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Westampton To Refinance $4m School Bond Issue - Burlington County Times: Burlington County | Local News | Breaking News

Featured Video Bats have a reputation for being spooky, which is why theyre seen so often in Halloween costumes and decorations. Latest Letters to the Editor Kim Charlson is a http://rothkmgy.wordpress.com big fan of the CBS crime drama NCIS. Featured Video Do not think for one minute that table lamps are old-fashioned. While overhead cans deliver all-over illumination, pendant lights can be moder Employment News The Digital Analytics Coordinator is responsible for supporting the Business Intelligence Department and Calkins Media properties with digital Jobs For anyone who wants to talk baseball with Pete Rose, the place to be tonight is Harrahs Resort Atlantic City. Featured Video Westampton to refinance $4M school bond issue By Steven Hart Staff Writer Burlington County Times WESTAMPTON A 2006 school bond offering of $4.1 million will be refinanced later this month at a potential savings of over $176,000, according to school officials. The find reliable service bonds, to be marketed to retail and institutional investors, will carry an 11-year term and a fixed rate of interest. Proceeds from the offering will be used to retire school bonds issued in 2006 at a higher rate of interest. The state requires us to refinance our bonds when interest rates reach a certain point, so we can save money for the taxpayers, Board of Education President Daniel Dole said. The board approved the refi at its Monday meeting. The bonds, which were approved at a special election held Sept. 27, 2005, financed an addition to the Westampton Middle School for administrative and support facilities, along with upgrades to the electrical, heating, ventilation, air-conditioning, security and building systems and structure, according to board secretary Tracy McGuire. The bonds also paid for improvements to athletic facilities and renovations at the Holly Hills Elementary School, including the replacement and repair of the roof and windows. The refinance offering will be underwritten by Roosevelt & Cross, a New York broker-dealer that specializes in municipal bond offerings. The bonds will be sold before the end of the month, with the actual pricing date to be set when the underwriter thinks market conditions and interest rates are most advantageous. Under current market conditions, the estimated gross budgetary savings would top $176,000 over the life of the bond issue, which would equate to about $16,000 per fiscal year, McGuire said. Steven Hart: 609-871-8050; email: shart@calkins.com

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