Town Hall Meeting Questions/Responses
QUESTIONs FROM CITIZENS - FACTUAL RESPONSES FROM DISTRICT
QUESTIONs FROM CITIZENS - FACTUAL RESPONSES FROM DISTRICT ![]()
QUESTIONs FROM CITIZENS - FACTUAL RESPONSES FROM DISTRICT
Was a coinsurance penalty imposed on the claim due to the insurance limit being too low?
There was no coinsurance clause in the contract. The district was insured for full replacement cost. The claim was well below the blanket policy limit of $232,851,001
After the event, how did the school plan on paying deductible and coinsurance amounts?
The deductible is $5,000 and there is no coinsurance amount. The deductible was paid net of insurance proceeds.
Was the property policy based on “Blanket Coverage”?
Yes, blanket coverage for property/building, contents and property in the open.
What’s the total square footage of all structures associated with the insurance policy?
566,270 square feet
Has the State of Ohio helped with offers of any money to help with repairs?
The Superintendent and CFO have met with the Ohio Facilities Construction Commission as well as State Rep. David Thomas and State Rep. Sarah Arthur-Fowler to initiate discussion regarding state aid. The district was advised to follow-up with all parties once the insurance matter is settled.
Where are the Board representatives and administration?
The district CFO/Director of Operations was in attendance for the meeting. Due to Auditor of State guidance, they are not permitted to engage in levy committee activities or advocate for the levy. Their role is limited to providing factual information and answering questions regarding the same.
If the bond is passed based on the ballot for Nov. 4th election but the full amount is not needed, how the taxpayers be informed and amounts reduced?
The Board of Education will only vote to authorize the necessary amounts of the bonds. For example, if district voters authorize $42m, and only $20m is needed, the authorization to proceed by the Board of Education would be $20m. The county auditor would only authorize millage on the $20m.
Did the school pass building codes? Was it inspected when built?
All of the new school buildings were built according to then building codes and all were inspected as required to gain certificates of occupancy.
Was there any buildings that did not get damaged?
The academic wing and back portion of the high school sustained the most serious damage due to the snow event. Other district buildings have reportable damage which are currently being assessed by engineers assessed by the Board of Education. According to the engineers, this damage poses no imminent danger to life safety.
How long will negotiations with the insurance company continue? Is there a time when legal action will be taken against Liberty Mutual for perhaps breach of contract? Is there a “drop dead” date for finalization of negotiations?
A mediation session is scheduled for Monday, October 27th. If that process is unsuccessful, the district will proceed with litigation.
Why are there yard signs saying do not vote for AACS BOND ISSUE because it will put a lien on your house?
A group has emerged opposing the bond issue. This group is not affiliated with the district or outside Y.E.S. Committee.
The bond levy being voted on is ~ 3.8 mil. That is what the treasurer will take for additional property taxes. Does the Treasurer have authority to change the millage amount? What is that authority?
The Board of Education will only vote to authorize the necessary amounts of the bonds. For example, if district voters authorize $42m, and only $20m is needed, the authorization to proceed by the Board of Education would be $20m. The county auditor would only authorize millage on the $20m. That said, the 3.8 mil is the maximum authorized mils, not necessarily the amount that would be levied. Currently, the district estimates the assessed millage to be 2.76 or less depending on the final bond amount.
The Board of Education will only vote to authorize the necessary amounts of the bonds. For example, if district voters authorize $42m, and only $20m is needed, the authorization to proceed by the Board of Education would be $20m. The county auditor would only authorize millage on the $20m. That said, the 3.8 mil is the maximum authorized mils, not necessarily the amount that would be levied. Currently, the district estimates the assessed millage to be 2.76 or less depending on the final bond amount.
What is the estimated insurance payout versus rebuilding cost?
Rebuilding/Repair Cost $56,384,528
Paid to Date $25,910,704
Current Shortfall $30,473,824
Are AACS board, superintendent and employees prohibited from buying bonds?
The district will follow Ohio law and guidance issued by the Ohio Ethics Commission with respect to investments and potential conflict of interest.
What is the bond interest rate?
After the passage of the bond issue, a prospectus would be created by district bond counsel Bricker Graydon and Stiffel Public Finance, the district’s underwriting agent for municipal securities. Bond interest rate(s) would be disclosed in those documents. The current range is 4.50% to 5.00% however it will depend on economic conditions.
Where are the financial documents relating to the rebuilding project?
For specific documents, please contact the district Chief Financial Officer at 440-992-1210. He will be glad to fulfill your request.
Is the school being rebuilt to original or is it being rebuilt with upgrades?
The footprint of the academic wing (front of the building) will be reduced to align with current enrollment trends. Engineering of the roof will be done to take into account snow loads in excess of the current building code. Life safety systems will need to be upgraded to current building code.
At end game there will, without a doubt, be excess funds. How will those funds be returned to the original taxpayer?
The Board of Education will only vote to authorize the necessary amounts of the bonds. For example, if district voters authorize $42m, and only $20m is needed, the authorization to proceed by the Board of Education would be $20m. The county auditor would only authorize millage on the $20m. If the district is successful at litigation, the remaining balance on the bond would be paid off with the proceeds. There is no mechanism to refund taxpayers for any prior real estate taxes paid.
