1	NORTH BELLMORE UNION FREE SCHOOL DISTRICT PROPOSED BOND REFERENDUM October 7, 2008
2	North Bellmore School District BOND PROPOSITION SCHOOL IMPROVEMENT PROGRAM: $38,931,030
3	Why Do So Many Districts Choose to Issue Bonds? A bond allows a district to maximize the number of capital projects it can complete in a relatively short period of time. At the same time, it allows those capital projects to be completed while minimizing the cost to taxpayers.
4	Districts borrow via bonds… for the same reasons that homeowners take out second mortgages or home improvement loans: To maximize the projects they can complete in as short a period of time as possible while minimizing the yearly cost.
5	Bond Proposals Are A Complex Undertaking… Who Is Responsible For Putting North Bellmore’s Bond Proposal Together? Bond Counsel Financial Advisors Architect Construction Manager Facilities Committee Members District Administration Faculty and Staff Board Members
6	Guiding Principles
7	A bond allows a district to maximize the number of capital projects it can complete in a relatively short period of time. At the same time, it allows those capital projects to be completed while minimizing the cost to taxpayers. We will address the following Issues: 1. Maximize the Number of Projects: What kind of capital projects will the bond cover? 2. In A Short Period of Time: How long will it take to complete these projects? 3. Minimizing the Cost: How much will it cost me?
8	Let’s start with… What will it cost me?
9	What will it cost North Bellmore Residents Assessed Value Average Payment Per Year $ 400,000 $ 61.00 $ 500,000 $ 76.00 $ 600,000 $ 91.00 $ 700,000 $106.00 $ 800,000 $121.00 $ 900,000 $136.00 $1,000,000 $150.00 $1,100,000 $165.00 $1,200,000 $180.00
10	"TOTAL BOND = $38,931,030" TOTAL BOND = $38,931,030 TERM = 16 YEAR STRUCTURE TOTAL COST Including Principal and Interest $58,918,886
11	Is a Bond Like A Mortgage? YES…
12	and NO
13	SED BUILDING AID $26,105,522 +/- This is the approximate amount of the total loan that New York State will pay
14	North Bellmore Resident’s Share $32,813,364 Less than the total amount of the principal ($38, 921,030) we will be borrowing
15	Here’s How The Bond Works? 2-Year Borrowing Plan Bond Issue of $38,931,030 2009 - $20,000,000 School District (Serial Bond) 1^st payment would be due in 2010 2010 - $18,931,030 School District (Serial) Bond 1^st payment would be due in 2011 3 Year Phase-In Payments
16	Year One 2009 – 2010 Budget Year 1^st payment on 2009 Bond (interest only) = $954,128 Payment on existing debt = $430,388 This amount is already in the Budget ~ no increase necessary Total Debt Service Payment = $1,384,516 Amount To Be Added to Budget = $954,128
17	Year Two 2010 – 2011 Budget Year 2^nd payment on 2009 Bond (interest and principal) + 1^st payment on 2010 Bond (interest only) = $1,256,437 Final payment on existing debt $229,818 This amount is already in the Budget + The amount raised in 2009-2010 totaling $1,384,516 Total Debt Service Payment $1,486,255 Amount to Be Added to the Budget = $101,739
18	Year Three 2011 – 2012 Budget Year 3^rd payment on 2009 Bond (interest and principal) + 2nd payment on 2010 Bond (interest and principal) = $2,152,196 Existing debt = $0 Amount already included in the budget = $1,486,255 Total Debt Service Payment = $2,152,196 Amount to Be Added to the Budget = $665,941
19	Total Cost by Building Work Location: TOTAL – Martin Avenue School: $ 3,861,609 – John G. Dinkelmeyer School: $ 4,772,991 – Jacob Gunther School: $ 3,281,999 – Park Avenue School: $ 3,860,731 – Saw Mill Road School: $ 4,644,498 – Newbridge Road School: $ 18,509,202 BOND ISSUE TOTAL: $ 38,931,030 Totals include 18% for contingency & fees
20	Maximizing the Number of Capital Projects…
21	Boiler Replacement
22
23	Instructional Space Needs
24	Create Secure Vestibules within Existing Lobbies
25	Asbestos Floor Tile Replacement
26
27	Interior Door Replacement
28	Playground Asphalt Replacement
29
30	Ceiling Tile Replacement
31	Completing Projects in as Short a Period of Time as Possible… How Long Will it Take to Complete the Projects? Work will begin in the summer of 2009 and should be completed by December, 2011
32	IMPORTANT DATES: SEPTEMBER PTA DATES September 22, 2008 Dinkelmeyer School – 6:30pm Gunther School – 8:00pm September 23, 2008 Martin Avenue School – 6:30pm Newbridge Road School – 8:00pm September 24, 2008 Park Avenue School – 6:30pm Saw Mill Road School – 8:00pm
33	IMPORTANT DATES: BOND FAIR OCTOBER 2 – SAW MILL – 7:30PM
34	The Most IMPORTANT DATE BOND VOTE OCTOBER 7, 2008 NEWBRIDGE ROAD SCHOOL VOTING 1:00PM – 10:00PM
35	"Watch the website for information..." Watch the website for information and updates! www.northbellmoreschools.org