ACT 34 PUBLIC HEARING - hatboro-horsham.org school district 1 act 34 public hearing 13 october 2014 hatboro-horsham school district 229 meeting house road

H A T B O R O - H O R S H A M S C H O O L D I S T R I C T

ACT 34 PUBL IC HEAR ING

F o r t h e

N e w H a l l o w e l l E l e m e n t a r y S c h o o l

7 : 0 0 p m

Ke i th Va l l ey M idd le Schoo l Aud i to r ium

October 13 , 2014

TABLE OF CONTENTS

DISTRICT PERSONNEL AND CONSULTANTS ..................................................................................... 1

HEARING, DULY CONSTITUTED ........................................................................................................... 2

NOTICE OF PUBLIC HEARING ............................................................................................................... 3

PUBLIC HEARING AGENDA ................................................................................................................... 4

RULES FOR PUBLIC PARTICIPATION ................................................................................................... 5

PROJECT BACKGROUND/NEEDS ......................................................................................................... 6

PROJECT OPTIONS ................................................................................................................................ 7

SUMMARY OF OWNED BUILDINGS AND LAND (PLANCON A09) ....................................................... 8

NEW HALLOWELL ELEMENTARY SCHOOL

SITE DESCRIPTION ................................................................................................................... 9

SITE PLAN................................................................................................................................. 10

PROJECT DESCRIPTION ........................................................................................................ 11

FLOOR PLAN ....................................................................................................................... 12-13

PROPOSED ROOM SCHEDULE ......................................................................................... 14-15

PLANCON PART D SUBMISSION (D02, D03, D04, D20, D21, D23) .................................. 16-22

*Note: PLANCON forms have not been updated by PDE due to Moratorium and the forms show an expiration date of 6-30-12

ANALYSIS OF FINANCING ALTERNATIVES ......................................................................... 23

COMPARISON OF LONG TERM FINANCING ......................................................................... 24

MILLAGE IMPACT, INDIRECT COSTS, AND STATE REIMBURSEMENT .............................. 25

TABLE 1 & TABLE 2 E ......................................................................................................... 26-27

RESOLUTION .................................................................................................................................... 28-29

CERTIFICATE ........................................................................................................................................ 30

HATBORO-HORSHAM SCHOOL DISTRICT 1 ACT 34 PUBLIC HEARING ■ 13 OCTOBER 2014

HATBORO-HORSHAM SCHOOL DISTRICT

229 MEETING HOUSE ROAD HORSHAM, PENNSYLVANIA 19044

(215) 420-5000

DISTRICT BOARD OF SCHOOL DIRECTORS

Dr. Russel S. Bleiler, President

Louis A. Polaneczky, Vice President Marian McCouch, Treasurer

Thomas J. Hagan Barbara LaSorsa Margaret E. Lotter Eric E. Coombs Mark E. Opalisky James H. Greenhalgh

SCHOOL DISTRICT SUPERINTENDENT

Dr. Curtis Griffin

DISTRICT PERSONNEL

Mr. Robert A. Reichert, Director of Business Affairs Mrs. Monica Taylor, Assistant Superintendent

Mr. Steven Glaize, Principal, Hallowell Elementary School Mr. Dennis Stinson, Director of Plant Operations

SCHOOL BOARD SECRETARY

Mr. Robert A. Reichert

SOLICITOR

John T. Dooley, Esquire

ARCHITECTURAL FIRM

EI Associates

CONSTRUCTION MANAGER

D’Huy Engineering, Inc.

FINANCIAL ADVISOR

Public Financial Management, Inc.


KEITH VALLEY MIDDLE SCHOOL

AUDITORIUM

HEARING, DULY CONSTITUTED

In 1973, the General Assembly amended the Public School Code with the passage of Act 34 (24 P.S. 7-701.1). The major purpose of the Act was informational - to ensure that no major school construction is undertaken without making certain facts and details of a project known to the public.

To this end, when a School District plans to build a new school building, or to expand an existing building by more than 20% of its architectural space, the School District must approve and publish maximum building construction and project costs, conduct a public hearing in the format of a legislative hearing upon twenty days notice, and provide a printed informational booklet detailing the need, plan, costs, and other features of the project at least twenty (20) days in advance of the hearing.

Included within this information booklet, at page three, is the form of public notice, which appeared in the newspaper on Thursday, September 18, 2014, as demonstrated by proofs of publication returned to me. This booklet was released to the news media and made available for inspection at the District Administration Office of the School District beginning Monday, September 22, 2014. Accordingly, upon review of the School Code and applicable regulations of the State Board of Education, I find this public hearing to be duly constituted and properly conducted pursuant to law.

John T. Dooley, Esquire Solicitor for Hatboro-Horsham School District


BOARD OF SCHOOL DIRECTORS OF THE HATBORO-HORSHAM SCHOOL DISTRICT

NOTICE OF PUBLIC HEARING IN ACCORDANCE WITH

ACT 34 OF 1973

TO: ALL RESIDENTS OF THE HATBORO-HORSHAM SCHOOL DISTRICT Please take notice that a public hearing will be held in the Auditorium of the Keith Valley Middle School, 227 Meetinghouse Road, Horsham, PA 19044, on Monday, October 13, 2014, at 7:00 p.m. prevailing time, relating to the planning, designing, constructing, and furnishing of the New Hallowell Elementary School, in accordance with Act 34 of 1973 and Part D: Project Accounting Based on Estimates, as required by the Pennsylvania Department of Education. A description of the Project, including facts with respect to education, physical, administrative, budgetary, and fiscal matters relating to the Project, and certain other information will be presented and will be available for consideration at such public hearing from Monday, September 22, 2014 through Monday, October 13, 2014, during regular hours (8:00 a.m. to 4:00 p.m.) at (215) 420-5000, located in the District Administration Office, 229 Meetinghouse Road, Horsham, PA 19044. The Board of School Directors of the School District, by Resolution duly adopted, and has authorized the following:

Maximum Maximum Building Project Project Cost Construction Cost

New Hallowell Elementary School $33,262,099 $21,419,941 This public hearing is being held with respect to the New Hallowell Elementary School, pursuant to the requirements of the Pennsylvania Public School Code of 1949, as amended and supplemented, including amendments made pursuant to Act 34 of 1973. Any and all interested persons may contact the office of the Superintendent during regular business hours (8:00 a.m. to 4:00 p.m.) at (215) 420-5000, on the following dates: September 22, 2014 through and until 12:00 noon on October 13, 2014, for the express purpose of being placed on the agenda for the hearing in question. Additional sign-in sheets will be available at the time of the hearing. The Board will call upon individuals signing such sign-in sheets in the order in which they appear. Interested persons also may submit letters of written testimony to the Secretary of the Board of School Directors at the School District’s administrative offices, until 12:00 noon, October 13, 2014. Interested persons also may submit letters of written testimony to the Secretary of the Board of School Directors at the School District’s Administrative Offices, until 12:00 noon, Wednesday, November 12, 2014. The written testimony shall include the name and address of the person submitting the request, identification of the sender as a District resident or District employee, and a description of the support or objection to the Project.

BY THE ORDER OF THE BOARD OF SCHOOL DIRECTORS

HATBORO-HORSHAM SCHOOL DISTRICT HORSHAM, PENNSYLVANIA


PUBLIC HEARING AGENDA I. OPENING REMARKS Dr. Curtis Griffin

Superintendent of Schools Hatboro-Horsham School District Dr. Russel S. Bleiler President, Board of Education

II. HEARING, DULY CONSTITUTED John T. Dooley, Esquire Solicitor III. PROJECT HISTORY AND NEED Dr. Curtis Griffin

FOR CONSTRUCTION Superintendent of Schools Hatboro-Horsham School District

IV. PROJECT DESCRIPTION Bonnie M. Sowers, AIA,

A. Project Review Vice President B. Cost Estimates E. I. Associates

V. COST ANALYSIS AND Scott Shearer BUDGET IMPACT Public Financial Management, Inc.

A. Alternate Methods of Financing B. Budget Impact

VI. QUESTIONS AND ANSWERS John T. Dooley, Esquire Solicitor

Dr. Curtis Griffin Superintendent of Schools

Hatboro-Horsham School District Bonnie M. Sowers, AIA,

Vice President E. I. Associates

Scott Shearer

Public Financial Management, Inc. VII. COMMENTS VIII. ADJOURNMENT John T. Dooley, Esquire Solicitor


RULES FOR PUBLIC PARTICIPATION The purpose of this hearing is twofold. The Superintendent, Architect, Solicitor, and Financial Advisor will explain the Project, and residents and District taxpayers will have an opportunity to ask questions about the presentation. In addition, the Board wishes to receive public comment. This hearing will be a forum for those persons residing in the Hatboro-Horsham School District, owning real estate in the District, or employed by the Hatboro-Horsham School District, who are affected by the Project, to express their opinions. The Board will be interested in listening to people who concur with the Project, as well as those who wish to identify problems, express concerns, or recommend viable alternative solutions. In order that the hearing be of greatest value and use to the Board, the following format and procedures have been established for presentations: 1. To insure that a presentation will be heard, any person wishing to speak shall sign-in prior to start of

the meeting. Persons who have so registered will be called upon to testify in the order in which their requests were received.

2. The testimony should cover the following:

a. Identification of the presenter (i.e., name, address, and whether the person is a resident, parent, staff member, or taxpayer of the District);

b. Description of the particular aspect of the Project to be discussed; and

c. As detailed a description as possible of your support or objection*. (Each presenter or

representative presenter is strongly encouraged, but not required, to submit a more detailed and/or lengthy presentation in written form for the record and further analysis/consideration by the Board.)

* In case of an objection, a specific statement of what could be done to change the "area"

(aspect) being addressed, and how the Board might accomplish the suggested change, should be stated.


PROJECT BACKGROUND/NEEDS In response to the anticipated development of the former Willow Grove Air Base and the likely future

development of former flight path areas, the Hatboro-Horsham school District invested in a district-wide

study to review enrollment, capacity and physical conditions of its facilities.

The Hatboro-Horsham School District identified the following Facility Planning Targets:

Provide a safe and secure environment for students and staff

Address equity between buildings

Address current and future physical plant capital projects and regular maintenance

Address evidenced-based practices for instructional programming needs, including special education programming and the utilization of technology tools to enhance learning

Affordable – within the District’s ability to budget and pay for debt within the Act 1 index

Utilization of evidenced-based practices for student population size, staffing, grade level organizational structures, instructional scheduling, and neighborhood/regional elementary schools

Address cost efficiencies for staffing, transportation, food service, maintenance, and energy utilization

Provide planning for potential future population growth

Consider community concerns and issues related to redistricting and the potential for school closings

Following receipt of the information in the study, an extended dialogue was developed which resulted in the

selection of one of the alternatives for implementation.

The past declining Elementary School enrollments projections are leveling off. The increase in students

from the type of development projected for the base is an additional 520 students over the next 20 years.

The large unknown is how the current fly zone property surrounding the base will be development and the

addition student impact.

In addition, all of the elementary schools are more than 40 years old and are in need of renovations as a

result of having not received significant renovation in over a 20-year time period.

The Board of Education determined that Hallowell Elementary School should be replaced, due to the

facility’s current demographic location, age and unchanged original condition.


PROJECT OPTIONS K-5 OPTION A Maintain Existing Elementary Schools: Blair Mill, Crooked Billet,

Hallowell, and Pennypack to receive additions and alterations. Simmons to receive alterations only. Middle School to receive alterations and additions. High School to receive alterations only.

A-1 Maintain Existing Elementary Schools: Blair Mill, Crooked Billet, and

Pennypack to receive additions and alterations. Construct New Elementary school to replace existing Hallowell. Simmons to receive alterations only. Middle School to receive alterations and additions, High School to receive alterations only.

A-2 Maintain Existing Elementary Schools: Blair Mill and Pennypack to

receive additions and alterations. Construct New Elementary school to replace Hallowell and Crooked Billet. Simmons to receive alterations only. Middle School to receive alterations and additions, High School to receive alterations only.

K-4; 5-6 OPTION B Maintain Existing Elementary Schools: Blair Mill, Crooked Billet, and

Pennypack to receive additions and alterations. Construct New Elementary school to replace Hallowell. Construct New Middle School. Simmons to become 7-8 Middle School and receive alterations only. High School to receive alterations only.

K-5 OPTION C Maintain Existing Elementary Schools: Blair Mill, Crooked Billet,

Hallowell, and Pennypack to receive additions and alterations. Simmons to receive alterations only. Construct new Middle School to replace existing Middle School. High School to receive alterations only.

The district elected to move forward with Option A-1, the replacement of Hallowell School. This decision

was due to the facility’s location, age, and unchanged original condition. Growth within the district will

continue to be monitored and the work on the remaining facilities adapted as necessary as demographics

change.



HALLOWELL ELEMENTARY SCHOOL SITE DESCRIPTION

The existing Hallowell Elementary School lies within Montgomery County in Horsham Township. The

present 10 acre site is located along Maple Avenue in a residential area that borders a commercial strip

that runs along PA Rte. 611. The district recently obtained through conveyance an adjoining 6.7 acre piece

of property from the Army that was a former Armory site. These two parcels will be consolidated.

The existing Armory Building will be demolished and the new building constructed behind the existing

elementary school. A new main entrance and drives will be developed off of West Mooreland Avenue.

Once the new building is completed, the existing school will be demolished and that area will be converting

into a playing fields. Parking will be provided at the front of the building. The amount will be per the

township’s ordinance. Additional event parking will be provided at the back of the building. During the day

it will serve as hard surface play area, but when necessary, can be used as additional parking. Soft surface

play areas will also be provided in the vicinity of the classrooms.

The New Hallowell Elementary will be sensitive to the site’s existing contours. This will reduce the impact

and disturbance to the site, and comply with the municipal land development ordinance. Site improvements

will include a separate bus loop and parent drop-off areas. A new bike path is planned to connect Maple

Ave to back of the building. Site features may include vegetative bioswales and rain gardens. The use of

underground storage tanks for rainwater harvesting maybe incorporated into the design to compliment the

stormwater management.

The new building will have one and two story sections. Visitors will enter at main level that will house

administration and shared/public functions such as the media center, gymnasium, and cafeteria. A bridge

will connect these functions to the second floor of a two-story instructional classroom building that will step

down with the site. The School’s exterior will incorporate masonry and metal elements that in a manner

that is sympathetic to the surrounding community while giving a new presence to the site. The facade of

the new building will incorporate green building design to meet LEED® Gold Certification.


HALLOWELL ELEMENTARY SCHOOL

SITE PLAN


HALLOWELL ELEMENTARY SCHOOL

PROJECT DESCRIPTION

The Existing Hallowell Elementary School was built in 1962 as a one-story building with concrete floors, a

structural steel frame, and curtain walls. The existing building is of ordinary unprotected construction. An

addition of similar materials and construction type was completed in 1966. While this building met the

current construction codes at its completion, it would not meet many current codes. The International

Building Code, Americans with Disabilities Act, and recommendations by the Department of Education

would require the building, during a renovation process, to be updated to meet current standards and

codes. The building systems would also need to be updated as part of this project in order to meet current

standards and codes. The mechanical, plumbing, and electrical systems of this building are operating

beyond their useful life expectancy.

The HATBORO-HORSHAM School District, after considering several options, has decided to replace the

existing Hallowell Elementary School with a new facility.

The work to be completed as part of this project will include the construction of a new one-story and two-

story building. The new building will consist of the following spaces: Kindergarten rooms, regular

classrooms, special education spaces, computer labs., an art room, music rooms, gymnasium, media

center, large and small group areas, kitchen, cafeteria, and a secure entrance vestibule along with

administration and nurse’s offices. The size of the spaces will meet PA Department of Education square

footage capacity standards.

The exterior of the building will be a combination of masonry, metal panels and curtain wall. The cavity

walls will have rigid insulation with an R value of 15 and the windows will double glazed, thermally broken,

with low-e glazing. The majority of the roof system over the building will be a standing seam roof system on

ridged insulation and a metal deck.

Heating and cooling will be provided by a high efficiency geothermal heat pump system. The building will

be zoned and each zone will have a separate unit with a fan and compressor. The individual units will be

connected by a two pipe water loop that utilizes a well field as the heat exchanger. All classrooms will

receive light fixtures and controls that have occupant sensors. The toilet rooms throughout the building will

have low water use fixtures. The building will incorporate green building design to meet LEED® Gold

Certification.











ANALYSIS OF FINANCING ALTERNATIVES

We have analyzed four alternative methods of financing the proposed designing, constructing, furnishing, and equipping of the Hatboro-Horsham School District New Hallowell Elementary School (the "Project"). We also estimated the direct costs of financing as required by the Department of Education regulations issued November 4, 1978. ANALYSIS OF ALTERNATIVES

The four alternatives of financing that we examined are:

1. Cash or a short-term loan. 2. General obligation bond issue. 3. A local authority issue. 4. A financing through the State Public School Building Authority (SPSBA).

Analysis of the School District's financial statements for recent years, and of the financing projections prepared in connection with this Project, and discussions with the School District's Administration indicated that financing the entire project with cash is not feasible. The School District does not have the funds necessary to pay cash for its share of the Project, nor does it appear that the School District would be able to raise the required amounts from its anticipated cash flow to meet the proposed construction schedule. We then analyzed in detail the three alternatives which would require the School District to incur long-term debt. For each alternative, we estimated a bond issue size and calculated the average annual debt service requirements. We then constructed a repayment schedule assuming equal annual payments over 20 years at current interest rate levels for the General Obligation, Local Authority, and SPSBA Bond Issues. Financing costs for the local authority and SPSBA were slightly higher, which resulted in a larger bond issue and higher average annual payments. Bonds issued through either a local authority or the SPSBA would be classified as revenue bonds instead of general obligation bonds. Interest rates on revenue bonds are slightly higher than interest rates that would be received on general obligation bonds. This would result in higher annual debt service payments for the School District. The General Obligation alternative offers the School District the advantage of lower interest rates, more favorable refunding provisions and keeps more control with the local school board. Based on these analyses and past performance, the least costly alternative for financing the Project is the General Obligation Issue.


COMPARISON OF LONG TERM FINANCING METHODS GENERAL LOCAL ITEM OBLIGATION AUTHORITY* SPSBA Construction & Related Costs $27,858,318 $27,858,318 $27,858,318 Contingency & Supervision 4,751,581 4,751,581 4,751,581 Bond Insurance 140,000 160,000 150,000 Costs of Issuance 512,200 522,500 517,250 Total Costs 33,262,099 33,292,399 33,277,149 Less: Interest Earned 29,099 32,399 32,149 Plus: Original Issue Discount 167,000 170,000 170,000 BOND ISSUE 33,400,000 33,430,000 33,415,000 Average Annual Payment at 4.25%** for 20 years $2,481,892 $2,505,570 $2,504,446 * A Local Authority would have annual administrative expenses, which have not been included in

these calculations. ** Local Authority and SPSBA Annual Payments are calculated assuming 4.35% as a result of higher interest costs associated with selling revenue bonds. The School District is considering other ways to reduce the debt service and local effort needed to fund the Project.

1. The School District will consider the use of bond insurance to improve the credit rating and

marketability of the Bonds. The cost of such insurance may increase the size of the Bonds issued but reduce the interest rate the School District must pay on the Bonds, and result in lower debt service.

2. The School District will consider the use of a wrap around debt service structure as well as the use of refunding savings, mills already in place and reserves to eliminate the need for any additional millage impact for the Project.

3. For discussion purposes only, we have provided on Table 1 and Table 2, wrap around amortization

schedules to reflect the General Obligation issues which may be used to fund the Project.

Table 1 = G.O. Bonds, Series of 2014 $23,400,000 Table 2 = G.O. Bonds, Series of 2015 $10,000,000


STATE REIMBURSEMENT The State will reimburse the School District for a portion of the principal and interest which the School District pays each year on the bonds. The amount of the reimbursement is determined by two factors, the percentage of the Project determined by the Department of Education to be reimbursable and the School District's Capital Account Reimbursement Fraction ("CARF"). It is estimated that the Project may be assigned $5,087,280 in reimbursement. Based on a pro-forma calculation of reimbursement for a bond issue sized for this Project, the reimbursement percentage will be 15.29%. The School District's CARF percentage is 28.98%. When these two percentages are multiplied, the result is an "effective" reimbursable percentage of 4.43%. Therefore, for each dollar paid by the School District toward principal and interest, the state will reimburse the School District 4.43 cents for the Project. INDIRECT COSTS As a result of the completion of this proposed Project, it is only reasonable to assume that there will be additional indirect costs associated with services to be provided to accomplish long range objectives of the School District. It is reasonable to assume that they will be needed at a cost of approximately $2,104,620. School District officials have estimated the additional annual indirect costs associated with the Project to be as follows: Professional Personnel $1,200,000 Support Personnel 524,000 Additional Custodial Supplies 6,200 Additional Fuel and Utilities 40,503 Additional Contracted Maintenance & Repairs 96,730 Transportation 227,187 Additional Insurance Premium 10,000 Total 2,104,620 Assuming a collected mill currently provides $2,405,799, the indirect costs will have a millage impact of 0.87 mills annually. TOTAL MILLAGE EQUIVALENT The total millage equivalent of the Project assuming wrap around payments is:

$23,400,000 G.O. Bonds on Table 1 = 0.00 mills $10,000,000 G.O. Bonds on Table 2 = 0.00 mills Plus: Indirect Costs 0.87 mills Total 0.87 mills



SERIES OF 2014 Settled 12/15/2014

Total Issue= $23,400,000 Dated 12/15/2014

1 2 3 4 5 6 7 8 9 10 11

Proposed Proposed Existing Total

Semi-Annual Fiscal Year Less: Local Local Local MillageDate Principal Rate Interest Debt Service Debt Service State Aid Effort Effort Effort Equivalent

41897

3/15/2015 430,000 1.010 203,069.38 633,069.38 633,069.38 (28,051.57) 605,017.81 4,933,039.14 5,538,056.94 0.00

9/15/2015 5,000 1.110 403,967.25 408,967.25

3/15/2016 403,939.50 403,939.50 812,906.75 (36,020.24) 776,886.51 4,936,847.09 5,713,733.60 0.00

9/15/2016 5,000 1.310 403,939.50 408,939.50

3/15/2017 403,906.75 403,906.75 812,846.25 (36,017.56) 776,828.69 4,931,875.96 5,708,704.65 0.00

9/15/2017 5,000 1.540 403,906.75 408,906.75

3/15/2018 403,868.25 403,868.25 812,775.00 (36,014.40) 776,760.60 4,115,050.14 4,891,810.74

9/15/2018 5,000 1.860 403,868.25 408,868.25

3/15/2019 403,821.75 403,821.75 812,690.00 (36,010.64) 776,679.36 2,628,400.00 3,405,079.36

9/15/2019 5,000 2.200 403,821.75 408,821.75

3/15/2020 403,766.75 403,766.75 812,588.50 (36,006.14) 776,582.36 2,632,850.00 3,409,432.36

9/15/2020 5,000 2.460 403,766.75 408,766.753/15/2021 403,705.25 403,705.25 812,472.00 (36,000.98) 776,471.02 2,641,150.00 3,417,621.02

9/15/2021 1,435,000 2.710 403,705.25 1,838,705.25

3/15/2022 384,261.00 384,261.00 2,222,966.25 (98,500.57) 2,124,465.68 2,124,465.689/15/2022 1,475,000 2.930 384,261.00 1,859,261.00

3/15/2023 362,652.25 362,652.25 2,221,913.25 (98,453.91) 2,123,459.34 2,123,459.34

9/15/2023 1,520,000 3.100 362,652.25 1,882,652.25

3/15/2024 339,092.25 339,092.25 2,221,744.50 (98,446.43) 2,123,298.07 2,123,298.07

9/15/2024 1,570,000 3.220 339,092.25 1,909,092.25

3/15/2025 313,815.25 313,815.25 2,222,907.50 (98,497.96) 2,124,409.54 2,124,409.54

9/15/2025 1,620,000 3.330 313,815.25 1,933,815.25

3/15/2026 286,842.25 286,842.25 2,220,657.50 (98,398.27) 2,122,259.23 2,122,259.23

9/15/2026 1,680,000 3.440 286,842.25 1,966,842.25

3/15/2027 257,946.25 257,946.25 2,224,788.50 (98,581.31) 2,126,207.19 2,126,207.19

9/15/2027 1,740,000 3.540 257,946.25 1,997,946.25

3/15/2028 227,148.25 227,148.25 2,225,094.50 (98,594.87) 2,126,499.63 2,126,499.63

9/15/2028 1,800,000 3.630 227,148.25 2,027,148.25

3/15/2029 194,478.25 194,478.25 2,221,626.50 (98,441.20) 2,123,185.30 2,123,185.30

9/15/2029 1,870,000 3.710 194,478.25 2,064,478.25

3/15/2030 159,789.75 159,789.75 2,224,268.00 (98,558.25) 2,125,709.75 2,125,709.75

9/15/2030 1,940,000 3.780 159,789.75 2,099,789.75

3/15/2031 123,123.75 123,123.75 2,222,913.50 (98,498.23) 2,124,415.27 2,124,415.27

9/15/2031 2,015,000 3.850 123,123.75 2,138,123.75

3/15/2032 84,335.00 84,335.00 2,222,458.75 (98,478.08) 2,123,980.67 2,123,980.67

9/15/2032 2,095,000 3.920 84,335.00 2,179,335.00

3/15/2033 43,273.00 43,273.00 2,222,608.00 (98,484.69) 2,124,123.31 2,124,123.31

9/15/2033 2,180,000 3.970 43,273.00 2,223,273.00

3/15/2034 2,223,273.00 (98,514.16) 2,124,758.84 2,124,758.84

TOTALS 23,400,000 11,006,567.63 34,406,567.63 34,406,567.63 (1,524,569.46) 32,881,998.16 26,819,212.32 59,701,210.49 0.00

PE%= 15.29% Estimated

CARF%= 28.98%

1 MILL= 2,405,799 Estimated

TABLE 1



SERIES OF 2016 Settled 1/15/2016

Total Issue = $10,000,000 Dated 1/15/2016

1 2 3 4 5 6 7 8 9 10 11

Proposed Proposed Existing Total

Semi-Annual Fiscal Year Less: Local Local Local MillageDate Principal Rate Interest Debt Service Debt Service State Aid Effort Effort Effort Equivalent

42262

3/15/2016 54,924.00 54,924.00 54,924.00 (2,433.71) 52,490.29 5,713,733.60 5,766,223.89 0.00

9/15/2016 5,000 1.010 164,772.00 169,772.00

3/15/2017 164,746.75 164,746.75 334,518.75 (14,822.67) 319,696.08 5,708,704.65 6,028,400.73 0.00

9/15/2017 5,000 1.110 164,746.75 169,746.75

3/15/2018 164,719.00 164,719.00 334,465.75 (14,820.32) 319,645.43 4,891,810.74 5,211,456.17 0.00

9/15/2018 5,000 1.310 164,719.00 169,719.00

3/15/2019 164,686.25 164,686.25 334,405.25 (14,817.64) 319,587.61 3,405,079.36 3,724,666.98

9/15/2019 5,000 1.540 164,686.25 169,686.25

3/15/2020 164,647.75 164,647.75 334,334.00 (14,814.48) 319,519.52 3,409,432.36 3,728,951.88

9/15/2020 5,000 1.860 164,647.75 169,647.75

3/15/2021 164,601.25 164,601.25 334,249.00 (14,810.71) 319,438.29 3,417,621.02 3,737,059.31

9/15/2021 615,000 2.200 164,601.25 779,601.253/15/2022 157,836.25 157,836.25 937,437.50 (41,538.25) 895,899.25 2,124,465.68 3,020,364.93

9/15/2022 635,000 2.460 157,836.25 792,836.25

3/15/2023 150,025.75 150,025.75 942,862.00 (41,778.61) 901,083.39 2,123,459.34 3,024,542.739/15/2023 650,000 2.710 150,025.75 800,025.75

3/15/2024 141,218.25 141,218.25 941,244.00 (41,706.92) 899,537.08 2,123,298.07 3,022,835.15

9/15/2024 665,000 2.930 141,218.25 806,218.25

3/15/2025 131,476.00 131,476.00 937,694.25 (41,549.63) 896,144.62 2,124,409.54 3,020,554.16

9/15/2025 690,000 3.100 131,476.00 821,476.00

3/15/2026 120,781.00 120,781.00 942,257.00 (41,751.80) 900,505.20 2,122,259.23 3,022,764.43

9/15/2026 710,000 3.220 120,781.00 830,781.00

3/15/2027 109,350.00 109,350.00 940,131.00 (41,657.60) 898,473.40 2,126,207.19 3,024,680.59

9/15/2027 730,000 3.330 109,350.00 839,350.00

3/15/2028 97,195.50 97,195.50 936,545.50 (41,498.72) 895,046.78 2,126,499.63 3,021,546.40

9/15/2028 760,000 3.440 97,195.50 857,195.50

3/15/2029 84,123.50 84,123.50 941,319.00 (41,710.24) 899,608.76 2,123,185.30 3,022,794.06

9/15/2029 785,000 3.540 84,123.50 869,123.50

3/15/2030 70,229.00 70,229.00 939,352.50 (41,623.10) 897,729.40 2,125,709.75 3,023,439.15

9/15/2030 810,000 3.630 70,229.00 880,229.00

3/15/2031 55,527.50 55,527.50 935,756.50 (41,463.76) 894,292.74 2,124,415.27 3,018,708.01

9/15/2031 840,000 3.710 55,527.50 895,527.50

3/15/2032 39,945.50 39,945.50 935,473.00 (41,451.20) 894,021.80 2,123,980.67 3,018,002.47

9/15/2032 865,000 3.780 39,945.50 904,945.50

3/15/2033 23,597.00 23,597.00 928,542.50 (41,144.11) 887,398.39 2,124,123.31 3,011,521.70

9/15/2033 900,000 3.850 23,597.00 923,597.00

3/15/2034 6,272.00 6,272.00 929,869.00 (41,202.89) 888,666.11 2,124,758.84 3,013,424.95

9/15/2034 320,000 3.920 6,272.00 326,272.00

3/15/2035 326,272.00 (14,457.25) 311,814.75 311,814.75

TOTALS 10,000,000 4,241,652.50 14,241,652.50 14,241,652.50 (631,053.60) 13,610,598.90 54,163,153.54 67,773,752.44 0.00

PE%= 15.29% Estimated

CARF%= 28.98%

1 MILL= 2,405,799 Estimated

Table 2


HATBORO HORSHAM SCHOOL DISTRICT

Montgomery County, Pennsylvania

RESOLUTION

A RESOLUTION AUTHORIZING THE APPROVAL OF A MAXIMUM PROJECT COST AND MAXIMUM BUILDING COST FOR THE

CONSTRUCTION OF THE NEW HALLOWELL ELEMENTARY SCHOOL, DIRECTING THE PREPARATION OF A PUBLIC INFORMATION

DESCRIPTION, PROVIDING FOR A PUBLIC HEARING, AND PROPER NOTICE THEREOF.

WHEREAS, the Hatboro-Horsham School District (the “District”) is a school district created and existing under the laws of the Commonwealth of Pennsylvania; and

WHEREAS, the Board of School Directors of the District has determined that certain new school facilities may be required for use of the pupils of this School District, and has authorized certain preliminary steps to be taken with regard to a school projects, consisting of planning, designing, constructing, and furnishing the New Hallowell Elementary School; and

WHEREAS, the Pennsylvania Public School Code of 1949, as amended (the “School Code”), including amendments made pursuant to Act 34 of the 1973 (“Act 34"), requires that a public hearing be held prior to the construction, the entering into a contract to construct, or the entering into a contract to lease a new school building or a substantial addition to an existing school building; and

WHEREAS, the Board of School Directors desires to authorize its Solicitor, Architect, Financial Consultant, and others to take certain actions with respect to these Projects; and

WHEREAS, the District wishes to take certain action with respect to these Projects, and to comply with Act 34 and the School Code; and

WHEREAS, the District has received from the Architect the estimated costs of these Projects.

NOW, THEREFORE, BE IT RESOLVED, by the Board of School Directors of the Hatboro-

Horsham School District, Montgomery, Pennsylvania, as follows:

1. The Board hereby approves a maximum project cost for the New Hallowell Elementary School Project of $33,262,099 and a maximum building construction cost for the New Hallowell Elementary School Project of $21,419,941.

2. A public hearing for the purpose of informing the public generally of the Project and to receive public comment shall be held in the Auditorium of Keith Valley Middle School, 227 Meetinghouse Road, Horsham, PA 19044 on Monday, October 13, 2014, beginning at 7:00 p.m., prevailing time.


Documents

ACT 34 PUBLIC HEARING - hatboro-horsham.org school district 1 act 34 public hearing 13 october 2014 hatboro-horsham school district 229 meeting house road