Haverhill Cooperative School District Bond Hearing and
Informational Meeting
October 2, 2008
6 pm
Dr. John A. Bagonzi
Woodsville Community Building
Project Scope
• Adding Roof Trusses
• Replacing Drywall
• Upgrade Electrical to Current Code
• Ventilate Entire Roof
Project Partners
• Architect – Mac Rood
• Structural Engineer – Bruce Stewart
• Contractor – Fenn-Way Builders
• Fire Engineer – Nick Cricenti Jr.
• District Clerk of the Works – To be determined
Project Cost
• Based on what know today
• Project is being updated based on information provided at weekly building team meeting
• Final cost will be available for special district meeting
Project Cost(as of 10/2/2008)
Total Project Estimate $2,450,016
Funds Already Budgeted - $239,532
Building Trust Fund Used - $80,392
Estimated Loan Required $2,130,092
How are we going to Fund the Project
Estimated Loan Required $2,130,092
Quality Zone Academy Bonds $1,498,000
Loan for Balance $632,092
QZAB Bonds
QZAB Bonds Available $1,498,000
Interest Earned over 15 years - $157,290
Building Aid to be received over 15 years
- $898,800
QZAB Net Cost to Tax Payers $441,910
Loan for Balance of Funds
Principal $632,092
Estimated Interest (4.25%) $70,655
Building Aid to be received over 5 years
- $379,255
Loan Net Cost to Tax Payers $323,492
Net Cost to the Taxpayer
QZAB Net Cost to Tax Payers $441,910
Loan Net Cost to Tax Payers $323,492
Building Aid to be Received on Funds already Spent
- $167,012
Net Future Cost to the Taxpayer $598,390
Impact on Your Taxes• 2009 / 2010 Tax Rate Estimate for this
Project is $0.16 per $1000.00
• Result is $16.00 for a $100,000 home
• Current Bonds for 1991 District Building Project are paid off at the end of 2011
• Based on today’s rate, the tax rate will decrease a total of $1.02 over the following five years
Haverhill Cooperative School District
Special District Meeting
Thursday October 23
6 pm
Dr. John A. Bagonzi Woodsville Community Building
www.sau23.org