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