Marple Newtown School District Delaware County, Pennsylvania. Act 34 Hearing for Culbertson Elementary School. Location of the Public Hearing
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1 Marple Newtown School District Delaware County, Pennsylvania Act 34 Hearing for Culbertson Elementary School Location of the Public Hearing MARPLE NEWTOWN SCHOOL DISTIRCT ADMINISTRATION BUILDING 40 MEDIA LINE ROAD NEWTOWN SQUARE, PENNSYLVANIA On February 26, 2019 At 6:00 PM
2 TABLE OF CONTENTS Page Meeting Agenda 1 Description of the Need for the Project 2 Summary of Owned Buildings and Land PlanCon A09 3 Project Options Considered by the School Board 4 Description of the Project and Plans (2 pages)(insert Drawings C-1 & A-1) 5 Project Accounting Based on Estimates: PlanCon D02 7 Project Accounting Based on Estimates: PlanCon D03 8 Detailed Costs: PlanCon D04 9 Maximum Building Construction Cost: PlanCon D20 10 Analysis of Financing Alternatives 11 Indirect Costs 12 Total Millage Impact 13 Millage Impact Comparison 13 Option 1 Level Debt Service (8 pages) 14 Option 2 Wrap-Around Debt Service (9 pages) 22 Resolution 31 Hearing Notice 32
3 MARPLE NEWTOWN SCHOOL DISTRICT MARPLE NEWTOWN SCHOOL DISTRICT ADMINISTRATION BUILDING 40 MEDIA LINE ROAD NEWTOWN SQUARE, PENNSYLVANIA AGENDA ACT 34 OF 1973 PUBLIC HEARING FOR CULBERTSON ELEMENTARY SCHOOL I Call to Order II III IV Pledge of Allegiance to the Flag Recognition of Notice of Meeting Introduction of Project and Schedule of Activities V Review of Building Design - Peter M Medica, AIA Bonnett Associates Inc VI Review of Financing - Thomas K Beckett NW Financial Group, LLC VII Public Comment A Individuals have the opportunity to register prior to the meeting in order to offer comments on the project Those registering prior to the meeting will have five (5) minutes to comment on the project B Individuals attending the meeting will have the opportunity to offer comments on the project Each individual will have a maximum of five (5) minutes on the project VIII Adjournment 1
4 DESCRIPTION OF NEED FOR THE PROJECT During the school year, the Marple Newtown School District had undertaken a district-wide feasibility study for the evaluation of its school facility needs In conjunction with that study, a demographic study was also undertaken to assess student population changes and potential growth areas The studies addressed the school buildings and evaluated each school facility for its ability to meet the educational program needs of the school district at each grade level Additionally, it assessed the student capacity of each building to house present programs and numbers of students attending each school The proposed renovations, alterations and expansion of the Culbertson Elementary School are a result of the above-mentioned process and address the needs of the elementary school education program for this school into the foreseeable future For example, programmatically, the proposed plan provides appropriate space for a number of support programs including Speech, Reading Specialists and Occupational Therapy as well as providing additional classroom space and an enlarged cafeteria with new stage addition to accommodate an increasing enrollment 2
5 SUMMARY OF OWNED BUILDINGS AND LAND District/CTC: Project Name: Grades: Marple Newtown School District Culbertson Elementary School K - 5 PRESENT PLANNED #1 #2 #3 #4 #5 #6 #7 #8 #9 #10 #11 NAME OF BUILDING OR SITE (INCLUDING DAO AND VACANT LAND) OWNED BY SCHOOL DISTRICT/CTC CONSTRUCTION AND/OR RENOVATION DATES (BID OPENING DATES) SITE SIZE (ACRES) GRADE LEVELS BUILDING FTE CONVERSION / DISPOSITION AND PLANNED COMPLETION DATE BASED ON OPTION CHOSEN SITE SIZE (ACRES) GRADE LEVELS PLANNED BUILDING FTE PDE PROJECTED GRADE LEVEL ENROLLMENT 10 YEARS INTO THE FUTURE Culbertson Elementary School 57, 60, 69, K-5 Add & Renov K-5 Loomis Elementary School 57, 69, K-5 Add & Renov K-5 Russell Elementary School 1953, K-5 Maintain 149 K-5 Worrall Elementary School 1959, 69, K-5 Maintain 106 K-5 Subtotal XXXXXXXXX XXX XXXX XXXXXXXXXXXXXXXXXXXXXX XXX XXXX Paxon Hollow 1956, 91, Maintain Subtotal XXXXXXXXX XXX XXXX XXXXXXXXXXXXXXXXXXXXXX XXX XXXX Marple Newtown High School 56, 64, 01, Maintain Subtotal XXXXXXXXX XXX XXXX XXXXXXXXXXXXXXXXXXXXXX XXX XXXX Gauntlet Center (MNSD DAO) 1956, 64, Maintain 187 Subtotal XXXXXXXXX XXX XXXX XXXXXXXXXXXXXXXXXXXXXX XXX XXXX TOTAL XXXXXXXXX XXX XXXX XXXXXXXXXXXXXXXXXXXXXX XXX XXXX CHECK IF APPLICABLE: ACTIONS TO BE TAKEN IN THE FUTURE IF PROJECTIONS COME TRUE AND THE SCHOOL DISTRICT EXPERIENCES EXCESS OR INSUFFICIENT CAPACITY (FTE MINUS PROJECTED ENROLLMENT (Col 11) > + or - 300) EXPAND PROGRAMS OR COURSE OFFERINGS PROVIDE SPACE FOR USE BY COMMUNITY GROUPS OR SERVICE AGENCIES OFFER FULL-TIME KINDERGARTEN OR PRE-SCHOOL REDUCE CLASS SIZE CLOSE SCHOOL(S) OTHER (DESCRIBE): REVISED JULY 1, 2010 FORM EXPIRES PLANCON-A09 FTE MINUS ENROLLMENT (#9 - #10) 3
6 OPTIONS CONSIDERED BY THE SCHOOL BOARD The Marple Newtown School District considered the following options for alterations, renovations and expansion of the Culbertson Elementary School The Marple Newtown School District has approved proceeding with the Base Concept which is the expansion and renovation of the existing school Existing Building Alterations and Renovations o o o Renovations to the building to replace doors, hardware, cabinetry and finish materials in classrooms, toilet rooms, paint the building interior, and renovations to the plumbing, heating/ventilating, electrical and fire alarm systems Alterations to the Kitchen to replace aging equipment and improve the Serving Line Circulation Pattern Provision of a fire suppression system throughout the existing building Building Expansion Options include the following: Base Concept o Classroom Wing Addition: o Single story addition located at southwest side of the existing school o Addition to include ten standard classrooms This classroom additions will allow the school to meet increased enrollment and accommodate the requirements of the Educational Specifications o Multi-Purpose Room Addition: o Single story addition located at the west side of existing Multi- Purpose Room o The addition will increase the seating capacity of the cafeteria to accommodate the larger student population by removing the existing stage and constructing a new stage addition o Single Classroom Addition: o Single classroom addition adjacent to existing open space at front wing of school This classroom would be provided with a folding partition so that the space could be enlarged for special events with adjacent existing open space that will be converted to a classroom Optional Concept o The School District considered locating the new classroom addition to Culbertson Elementary School on the east side of the existing school The Marple Newtown School District has chosen to proceed with the Base Concept, the Building Expansion Option, to include Alterations, Renovations and Additions to the Existing Building This option has been selected since it will be the most economical option to meet the established educational program This option also preserves the school s primary athletic field to the east of the school and hard surface playgrounds to the southeast side of the school 4
7 DESCRIPTION OF THE PROJECT The existing Culbertson Elementary School will be improved through renovations, alterations and additions to the existing structure under this program, also known as the Base Concept The building improvements will provide the appropriate educational space needed to accomplish the School District s Elementary School Educational Program The proposed Building Improvements are described as follows: Proposed Building Alterations and Renovations Base Concept Alterations to enlarge the existing Multi-Purpose Room with removal of existing stage and construction of a new stage addition Alterations and additions to the School Office / Health Suite to provide space configurations appropriate to current educational and administrative requirements The School Office and Health Suite will be reconfigured along with the main entrance The layout will provide the school office with the ability to control access to the school at the new main lobby to ensure visitor identification is checked prior to gaining access to the school The school office will provide office space for the principal, two administrative assistants, a conference room, a copy room, a waiting area, a staff toilet room and storage space The Health Suite will be located across the hall from the school office and will provide a consultation room, a nurse s area, two cots areas and a waiting area for at least 4 students Alterations to the front classroom wing will allow for the creation of an Instrumental Music Room which will free up the stage where Instrumental Music is currently taught Alterations to the front classroom wing to convert an existing open space into a Learning Support Classroom Alterations to Public Toilet Rooms that are accessible in conformance with the Uniform Construction Code and Americans with Disabilities Act Alterations to existing kitchen to provide more functional layout to meeting modern food service operations and equipment Renovations to the building to replace doors, hardware, cabinetry, finish materials, paint the building interior, and renovations to the plumbing, heating/ventilating, lighting / electrical and fire alarm systems as well as installation of a new fire protection system Renovations to building s heating / ventilating systems to provide air conditioning throughout school Removal and replacement of roof membrane and roof insulation 5
8 Proposed Building Expansion Base Concept Classroom Wing Addition: Construction of a single-story addition at the southwest side of the school The addition will include ten new classrooms The new standard classrooms will have two teaching areas as well as space designated to accommodate computers with internet capability with expansion capability and will be provided with white boards and tack boards and smartboard technology Single Classroom Addition: Single classroom addition adjacent to existing open space at front wing of school This classroom will be provided with a folding partition so that the space could be enlarged for special events with adjacent existing open space that will be converted to a classroom Multi-Purpose Room Addition: A new stage will be built at the west side of the existing Multi-Purpose Room to allow the cafeteria seating capacity to be increased The attached Site Plan, Sheet C-1 and the Building Floor Plan, Sheet A-1 graphically describe the proposed alterations and building additions that make up the Base Concept 6
9 220 BALDWIN TOWER 1510 CHESTER PIKE EDDYSTONE, PENNSYLVANIA MANAGERS 24x60 4 TIER PROJECT 24x48 4 TIER ENGINEERS 18x60 PLANNERS 18x60 24x48 4 TIER 24x48 4 TIER ARCHITECTS 21x60 D1 CHEM 24x48 4 TIER 24x48 4 TIER BONNETT ASSOCIATES INCORPORATED 18x60 21x60 21x60 24x48 4 TIER 18x60 21x60 24x42 SITE PLAN 1" =100' D120 ELECT ROOM 21x30 24x48 4 TIER TO CULBERTSON ELEMENTARY SCHOOL ADDITIONS AND RENOVATIONS GOSHEN ROAD GOSHEN ROAD C-1 PROPOSED ADDITION EXISTING BUILDING
10 PROJECT MANAGERS EDDYSTONE, PENNSYLVANIA ENGINEERS 1510 CHESTER PIKE PLANNERS 220 BALDWIN TOWER ARCHITECTS BONNETT ASSOCIATES INCORPORATED FLOOR PLAN 1" =60' 18x60 21x60 21x60 18x60 21x60 18x60 24x48 4 TIER D1 CHEM 24x48 4 TIER 18x60 21x60 24x48 4 TIER 24x60 4 TIER 24x48 4 TIER 24x48 4 TIER 21x3 0 TO CULBERTSON ELEMENTARY SCHOOL ADDITIONS AND RENOVATIONS D120 ELECT ROOM 24x48 4 TIER 24x48 4 TIER FLOOR PLAN MATCH LINE 24x42 A-1 PROPOSED ADDITION FLOOR PLAN MATCH LINE
11 PROJECT ACCOUNTING BASED ON ESTIMATES (1 of 2) District/CTC: Project Name: Project #: Marple Newtown School District Culbertson Elementary School ROUND FIGURES TO NEAREST DOLLAR PROJECT COSTS NEW EXISTING TOTAL A STRUCTURE COSTS (include site development) 1 General (Report costs for sanitary sewage disposal on line E-1) 2,191,896 6,455,040 8,646,936 2 Heating and Ventilating 717,585 2,622,360 3,339,945 3 Plumbing (Report costs for sanitary sewage disposal on line E-1) 326,175 1,008,600 1,334,775 4 Electrical 521,880 1,865,910 2,387,790 5 Asbestos Abatement (D04, line C-3) X X X X X X 274, ,400 6 Building Purchase Amount X X X X X X 7 Other * (Exclude test borings and site survey) a Roof 339,222 1,311,180 1,650,402 b Fire Protection 130, , ,480 c Site Construction 1,370, ,000 1,545,000 d e PlanCon-D-Add't Costs, Total A-1 to A-7 - Subtotal 5,597,228 14,065,500 19,662,728 8 Construction Insurance a Owner Controlled Insurance Program on Structure Costs (Exclude asbestos abatement, building purchase and other structure costs not covered by the program) b Builder's Risk Insurance (if not included in primes) c Construction Insurance - Total 9 TOTAL-Structure Costs (A-1 to A-7-Subtotal plus A-8-c) 5,597,228 14,065,500 19,662,728 B ARCHITECT'S FEE 1 Architect's/Engineer's Fee on Structure 335, ,466 1,163,300 2 EPA-Certified Project Designer's X X X X X X Fee on Asbestos Abatement X X X X X X 23,300 23,300 3 TOTAL - Architect's Fee 335, ,766 1,186,600 C MOVABLE FIXTURES AND EQUIPMENT 1 Movable Fixtures and Equipment 275, ,000 2 Architect's Fee No Fee 3 TOTAL - Movable Fixtures & Equipment 275, ,000 D STRUCTURE COSTS, ARCHITECT'S FEE, MOVABLE FIXTURES & EQUIPMENT - 6,208,062 14,916,266 21,124,328 TOTAL (A-9 plus B-3 and C-3) E SITE COSTS 1 Sanitary Sewage Disposal 2 Sanitary Sewage Disposal Tap-In Fee and/or Capacity Charges 3 Owner Controlled Insurance Program/Builder's Risk Insurance on Sanitary Sewage Disposal 4 Architect's/Engineer's Fee for Sanitary Sewage Disposal 5 Site Acquisition Costs X X X X X X a Gross Amount Due from Settlement Statement X X X X X X or Estimated Just Compensation X X X X X X b Real Estate Appraisal Fees X X X X X X c Other Related Site Acquisition Costs X X X X X X d Site Acquisition Costs - Total X X X X X X 6 TOTAL - Site Costs F STRUCTURE COSTS, ARCHITECT'S FEE, MOVABLE FIXTURES & EQUIPMENT, AND 6,208,062 14,916,266 21,124,328 SITE COSTS - TOTAL (D plus E-6) * Type "No Fee" beside each item for which no design fee is charged REVISED JULY 1, 2010 FORM EXPIRES PLANCON-D02 Booklet Page 7
12 PROJECT ACCOUNTING BASED ON ESTIMATES (2 of 2) District/CTC: Project Name: Project #: Marple Newtown School District Culbertson Elementary School ROUND FIGURES TO NEAREST DOLLAR PROJECT COSTS (CONT) TOTAL G ADDITIONAL CONSTRUCTION-RELATED COSTS 1 Project Supervision (inc Asbestos Abatement Project Supervision) 217,210 2 Construction Manager Fee and Related Costs 3 Total Demolition of Entire Existing Structures and Related Asbestos Removal to Prepare Project Site for Construction of New School Building and Related AHERA Clearance Air Monitoring and EPA-Certified Project Designer's Fee on Asbestos Abatement (Exclude costs for partial demolition) 4 Architectural Printing 10,000 5 Test Borings 12,600 6 Site Survey 19,500 7 Other (attach schedule if needed) a Civil Engineering 145,650 b PlanCon-D-Add't Costs, Total 8 Contingency 1,027,581 9 TOTAL - Additional Construction-Related Costs 1,432,541 H FINANCING COSTS BOND ISSUE/NOTE BOND ISSUE/NOTE BOND ISSUE/NOTE X X X X X X FOR THIS PROJECT ONLY SERIES OF 2019 SERIES OF SERIES OF X X X X X X 1 Underwriter Fees 120, ,870 2 Legal Fees 87,500 87,500 3 Financial Advisor 36,000 36,000 4 Bond Insurance 5 Paying Agent/Trustee Fees and Expenses 1,550 1,550 6 Capitalized Interest 7 Printing 1,000 1,000 8 CUSIP & Rating Fees 20,700 20,700 9 Other a Misc & Rounding 1,712 1,712 b 10 TOTAL-Financing Costs 269, ,332 I TOTAL PROJECT COSTS (F plus G-9 plus H-10) 22,826,201 BOND ISSUE/NOTE BOND ISSUE/NOTE BOND ISSUE/NOTE REVENUE SOURCES SERIES OF 2019 SERIES OF SERIES OF TOTAL J AMOUNT FINANCED FOR THIS PROJECT ONLY 20,145,000 20,145,000 K ORIGINAL ISSUE DISCOUNT/ PREMIUM FOR THIS PROJECT ONLY 2,362,537 2,362,537 L INTEREST EARNINGS FOR THIS PROJECT ONLY 318, ,664 M BUILDING INSURANCE RECEIVED N PROCEEDS FROM SALE OF BUILDING OR LAND O LOCAL FUNDS - CASH (SEE INSTRUCTIONS) P OTHER FUNDS (ATTACH SCHEDULE) Q TOTAL REVENUE SOURCES 22,826,201 REVISED JULY 1, 2010 FORM EXPIRES PLANCON-D03 Booklet Page 8
13 DETAILED COSTS District/CTC: Project Name: Project #: Marple Newtown School District Culbertson Elementary School NEW EXISTING TOTAL A SITE DEVELOPMENT COSTS (exclude Sanitary Sewage Disposal) 1 General (include Rough Grading to Receive Building) 1,370, ,000 1,545,000 2 Heating and Ventilating 3 Plumbing 100, ,000 4 Electrical 60,000 30,000 90,000 5 Other: Fire Protection 50,000 50,000 6 Other: 7 A-1 thru A-6 - Subtotal 1,480, ,000 1,785,000 8 Construction Insurance a Owner Controlled Insurance Program on Site Development Costs b Builder's Risk Insurance (if not included in primes) c Construction Insurance - Subtotal 9 Site Development Costs - Total 1,480, ,000 1,785,000 B ARCHITECT'S FEE ON SITE DEVELOPMENT 88,800 18, ,100 C ASBESTOS ABATEMENT EXISTING 1 Asbestos Abatement 252,400 2 AHERA Clearance Air Monitoring 22,000 3 Asbestos Abatement - Total (D02, line A-5) 274,400 D EPA-CERTIFIED PROJECT DESIGNER'S FEE ON ASBESTOS 23,300 ABATEMENT (D02, LINE B-2) E ROOF REPLACEMENT/REPAIR 1 Roof Replacement Repair 1,311,180 2 Owner Controlled Insurance Program on Roof Replacement/Repair 3 Builder's Risk Insurance (if not included in primes) 4 Roof Replacement/Repair - Total 1,311,180 F ARCHITECT'S FEE ON ROOF REPLACEMENT/REPAIR 78,671 REVISED JULY 1, 2010 FORM EXPIRES PLANCON-D04 Booklet Page 9
14 ACT 34 OF 1973: MAXIMUM BUILDING CONSTRUCTION COST FOR NEW BUILDING OR SUBSTANTIAL ADDITION ONLY District/CTC: Project Name: Project #: Marple Newtown School District Culbertson Elementary School Act 34 applies only to costs for new construction The legal requirements do not address the costs for alterations to existing structures For this reason, costs associated with the existing structure and other related costs should not be included in the following calculations A STRUCTURE COST, ARCHITECT'S FEE, MOVABLE FIXTURES AND EQUIPMENT (D02, line D-NEW) $ 6,208,062 B EXCLUDABLE COSTS FOR NEW CONSTRUCTION 1 Site Development Costs (D04, line A-7-NEW) $ 1,480,000 2 Architect's Fees on the above excludable costs $ 88,800 THE FIGURE ON LINE A SHOULD NOT BE ADOPTED BY THE BOARD 3 Vocational Projects Only - Movable Fixtures & Equipment (D02, line C-3-NEW) $ 4 Total Excludable Costs (B-1 plus B-2 and B-3) $ 1,568,800 C ACT 34 MAXIMUM BUILDING CONSTRUCTION COST (A minus B-4) $ 4,639,262 THE BOARD MUST ADOPT THE FIGURE ON LINE C BEFORE SCHEDULING THE FIRST ACT 34 HEARING IF THE MAXIMUM BUILDING CONSTRUCTION COST BASED ON BIDS IS EQUAL TO OR GREATER THAN THE MAXIMUM BUILDING CONSTRUCTION COST BASED ON ESTIMATES PLUS EIGHT PERCENT (LINE D), A SECOND PUBLIC HEARING WILL BE REQUIRED BEFORE ENTERING INTO CONTRACTS AND STARTING CONSTRUCTION ON ANY PLANNED WORK D ACT 34 MAXIMUM BUILDING CONSTRUCTION COST TIMES 108 (C times 108) $ 5,010,403 THE FIGURE ON LINE D SHOULD NOT BE ADOPTED BY THE BOARD REVISED JULY 1, 2010 FORM EXPIRES PLANCON-D20 Booklet Page 10
15 ANALYSIS OF FINANCING ALTERNATIVES We have analyzed four alternative methods of financing the proposed designing, constructing, furnishing, and equipping the Culbertson Elementary School Project (the "Project") We also estimated the direct costs of financing as required by the Department of Education regulations issued November 4, 1978 Analysis of Alternatives The four alternatives of financing that we examined are: 1 Cash or a short-term loan 2 General obligation bond issue 3 A local authority issue 4 A financing through the State Public School Building Authority (SPSBA) TABLE 1 Marple Newtown School District Culbertson Elementary Project Long Term Financing Cost Comparison General Obligation Bond Local Authority (1) SPSBA Construction & Related Costs $ 21,124,328 $ 21,124,328 $ 21,124,328 Contingency & Supervision $ 1,432,541 $ 1,432,541 $ 1,432,541 Costs of lssuance 269, , ,303 Total Costs $ 22,826,201 $ 22,838,857 $ 22,817,172 Less : Bond Premium $ (2,362,537) $ (2,050,193) $ (2,048,508) Less: Interest Earned (318,664) (318,664) (318,664) Total Bond Issue $ 20,145,000 $ 20,470,000 $ 20,450,000 Pro-Forma Interest Rate (2)(3) 5000% 5000% 5000% All-In Cost of Funds 4040% 4190% 4180% Term Average Annual Debt Service $ 1,428,810 $ 1,451,916 $ 1,450,566 (1) Local Authority will have additional administrative expenses and fees These have not been included in the annual cost (2) Pro-forma based on market interest rates for callable, premium bonds as of 1/17/19 Interest rates are typically higher on Local Authority and SPSBA Revenue Bonds when compared to non-bank qualified general obligation bonds for a Aa2 rated (3) Rate, Term and Annual Debt Service assume a 25 Year term financing amortized to produce level annual debt service on the proposed issue Rate is average coupon Analysis of the School District's financial statements for recent years, and of the financing projections prepared in connection with this Project, and discussions with the School District's Administration indicated that financing the entire project with cash is not feasible The School District does not have the funds necessary to pay cash for its share of the Project, nor does it appear that the School District would be able to raise the required amounts from its anticipated cash flow to meet the proposed construction schedule 11
16 We then analyzed in detail the three alternatives which would require the School District to incur long-term debt For each alternative, we estimated a bond issue size and calculated the average annual debt service requirements We then constructed a repayment schedule assuming equal annual payments over 25 years at a pro-forma interest rate for the General Obligation, Local Authority, and SPSBA Bond Issues Bonds issued through either a local authority or the SPSBA would be classified as revenue bonds instead of general obligation bonds Interest rates on revenue bonds are higher than interest rates that would be received on general obligation bonds This would result in higher annual debt service payments for the School District The General Obligation alternative offers the School District the advantage of lower interest rates, more favorable refunding provisions and keeps more control with the local school board Based on these analyses and past performance, the least costly alternative for financing the Project is the General Obligation Issue The District is considering alternative level debt and aggregate wrap around amortization and debt service structures Millage impacts for each alternative are shown in Table 2 Indirect Costs At the completion of this project it is not anticipated indirect costs will increase or decrease for this proposed project It is not anticipated additional staff will be hired specifically related to the project The project is planned to provide more appropriate square footage for education of students by current staff modernize aged facilities and meet current educational programs within Marple-Newtown School District Custodial staff and supplies are not anticipated to change substantially Last, while the building is increasing in size it anticipated any additional energy costs will be offset with energy efficiency planned as part of the project 12
17 Total Millage Impact Assuming a collected mill currently provides $37 million annually, the indirect costs will have a millage impact of 0 mills per year The millage equivalent of the debt service assuming a 25 year level debt service amortization is 386 mills per year The total millage impact is the sum of these two or 386 mills per year If the District opts for a wrap-around structure, the millage impact would be 276 mills per year TABLE 2 Marple Newtown School District Culbertson Elementary Project Millage Impact Comparison 25 Year Level Debt Service Wrap-Around Incremental Annual Debt Service (FY2019-FY2020) $ 1,428,810 $ 1,019,500 Indirect Costs $ - $ - Total Costs $ 1,428,810 $ 1,019,500 Value of 1 Mill ( ) $ 3,700,542 $ 3,700,542 Incremental Millage Impact
18 Jan 29, :41 am (Pennsylvania:MARPLSD-2019CUL) TABLE OF CONTENTS Marple Newtown School District, Delaware County, Pennsylvania General Obligation Bonds, Series of Culberson Elementary School Report Page Sources and Uses of Funds 1 Bond Pricing 2 Project Fund 3 Aggregate Debt Service 4 Bond Debt Service 5 Bond Summary Statistics 7 Booklet Page 14
19 SOURCES AND USES OF FUNDS Marple Newtown School District, Delaware County, Pennsylvania General Obligation Bonds, Series of Culberson Elementary School Sources: Bond Proceeds: Par Amount 20,145,00000 Premium 2,362, ,507,53690 Other Sources of Funds: Investment earnings 318, ,826,20124 Uses: Project Fund Deposits: Project Fund 22,556,86898 Delivery Date Expenses: Cost of Issuance 146,75000 Underwriter's Discount 120, ,62000 Other Uses of Funds: Rounding 1, ,826,20124 Jan 29, :41 am (Pennsylvania:MARPLSD-2019CUL) Page 1 Booklet Page 15
20 BOND PRICING Marple Newtown School District, Delaware County, Pennsylvania General Obligation Bonds, Series of Culberson Elementary School Maturity Yield to Premium Bond Component Date Amount Rate Yield Price Maturity (-Discount) Serial Bonds: Term Bond: 06/01/ , % 1960% , /01/ , % 1960% , /01/ , % 1980% , /01/ , % 2040% , /01/ , % 2110% , /01/ , % 2180% , /01/ , % 2240% , /01/ , % 2340% , /01/ , % 2430% C 2664% 116, /01/ , % 2520% C 2926% 117, /01/ , % 2630% C 3159% 117, /01/ , % 2730% C 3348% 116, ,730, , /01/ ,415, % 3500% C 4317% 1,393, ,145,000 2,362,53690 Dated Date 06/01/2019 Delivery Date 06/01/2019 First Coupon 12/01/2019 Par Amount 20,145,00000 Premium 2,362,53690 Production 22,507, % Underwriter's Discount -120, % Purchase Price 22,386, % Accrued Interest Net Proceeds 22,386,66690 Jan 29, :41 am (Pennsylvania:MARPLSD-2019CUL) Page 2 Booklet Page 16
21 PROJECT FUND Marple Newtown School District, Delaware County, Pennsylvania General Obligation Bonds, Series of Culberson Elementary School Project Fund (PROJ) Interest Scheduled Date 24% Principal Draws Balance 06/01/ ,238, ,804, ,804, ,433, /01/ , ,763, ,804, ,669, /01/ , ,767, ,804, ,902, /01/ , ,770, ,804, ,131, /01/ , ,097, ,127, ,033, /01/ , ,099, ,127, ,933, /01/ , ,102, ,127, ,831, /01/ , ,104, ,127, ,727, /01/ , ,106, ,127, ,620, /01/ , ,108, ,127, ,512, /01/ , ,411, ,428, ,100, /01/ , ,414, ,428, ,686, /01/ , ,417, ,428, ,268, /01/2020 8, ,420, ,428, ,848, /01/2020 5, ,422, ,428, ,425, /01/2020 2, ,425, ,428, ,238, , ,238, ,556,86898 Average Life (years): Yield To Receipt Date: % Arbitrage Yield: % Value of Negative Arbitrage: 101,91872 Jan 29, :41 am (Pennsylvania:MARPLSD-2019CUL) Page 3 Booklet Page 17
22 AGGREGATE DEBT SERVICE Marple Newtown School District, Delaware County, Pennsylvania General Obligation Bonds, Series of Culberson Elementary School General Obligation Bonds, Series of Culberson Period Elementary Aggregate Ending School Other D/S Debt Service 06/30/2019 7,314,000 7,314,000 06/30/2020 1,428,000 7,302,250 8,730,250 06/30/2021 1,431,000 7,306,000 8,737,000 06/30/2022 1,428,750 7,304,000 8,732,750 06/30/2023 1,430,500 7,306,000 8,736,500 06/30/2024 1,431,000 7,306,250 8,737,250 06/30/2025 1,430,250 7,304,250 8,734,500 06/30/2026 1,428,250 7,304,500 8,732,750 06/30/2027 1,430,000 7,306,250 8,736,250 06/30/2028 1,430,250 7,303,750 8,734,000 06/30/2029 1,429,000 7,301,500 8,730,500 06/30/2030 1,431,250 7,303,750 8,735,000 06/30/2031 1,426,750 1,564,500 2,991,250 06/30/2032 1,430,750 1,430,750 06/30/2033 1,427,750 1,427,750 06/30/2034 1,428,000 1,428,000 06/30/2035 1,426,250 1,426,250 06/30/2036 1,427,500 1,427,500 06/30/2037 1,426,500 1,426,500 06/30/2038 1,428,250 1,428,250 06/30/2039 1,427,500 1,427,500 06/30/2040 1,429,250 1,429,250 06/30/2041 1,428,250 1,428,250 06/30/2042 1,429,500 1,429,500 06/30/2043 1,427,750 1,427,750 06/30/2044 1,428,000 1,428,000 35,720,250 89,227, ,947,250 Jan 29, :41 am (Pennsylvania:MARPLSD-2019CUL) Page 4 Booklet Page 18
23 BOND DEBT SERVICE Marple Newtown School District, Delaware County, Pennsylvania General Obligation Bonds, Series of Culberson Elementary School Annual Period Debt Debt Ending Principal Coupon Interest Service Service 12/01/ , ,500 06/01/ , % 501, ,500 06/30/2020 1,428,000 12/01/ , ,000 06/01/ , % 493, ,000 06/30/2021 1,431,000 12/01/ , ,875 06/01/ , % 481, ,875 06/30/2022 1,428,750 12/01/ , ,250 06/01/ , % 470, ,250 06/30/2023 1,430,500 12/01/ , ,000 06/01/ , % 458, ,000 06/30/2024 1,431,000 12/01/ , ,125 06/01/ , % 445, ,125 06/30/2025 1,430,250 12/01/ , ,625 06/01/ , % 431, ,625 06/30/2026 1,428,250 12/01/ , ,500 06/01/ , % 417,500 1,012,500 06/30/2027 1,430,000 12/01/ , ,625 06/01/ , % 402,625 1,027,625 06/30/2028 1,430,250 12/01/ , ,000 06/01/ , % 387,000 1,042,000 06/30/2029 1,429,000 12/01/ , ,625 06/01/ , % 370,625 1,060,625 06/30/2030 1,431,250 12/01/ , ,375 06/01/ , % 353,375 1,073,375 06/30/2031 1,426,750 12/01/ , ,375 06/01/ , % 335,375 1,095,375 06/30/2032 1,430,750 12/01/ , ,375 06/01/ , % 316,375 1,111,375 06/30/2033 1,427,750 12/01/ , ,500 06/01/ , % 296,500 1,131,500 06/30/2034 1,428,000 12/01/ , ,625 06/01/ , % 275,625 1,150,625 06/30/2035 1,426,250 12/01/ , ,750 06/01/ , % 253,750 1,173,750 06/30/2036 1,427,500 12/01/ , ,750 06/01/ , % 230,750 1,195,750 06/30/2037 1,426,500 Jan 29, :41 am (Pennsylvania:MARPLSD-2019CUL) Page 5 Booklet Page 19
24 BOND DEBT SERVICE Marple Newtown School District, Delaware County, Pennsylvania General Obligation Bonds, Series of Culberson Elementary School Annual Period Debt Debt Ending Principal Coupon Interest Service Service 12/01/ , ,625 06/01/2038 1,015, % 206,625 1,221,625 06/30/2038 1,428,250 12/01/ , ,250 06/01/2039 1,065, % 181,250 1,246,250 06/30/2039 1,427,500 12/01/ , ,625 06/01/2040 1,120, % 154,625 1,274,625 06/30/2040 1,429,250 12/01/ , ,625 06/01/2041 1,175, % 126,625 1,301,625 06/30/2041 1,428,250 12/01/ ,250 97,250 06/01/2042 1,235, % 97,250 1,332,250 06/30/2042 1,429,500 12/01/ ,375 66,375 06/01/2043 1,295, % 66,375 1,361,375 06/30/2043 1,427,750 12/01/ ,000 34,000 06/01/2044 1,360, % 34,000 1,394,000 06/30/2044 1,428,000 20,145,000 15,575,250 35,720,250 35,720,250 Jan 29, :41 am (Pennsylvania:MARPLSD-2019CUL) Page 6 Booklet Page 20
25 BOND SUMMARY STATISTICS Marple Newtown School District, Delaware County, Pennsylvania General Obligation Bonds, Series of Culberson Elementary School Dated Date 06/01/2019 Delivery Date 06/01/2019 Last Maturity 06/01/2044 Arbitrage Yield % True Interest Cost (TIC) % Net Interest Cost (NIC) % All-In TIC % Average Coupon % Average Life (years) Duration of Issue (years) Par Amount 20,145,00000 Bond Proceeds 22,507,53690 Total Interest 15,575,25000 Net Interest 13,333,58310 Total Debt Service 35,720,25000 Maximum Annual Debt Service 1,431,25000 Average Annual Debt Service 1,428,81000 Underwriter's Fees (per $1000) Average Takedown Other Fee Total Underwriter's Discount Bid Price Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change Serial Bonds 6,730, % ,06960 Term Bond 13,415, % , ,145, ,86255 All-In Arbitrage TIC TIC Yield Par Value 20,145, ,145, ,145, Accrued Interest + Premium (Discount) 2,362, ,362, ,362, Underwriter's Discount -120, , Cost of Issuance Expense -146, Other Amounts Target Value 22,386, ,239, ,507,53690 Target Date 06/01/ /01/ /01/2019 Yield % % % Jan 29, :41 am (Pennsylvania:MARPLSD-2019CUL) Page 7 Booklet Page 21
26 Jan 29, :42 am (Pennsylvania:MARPLSD-2019CULW) TABLE OF CONTENTS Marple Newtown School District, Delaware County, Pennsylvania General Obligation Bonds, Series of Culberson Elementary School, Wrap DS Report Page Sources and Uses of Funds 1 Bond Pricing 2 Project Fund 3 Aggregate Debt Service 4 Bond Debt Service 5 Cost of Issuance 7 Bond Summary Statistics 8 Booklet Page 22
27 SOURCES AND USES OF FUNDS Marple Newtown School District, Delaware County, Pennsylvania General Obligation Bonds, Series of Culberson Elementary School, Wrap DS Sources: Bond Proceeds: Par Amount 20,390,00000 Premium 2,117, ,507,90930 Other Sources of Funds: Investment earnings 318, ,826,57364 Uses: Project Fund Deposits: Project Fund 22,556,86898 Delivery Date Expenses: Cost of Issuance 146,75000 Underwriter's Discount 122, ,09000 Other Uses of Funds: Rounding ,826,57364 Jan 29, :42 am (Pennsylvania:MARPLSD-2019CULW) Page 1 Booklet Page 23
28 BOND PRICING Marple Newtown School District, Delaware County, Pennsylvania General Obligation Bonds, Series of Culberson Elementary School, Wrap DS Maturity Yield to Premium Bond Component Date Amount Rate Yield Price Maturity (-Discount) Serial Bonds: 06/01/ % 1960% /01/ % 1960% /01/ % 1980% /01/ % 2040% /01/ % 2110% /01/ % 2180% /01/ % 2240% /01/ % 2340% /01/ % 2430% C 2664% 06/01/ % 2520% C 2926% 06/01/ % 2630% C 3159% 06/01/ % 2730% C 3348% Term Bond: 06/01/ ,390, % 3500% C 4317% 2,117, ,390,000 2,117,90930 Dated Date 06/01/2019 Delivery Date 06/01/2019 First Coupon 12/01/2019 Par Amount 20,390,00000 Premium 2,117,90930 Production 22,507, % Underwriter's Discount -122, % Purchase Price 22,385, % Accrued Interest Net Proceeds 22,385,56930 Jan 29, :42 am (Pennsylvania:MARPLSD-2019CULW) Page 2 Booklet Page 24
29 PROJECT FUND Marple Newtown School District, Delaware County, Pennsylvania General Obligation Bonds, Series of Culberson Elementary School, Wrap DS Project Fund (PROJ) Interest Scheduled Date 24% Principal Draws Balance 06/01/ ,238, ,804, ,804, ,433, /01/ , ,763, ,804, ,669, /01/ , ,767, ,804, ,902, /01/ , ,770, ,804, ,131, /01/ , ,097, ,127, ,033, /01/ , ,099, ,127, ,933, /01/ , ,102, ,127, ,831, /01/ , ,104, ,127, ,727, /01/ , ,106, ,127, ,620, /01/ , ,108, ,127, ,512, /01/ , ,411, ,428, ,100, /01/ , ,414, ,428, ,686, /01/ , ,417, ,428, ,268, /01/2020 8, ,420, ,428, ,848, /01/2020 5, ,422, ,428, ,425, /01/2020 2, ,425, ,428, ,238, , ,238, ,556,86898 Average Life (years): Yield To Receipt Date: % Arbitrage Yield: % Value of Negative Arbitrage: 142,63708 Jan 29, :42 am (Pennsylvania:MARPLSD-2019CULW) Page 3 Booklet Page 25
30 AGGREGATE DEBT SERVICE Marple Newtown School District, Delaware County, Pennsylvania General Obligation Bonds, Series of Culberson Elementary School, Wrap DS General Obligation Bonds, Series of Culberson Elementary Period School, Wrap Aggregate Ending DS Other D/S Debt Service 06/30/2019 7,314,000 7,314,000 06/30/2020 1,019,500 7,302,250 8,321,750 06/30/2021 1,019,500 7,306,000 8,325,500 06/30/2022 1,019,500 7,304,000 8,323,500 06/30/2023 1,019,500 7,306,000 8,325,500 06/30/2024 1,019,500 7,306,250 8,325,750 06/30/2025 1,019,500 7,304,250 8,323,750 06/30/2026 1,019,500 7,304,500 8,324,000 06/30/2027 1,019,500 7,306,250 8,325,750 06/30/2028 1,019,500 7,303,750 8,323,250 06/30/2029 1,019,500 7,301,500 8,321,000 06/30/2030 1,019,500 7,303,750 8,323,250 06/30/2031 1,019,500 1,564,500 2,584,000 06/30/2032 2,169,500 2,169,500 06/30/2033 2,172,000 2,172,000 06/30/2034 2,171,500 2,171,500 06/30/2035 2,168,000 2,168,000 06/30/2036 2,171,500 2,171,500 06/30/2037 2,171,500 2,171,500 06/30/2038 2,173,000 2,173,000 06/30/2039 2,170,750 2,170,750 06/30/2040 2,169,750 2,169,750 06/30/2041 2,169,750 2,169,750 06/30/2042 2,170,500 2,170,500 06/30/2043 2,171,750 2,171,750 06/30/2044 2,168,250 2,168,250 40,451,750 89,227, ,678,750 Jan 29, :42 am (Pennsylvania:MARPLSD-2019CULW) Page 4 Booklet Page 26
31 BOND DEBT SERVICE Marple Newtown School District, Delaware County, Pennsylvania General Obligation Bonds, Series of Culberson Elementary School, Wrap DS Annual Period Debt Debt Ending Principal Coupon Interest Service Service 12/01/ , ,750 06/01/ , ,750 06/30/2020 1,019,500 12/01/ , ,750 06/01/ , ,750 06/30/2021 1,019,500 12/01/ , ,750 06/01/ , ,750 06/30/2022 1,019,500 12/01/ , ,750 06/01/ , ,750 06/30/2023 1,019,500 12/01/ , ,750 06/01/ , ,750 06/30/2024 1,019,500 12/01/ , ,750 06/01/ , ,750 06/30/2025 1,019,500 12/01/ , ,750 06/01/ , ,750 06/30/2026 1,019,500 12/01/ , ,750 06/01/ , ,750 06/30/2027 1,019,500 12/01/ , ,750 06/01/ , ,750 06/30/2028 1,019,500 12/01/ , ,750 06/01/ , ,750 06/30/2029 1,019,500 12/01/ , ,750 06/01/ , ,750 06/30/2030 1,019,500 12/01/ , ,750 06/01/ , ,750 06/30/2031 1,019,500 12/01/ , ,750 06/01/2032 1,150, % 509,750 1,659,750 06/30/2032 2,169,500 12/01/ , ,000 06/01/2033 1,210, % 481,000 1,691,000 06/30/2033 2,172,000 12/01/ , ,750 06/01/2034 1,270, % 450,750 1,720,750 06/30/2034 2,171,500 12/01/ , ,000 06/01/2035 1,330, % 419,000 1,749,000 06/30/2035 2,168,000 12/01/ , ,750 06/01/2036 1,400, % 385,750 1,785,750 06/30/2036 2,171,500 12/01/ , ,750 06/01/2037 1,470, % 350,750 1,820,750 06/30/2037 2,171,500 Jan 29, :42 am (Pennsylvania:MARPLSD-2019CULW) Page 5 Booklet Page 27
32 BOND DEBT SERVICE Marple Newtown School District, Delaware County, Pennsylvania General Obligation Bonds, Series of Culberson Elementary School, Wrap DS Annual Period Debt Debt Ending Principal Coupon Interest Service Service 12/01/ , ,000 06/01/2038 1,545, % 314,000 1,859,000 06/30/2038 2,173,000 12/01/ , ,375 06/01/2039 1,620, % 275,375 1,895,375 06/30/2039 2,170,750 12/01/ , ,875 06/01/2040 1,700, % 234,875 1,934,875 06/30/2040 2,169,750 12/01/ , ,375 06/01/2041 1,785, % 192,375 1,977,375 06/30/2041 2,169,750 12/01/ , ,750 06/01/2042 1,875, % 147,750 2,022,750 06/30/2042 2,170,500 12/01/ , ,875 06/01/2043 1,970, % 100,875 2,070,875 06/30/2043 2,171,750 12/01/ ,625 51,625 06/01/2044 2,065, % 51,625 2,116,625 06/30/2044 2,168,250 20,390,000 20,061,750 40,451,750 40,451,750 Jan 29, :42 am (Pennsylvania:MARPLSD-2019CULW) Page 6 Booklet Page 28
33 COST OF ISSUANCE Marple Newtown School District, Delaware County, Pennsylvania General Obligation Bonds, Series of Culberson Elementary School, Wrap DS Cost of Issuance $/1000 Amount Legal ,50000 Financial Advisor ,00000 Rating Agency ,50000 Paying Agent ,55000 Misc and Cusip ,20000 Printing , ,75000 Jan 29, :42 am (Pennsylvania:MARPLSD-2019CULW) Page 7 Booklet Page 29
34 BOND SUMMARY STATISTICS Marple Newtown School District, Delaware County, Pennsylvania General Obligation Bonds, Series of Culberson Elementary School, Wrap DS Dated Date 06/01/2019 Delivery Date 06/01/2019 Last Maturity 06/01/2044 Arbitrage Yield % True Interest Cost (TIC) % Net Interest Cost (NIC) % All-In TIC % Average Coupon % Average Life (years) Duration of Issue (years) Par Amount 20,390,00000 Bond Proceeds 22,507,90930 Total Interest 20,061,75000 Net Interest 18,066,18070 Total Debt Service 40,451,75000 Maximum Annual Debt Service 2,173,00000 Average Annual Debt Service 1,618,07000 Underwriter's Fees (per $1000) Average Takedown Other Fee Total Underwriter's Discount Bid Price Par Average Average PV of 1 bp Bond Component Value Price Coupon Life change Term Bond 20,390, % , ,390, ,88470 All-In Arbitrage TIC TIC Yield Par Value 20,390, ,390, ,390, Accrued Interest + Premium (Discount) 2,117, ,117, ,117, Underwriter's Discount -122, , Cost of Issuance Expense -146, Other Amounts Target Value 22,385, ,238, ,507,90930 Target Date 06/01/ /01/ /01/2019 Yield % % % Jan 29, :42 am (Pennsylvania:MARPLSD-2019CULW) Page 8 Booklet Page 30
35 RESOLUTION RESOLVE, THAT THE MARPLE NEWTOWN SCHOOL DISTRICT BOARD OF SCHOOL DIRECTORS HEREBY APPROVES A "MAXIMUM PROJECT COST" OF $22,826,20100 AND A "MAXIMUM BUILDING CONSTRUCTION" COST OF $4,639,26200 FOR THE CULBERTSON ELEMENTARY SCHOOL PROJECT, IN ACCORDANCE WITH THE REQUIREMENTS OF ACT 34 OF 1973 PASSED AND ADOPTED this 29 th day of January in the year 2019 AD Remove and insert executed copy ATTEST: t 1e Board of School Directors -- President of the Board of School Directors 31
36 HEARING NOTICE Please take notice that a public hearing will be held in the Marple Newtown School District Board Meeting Room at the Marple Newtown School District Administration Building, 40 Media Line Road, Newtown Square, PA, 19073, on February 26, 2019, at 6:00 pm for the purpose of reviewing all relevant matters relating to the construction and equipping of Culbertson Elementary School (Renovations & Additions) A description of the Project, including facts with respect to educational, physical, administrative, budgetary and fiscal matters related to the Project, will be presented and will be available for consideration at such public hearing and from February 1, 2019 the project description booklet will be available during business hours of the School District at Culbertson Elementary School as well as the Marple Newtown Administration Building The Board of School Directors of the School District by resolution duly adopted has authorized a maximum project cost of $22,826,20100 and a maximum building construction cost of $4,639,26200 in connection with the Project This public hearing is being held pursuant to requirements of the Pennsylvania Public School Code of 1949, approved March 10, 1949, as amended and supplemented, including amendments made pursuant to Act 34 of the Session of 1973 of the General Assembly All residents are invited to attend Anyone wishing agenda time, or wishing to submit written testimony or both, should contact the secretary of the Board of School Directors until 3:00 PM on February 25, 2019 Additional testimony will be received from the floor at the hearing Each individual shall be limited to a maximum of five minutes Written comments regarding the project will be received by the secretary of the Board of School Directors until 12:00 noon, March 28,
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