NB school board refinancing saves $680,000+

NORTH BERGEN – The North Bergen Board of Education has announced the refinancing of an existing lease-purchase agreement, which will save $680,838.06 over time. “The refinancing of this lease-purchase agreement allows us to save North Bergen taxpayers a substantial amount of money over the next seven years,” said Mayor Nicholas Sacco, noting that the additional funds will allow for improved academic opportunities for students as well as school facilities.
This is the second refinancing of the 1998 agreement, which was first refinanced in 2005, saving over 3 percent of the debt for the taxpayers. “This time the market was much more favorable to the Board of Education,” said Board of Education Business Administrator Steven Somick. The refinancing is expected to save about $85,000 to $87,000 a year between 2016 and 2023 when the debt is paid off.

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