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Old Bridge board opens public hearing on refinancing 2002 school bonds; adviser projects $568,000 in lifetime savings
Summary
At a March 10 meeting the Old Bridge Township Board of Education opened a public hearing on refinancing remaining 2002 school bonds. The district’s advisers projected roughly $568,000 in lifetime savings; sale is set for April 8, 2026 and closing April 22, 2026. The resolution will be considered by the board.
The Old Bridge Township Board of Education on March 10 opened a public hearing on refinancing the district’s remaining 2002 school bonds, and district advisers projected approximately $568,000 in lifetime interest savings from the refunding.
Mr. Widell, who presented the financing details, said the refunding would be structured so annual principal payments run for seven years, with principal due July 15 beginning in 2026 and interest paid Jan. 15 and July 15. The district’s financial adviser set a sale date of April 8, 2026, and a closing date of April 22, 2026.
“The issuance of the refunding is not to exceed [amount read on the record],” Mr. Widell said on the record; the precise principal amount was not clear in the transcript. He told the board the district would prepare a preliminary official statement for distribution to investors on or about April 1.
Mr. Widell said the district and its municipal adviser and bond counsel (named on the record) determined the refunding should generate better than a 3% interest savings to be worthwhile. He summarized the projected savings schedule: about $10,000 of savings in fiscal year 2027, and roughly $90,000 in each of the following six years, yielding an anticipated total savings of about $568,000 over the life of the refunded debt.
He also reminded the board the bonds were originally issued in 2002 and were previously refunded in 2016; the remaining series mature in 2032. The district will complete standard procedural steps, including a rating call and circulation of the official statement, before the sale.
No members of the public approached the microphone during the hearing portion and the presiding officer closed the public comment portion of the hearing. The board’s consideration of the formal refunding resolution was left on the agenda to be taken up later by the board (the transcript indicates the refunding process will continue pending the board’s approval of a resolution).
