HASTINGS-ON-HUDSON PROPOSED BOND PROJECTS March 2014 AGENDA - PowerPoint PPT Presentation

HASTINGS-ON-HUDSON PROPOSED BOND PROJECTS March 2014

AGENDA � Overview of meeting � Review of proposals � Explanation of costs � Questions

RESOLVED: PROPOSITION 1 (a) That the Board of Education of the Hastings-on- Hudson Union Free School District, Westchester County, New York (the “District”), is hereby authorized to construct improvements and alterations to all District school buildings and/or the sites thereof (the “Project”); and to expend $8,081,147 therefor; (b) that a tax in the aggregate amount of not to exceed $7,581,147 is hereby authorized to pay a portion of the cost of the Project, such tax to be levied and collected in installments in such years and in such amounts as shall be determined by said Board of Education and, that in anticipation of such tax, bonds of the District are hereby authorized to be issued in the aggregate principal amount of not to exceed $7,581,147 and a tax is hereby voted to pay the interest on said bonds as the same shall become due and payable; and (c) that the $500,000 balance of the Project cost shall be provided from moneys available in the District’s “Capital Reserve Fund for Facility Improvements”, heretofore established following approval by the voters on May 17, 2011; and such expenditure is hereby authorized and approved.

PROPOSAL 1 HILLSIDE ELEMENTARY SCHOOL $1,883,105 • Roof Replacement • New flooring; All Purpose Room, Lower Level PROPOSAL 1 • Exterior masonry repointing/repairs/caulking • Univent replacement (air quality improvement) • Electric service upgrade WHAT’S INCLUDED BUILDING WORK FARRAGUT MIDDLE SCHOOL/ $2,170,103 HASTINGS HIGH SCHOOL • Auditorium; seats, flooring, sound & light systems, stage resurfacing, curtains, rigging, sound booth • Roof replacement on gym and MS Auditorium • Exterior masonry repointing/repairs/caulking • Classroom and fire door replacements • Interior wall and ceiling plaster repair • Boiler burner replacement • Electric service upgrade

HILLSIDE $1,883,105 - ROOF REPLACEMENT - NEW FLOORING - EXTERIOR MASONRY - UNIVENT REPLACEMENT - ELECTRIC SERVICE UPGRADE

FARRAGUT COMPLEX $2,170,103 - AUDITORIUM - ROOF REPLACEMENT - EXTERIOR MASONRY - CLASSROOM/FIRE - DOORS - INTERIOR WALLS - BOILER REPLACEMENT - ELECTRIC SERVICE

Reynolds Field PROPOSAL 1 � New sod football field and drainage $2,721,629 � New 400 meter track (4-400 meter lanes, 2 inner lanes) WHAT’S INCLUDED � Bleacher replacement. Concrete with FIELDS WORK wood seats, built into hillside � Chauncey Lane sidewalk – South Dr. to Croton Ave. � Resurfaced tennis courts � 4 – 15’ high security lights � Officials booth for AV equipment & storage

REYNOLDS FIELD

Burke Field PROPOSAL 1 � Enlargement of existing field to two $1,306,310 full size fields � New practice field WHAT’S INCLUDED � Expansion of right field baseball line to FIELDS WORK regulation length � Repair walkway to Broadway � New restroom facility

Burke Field Proposal 1

PROPOSITION 2 RESOLVED: (a) THAT IN THE EVENT BOND PROPOSITION NO. 1 IS APPROVED , the Board of Education of the Hastings-on-Hudson Union Free School District, Westchester County, New York (the “District”), is hereby further authorized to enhance certain of the athletic field improvements authorized pursuant to Bond Proposition No. 1 by re-grading and tiering the playing fields at the Burke Estate, in said District, and to expend $569,554 therefor; and (b) that a tax in the aggregate amount of not to exceed $569,554 is hereby authorized to pay such cost, such tax to be levied and collected in installments in such years and in such amounts as shall be determined by said Board of Education and, that in anticipation of such tax, bonds of the District are hereby authorized to be issued in the aggregate principal amount of not to exceed $569,554 and a tax is hereby voted to pay the interest on said bonds as the same shall become due and payable.

Burke Field 2 PROPOSAL 2 � Tiered placement of new practice field $569,554 � Tiered placement of full size field � One field remains in location of WHAT’S INCLUDED current Upper Burke field FIELDS WORK � All fields orient North/South

Burke Field Proposal 2

COSTS DECLINING DEBT LEVEL T wo Outstanding Bonds Will Mature 1995: $3.972 Million with Last Payment in 2014 Current Annual Net Debt Service of $226,000 2003: $9.925 Million with Last Payment in 2017 Current Annual Net Debt Service of $543,456 T otal Annual Net Debt Service $769,456

Costs – Proposal 1 Proposal 1 Total - $8,081,147 Funded from capital reserve fund - $ 500,000 Total Funded by Bond - $7,581,147 Current Bond Payment on average house is $270/year If Proposal 1 is approved the debt drops to approx. $155/year beginning in 2017

Current Debt vs. Estimated New Debt Cost per Average Assessed Home $300 $250 $200 $150 Current Debt Est. New Debt $100 $50 $0 Based on a $7.5 Million Bond

Costs – Proposal 2 If Proposal 2 is approved: Total additional $569,554 With Proposal 2 Total Bond - $8,650,701 Funded from capital reserve fund - $ 500,000 Total Funded by Bond - $8,150,701 Adds an additional $10/year average house

QUESTIONS? � Bond Vote March 26 Polls open 7:00 AM – 9:00 PM � Upcoming Meetings: � March 19 Community Center 7:00 PM � March 22 Walk Thru, meet at Burke Field 10:00 AM