Schools
Fair Lawn Schools Refinance Bonds For Savings
The schools will save $1.8 million over a years-long period.
Fair Lawn schools recently refinanced bonds worth about $9.95 million that will generate a longterm savings for the district, officials said Thursday.
The district was able to drop their interest rate from 4.5 percent to 3.21 percent, board of education member John Mancinelli said. That'll end up saving the district $1.8 million over a period of years, according to business administrator Joanne Wilson.
The schools have an $88.3 million budget this year which included the district's lowest tax increase ever. Superintendent Bruce Watson said Thursday that he expects the tax rate to remain stable next year.
The district also refinanced bonds in 2012 for a savings of about $500,000, according to Mancinelli.
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