$18.9 mil Ref Riverdale NJ School Facilities Tour Q&A #2 2/23/23 Part 2

UPDATE: MY APOLOGIES FOR TECHNICAL DIFFICULTIES. THERE IS NO SOUND ON THIS PRESENTATION. YOU CAN TRY TO VIEW THE OTHER VIDEOS FROM THE RPSNJ.ORG WEBSITE, UNDER REFERENDUM AND YOU CAN ALSO EMAIL THE SUPERINTENDENT AND ASK WHEN LAST NIGHT'S VIDEO WILL BE MADE AVAILABLE ON THEIR WEBSITE.Show more

My takeaways from this meeting-
1) The interest rate changed from 4.5% to 4.25% saving approx $1mil in interest. Will the tax payment calculation be adjusted to reflect this?
2) The School's large fund balance was a factor in how the aid from the state was determined. Fund Balance was approx $4.5 mil at 6/30/22.
3) I believe it was said that Capital reserve will not be used until all funds from the Referendum have been utilized.
4) One question I forgot to ask - Since we are getting re-assessed by the town annually does the tax payment change annually?

Next Bd Meeting 2/16 6:30 pm

$18.9 mil Referendum Riverdale NJ School Facilities Q&A/Tour #2 2/23/23
Part 1 https://rumble.com/v2apm46-18.9-mil-referendum-riverdale-nj-school-facilities-tour-q-and-a-2-22323.html
Part 2 https://rumble.com/v2appma-18.9-mil-ref-riverdale-nj-school-facilities-tour-q-and-a-2-22323-part-2.html

ALL Riverdale Residents, mark your calendar to VOTE on the referendum, March 14, 2023 6:00 a.m. until 8:00 p.m. Sample Ballots will be mailed out on 3/8. If you'd like to receive an ABSENTEE BALLOT and you are not currently registered to vote by mail, you must file an APPLICATION. The DEADLINE for the county to HAVE the application is 3/7. You can find the application here.
https://nj.gov/state/elections/assets/pdf/forms-vote-by-mail/vote-by-mail-english-morris.pdf

$18.9 mil Ref Riverdale NJ School Facilities Q&A/Tour #1 2/11/23
https://rumble.com/v297k3o-18.9-mil-referendum-riverdale-nj-school-facilities-tour-q-and-a-21123.html

BOND PROPOSAL QUESTION (Agenda 1/19/23)
The Board of Education of the Borough of Riverdale in the County of Morris, New Jersey is authorized (a) to undertake various improvements, alterations, renovations, repairs and upgrades, and to construct additions at Riverdale Public School, including acquisition and installation of fixtures, furniture, equipment, field upgrades and any site work; and (b) to appropriate $18,921,796, and to issue bonds in an amount not to exceed $18,921,796.

The (FEC) final eligible costs for the projects approved by the New Jersey Commissioner of Education are $12,095,137. The project includes $1,862,267 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.
Do you approve this Bond Proposal Question?

E. Authorization of Submission of Bond Proposal Question
BE IT RESOLVED BY The Board of Education of the Borough of Riverdale in the County of Morris,
New Jersey (the “Board”) (not less than a majority of the full membership of the Board concurring) as
follows:
1. The following bond proposal (the "Proposal"), shall be submitted to the legal voters of the School District at a special School District election (the "Election") to be held on Tuesday, March 14, 2023 commencing at 6:00 a.m. for the purposes hereinafter provided. The polls shall remain open until 8:00p.m. and as much longer as may be necessary to permit all the legal voters then present to vote and cast their ballot. The form of the Proposal will read substantially as follows except as otherwise may be setforth herein:

2. The Board hereby approves and adopts the Proposal set forth above and, subject to the approval of the legal voters of the School District, hereby determines to carry out the same as described therein (the “Project”). The Board authorizes the Business Administrator/Board Secretary, consistent with any advice received from bond counsel, to revise the proposal, if necessary, prior to the Election to conform to any
applicable legal requirements.
3. The Board hereby acknowledges and confirms that, in accordance with the requirements of N.J.S.A.18A:24-16 and N.J.S.A. 18A:24-17, a Supplemental Debt Statement has been prepared as of the date of this resolution by the Chief Financial Officer of the Borough of Riverdale, giving effect to the proposed total authorization of School Bonds of the School District in the maximum amount provided for in the
Proposal, and that such Supplemental Debt Statement has been filed in the office of the Borough Clerk, in the office of the Business Administrator/Board Secretary prior to the adoption of this resolution, and will be filed in the office of the Director of the Division of Local Government Services, State of New Jersey, Department of Community Affairs prior to the date of the Election.
4. The Business Administrator/Board Secretary is hereby authorized and directed, in conjunction with Bond Counsel, to deliver a certified copy of this resolution and such other information as shall be necessary to the County Clerk as required by N.J.S.A. 19:60-2, to request the County Clerk to submit the Proposal to the voters at the Election and to seek the assistance of the county officials and the municipal
clerk in conducting the Election.

5. The Board hereby: (i) accepts the determination of Preliminary Eligible Costs as set forth in the letter from the New Jersey Department of Education and not to appeal such determinations made therein; (ii)determines to construct the Project itself; (iii) agrees to locally fund any excess costs (approx $4.9mil,) if any; and (iv)
delegates the supervision of the Project to the Business Administrator/Board Secretary.

6. Solutions Architecture, the School District’s appointed architect for the Project (the “Project Architect”), has heretofore been authorized and delegated the responsibility to prepare the plans and specifications for the Project in consultation with and under the supervision of the Business Administrator/Board Secretary, who has been delegated the responsibility to work with the Project Architect for this purposes on behalf of the Board, in accordance with the requirements of N.J.S.A.
18A:18A-16, and such authorizations and delegations are hereof reconfirmed.
7. The School Administration and such other officers, professionals and agents of the Board as are necessary, including Wilentz, Goldman & Spitzer, P.A., Bond Counsel, and the Project Architect, are each hereby authorized and directed to perform such acts, execute such documents and do such things as are necessary and proper for the submission of the Proposal to the voters of the School District at the
Election.
8. This Board hereby makes the following covenants and declarations with respect to obligations determined to be issued by the Business Administrator/Board Secretary through a public offering of private placement or through a conduit borrower on a tax exempt basis. The Board hereby covenants that it will comply with any conditions subsequent imposed by the Internal Revenue Code of 1986, as amended (the “Code”), in order to preserve the exemption from taxation of interest on its bonds or notes if issued as tax exempt, including, if necessary, the requirement to rebate all net investment earnings on the gross proceeds above the yield on its bonds or notes. The Business Administrator/Board Secretary is hereby authorized to act on behalf of the Board to deem the obligations authorized herein as bank qualified for the purposes of Section 265 of the Code, when appropriate. The Board hereby declares its intent to issue bonds or notes in the amount set forth in the Proposal approved by the voters as set forth in Section 1 and to use the proceeds to pay or to reimburse expenditures for the costs of the Projects authorized herein. This resolution is a declaration of intent within the meaning and for the purposes of Treasury Regulations 1.150-2 or any successor provisions of federal income tax law,

9. This resolution shall take effect immediately.

(https://cdn5ss20.sharpschool.com/UserFiles/Servers/Server_441589/File/Administration/BOE/Agendas/2022%20Board%20of%20Education%20Meeting%20Agendas/_1-19-23%20Agenda%20%20.docx.pdf)

I am speaking in my capacity as a private citizen, and not in my capacity as a board member. These statements are also not representative of the board or its individual members.

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