At the recent Fiscal Oversight Committee meeting, at the eleventh hour, the committee came up with a plan to maintain their proposed 7.1 cent increase but still come up with additional funds to help the school reach it's 14.5 cent need and pay off their debt. The proposal called for the Board to sell the middle school to the Town for $1.5 million and then the Town would rent it back to the Board. The BOE has since contacted bond counsel and have been told that they can not sell the middle school because of the $2.6 million in bonds they already have out on the building from the recent referendum to replace the roof and building renovations. Those bonds will have to be completely paid off before any sale can take place.
Also, NJ Statute states:
18A:20-5. Disposition of property and title of purchaser
The board of education of any district by a recorded roll call majority vote of its full membership may dispose, by sale or otherwise, in the manner prescribed in this chapter, of any lands or any rights or interest therein, owned by it, which cease to be suitable or convenient for the use for which they were acquired or which are no longer needed for school purposes, whether acquired by purchase or through condemnation proceedings and the purchaser thereof shall acquire title thereto free from any use or purpose for which it may have been acquired by the board.
The Board has also been told that codes and regulations do not permit the sell back and leasing of the busses which was the fall back plan if the middle school plan fell through.