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Old Bridge Township Board opens public hearing on refinancing of 2002 school bonds; staff projects $568,000 savings
Summary
At its March 10 meeting the Old Bridge Township Board of Education opened a public hearing on a refunding ordinance for bonds issued in 2002, reporting an issuance cap of $14,650,640, a planned sale on April 8, 2026, and projected life‑of‑issue savings of about $568,000.
The Old Bridge Township Board of Education opened a public hearing on March 10 to consider refunding bonds issued in 2002, a step district staff said is intended to lower the district's future debt service costs.
A staff member explained the refunding would not exceed $14,650,640 and noted the district previously refunded the same issue in 2016. The staff member said the sale date is set for April 8, 2026, with a planned closing on April 22, 2026, and that the bonds under the proposal would be issued for seven years with principal payments each July 15 beginning July 15, 2026, and interest paid January 15 and July 15.
"From our financial advisor, as of today, we project the savings to be approximately $568,000," the staff member said, adding that the savings are largely realized through the district's new debt schedule rather than as immediate cash available for district spending.
The staff member told the board that the preliminary official statement will be distributed to investors around April 1, and that the district will proceed with routine steps for a refunding: coordinating with bond counsel (Will Lentz), the municipal and financial advisors (Phoenix Advisors), holding a rating call with S&P, and completing the sale and closing process.
Board members asked how and when the savings would show up in the budget. The staff member replied that the projected savings reduce the district's debt‑service portion of the tax levy over the life of the reissued bonds; they emphasized this does not equate to an immediate general‑fund cash infusion but rather lower future debt obligations.
The staff member opened the hearing to public questions; no members of the public spoke and the hearing portion was closed. The staff member said the refunding process will continue pending board approval of the necessary resolution later in the meeting or at a subsequent vote.
Next steps: staff said documents will be posted, rating and sale work will proceed in the coming weeks, and the board will consider the resolution(s) authorizing the refunding according to the district's agenda and legal requirements.
