BE IT RESOLVED BY THE BOARD OF EDUCATION OF THE TOWNSHIP OF BRICK IN THE COUNTY OF OCEAN, NEW JERSEY (with not less than a majority of the full membership of the Board concurring) AS FOLLOWS:
1. It is hereby determined that a proposal shall be submitted for voter approval at the annual school district election to be held on November 6, 2018 between the hours of 6:00 a.m. and 8:00 p.m. as permitted and required by law. The form of the proposal shall read substantially as follows with such adjustments as may be provided by bond counsel:
PROPOSAL
The Board of Education of the Township of Brick in the County of Ocean, New Jersey is authorized: (a) to undertake security upgrades, renovations, alterations and improvements at Brick Township High School, Brick Memorial High School, Lake Riviera Middle School, Veterans Memorial Middle School, Drum Point Elementary School, Emma Havens Young Elementary School, Herbertsville Elementary School, Lanes Mill Elementary School, Midstreams Elementary School, Osbornville Elementary School, Veterans Memorial Elementary School and Warren H. Wolf Elementary School including all fixtures, furnishings, equipment, site work and related work; (b) to appropriate $12,580,000 for such purposes; and (c) to issue bonds of the school district in the principal amount of $12,580,000.
The final eligible costs of the projects approved by the Commissioner of Education are $12,580,000 (with $1,182,000 allocated to Brick Township High School, $1,162,000 allocated to Brick Memorial High School, $1,092,000 allocated to Lake Riviera Middle School, $2,230,000 allocated to Veterans Memorial Middle School, $1,512,000 allocated to Drum Point Elementary School, $415,000 allocated to Emma Havens Young Elementary School, $653,000 allocated to Herbertsville Elementary School, $1,512,000 allocated to Lanes Mill Elementary School, $341,000 allocated to Midstreams Elementary School, $1,179,000 allocated to Osbornville Elementary School, $1,037,000 allocated to Veterans Memorial Elementary School and $265,000 allocated to Warren H. Wolf Elementary School). The proposed improvements include $0 for school construction elements in addition to the facilities efficiency standards developed by the Commissioner of Education or not otherwise eligible for State support pursuant to N.J.S.A. 18A:7G-5(g). The State debt service aid percentage will equal 40% of the annual debt service due with respect to the final eligible costs of the projects. The Board of Education is authorized to transfer funds among the projects approved at this annual election.
2. This Board of Education hereby approves and adopts the proposal set forth above, and, subject to the approval of the legal voters of the school district, hereby determines to carry out the improvements described therein (the “Projects”).
3. This Board of Education hereby acknowledges and confirms that in accordance with N.J.S.A. 18A:24-16 and 18A:24-17 a supplemental debt statement has been prepared by the chief financial officer of the Township of Brick (the “Township”), giving effect to the proposed authorization of bonds of the school district in the maximum amount of bonds authorized in the proposal. The supplemental debt statement has been filed in the office of the Township Clerk and in the office of the Business Administrator/Board Secretary of this Board of Education prior to the adoption of the proposal and will be filed in the office of the Director of the Division of Local Government Services in the Department of Community Affairs prior to the date of the election.
4. The Business Administrator/Board Secretary is hereby authorized and directed to send a certified copy of the proposal to the County Clerk as required by N.J.S.A. 19:60-2, to request the County Clerk to submit the proposal to the voters at the annual school district election and to seek the assistance of the county officials and the municipal clerk in conducting the annual school district election.
5. The Board of Education hereby acknowledges receipt of the Preliminary Eligible Costs (PEC) letters for the Projects from the Department of Education. The Board hereby elects to receive debt service aid pursuant to Section 9 of the Educational Facilities Construction and Financing Act, N.J.S.A. 18A:7G-1 et seq. (the “Act”). The Board further agrees to accept the determination of the preliminary eligible costs as final eligible costs as set forth in the PEC letters by the Department of Education and not to appeal. The Business Administrator/Board Secretary is authorized, if necessary, to notify the Department of Education of the Board’s election with respect to the eligible costs and its election to receive debt service aid.
6. NETTA Architects, the School District’s appointed architect for the Projects (the “Project Architect”), has heretofore been authorized and delegated the responsibility to prepare the plans and specifications for the Projects in consultation with and under the supervision of the Business Administrator/Board Secretary, who has heretofore been delegated the responsibility to work with the Project Architect for this purpose on behalf of the Board of Education, in accordance with the requirements of N.J.S.A. 18A:18A-16, and such authorizations and delegations are hereof reconfirmed.
7. The educational plans, where required, and the schematic plans for the construction of the Projects have heretofore been approved by this Board of Education, and such approval is hereby reconfirmed.
8. The Board President, the Superintendent of Schools, the Business Administrator/Board Secretary, the Project Architect, Bond Counsel and other appropriate representatives of the Board of Education (the “Board Representatives”) have heretofore been authorized, and such authorization is hereby reconfirmed, to submit the educational plans, where required, and the schematic plans for the Projects, together with such other information as may be required, to the State Department of Education for approval and to make application to the Commissioner of Education for approval of the educational plans, where required, the schematic plans and the Projects and, if necessary, any required amendment to the long-range facilities plan, in accordance with the requirements of the Act and N.J.A.C. 6A:26-2.1(f), 6A:26-2.3, 6A:26-3.1 and 6A:26-3.2.
9. The Board Representatives have heretofore been and are hereby further authorized and directed to submit the plans and any other required information to the Planning Board and the Department of Environmental Protection for review and comment, if necessary, and such authorization and direction are hereby reconfirmed.
10. This Board of Education hereby makes the following covenants and declarations with respect to obligations determined to be issued by the Business Administrator/Board Secretary through a public offering or private placement or through a conduit borrower on a tax-exempt basis. The Board of Education hereby covenants that it will comply with any conditions subsequent imposed by the Internal Revenue Code of 1986, as amended (the “Code”), in order to preserve the exemption from taxation of interest on its bonds or notes if issued as tax exempt, including, if necessary, the requirement to rebate all net investment earnings on the gross proceeds above the yield on its bonds or notes. The Business Administrator/Board Secretary is hereby authorized to act on behalf of the Board of Education to deem the obligations authorized herein as bank qualified for the purposes of Section 265 of the Code, when appropriate. The Board of Education hereby declares the intent of the Board of Education to issue bonds or temporary notes in the amount not to exceed the amount set forth in the bond proposal approved by the voters as set forth in Section 1 and to use the proceeds to pay or to reimburse expenditures for the costs of the school capital projects authorized therein. This resolution is a declaration of intent within the meaning and for purposes of Treasury Regulations §1.150-2 or any successor provisions of federal income tax law.
11. The Board Representatives are hereby authorized to take all steps necessary to implement this resolution. Any actions authorized herein and taken prior hereto are hereby ratified. The Business Administrator/Board Secretary is further authorized to act on behalf of the Board of Education to make such determinations required of the Board of Education for the conduct of the election as may become necessary.
12. This resolution shall take effect immediately.