The $13 million bond request represents the city's cost of a new $36 million elementary school.
Westfield City Hall.WESTFIELD – Residents will have an opportunity Wednesday to comment on city plans to bond $13 million for a new elementary school and $3.4 million to repair City Hall.
The City Council’s Long-Range Bonding Committee will hold a public hearing on the pending bond requests when it meets at 6:30 p.m. at City Hall, Councilor David A. Flaherty said Friday.
The two bonds will also be subject of a council committee meeting Tuesday night by the Legislative and Ordinance Committee, Ward 2 Councilor James E. Brown Jr. said.
Also, Mayor Daniel M. Knapik is preparing a breakdown on bonding costs and the city's ability to finance the necessary work.
“I will report on the city capacity to pay all municipal liabilities for the future including this school and City Hall bond,” Knapik said earlier in the week.
That financial review will include savings and cost factors associated with plans to build a new $36 million elementary school at Ashley and Cross streets. Those savings will involve consolidation of at least two, maybe three, elementary schools at the new 600-student school to be open by September 2013, the mayor said.
The bond requests are also before the City Council Finance Committee for review, and full City Council action granting approval could come as early as Thursday.
But Flaherty indicated he want further review because of growing future municipal debt, primarily the city’s cost for pensions and other benefits to municipal retirees.
The city, according to Flaherty, has future liabilities of around $400 million, which includes an estimated $234 in retiree benefits and $75 million in pension accounts.
The $13 million school bond represents the city’s share of the total $36 million price tag. The state’s School Building Authority is financing $23 million, providing the city secures its share within 120 days.
The $3.4 million bond will address needs at City Hall including a new roof and gutters, new windows and repointing and sealing the brick facade.