Hopewell’s Accepted Bond Offer at Higher Interest Rate Than Expected

Hopewell’s Accepted Bond Offer at Higher Interest Rate Than Expected

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From left to right: Business Administrator Robert Colavita, President Lisa Wolff, Superintendent Tom Smith, and Vice-President Leigh Ann Peterson

Following passage of Hopewell Valley Regional School District’s (HVRSD) bond referendum, Hopewell received approximately six offers. Despite original estimates of lower interest rates, all offers were approximately a percentage point higher. HVRSD accepted Bank of America’s 3.6% offer for a 15-year term. Additionally, approval was given from the local finance board to have non-conforming debt in the first couple of years.

“What this means to the taxpayers,” says Michael Markulec, Chairperson of HVRSD Board of Education’s, Finance & Facilities Committee, “is that we’re still working on our promise to keep those first couple of years of tax payments, where we not only have this debt but the debt currently on our books that will retire in 2022, as low as possible.”

“We’re still looking internally at options to push down that debt and will hopefully have a firm figure in the spring (before the next budget),” he continued. “However, the numbers right now are still right around our projections outlined in the referendum information package.”

For more information on the referendum. see MercerMe’s February 11th article.

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Angela Jacobs
Angela Jacobs is a freelance writer who lives in Hopewell Township with her teenaged children and partner of 20 years. Despite her best efforts to simplify her life, last year she added four chickens and a second rescue dog to her pet menagerie. Unfortunately, an interim of peaceful coexistence ended with the untimely demise of two of the chickens at the paws of Jax, the new dog. An egregious lack of impulse control has since been diagnosed resulting in an indefinite separation of Jax from all present and future chickens, her two cockatiels, open garbage cans, snacks open on tables, abandoned stuffed animals, etc. She does however gently encourage him toward a certain industrious squirrel that has spelunked its way through her backyard in search of the most perfect hiding spot for its nuts.

2 COMMENTS

  1. It was allegedly supposed to ‘just’ $13 per $100,000.
    Now, how much higher is it?

    No matter who won the election, we’re going into 2017
    with a huge global debt. There’s no escaping it.

    #OurSchoolReferendum is part of that debt.

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