With Voter Approval
With voter approval, improvements at Rumson-Fair Haven Regional High School could begin as early as the Summer of 2019. A favorable referendum would allow the Board of Education to sell bonds totaling as much as $12.59 million. A bond sale acts like a loan: Voters give permission to sell bonds, and the public entity sells bonds to buyers who provide cash up front, but are paid back with interest. It is similar to the way many homeowners use a loan to embark on an addition or renovation at their residence.
A bond sale now would capitalize on relatively low interest rates. But two other factors would have a much bigger impact.
- RFH is just months away from paying off a bond that funded previous projects, and payments on this new bond would start after those payments end. “Tax neutral” means payments would continue at about the same rate – like paying off one car loan and starting another.
- Taxpayers have been making payments on a previous bond that is almost complete, so this timing of the proposal enables a continuation of what already is in place. Monthly savings of the soon-to-end bond tax would give the average homeowner a small benefit, but embarking on a new set of moderately priced projects would have a great collective impact for RFH students, staff, and our communities.
Without issuing a new bond, the average homeowner in Fair Haven would see estimated savings of $9.70/month and the average homeowner in Rumson would see an estimated savings of $16.68/month. Issuing a new bond would enable RFH to undertake a set of projects to modernize its infrastructure and add needed flexibility so we can continue to meet the educational needs of RFH students.