Kinnelon Board opens public hearing on $1.5M bond refunding, estimates $500K–$700K savings

Kinnelon — The Kinnelon Board of Education on Sept. 20 opened a public hearing and discussed a resolution authorizing issuance of up to $1,500,000 in refunding school bonds as a refinancing step to lower the district’s interest costs.

The superintendent summarized the measure as a refinancing that would not extend the life of the bonds but would reduce interest costs, estimating potential savings of roughly $500,000–$700,000 over the remaining life of the debt depending on market timing. The resolution language shown to the board authorized officials to take necessary steps for sale and issuance of the refunding bonds.

Finance committee chair Carl reported on Sept. 18 committee discussion of the refunding alongside agenda items including an energy‑savings resolution and Stony Brook field maintenance. The board opened the public hearing for comments, heard none on the matter, and closed the hearing; the vote on the refunding ordinance was scheduled for a later point on the agenda.

The superintendent said the refunding relates to earlier bonds tied to a Stony Brook extension (2004) and the high school (2008). No vote on the ordinance was recorded during the public‑hearing portion; the board indicated voting would follow later in the meeting.

Next steps: The board planned a formal vote later in the meeting (per agenda) and will proceed with refinancing actions only if the vote passes and market conditions support savings.

Representative quote: "We're looking to lower the interest rate and save between $500 and $700,000 depending on when the bonds actually sell," the superintendent said.