School Project Financed by Improvement Authority Dedicated

Two new science wings have been dedicated at Morris Knolls High School in Denville and Morris Hills High School in Rockaway.

The two-story additions to both schools were part of a $56 million school construction project that was approved by school district voters in 2003.

The bonds that funded the project were financed by the Morris County Improvement Authority.

The Improvement Authority in 2005 was able to obtain an interest rate of 3.9 percent for the bonds, as opposed to the 4.5 percent rate the school district had estimated, thus saving the district $2.7 million over the life of the loan.

Since the MCIA was established in 2002 by the Morris County Freeholders, it has realized millions of dollars in tax savings for the entities that have used the authority to finance critical projects.