Hillsdale Schools Refinancing $4 Million in Bonds

Refinancing bonds is expected to save Hillsdale schools between $239,000 and $259,000 over the next 10 years.

The Hillsdale Board of Education introduced a resolution during their meeting Monday to refinance bonds from 2003 that total about $4,074,000. The savings will come from a lower interest rate after the bonds are refinanced. The district is scheduled to pay off the bonds by 2023.

According to Steven Rogut, the board's bond counsel, they would have only saved about $203,000 if they had refinanced in March as previously discussed. They could also have saved as much as $315,000 if they had waited until July 2013 to refinance if interest rates had remained steady, but a half-point change could have dropped the district's savings to $198,000 in that same time.

"We don't get the savings until we actually sell," Rogut said.

The board will vote on the plan at their August 20 meeting.

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