Millburn Township School District is holding a Special Election on January 28th, 2020 to ask voters to approve a $20.5 million Bond Proposal to fund projects that we have been referring to as the Capital and Maintenance Plan Referendum (C&MP). This is a new method of funding capital projects by issuing new bonds as existing debt expires. Voters will be asked to authorize the issuance of bonds in the principal amount of $20,500,000. These funds will provide for additions, renovations, alterations and improvements at all schools in the district.
The referendum is part of the District’s Capital and Maintenance Plan (C&MP) to finance the improvement and maintenance of its facilities while maintaining a flat debt schedule (by issuing new bonds as existing debt expires). This is a financial strategy mindset shift for the future to finance reinvestment in District schools without increasing the debt service portion of the tax bill.
This proposed referendum will provide for improvements at all schools across the District, including renovations, alteration and new construction additions. By financing through a bond referendum, taxpayers will benefit from state-funded debt service aid of up to 40% of the project costs.
The 2020 C&MP projects include:
- Security vestibules and safety upgrades at all schools;
- Cafeteria addition at the Middle School;
- Infrastructure improvements (window replacements/repairs, roof replacements, masonry repairs) as needed across all schools
Please see our C&MP website at www.millburn.org/C&MP for more information, past presentations, voter information, videos and FAQs.