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Board approves FY28 LTFM plan and authorizes revised roofing bond resolution
Summary
The Watertown-Mayer board approved its fiscal 2028 Long-Term Facilities Maintenance plan and a revised roofing bond resolution that finances a $5,695,450 roofing project and preserves capacity for up to $15.65 million in future indoor air quality projects while aiming to remain tax neutral.
The Watertown-Mayer Public School Dist. board on June 22 approved the district's fiscal 2028 Long-Term Facilities Maintenance (LTFM) plan and a revised roofing bond resolution. Bill Menazi of PTMA presented the bond structure and updated construction numbers, telling the board: "The 1st 1 is now $5,695,450 for the roofing project," citing the June 9 construction bid opening.
Menazi said the bond is structured so the district can add up to $15,650,000 for potential indoor air quality (IAQ) projects later while remaining "tax neutral" with an anticipated debt-service decrease in fiscal 2028. He noted required MDE attachments are due July 31 and listed execution parameters, including a maximum true interest cost of 5% and a maximum par amount not to exceed $5,785,000; the sale is targeted for mid- to late July with ratification at the next board meeting after sale.
Superintendent Schuler emphasized the presentation was informational and that approving the resolution does not obligate the district to the IAQ amount; the board's action authorizes the roofing project financing and the submission of the FY28 LTFM plan. The motion to approve the LTFM plan and updated roofing bond resolution was made by Mr. O'Neil, seconded by Mr. Burns, and carried by voice vote of the board.
