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Hillsdale board adopts resolution to issue $47.359 million in school bonds; notice of sale set for Nov. 13
Summary
The Hillsdale Board of Education on Oct. 13 approved a resolution to issue $47,359,000 in school bonds to finance renovations and an addition at George G. White Middle School, set a Nov. 13 bid opening and authorized officials to publish a notice of sale and finalize bond documents.
The Hillsdale Board of Education voted unanimously Oct. 13 to authorize issuance of $47,359,000 in school bonds to fund renovations and an addition at George G. White Middle School.
The resolution, adopted by roll call and unanimous consent, directs the School Business Administrator/Board Secretary to proceed with a notice of sale and associated bond documents. The bond issue is described in the resolution as part of the projects approved by voters in a September 17, 2024 special election and is intended to fund interior and exterior renovations, a new multipurpose room with stage, classrooms, a food services area and related facilities, plus an expansion to add three classrooms, two science labs and a small-group instruction room if proceeds allow.
The resolution sets a maturity schedule running 2027–2045 with interest payable Feb. 15 and Aug. 15 each year, and contemplates book-entry-only issuance through The Depository Trust Company (DTC). Bonds maturing on or before Aug. 15, 2032 are not subject to optional redemption; bonds maturing Aug. 15, 2033 and later are callable after Aug. 15, 2032 at 100% of principal plus accrued interest. The board pledged the district’s full faith and credit and noted the New Jersey School Bond Reserve Act provides statutory backing for payment obligations.
The notice of sale authorized by the board sets Nov. 13, 2025, at 11:00 a.m. as the bid opening, requires a good-faith deposit of $947,180 from bidders, and anticipates delivery of the bonds on or about Dec. 4, 2025. The preliminary official statement and full notice of sale will be published and made available to potential bidders; the district delegated authority to prepare and post the preliminary official statement and final official statement and to provide continuing disclosure under SEC Rule 15c2-12.
The resolution also authorized contracting and compliance actions tied to previously issued bonds, including engaging arbitrage‑rebate computation services if required and the execution of closing documents. The School Business Administrator/Board Secretary is directed to report to the board after sale about purchaser, interest rates and maturities.
What happens next: the municipal bond sale process will proceed with published bid instructions and a preliminary official statement; award is expected shortly after the Nov. 13 bid opening, with closing and delivery anticipated in early December.
