Wyckoff March 6, 2013 THE VILLADOM TIMES I • Page 9 A year after it trimmed more than $1 million in debt service from a $26.7 million bond issue, the Wyckoff Board of Education went back to Wall Street and brought home another $1.9 million in savings on the same debt. A sale completed late last month represents a rare feat in school finance, said Alan C. Reiffe, CPA, business administrator and board secretary for the Wyckoff schools. Two refinancings from a single bond issue is not typical, but neither are today’s prolonged low interest rates. In the recent refunding, the average interest rate on the bonds fell from 4.98 percent to 3.04 percent. “We will not see this happen again,” Reiffe said. “As was the case last year, we were able to work with our professionals to go into the market at the right moment, and taxpayers will benefit for the next 20 years.” “Opportunities like this don’t come along every day,” said Anthony P. Inverso, senior managing director for Phoenix Advisors, and financial advisor for the Wyckoff schools. “However, market conditions are only part of the picture. Because Wyckoff schools have strong management and solid bond ratings, we have been able to bring down debt service costs significantly.” In 2005, Wyckoff issued bonds through the Bergen County Improvement Authority for renovations and additions to sev- Schools refunding yields $1.9 million in savings eral district schools. Last year, the district refunded slightly more than $9 million of those bonds, saving more than $1 million. Then and now, Wyckoff’s rating from Standard & Poor’s is AA+. Last month, the district refunded another $11.23 million in bonds from the 2005 series, adding $1.898 million to its initial debt service savings. Besides the favorable market conditions, Reiffe said district officials were moved to act by state laws that require school boards to refinance debt when they can save taxpayers more than three percent of current debt service costs. The recent transaction saved the Wyckoff schools 13 percent, which is well above the minimum threshold. The most recent refunding will save the district an average of $94,913 per year on its debt service payment through 2032. Rooney donates $10,000 ‘Chopped’ prize by John Koster After becoming the Food Network’s first-ever amateur “Chopped” champion, Wyckoff Township Committeeman Kevin Rooney donated the $10,000 prize he won on the televised cooking contest to a charity. “There were four contestants in the kitchen and there was only one man standing at the end,” Mayor Rudy Boonstra said of the contest, which aired on Feb. 24. “I had no idea of the talent you had and I think it should be acknowledged,” Boonstra told Rooney. “I think this is great for the town -- just great.” Boonstra and Township Committeeman Doug Christie both praised Rooney for bringing the glory home to Wyckoff by winning the cooking contest. “We have something to be proud of,” Christie said of the township committee and Wyckoff in general after Rooney’s victory. Several township committee members had watched the contest. They said they would be going home before 10 p.m. on the night of the public meeting to catch the rerun. Rooney declined to name the charity to which he had donated the $10,000 prize. The show, however, confirmed his ability to prepare an appetizer, cook ostrich meat -- a gourmet staple, and whip up a dessert to the satisfaction of the judges. Rooney noted that the filming of his introductory clip for the show had taken place outside the borders of Wyckoff because he did not want to violate a filming fee ordinance he had helped to adopt the year before. His daughter Jordan had registered him for the show two years ago, and the first filming, he said, had been postponed once because of the memorable Oct. 29, 2011 snowstorm that broke trees and branches and downed power lines all over Bergen County. Knights of Columbus host Fish & Chips Dinner The Saint Elizabeth Council of the Knights of Columbus will host its annual Fish & Chips Dinner on Friday, March 15 in the parish hall on Greenwood Avenue. Catered by The Thistle, dinner will be served from 5:30 to 7:30 p.m. Tickets are $15 for adults and $8 for children. Tickets may be purchased after weekend Masses or by calling Doug Arone at (201) 891-2132. Takeout meals will be distributed from 5:30 to 6:15 p.m. only. Advance ticket purchase is recommended.