What is the total dollar amount we will vote on, and how will my property taxes be affected if the referendum passes?
The bond referendum will be presented in two questions, or bond proposals. Proposal I is specific to the proposed additions and renovations to Pennsville Memorial High School. Proposal II addresses educational adequacy and health/life safety renovations at Pennsville Middle School and the elementary schools. Proposal I must be approved in order for Proposal II to be approved. The State of New Jersey has committed to pay 34.60% of the debt service costs toward the issuance of $41.5 million of bonds to finance the cost of the improvements for both proposals. Pennsville residents would be required to finance the balance of these costs, or 65.40% of the debt service costs. Currently, the board of education is anticipating issuing the bonds for a 25-year term at an annual interest rate of 4.85%. Should both proposals pass, the anticipated tax impact is $0.23 per $100 of assessed property value. The district has prepared estimates based on the commitment letter received from the state. The c
