Project Financing, Proposition 

Project Financing 

71.5% State Aid

28.5% Local Share 

The District will also use $2.57 million from the Capital Reserve to further lower the local share. 

Average Tax Rate Impact Per Household: $.34 per $1,000/assessed value (AV) equalized

_____________________________________________________________________________________________________________________________________________________________________

Proposition 

RESOLVED, that (a) the Board of Education (the “Board”) of the Grand Island
Central School District, Erie County, New York (the “District”) is hereby authorized to undertake
a proposed “Capital Improvements Project, 2025 ” (the “Project”) consisting of the partial
reconstruction and renovation of, and the construction of improvements and upgrades to various
District buildings and facilities and the sites thereof, all to implement various health, safety,
accessibility and Code compliance measures and various other measures that are included and
generally described in (but are not to be limited by) the Project Plan that was referred to in the
public notice of the vote on this Proposition, and to expend therefor an amount not to exceed
$69,200,000; (b) the Board is hereby authorized to partially finance the Project by expending or
applying (1) the entire remaining balance (which stood at approximately $1,371,238 as of June 30,
2025), plus any additional interest earned, from the District’s Capital Reserve Fund, 2008, and
then to terminate such fund and (2) $1,199,091 from the District’s Capital Improvements Reserve
Fund, 2023; (c) a tax is hereby voted in an amount not to exceed $66,629,671 to finance the balance
of the estimated maximum cost of the Project, such tax to be levied and collected in installments
in such years and in such amounts as shall be determined by the Board; (d) in anticipation of such
tax, obligations of the District are hereby authorized to be issued in the aggregate principal amount
of not to exceed $66,629,671, and a tax is hereby voted to pay the interest on such obligations as
the same shall become due and payable; and (e) New York State Building Aid funds expected to
be received by the District in connection with the Project are anticipated to offset a substantial part
of the cost of the Project, and such funds shall, to the extent received, be applied to offset and
reduce the amount of taxes herein authorized to be levied.