VOTERS APPROVE $81 MILLION IN SCHOOL CONSTRUCTION PROJECTS

TRENTON, April 19, 2002—Voters in nine New Jersey school districts approved construction proposals totaling more than $81 million during Tuesday’s Annual School Election, the New Jersey School Boards Association reported today. Twelve school districts had placed construction proposals on Tuesday’s ballot, in addition to their proposed operating budgets.

More than $23.5 million of the nine approved construction projects will be funded through grants under the state’s Educational Facilities Construction and Financing Act.  The act, signed in July 2000, provides at least 40% of state-determined “eligible costs” for local school district projects.

Statewide, the approved construction financing on Tuesday’s ballot was divided between state and local sources as follows:

A state law, effective in the fall of 2001, limits school bond elections to five dates each year: the fourth Tuesday in January; the second Tuesday in March; the last Tuesday in September; the second Tuesday in December; and the Annual School Election, which takes place on the third Tuesday in April.

Visit www.njsba.org/PI for additional information on the Annual School Election, as well as a statewide summary of bond election results from 1997 through 2001.

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Bond Referenda: April 16, 2002 Annual School Election

BERGEN COUNTY

Carlstadt – Passed

Proposal: Constriction of a new elementary school; renovations to one school; demolition of an existing school building;

Amount: $15,931,300 – total cost

$3,481,632 – state grant

$12,449,668 – locally financed bonds

Franklin Lakes – Passed

Proposal: Acquire an elementary school, with additions and renovations to the newly acquired school and three other schools.

Amount: $16,502,000 – total cost

$3,570,400 – state grant

$12,029,600 – locally financed bonds

$902,000 – capital reserve

Paramus -- Passed

Proposal: Renovations to various schools and athletic fields.

Amount: $2,022,211 – total cost

$695,165 – state grant

$1,327,046 – locally financed bonds

MIDDLESEX COUNTY

Edison – Passed

Proposal: Additions and renovations to accommodate full-day kindergarten and to replace trailers.

Amount: $12,188,000 - total cost

$3,890,028 – state grant

$8,297,972 - locally financed bonds

MONMOUTH COUNTY

Atlantic Highlands – Failed

Proposal: Acquisition of land for school expansion and/or playground.

Amount: $375,000 – total cost

$375,000 – locally financed bonds

Howell – Passed

Proposal: No-interest loan through the New Jersey Economic Development Authority for underground storage tank removal.

Amount: $60,660 – total cost

$60,660 – locally financed bonds (via no-interest loan)

Red Bank Regional (Little Silver, Shrewsbury, Red Bank) – Passed

Proposal: Renovations to high school.

Amount: $15,091,810 – total cost

$6,036,724 – state grant

$8,500,000 – locally financed bonds

$555,086 – general fund surplus

OCEAN COUNTY

Island Heights – Failed

Proposal: Addition and renovations to the elementary school.

Amount:  $1,400,000 – total cost

$306,493 – state grant

$1,093,507 – locally financed bonds

UNION COUNTY

Cranford – Passed

Proposal: Construction of a four-classroom addition; renovations to various school facilities.

Amount: $6,271,785 – total cost

$2,099,527 – state grant

$4,172,258 – locally financed bonds

Garwood – Passed

Proposal: Additions to one school; renovations to two schools; demolish one existing school building.

Amount:  $12,300,000 – total cost

$3,460,235 – state grant

$8,839,765 – locally financed bonds

Roselle – Failed

Proposal: Construction of a new elementary school.

Amount: 13,990,000 – total cost

$5,758,995 – state grant

$8,231,005 – locally financed bonds

WARREN COUNTY

White Township – Passed

Proposal: Heating, ventilation and air conditioning conversion.

Amount: $688,000 – total cost

$275,200 – state grant

$412,800 – locally financed bonds

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