EAST BRUNSWICK – The East Brunswick Township Council has adopted a $14.6 million bond ordinance to provide funding for capital improvements and equipment for the East Brunswick Public Schools.
Council members voted unanimously to adopt the ordinance on July 8.
The ordinance states that $13.87 million in bonds will be issued to help pay for the project, leaving a balance of $730,000.
When asked if the township would make the $730,000 down payment, Business Administrator Joseph Criscuolo answered that the question should be put to a representative of the school district.
The school district’s business administrator could not immediately be reached for comment on July 19 to discuss the $730,000 that will not be covered by bonds.
Criscuolo said the bond ordinance is in accordance with a shared services agreement with the Board of Education.
“We have entered into a shared services agreement with the board and we have tried to look at things that are best for the taxpayers of the township,” he said. “That agreement has allowed us to bond money for the school system to make purchases at a much lower rate than they could probably finance on their own, without them having to do all the legwork.”
Criscuolo said the township will borrow money for the school district so capital improvements and/or capital purchases can be made.
The capital improvements to be covered by the bond ordinance include heating, ventilation, air conditioning, roof replacement and electrical upgrades at Churchill Junior High School; upgrades to the stadium lights at East Brunswick High School; security system improvements; the purchase of trucks for varying purposes, with snow plows; and purchasing an agricultural tractor, snow and ice application equipment and a portable water system, according to the council agenda.
The school board is seeking to purchase five school buses, musical instruments, desks, chairs, cabinets and sports equipment, according to the council agenda.
“What the township has done in the true spirit of cooperation is to work with the board. We have an excellent bond rating, we have low interest rates, and keep in mind that the revenue we collect that goes to the board will just come back to us to pay for the note,” Criscuolo said. “We are making the loan on their behalf and they will pay back the loan, including all the carrying costs and so on.”
For more information, visit www.eastbrunswick.org/content/885/101/default.aspx.
Contact Vashti Harris at [email protected].