FREEHOLD – The Freehold Borough K-8 School District Board of Education is taking action to sell $15.6 million in bonds as part of a project to construct new facilities.
On June 19, the board passed a resolution determining the form and other details of the $15.6 million bonds to allow for their sale.
As stated in the resolution, the bonds were made available through then New Jersey Commissioner of Education David Hespe authorizing a $33 million construction project that is intended to deal with student overcrowding in the district.
In order to alleviate the impact of his decision on borough taxpayers, Hespe awarded the school district a grant in the amount equal to all costs associated with the proposed new construction. The district was authorized to issue bonds for the local share of the costs for rehabilitating its buildings, according to the commissioner’s decision.
According to the resolution, the bonds will be issued from 2019 to 2037. The bonds will begin with a principal amount of $450,000, which will increase to $900,000 by 2026 and remain stable through 2037.
The bonds will be awarded on July 19, according to the resolution.
Student enrollment in the district has been steadily increasing. From 2007-16, enrollment increased from 1,363 to 1,710 pupils, according to district administrators, who said the schools are short 50 teachers.
During a meeting in April, district administrators said Freehold Borough’s two elementary schools and one intermediate school have classroom space for 1,148 pupils, but 1,713 children are enrolled. As of May 8, there were 1,722 pupils enrolled.
The construction project will increase classroom space to 1,589 students, which still leaves the schools with an overcapacity, but puts less of a strain on classrooms, according to district administrators.