Board notes $3.69 million in bills, approves finance items and hears bond refinancing update

The finance, facilities and transportation committee reported multiple routine and capital finance items and the board approved the listed motions by roll call.

Committee chair reported that the district will go out for RFPs on brokered services as required by procurement rules and highlighted a capital need to replace emergency generators that are at the end of useful life; the first planned replacement is at Laura Donovan School, with Katina School next. Unit costs were described as between $48,000 and $60,000 and the district is considering a five-year lease-purchase to spread payments.

The board heard that a refinancing of a series of bonds closed recently. An administrator said FHN Financial Capital Markets won the bid at an interest rate of 2.36 percent and that the refinancing should save taxpayers close to $1,000,000 on the seven-year section of the bonds; the new bonds will close on the 20th of the month and the district will update the debt-service schedule with the state education department.

Finance items moved by the committee and approved by the board included the secretary and treasurer’s report, bills and claims in the amount of $3,692,778.06, transfers, PTO honoraria, nursing services contracts and an amended HVAC change order for West Freehold School that reduced the previously approved contract total. The board recorded voice/roll-call approvals and carried the motions as presented.