The Nyack Public Schools Board of Education approved the refinancing of a energy performance lease during Tuesday's meeting, a move projected to save the district $183,000.
The district would also retire the $3.8 million bond, originally taken out in 2005, two years early. Nyack Superintendent Dr. James Montesano said that if the proposed $26.4 million bond referendum is approved Oct. 29, the refinancing of the energy contract would free up more money sooner for the capital projects involved.
"This was the first opportunity based on the agreement to refinance," Montesano said. "We wanted to lock in and take advantage of the (interest) rates."
Montesano said he would include the change in the district's debt projections in the final public information session regarding the bond referendum 7:30 p.m. Wednesday at Nyack HIgh School.
Editor's note: Check back with Patch for more from Tuesday's Nyack Public Schools Board of Education meeting.
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