MONROE: District refinances new high school’s bonds

   MONROE — The Monroe Township School District is refinancing outstanding bonds from the 2004 series, relating to the new high school, which is expected to save the district $2,250,000 in net interest over the bonds’ remaining lives, school officials said.
   At the Monroe Board of Education meeting Jan. 18, an ordinance was introduced authorizing the issuance of up to $67,500,000 in negotiable refunding bonds to refinance the new high school bonds issued in 2004, all of which mature after January 2015 through 2028.
   Michael C. Gorski, Monroe School District’s business administrator and board secretary, said the district’s projected savings will be approximately 3.59 percent, well above the 3 percent required by the local finance board.
   ”The school district’s administration has been monitoring the municipal bond market for this opportunity since our last refunding in May 2011 whereas the district refunded $19,645,000 worth of 2002 series bonds resulting in a net present value savings of $1,371,736 or 6.983 percent net present value savings,” Mr. Gorski said.
   The ordinance will be subject to a public hearing at the Feb. 15 board meeting. The $67,500,000 includes expenses related to the refunding, estimated to be $500,000 because of the size and amount of bonds refunded.
   Mr. Gorski said the combined total of both the 2011 and 2012 refunding will save taxpayers of Monroe Township more than $3.6 million of net interest cost.