GLEN ROCK, NJ - The Glen Rock School District received a better than expected bond rate for the $14.7 million upgrade projects which will save taxpayers approximately $20 annually over 15 years, district officials said.
The district executed the referendum bond sale last week and secured a lower interest rate than previously reported, district officials reported on July 12.
The 15-year bond came in at 2.4489% versus the 3.75% interest rate, which was discussed during the referendum process. Based on the new interest rate of 2.4489%, the estimated annual increase will decrease from $217 annually to $197 on the average assessed home valued at $563,170. Standard & Poor issued a AA+ bond rating for the district, "which is representative of a fiscal sound and stable financial operation," according to district officials.
The previous tax burden was based on a 20-year bond and was projected to be approximately $175 annually.
Voters approved $14.7 million referendum in March. It will fund four projects throughout Glen Rock’s six-school district.
The project money will fund new air-conditioning units in the district’s four elementary schools; a refurbished media center at Glen Rock Middle/High School; upgrades to the Central School Auditorium; and a spruced up playing field at Alexander Hamilton School.