Sharon school directors are considering a $10 million bond issue to cover renovations to Case Avenue Elementary school, the high school and district offices.

The board listened Wednesday to details of a proposal from Jim Tricolli, president of the RBC Dain Rauscher company -- formerly Tucker Anthony -- and other company underwriters hired to sell the bond.

A bond issue is a long-term loan -- investors buy bonds on the open market and school districts and municipalities repay them with interest.

The board has until mid-May to decide how much of that $10 million is needed for renovations, contract officials said.

Sharon is in the last stages of renovations that began several years ago. The high school plans have a few more phases -- library, cafeteria, gym and office renovations -- which should be finished over the summer, district Business Manager James Wolf said. He said about 65 percent of the work is complete on the high school and about 5 percent of the work will be left to do by the time school begins in the fall.

Since remodeling began at the high school in 1998, the entire infrastructure was changed at the high school, Wolf said. Replacements were made on the heating, air, electrical and plumbing systems, and new wiring was added for a new telephone system and technology demands. The old shop wing was "completely gutted" and expanded.

Regular classrooms were added and the shop was rebuilt for today's shop class curriculum standards. Refurbished auditorium seating and a new food court was implanted in the cafeteria. Other prospective improvements for the high school include new cafeteria chairs for both schools, new or refurbished gym bleachers and new rails in the gym for handicapped spectators.

The high school locker rooms are 30 years old and in need of new lockers, benches and lighting, which the board has yet to decide on.

The locker rooms, not included in original high school renovation plans, have since been brought to board and to be addressed, Wolf said.

Total estimated costs for renovations are: $7.6 million at Case, $300,000 for the high school locker rooms and $700,000 for the remaining construction costs at the high school.

Currently the district has a grand total of $28 million to work with. If the board decides to borrow the $10 million, they will have $38 million to use and an additional 1.7 mills, which help generate the money they will need. The district has to raise 1.7 mills each year in order to make it equivalent to the income they hope to generate. Close to $500,000 annually would be needed in taxpayer money if the board includes taxes.

The millage system has changed from last year. Last year the board approved taxes using 123 mills under the old system. Under the new system 41 mills will now be needed in annual taxes. The millage impact would be at $95,200 beginning in 2003 and continue through 2005, according to a financial analysis prepared for the district.

The proposed debt service without borrowing the money is $1.5 million dollars a year. If they borrow the $10 million, they will add about $350,000. The average annual payments will take the district up to $1.88 million through the year 2025 at an average interest rate below 5 percent.

"We're using the same amount to renovate all of them than it would have cost to renovate one of them," Wolf said.

To date, work for Musser and West Hill elementary schools was finished a year and a half ago. It cost $12 million between the two schools.

The remaining work lies at the high school, the Donald A. Bennett Educational Service Center and at Case Avenue. Construction for Case Avenue is slated to begin June 1, 2003 and would be covered under the same bond issue as the high school. Tentative plans for Case Avenue haven't been drawn out, according to Wolf. He said besides minor renovations done in 1975, the last renovations done on Case Avenue were done in the mid '50s.

It will cost roughly $8 million for the Case Avenue renovations. The last minor remodeling renovations in 1975 cost about $1.5 million to do, he said.

Other renovation plans include the district's administration building, which needs maintenance work, school officials said. The 32-year-old building needs a new roof, new heating and air conditioning and other minor renovations. It has been about 15 years since the roof has had any work done, Wolf said.

The board hasn't decided whether or not to start Case Avenue's renovations next year and has to decide on a project timeline by July to complete preparation of cost estimates.

"Nothing is definite until you are awarded the contract," Superintendent Richard Rossi said at the meeting.

If the district borrows the $10 million, the decision will automatically be made to do the Case Avenue project and they will have to go forward with the renovations.

The board will discuss its decision May 15 and will take action on May 20. It will then have to take action again in June to finalize its decision in order to receive money by mid-July.