Um, I had the pleasure of great greeting the group and just saying how proud we are of the true excellence that we have in our staff in 62. And so that was just another wonderful event, and one of my favorites for the year. Um, what else have I been to? Oh my gosh, so many things. Um, yes, Junior NHS for Algonquin and Iroquois. I was lucky enough to be able to go to both of those and celebrate those kiddos who just been working so so hard um, over the years um, and just being um, leaders in their schools. And that was just wonderful to see. So I appreciate that program very very much. Um, band concerts galore um, for um, Algonquin and for the schools that feed into Algonquin. It's so fun to watch the sixth graders and then a week later or the I'm sorry, the fifth graders and then a week later see the seventh and eighth graders play.
Next [clears throat] slide, please. I'll turn this over to Jeri. We talked a little bit about it, but I'll let her dive into the weeds a little bit more. >> [snorts] >> Sure. So tonight and we'll be discussing it in just a couple more, I think, items here, but just kind of brief summary, uh we're recommending that the district issue $14.5 million in debt certificates. Um We initially thought it would be around $14 million. We still have some uncertainties on how everything is, you know, what everything's going to cost. We're more comfortable with $14.5 million, so the underwriter redid the uh repayment schedule based upon that. And the term is is roughly a 20-year repayment schedule. Was included in the packet um with my memo. Um it's all based upon the bulk of it is the energy savings, the solar revenue. In year two, will be the federal tax credits and utility rebates.
Alan I want to command the the the art stem PE and music teachers at CSA Lincoln. They I I had the opportunity to spend part of the day with them on their very special day where the specials teachers arranged for people to come in. Some of them came in from our community. I know one came from a far as far away as Indianapolis and they had the students spend the whole day rotating through I can't even name the whole list but they but they had fencing and jujitsu and line dance and someone from Brown County State Park was there with some snakes and they had a magic trick lesson and pottery and I just saw it a whole lot of very engaged students and teachers. It was a great day. And the other thing to go along with what's already been said, Wednesday, Friday and Saturday this week we have four graduations and I want to congratulate all the the students that are graduating and all the work from the staff and employees that went into getting those students to graduate.
We've talked about it. But it's also not customary for a developer to build a residential apartment complex on the plume of a federal superfund toxic waste site that borders the Sudbury River that has signs warning not to eat the fish. So, I was just wondering have the uh applicant's contractors worked on projects that were within a superfund plume site before? Someone want to speak to that? Thank you. Uh as I've represented, McPhail and Callahan have done as much work as any suburban contractor and yes, has worked on many many contaminated sites. I believe the question was Superfund sites specifically. Yeah, this is downgradient from the Superfund site to the best of my knowledge. It's not actually a Superfund site. I If you want, Bob can Bob, you want to talk about a handful of projects you've worked on that have had a lot of contamination.
And just see their growth is just so wonderful. So um, parents fifth graders to just get there. Um, so it is it is wonderful. It's wonderful to watch their growth and see them have such a great time. Um, so that's also fantastic. Um, the last thing I'll talk about is the Algonquin incoming sixth graders nights. Um, it was so fun. I know Iroquois does something I'm sorry, Iroquois and Timberwilde do something similar where the kids get to come in and kind of be in the building. Just them and kind of maybe for the very first time so that they're not walking in brand new um, on the first day of school wondering where they are. So that's just a wonderful program. I really really appreciate it and um, thank you thank you to our staff and administrators to what I like to call and everybody else does May summer because this is just the most insane month ever.
And then every year, we will budget approximately 225,000. It's going to grow a little bit over the course of the 20 years um to have the O&M budget, the fund balance pay for this. Um that's a very small portion of our overall budget, so it's very doable. >> I mean you can levy for for debt service, right? Or or not? We're not. Okay, but so you're you're not going to have to to do the levy for debt service cuz you're just going to use O&M fund to do so. >> That's correct. Well, and it's only a small portion. The the the the bulk of the payment is is based upon the savings. Sure. Yeah, so the payment has been structured, right? So that we're utilizing the energy savings, the solar revenue that one time uh and Jerry's worked very carefully with them as far as to make sure that we're we'll be fine.
Alan, Mrs. Lloyd? I wanted to congratulate Mrs. Bless at Schmidt Elementary on receiving the Bill and Sally Hanley Award award this year. That award recognizes an outstanding elementary school teacher and I thought it was wonderful that Mrs. Bless was recognized this year. Also wanted to congratulate our Northside and East students that we saw here tonight on their academic bowl championships. That was amazing. And congratulations to the retirees including Mr. Knoll, the only math teacher that ever made it click for me. So I appreciate him and so many others. Floyd, Mr. Click. This is actually one of the first times that a lot of the kudos made it to the very end. I'm actually impressed. And to current Mrs. Lloyd Thank you and good luck to all the retirees. Um it's Mr. Nowlin and I went to Clifty a few months ago and Mrs. Upkins was not there.
>> I'm just trying to get it answered. Yeah, I can address it. Um So yes, I I I would agree this is uh this project is not a Superfund site project. It may be downgradient from one, but to answer your question about have we worked on other projects? Yes, we we have. Um we've worked on a couple of projects in Woburn uh and those were truly on Superfund site um uh projects. Uh so the same uh environmental controls uh are are in place on those projects as we have here. So there's uh a ramp plan involved. There's a soil management plan involved. There's a a dewatering plan involved. So all the same procedures and requirements for those projects we're following here on this project in in in Ashland as well. Thank you. online that has a hand up? Uh to the commission, there's no one online with their hand up raised.
Um, Um and so thank you everybody for hanging in there. I really appreciate it. And that's all I have. Anybody else? Okay. All right, fabulous. Thank you everybody. Um next up I have superintendent's report. Thank you. We've been renaming May a few times. I think it's May May so you know, staff will we had unfortunately six suspensions in May. Hopefully that'll be the end of it but until the next board report. Um an update and apologies are our staff at North with the Rand Road I project which has had no you know, we've had no input on that now. I think the state really listens to us but we had support from Chief Anderson [clears throat] to try to put a staff over there to help direct traffic at dismissal cuz it's really difficult and dangerous. To Dorothy Wozniak who was city manager reaching out to IDOT as well as Senator Laura Murphy trying to reach out and trying to get some common sense about Ballard Road.
Um and some of that is an unknown, right? As far as exactly when that's going to come in, which fiscal year, so uh that has been structured in that way and then so the the impact on our operations is that 225,000. Okay. And if you prefer, we can talk more about those specifics now or we can wait for ano- another couple of items. Well, it's the next item. So Okay, it's very next one. So if you want to just talk about it now, yeah. Well, it's two items, but might as well just roll it into this. >> Yeah, right. If if you would like to to have a little bit more detail on it. Um so yes, we've worked closely with bond counsel and the financial advisers over the past probably 2 months or so. Um they all have all of Honeywell's and the third parties um figures to agree with all of how we would restructure or how we'd structure the repayment schedule.
And it was it was very weird to me cuz she'd been there for nearly 30 years. And that's where I did my cadet teaching when I was in high school. And so I've known Mrs. Upkins for many years as well. And just to see many of the teachers that I really uh had or known over the years has been pretty crazy. And very surreal. So thank you again to them. Uh and congratulations to the Governor's Work Ethic Certificates awardees. That's not an easy thing to achieve. Um and so to have that large number is pretty outstanding. Um and it was also really good to see Dominic Piper up here. That kid I coached him seventh grade wrestling, never wrestled in his life. Broke his collarbone the first week. And continued to stick it out. Even showed up to every practice and that kind of tells you the type of heart and kid that he is.
Uh however, I would just like to point out for the applicant's review uh straight from the EPA's website, the green I'm trying to get a right zone zoom here. The green is showing the boundary of the Superfund site for the Nyanza chemical waste dump, which does include at least part of the site. Thank you. Next. Hello, Bill Novakowski, 39 Lakeview Terrace. Um first question, uh we've spoken about acceptable levels of carcinogens, and there seem to be a fair number of carcinogens in this site. Um >> [snorts] >> Have Have any studies been done to see if an admixture of lesser quantities, acceptable quantities of carcinogens when mixed together could form a negative synergy and be more dangerous? Yeah, that's that's beyond my pay grade. Um >> Well, mine, too, but you know, there's there's a bully base of schmutz there. The Sorry. Mr. Campbell, do you You're probably the most qualified to speak to that.
And we're we're going to continue to go for that. Special Olympics update 207 62 athletes competed on the 25th of April. We had let me go from bronze up nine bronze medals, 13 silver and 14 gold. So we did leave a little for others to win but we're happy our athletes and 11 athletes of that group were invited to compete in state events at ISU on the 13th of June which I I like to go to that last year it was a little hot. It was a little hot for everybody involved but they did it. We do have bubble of sixth graders over at Chippewa for next year and it's it's a pretty big deal so we're trying to work on you know, offerings to AMS to help balance out those class sizes and so we're in the throws of that as a team and we're going to keep hammering away at that see if we can balance that out with the community.
>> [clears throat] >> Um and um the estimated average interest rate over the 20 years right now is approximately 3.85%. As we all know, everything changes from day to day. We would probably [clears throat] close probably early June right now. Uh so so that's just an estimate of what the average interest rate would be over the course of the 20 years. The financing also includes, which is separate from this, $550,000 for our annual Chromebook purchase that we do. We generally do it on a lease. We just thought to keep it easier and actually it's less expensive just to um [clears throat] just add it on to this. And so over 4 years we'll have an additional payment that we normally would pay anyway. Um Let's see. We we feel that this financing financing uh structure that we've put together is really in the best interest of the district um in issuing debt certificates.
Um thank you to Messiah and the Watsons for their donation. Um and uh it's very generous of them. And then also finally, good luck to all the athletic teams as the state tournament ramps up. Boys volleyball just ended last week with uh both East and North falling in sectionals. But uh baseball's coming up. I think golf is in like 3 weeks, so it's well after school. Baseball's in 3 weeks, softball and track is I believe this week. So good luck to all those teams. Um hard to believe that I'm saying it, but um stay still, David. Mr. Clark, we're trying to save money. Leave those lights off. >> [laughter] >> Um thank you. Yeah. Hard It's really hard to believe I'm saying it. This is uh the last week of school and um I said said it on WCSI on the radio the other day.
Could you want to? Um yeah, I'll I'll try to respond to that, but um as I mentioned, I'm not an epidemiologist, um but what I will say at the end of the day, um this site will be much better than it is today with um after the response actions are conducted. And uh the intent is to eliminate any exposure pathway to residents, to future residents, through excavation of 6,000 approximately 6,000 cubic yards of soil, dewatering, um and addition of uh vapor barriers and construction of an open-air garage. So absolutely, at the end of the day, this site will be a lot better than it is today. Okay, well keep in mind we're not the Board of Health, we're the Conservation Commission. So some of those things, it's kind of inseparable to to take environmental health and separate it from human health, but our jurisdiction is environmental health.
And full day kindergarten accessible and closed play spaces. Uh currently ICS is done, Opie is done, Cumberland is still installing in Terrace. Uh Plain Field is installed and South is installed, but they need their surfacing to be done. Uh the road right surfacing has to have the exact right temperatures to be properly installed. And last to install will be Central, North, and Forest. It's just it with the girth of work that's happening plus the citywide project with street over here, we're trying to really coordinate uh Forest is they'll be the last two, but they will get done. Um I'm just quietly stating this, but it looks like we might have middle school soccer for the first time next year, and that's a big deal in our community. I'm really proud of the team effort to get us there. And to do it in a fiscally, you know, responsible way, uh we're still building that with our conference, so I don't want to spill the beans too loud on that, but I'm excited.
Um and it it's there's no impact to the taxpayers. Um and it's it's very doable to do 225 to almost $300,000 a year by year 20 out of the general operating budget. Yeah. Uh first of all, I want to thank you for all your efforts. I know this this has taken a lot of work to and I think we get some great results. Um Um and I think it's important to note, right? The cuz this and some of the wording you said, right? It's largely self-funded, meaning the savings are largely that we're now energy savings are really paying paying this the debt certificates back, if I understand correctly, right? >> Yes. Um and it's important to note, too, those savings are guaranteed, right? Those amounts like in the payment schedule are guaranteed. So, if we don't hit them, Honeywell makes up the difference, right? Um and that that pays off a large portion of it.
I just remind everyone in the public to remember that, you know, on Thursday, Friday, and every day thereafter, there will be hundreds of students and kids running around outside. Thank goodness. And uh you know, they won't be on site on their devices cuz uh their parents will be able to track them and shut them down and tell them to go outside and play, but um please just keep your eyes peeled. We've had two students um back in April when the warm weather was warm, we had two students struck by cars crossing the street. Um and then of course, um you know, you got lost Miss Miss Lyons uh in a drowning accident. So everyone in the community this summer, I want to come back in the fall and have all of our students, staff members, families come back safe and ready to go in the fall.
I can appreciate that. Thank you. Um Mr. Novakowski, did you did you have a a follow-up question? I have a statement and maybe a question for Mr. Angler. Um you tossed about the sum of $50,000 to do a full characterization study, I believe. Um And this is a project, I believe the the cost is going to be in the tens of millions. Um it's I would say it's got to be and for 250 units, you're going to be pulling out probably a high seven-figure, low eight-figure annuity for rents. Um and when you consider the $50,000 could find out some pretty valuable information both for yourself and for the town, considering the amount being invested, the amount that's going to be pulled out, why not build goodwill instead of digging in your heels and acting the wounded virgin because it's not customary. I don't understand it.