Watchung Hills Regional District Touts Refinancing Savings

   Dr. Frances Stromsland, superintendent of Watchung Hills Regional High School, announced that the upcoming school budget will contain some statistics that will please the district’s stakeholders.

“We have completed two separate bond refunding transactions on the year 2003‘s $32.4 million bonds," Dr. Stromsland said. "The total savings to the school district for these refunding transactions amounted to $2,570,849 ($2,211,132 in net present value savings), which equates to 8.07 percent of the total bond issue."

Business Administrator Tim Stys worked closely with the district's bond counsel to achieve this outstanding result. The district was able to take advantage of favorable market conditions as well as the strong AAA bond rating issued by Standard & Poor’s.

The savings will be spread over the life of the bonds and will equate to roughly $130,000 per year.