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Kinnelon board approves bond-refunding resolution expected to save about $500,000
Summary
The board voted unanimously to adopt a bond-refunding resolution introduced as a first reading, a refinancing move the superintendent said could save the district roughly $500,000 over time.
The Kinnelon Board of Education approved a bond-refunding resolution at its Aug. 27 meeting intended to refinance outstanding debt at lower interest rates.
Superintendent Mr mango described the bond refunding as analogous to refinancing a mortgage: lower interest rates reduce annual debt service. He said the district hopes the action will “save about a half million dollars” over the life of the debt. Board members followed with a motion and a roll-call vote; the transcript records unanimous support from the listed board members.
The resolution was presented as a first reading and then approved on the motion; board members did not amend the measure during the public discussion. No further procedural dates were given during the public portion of the meeting; the superintendent and finance committee will provide follow-up as bond counsel and refinancing schedules are finalized.
The board took the vote on the public record; the meeting then moved to correspondence and member comments before entering executive session.
