PROPOSAL 1 

The Board of Education of the Township of Verona in the County of Essex, New Jersey is authorized: (a) to undertake renovations, alterations and improvements at Verona High School, H.B. Whitehorne Middle School, Forest Avenue Elementary School, F.N. Brown Elementary School, Brookdale Avenue Elementary School and Laning Avenue Elementary School, including fixtures, furnishings, equipment, site work and related work; (b) to appropriate $22,273,701 for such purposes; and (c) to issue bonds of the school district for such purposes in the principal amount of $22,273,701. 

The final eligible costs of the projects approved by the Commissioner of Education are $22,273,701 (with $8,436,060 allocated to Verona High School, $6,327,347 allocated to H.B. Whitehorne Middle School, $1,530,503 allocated to Forest Avenue Elementary School, $2,620,797 allocated to F.N. Brown Elementary School, $1,334,553 allocated to Brookdale Avenue Elementary School and $2,024,4412 allocated to Laning Avenue Elementary School).  The proposed improvements include $0 for school facility construction elements in addition to the facilities efficiency standards developed by the Commissioner of Education or not otherwise eligible for State support pursuant to N.J.S.A. 18A:7G-5(g).  The State debt service aid percentage will equal 40% of the annual debt service due with respect to the final eligible costs of the projects. The Board of Education is authorized to transfer funds among the projects approved at this special election.   

PROPOSAL 2

This Proposal No. 2 will only go into effect if Proposal No. 1 is also approved by the voters at this election.  The Board of Education of the Township of Verona in the County of Essex, New Jersey is authorized: (a) to undertake additional renovations, alterations and improvements to provide air conditioning upgrades at Verona High School, H.B. Whitehorne Middle School, Forest Avenue Elementary School, F.N. Brown Elementary School, Brookdale Avenue Elementary School and Laning Avenue Elementary School, including acquisition and installation of HVAC equipment, fixtures, furnishings, site work and related work; (b) to appropriate $5,497,802 for such purposes; and (c) to issue bonds of the school district for such purposes in the principal amount of $5,497,802.

The final eligible costs of the projects approved by the Commissioner of Education are $5,497,802 (with $1,827,364 allocated to Verona High School, $1,244,860 allocated to H.B. Whitehorne Middle School, $518,364 allocated to Forest Avenue Elementary School, $871,794 allocated to F.N. Brown Elementary School, $397,936 allocated to Brookdale Avenue Elementary School and $637,484 allocated to Laning Avenue Elementary School).  The proposed improvements include $0 for school facility construction elements in addition to the facilities efficiency standards developed by the Commissioner of Education or not otherwise eligible for State support pursuant to N.J.S.A. 18A:7G-5(g).  The State debt service aid percentage will equal 40% of the annual debt service due with respect to the final eligible costs of the projects. The Board of Education is authorized to transfer funds among the projects approved at this special election.

Explanatory Statement

If both bond proposals are approved by the voters at this election, the Board of Education will be authorized to undertake school district improvements for a total cost of $27,771,503 and to issue bonds in the total principal amount of $27,771,503 to fund the projects. The total final eligible costs of the projects approved by the Commissioner of Education are $27,771,503 allocated as set forth in the bond proposals. The proposed improvements include $0 for school construction elements in addition to the facilities efficiency standards developed by the Commissioner of Education or not otherwise eligible for State support pursuant to N.J.S.A. 18A:7G-5(g).  The State debt service aid percentage will equal 40% of the annual debt service due with respect to the final eligible costs of the projects.