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School District of the Chathams refinances $13.0 million in 2014 bonds; schedules vestibule security work
Summary
Business Administrator Peter Chiquilla announced the district successfully refunded $13,000,865 of school bonds originally issued in 2014, producing an estimated $85,000–$90,000 in annual interest savings.
Business Administrator Peter Chiquilla announced the district successfully refunded $13,000,865 of school bonds originally issued in 2014, a move the district expects will lower interest costs and reduce debt service paid by Chatham Borough and Chatham Township.
"The district will achieve a 4% saving on the outstanding interest which should result in approximately 85 to $90,000 of interest saving a year which will directly benefit the borough and township," Chiquilla said.
Chiquilla said the refund will not change the district's operating budget; debt service is funded separately and reductions will flow to the borough and…
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