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Our mission is to enhance the educational opportunities in the Upper Freehold Regional School District through the identification and development of community partnerships and private resources. These collaborations will inspire academic excellence and a positive learning environment that would be otherwise unavailable due to budget constraints.

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Thursday
Jul062017

2017 Referendum

DESCRIPTION OF PROJECT

The Board of Education of the Upper Freehold Regional School District, in Monmouth County, New Jersey, is seeking voter approval to undertake a school facilities project consisting of various roof replacements, solar electricity generation installations and a new generator installation at Newell Elementary School, and various roof replacements, solar electricity generation installations and auditorium renovations at Allentown High School.

TOTAL PROJECT COST

The total cost of the project is not exceeding $9,959,815.

 

AWARDED STATE AID FOR PROJECT

The State of New Jersey has formally awarded the School District 40% annual debt service aid on the project debt.  [Notwithstanding such formal 40% award, the State has for several years consistently funded such debt service aid at 85% of the formal award.  Thus, the Board is assuming it will actually receive 34% debt service aid from the State (40% times .85).]

The Board will receive such annual State debt service aid in the amount of 40% [34%] of the annual debt service (principal and interest) on the $9,959,815 school bonds that the Board will issue in late 2017 to fund the project cost.  Such State aid will reduce the taxpayers’ share of the annual project debt service to 60% [66%].

Such State debt service aid will only be available if the voters approve the project.

PROPOSAL

 The Board of Education of the Upper Freehold Regional School District in the County of Monmouth, New Jersey is authorized to undertake a school facilities project consisting of various roof replacements, solar electricity generation installations and a new generator installation at Newell Elementary School, and various roof replacements, solar electricity generation installations and auditorium renovations at Allentown High School.  The Board is authorized to expend on such project and issue bonds to fund such expenditure in an amount not to exceed $9,959,815.  The State has agreed to provide annual State debt service aid in the amount of 40% of the project “final eligible costs” of $9,959,815.

Click here to download the Referendum Presentation: 

2017 Referendum Presentation

 

FAQs Fact Sheet A Fact Sheet B

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