Planned Bond Issuance

STEAM empowers teachers to employ project-based learning that crosses each of the five disciplines and fosters an inclusive learning environment in which all students are able to engage and contribute. As opposed to traditional models of teaching, educators using the STEAM framework bring the disciplines together, leveraging the synergy between the modeling process and math and science content, for example, in order to blur the boundaries between modeling techniques and scientific/mathematical thinking. Through this holistic approach, students are able to exercise both sides of their brain at once. (Source: https://onlinedegrees.sandiego.edu/steam-education-in-schools)

Lawton C. Johnson Summit Middle School

• Adding two classrooms on second floor for STEAM and innovation spaces
• Expanding concourse into one large innovation space and one small group instruction room
• Creating new space for Industrial Arts room
• Converting space behind auxiliary gym into wellness center and additional storage
• Renovating athletic field

Summit High School

• Second floor addition of Media Center for STEAM Labs
• TV studio and edit rooms
• Collaborative and individual study spaces
• Classroom spaces
• Dance studio and renovation of Choir and Drama classrooms/spaces
• Conversion of current TV studio to a classroom

• HVAC at Lawton C. Johnson Summit Middle School (only school in the District that does not have air conditioning)
• Renovating Tatlock field house
• Replacing windows at Brayton Elementary School
• Upgrading fence and creating facade along Morris Avenue (lower high school field)
• Enhancing main lobby entrance and security desk at LCJSMS
• Renovating cafeteria and kitchen at LCJSMS

A bond is a loan (similar to a mortgage) that is used to provide funding for the purpose of construction (one example) and provides interest to the investor.

The district's Operating Budget is used to fund the daily operations of the district.

• Examples include: payment of district employee salaries and benefits/insurance, the purchase of supplies/textbooks.

The district's Capital Outlay Budget is used to fund the purchase of equipment and the renovation of district facilities through the capital reserve fund.

The district's Capital Projects Fund is used to fund the district's large scale building projects.

• April 7, 2022 - Initial presentation to Board of Education and public
• May 4, 2022 - Formal presentation to Operations and Education Committees
• May 12, 2022 - Formal presentation to Board of Education and public
• May 23, 2022 - Public Q&A Forum about Planned Bond Issuance
• June 23, 2022 - Vote on project by Board of Education
• July 7, 2022 - Vote on project by Board of School Estimate
• November 14, 2022 - Vote on project by Summit Common Council (First reading)
• December 6, 2022 - Vote on project by Summit Common Council (Second reading)
• Summer 2023 - If approved by Common Council and New Jersey Department of Education, begin construction

Summit Public Schools is a Type 1 School District. The voting process is as follows:

• Board of Education - passes resolution indicating the need for bonds and delivers the resolution and accompanying documents explaining the need to the Board of School Estimate
• Board of School Estimate - reviews district need and passes a resolution certifying the bond amounts to the city
• Summit Common Council - adopts a bond ordinance authorizing the issuance of the bonds, through a process of two readings
• The district must also receive approval from the Department of Education for the project and to set aside state aid contributions

In 2014, the district's total debt was $54,031,774 and net debt percentage was 19.70%.

With this debt issuance in the amount of $37,429,555, the district's total debt would be $57,199,831 and the net debt percentage would be 19.05%.

The last two bonds approved for the district were in 2011 in the amount of $19,545,000 and in 2016 in the amount of $13,800,000.

With the estimated total cost, the estimated tax impact for the average home, tax assessed at $425,988, would be $253 per year.

Current Debt outstanding (as of August 1, 2022) - $19,770,276

• Debt limit - $300,253,544
• Current net debt percentage - 6.5%
• Issuance of debt at estimated cost will be aligned with previous bond issuances
• Estimated net debt percentage if approved - 19.11%

The total projected cost of the planned bond issuance is $37,429,555. Please note that due to supply chain and delivery issues, this is an estimated cost. The costs associated with this project may increase or decrease.