board decided that
based on projected enrollments an expansion project at Macopin is not needed at
this time.
Q.11
Why can’t these projects be funded in the annual budget?
A.
The budget funds the day-to-day operations of the district. This referendum is needed to fund major capital improvements
like roofs, windows, boilers, additions, etc. too large to be funded through the
day-to-day operation budget. Therefore,
bonds are used to pay for the improvements over a longer period of time.
Q.12
When are the public presentations planned?
A.
Presentations are scheduled in each school and with several community
organizations. Meeting dates, times
and locations will be available on the district website www.wmtps.org
or by calling the Board Office Hotline
at 973-697-6704.
Q.13
How can I find out more information about the referendum?
A.
Visit the district’s website at www.wmtps.org.
You can also call the referendum Hotline
at 973-697-6704 or send e-mail to referendum@wmtps.org.