What You Are Voting On - Propositions
There are TWO propositions on the December 6 ballot. The first proposition seeks approval for the proposed capital project for a cost not to exceed $5.5 million, most of which will be offset by state aid. The second proposition seeks to use the funds from the District’s Liability Reserve for the proposed capital project to ensure that the project’s remaining costs will have no local property tax impact.
Proposition 1 - Proposed Capital Project
Shall the proposition set forth in the legal notice of this special voter meeting, authorizing reconstruction and equipping of the existing school building and facilities, site and incidental improvements, all at an estimated maximum aggregate cost of $5,500,000; with the expenditure of $300,000 from the existing capital reserve fund for such costs, the issuance of not to exceed $5,200,000 of debt obligations of the School District therefor, and the levy of a tax in annual installments therefor, with such tax to be oﬀset by state aid available therefor, all as more fully described in said notice, be approved?
Proposition 2 - Dissolving of Liability Reserve Fund
Resolved that the Board of Education of the Richfield Springs Central School District is hereby authorized to dissolve the District’s existing Liability Reserve Fund and to transfer the existing balance of Seven hundred thirty-seven thousand, six hundred ninety-three and 63/100 dollars ($737,693.63) in such fund to the District’s General Fund to be thereafter available for use for any lawful District purpose as may be authorized by such Board.