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.