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-3- <br /> 5 <br /> In summary, the current projected construction cost of $6,609,304 is a <br /> result of: 1) the Board of Education responding to a forward thinking group <br /> that produced an excellent set of educational specifications; 2) a design <br /> that includes a super insulation package such as a R-40 roof system and a <br /> R-35 wall system (this will provide for significant cost savings in energy <br /> throughout the life of the building) ; and 3) a new set of state standards <br /> that resulted in a significant cost increase, from which we were able to <br /> deviate only slightly. <br /> It is also important to note that if the proposed water/sewer service <br /> with Hillsborough is finalized in its current form, the net cost will be <br /> $245,000 less than the estimate of $645,000. <br /> In conclusion, there are some key points: <br /> A. The planned purpose of the bond funds has remained <br /> the same. <br /> B. The additional cost is being covered through pay-as- <br /> you-go funds through stronger revenue collections and <br /> delaying of other projects to be funded from that <br /> source. <br /> C. We reported the increased cost in late January, 1989, <br /> and again in December, 1989. <br /> D. It is our practice to give the best projections <br /> possible with the data available as it changes, <br /> instead of waiting for the bids to be received and <br /> then having to adjust. <br /> E. These figures remain estimates; therefore, final cost <br /> can only be determined after actual bids have been <br /> received and approved. <br />