The Fair Lawn, N.J., Board of Education expects to refund its bonds and take advantage of lower interest rates.
According to the Record of Bergen County, bond attorney Lisa Gorab told the board at its March 15 meeting that $6.4 million out of $23.7 million of tax-exempt 2004 bonds are refundable, and that a savings of at least $250,000 is possible.
The bonds financed several projects, including the addition of Fair Lawn High School. The bonds are currently at 4.5% and a 2.9% rate is possible now with the same maturity date, the newspaper quoted Gorab as saying.
