Bids for Pine Brook School Roof Replacement to be Solicited

The Manalapan-Englishtown Regional School District Board of Education approved a resolution which endorses the concept of a lease purchase financing for the roof replacement project at on Tuesday, Feb. 21.

The resolution authorizes the Board to request proposals for the selection of a lessor and underwriter, as well as allows an application to be prepared and sent to the Department of Education for the proposed lease agreement and all other actions necessary in completing the lease purchase transaction.

Last summer the Board had intended on replacing the roofs of some district schools through a solar energy plan, but when that was postponed Superintendent John J. Marciante realized that the roof replacement of Pine Brook School and had to be prioritized. had it's roof replacement completed last summer.

Phoenix Advisors, the financial advisor, and Lomurro, Davison, Eastman & Munoz, P.A. as special counsel will solicit bids for the financing of the project. According to the resolution, the lease purchase agreement will not last longer than 5 years years and the value of the lease will not exceed $3,000,000. An additional $2,000,000 is available in the Capital Reserve Account for the project.

The public hearing date on the roof replacement project and its financing will be held during the Board of Education meeting on March 6 at their in Englishtown at 7:30 p.m.