On occasion of the Sri Lankan & Thai New Year, the monks at Dhammagiri Forest Hermitage chant PARITTA, auspicious verses in the ancient Pali language, the language of the Buddha himself. We are fortunate that the original teachings of the Buddha have been faithfully preserved in the oldest part of the Theravada Pali Canon, and we can still listen to the "Mahāmangala Sutta", "Ratana Sutta", and "Mettā Sutta" in the same language the Buddha spoke himself.
The white Paritta String is tied around the fingers of the Buddha statue, slung around relics, incense holder, photo of Ajahn Chah, & 'Holy-Water' receptacle, and then passed down the line of monks, all of them holding the string while chanting, so that the 'energy' of the Dhamma expressed in the chants is connected with the Sangha & sacred objects present. A burning candle drips wax into the holy water for the duration of the chanting.
Afterwards, drops of holy water are gently splashed towards devotees as an auspicious blessing. The cool water is meant as a symbol for Dhamma, which has the ability to cool down the burning flames of passion & anger in our heart, so that we can experience "anuttaram sītibhāvam", the Supreme Coolness of Nibbāna.