Council Passes School Improvement Bond Language

At a special meeting of the Coventry Town Council on Aug. 6, council members approved the language for five referendums on $8,550,000 of bonds for school improvements and designated November 6, 2012 as the election date for the items. 

The bonds are for school roof repairs and replacements, emergency improvements to fire systems, renovations and equipping of Coventry High School Athletic Complex, improvements to heating, ventilation and air conditioning systems at schools and improvements to school grounds and flooring.

The Council also approved a request to the Secretary of State for approval of a certification form for the same from the Town of Coventry Board of Canvassers.

The approved bond language is as follows:

• School Roof Repairs and Replacements

$5,000,000 bonds and notes; (Chapter 433/467 of the Public Laws of 2012) 

“Shall an act passed at the 2012 session of the General Assembly entitled ‘An act authorizing the Town of Coventry to finance system-wide roof repairs and replacements for schools and school facilities in the town by the issuance of not more than $5,000,000 bonds, notes and/or other evidences of indebtedness therefor’ be approved?”

• Emergency Improvements to Coventry High School Fire Systems

$400,000 bonds and notes; (Chapter 431/466 of the Public Laws of 2012)

“Shall an act passed at the 2012 session of the General Assembly entitled ‘An act authorizing the Town of Coventry to finance emergency improvements to fire systems at coventry high school by the issuance of not more than $400,000 bonds, notes and/or other evidences of indebtedness therefor’ be approved?”

• Renovations and Equipping of Coventry High School Athletic Complex

$1,000,000 bonds and notes; (Chapter 434/469 of the Public Laws of 2012)

“Shall an act passed at the 2012 session of the General Assembly entitled ‘An act authorizing tthe Town of Coventry to finance renovations, improvements and equipping of the athletic complex at Coventry High School by the issuance of not more than $1,000,000 bonds, notes and/or other evidences of indebtedness therefor’ be approved?"

• Improvements to Heating, Ventilation and Air Conditioning Systems at Schools 

$1,600,000 bonds and notes; (Chapter 430/470 of the Public Laws of 2012)

“Shall an act passed at the 2012 session of the General Assembly entitled ‘An act authorizing the Town of Coventry to finance system-wide improvements to heating, ventilation and air conditioning systems at schools in the town by the issuance of not more than $1,600,000 bonds, notes and/or other evidences of indebtedness therefor’ be approved?”

• Improvements to School Grounds and Flooring

$550,000 bonds and notes; (Chapter 432/468 of the Public Laws of 2012)

“Shall an act passed at the 2012 session of the General Assembly entitled ‘An act authorizing the Town of Coventry to finance system-wide improvements to school grounds and improvements and replacements of flooring at schools in the town by the issuance of not more than $550,000 bonds, notes and/or other evidences of indebtedness therefor’ be approved?”

Councilman Ray Spear asked how much each bond question would add to a taxpayer’s bill if passed. A response from the Finance Department explained that if the bonds are passed, the School Department's debt service (amount of debt to be paid) for fiscal 2013 would be $101,531 and $329,974 for fiscal 2014. If the School Department does not absorb this debt service within its existing budget and the General Fund otherwise covers the annual cost, the following would have to be considered:

The Town currently has growth in revenue (due mostly to completed new construction) in the amount of $280,000. To raise the additional $49,974 the Finance Department estimates about a penny would need to be added to the tax rate to reach the $329,974. That does not take into account any additional growth that the Town may experience before Dec. 31, 2012.

Superintendent Michael Convery pointed out at the March 12, 2012 Council meeting that items such as the roof and fire alarms are considered health and safety matters by the Rhode Island Department of Education and would therefore warrant a 50.26% refund to the schools over an extended period of time as part of the bond repayment.

"We also need to be cognizant of our pension liability, where any additional General Fund will need to be devoted to that responsibility in the future," noted Town Manager Tom Hoover in an email to council members.