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News
More than $13 million in bond funds set for schools : News : Oswego Ledger-Sentinel : Hometown Newspaper for Oswego and Montgomery, IllinoisMore than $13 million in bond funds set for schools
| Official says total could be lower depending on bids for various projects
| by Lyle R. Rolfe
| 1/21/2010
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Oswego School Board members learned Monday night that the district has more than $13 million in bond funds committed for building projects that have not been bid, out of the $450 million bond issue approved by voters in November 2006.
Doug Gallois, executive director for construction services, said the total $13,468,121 could be lower depending on how bids come in.
He said more than $2.6 million is committed for furnishings such as band and choral cabinetry at Murphy Junior High, $6.5 million for completion of the Oswego High School renovations and $2.5 million for work on the third high school plans.
Gallois said they have sold $160 million in bonds since voters approved the $450 bond issue. Including the $13 million of committed funds and $279 million for projects remaining from the original plans, they have a total liability of $452 million, he said.
The district has the authority to issue another $283 million in bonds that could generate an estimated $5 million in interest if all were sold. He noted that they have received $4.6 million to date in interest on bonds sold.
They have cash and investments from various sources totaling $12,495,197, he said.
He said the projects have up to 30 different accounts that he monitors to be sure they are paid. Most projects include 27 of the accounts, he added. The 30 accounts were condensed into seven for his presentation.
"We spend 81.5 cents of every dollar for construction contracts which includes general contractors, masons, electrical contractors, and HVAC," Gallois said. He noted that 58 percent of this is for general contractors, 13 percent for HVAC, 10 percent for electrical and the remaining 19 percent is for temperature control, fire protection and plumbing. These are all items that are competitively bid he said.
Another five percent is for furniture and equipment, 95 percent of which is competitively bid, 4.5 percent or $7,707,000 for technology, and 0.5 percent for civil engineering fees.
He described furniture as desks, chairs, shelving, white boards, storage cabinets, and similar items.
Gallois said their cost for in-district construction management is only one percent of their total expenditures. They have spent about $1.25 million and have committed another $400,000 for management. This includes salaries and benefits for three site supervisors, an administrative assistant and himself. "I think one percent from the time we started up to now is very good," he said.
The last item for 0.5 percent he said covers other expenses which include $400,000 from bond funds for land they purchased for a third high school. He said $4,936,000 of the total land cost came from land-cash fees paid to the district by developers.
He said his goal has always been to keep expenses down so he would not have to issue the entire $450 million in bonds and still complete all projects. He said he is trying to limit the bonds sales to a maximum of 95 to 97 percent of the fund.
Gallois said they have generated about $4,653,000 interest on the bonds that have been issued and invested until the money was needed. And he said they could generate another $5 million in interest if they were to sell the remainder of the bond funds and invest them until needed.
The district has sold $166,193,396 in bonds to date leaving them with the authority to sell another $283,806,605.
He presented a list of projects that have been completed or will be completed by next September. They include the Brokaw Early Learning Center, Southbury and Hunt Club elementary schools, and renovations and additions to Boulder Hill, Lakewood Creek, The Wheatlands, Long Beach, Fox Chase and Homestead elementary schools. Renovations to Eastview Elementary School are in the planning stages.
Other projects include the new Murphy and Traughber junior high schools and renovations to Thompson Junior High and Oswego High School.
Technology updates are nearing completion at all elementary and junior high schools, and have been completed at Oswego East High School, he noted.
The former Traughber Junior High School has been converted into the 308 Center and now houses several public agencies and school district departments. Land has been purchased for the third high school and the design phase has been started Gallois noted. And designing is underway for a new transportation facility, he said.
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