THE PROJECTS: In order to satisfy educational program needs, address overcrowding, ensure a safe and secure learning environment, provide for facilities infrastructure needs and eliminate education in trailers, the Board of Education is seeking to undertake a renovation/building project that will expand, renovate and upgrade Lincoln Elementary School, John Marshall Elementary School, James Madison Intermediate School, John Adams Middle School, Edison High School and John P. Stevens High School and their sites.
The total cost of the expansions, renovations and upgrades set forth in the Proposal is $183,193,000 and will be funded through the issuance of long term bonds.
STATE FUNDING FOR THE PROJECTS: The State has agreed to contribute just over $31 million towards the costs of the project. The availability of the State funding is contingent on the passing of the Proposal. The State contribution will be in the form of debt service aid.
The Board of Education of the Township of Edison in the County of Middlesex, New Jersey (the “Board”) is authorized to (A) undertake the expansion, renovation and alteration of Lincoln Elementary School, John Marshall Elementary School, James Madison Intermediate School, John Adams Middle School, Edison High School and John P. Stevens High School and their sites and (B) expend and Issue bonds in the amount not to exceed $183,193,000 therefor. The State has agreed to provide debt service aid in the amount of 40% of the final eligible costs of the projects. The local shares of the projects may be transferred between the projects.