JERSEY SHORE - The Jersey Shore Area School Board approved the issuance of a second bond to help fund its elementary school construction project Monday.
The board voted 9-0 to approve a second bond of $4,435,000 for its construction project on Jersey Shore Elementary School. The first bond was issued in 2012. The two bonds total $14,430,000.
Greg McLanahan, of Public Financial Management, said although there were not historical lows for interest rates they "have been very, very kind to us."
The bond will use a wraparound payment structure. McLanahan explained that would create smaller payments for the district until its current debt is paid off.
Adrienne Craig, business manager, said the real estate millage of 0.14 needed to fund the bonds already is in place.
In other business, the board also voted 8-1 to approve PlanCon part G of its construction project of the Jersey Shore Elementary School.
Board member Harry Brungard was the lone vote against the item, which showed the project's cost based on bids.
Brungard said he misunderstood the budget and had the understanding that the total cost would be closer to the construction cost before voting against the item.
Brian Haines, of Crabtree, Rohrbaugh and Associates, announced that, to date, the total project cost is $15,146,970. The board approved bids for construction costs at $12,581,898 with alternatives during its last meeting March 20.
Haines described part G as "a snapshot of time" for the project with actual costs. The document breaks down the costs based on contractors and work.
He added that it tells the state Department of Education "where we are overall" in the project.
With part F being finalized this week, Haines said the actual contracts then will be awarded. And after his firm sends out a notice to proceed, Haines said contractors have 502 days to complete the project.
When asked, Haines said the board could expect work to begin at the school in May.
Haines also answered a question of borough resident Burt Francis during courtesy of the floor. Francis asked why he had heard a building permit was ready to be issued when it couldn't be until contracts were awarded.
Haines explained that his firm had applied for the permit, but it would not be issued until the general contractor had supplied the proper paperwork and information. He said the project plans had just been reviewed.