Local Finance Board OKs applications: Fire equipment, W. Windsor parking, more

TRENTON – The Local Finance Board today approved these requests involving the Environmental Infrastructure Trust Loan Program. Sign Up For

TRENTON – The Local Finance Board today approved these requests involving the Environmental Infrastructure Trust Loan Program.

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$5.8 million for Matawan; $2.22 million for Milltown Borough; $8.5 million for Seaside Park Borough;

$2.65 million for the Bordentown Sewerage Authority; $3.58 million for Woodbury City;

$2.55 million for Princeton Township; $2 million for Princeton Borough; $2.74 million for the North Hudson Sewerage Authority; $350,000 for Barnegat Township; and $1.45 million for Pleasantville City.

The board approved these applications for re-funding bonds with school districts:

$6.35 million for the Hopewell Valley Regional Board of Education; $18.2 million for Ramsey Borough Board of Education; $9.57 million for the Mount Laurel Township Board of Education; $8.1 million for Mountain Lakes Borough Board of Education; $13.8 million for Freehold Township Board of Education;

$38 million for the Bernards Township Board of Education;  $7.7 million for Washington Township Board of Education in Gloucester County; $67.5 million for the Monroe Township Board of Education; $15.7 million for the Burlington Township Board of Education; $15 million for the Manchester Township Board of Education;

$24.8 million for the Tenafly Borough Board of Education; $6.1 million for Kingsway Regional School District; $22.5 million for Elmwood Park Borough Board of Education; $19.5 million for Green Brook Township Board of Education; $4.25 million for Midland Park Borough Board of Education.

The following re-funding bond applications were approved:

$4 million for the Lower Township Municipal Utilities Authority, Cape May County; $12 million for the Bergen County Improvement Authority; $34.5 million for the Morris County Improvement Authority and a Morris Hills Regional School District project; $5 million for the Rahway Redevelopment Agency and library revenue refunding bonds.

These re-funding bond ordinances were OK’d:

$13 million for Passaic County; $6 million for Gloucester Township, Camden County; $3.5 million for Voorhees Township; $5.2 million for Hawthorne Borough;

$10.9 million for Ridgewood Village; $6.25 million for Monroe Township, Gloucester County;  

$9.6 million for Lakewood Township in Ocean County; $11.35 million for Mahwah Township;

$7.85 million for Montville Township; $9.8 million for East Orange City; $605,000 for Allendale Borough tax appeals; $4.75 million for East Hanover Township; and $6.5 million for Rahway City;

$9.74 million for Bergen County Improvement Authority under the Pooled Governmental Loan Refunding Revenue Bonds:  

Bergen County Board of Social Services $949,000

Borough of Bogota $430,000

Borough of Edgewater $385,000

City of Hackensack $550,000

Borough of Dumont $886,000

Borough of Englewood Cliffs $805,000

Borough of Fairview $420,000

City of Englewood Board of Education $1,110,000

Borough of North Arlington Board of Education $1,926,000

Palisades Park Board of Education $828,000

Bergen County Vocational School $878,000

Allendale Board of Education $625,000;

Camden City’s application for $4.16 million under the Municipal Rehabilitation and Economic Recovery Act Levy Waiver was OK’d. Camden is adopting a budget for the current year, and it has a levy cap of 3 percent, which the Board can waive.  The Board was ratifying that.

The Board OK’d the following:

$6.75 million for the Bergen County Improvement Authority for re-funding bonds.

$17 million for Somerset County Improvement Authority for property acquisition, remediation, and eventual open space uses.

$5.75 million for the Gloucester County Improvement Authority under County Guaranteed Solid Waste Revenue Bonds. The bonds are for 18 years and related to financing work at a landfill.

$4.5 million for Bridgeton City.

For Harrison Town in Hudson County, $1,495,000 (Water Utility Bonds), $1,785,000 (General Obligation Bonds – Harrison Commons Project) and $6,857,000 (General Obligation Bonds – Harrison Commons Project);

And for the proposed Issuance of bonds pursuant to the Qualified Bond Program

$4,100,000 (General Improvement Bonds)

$1,495,000 (Water Utility Bonds)

$6,125,000 (General Improvement Bonds)

$1,785,000 (General Obligation Bonds – Harrison Commons Project)

$6,875,000 (General Obligation Bonds – Harrison Commons Project)

All five series of bonds are paying off existing notes.

The water bonds are being accelerated to a 10-year schedule to save money.

The Commons Project involves three buildings, and includes approximately 275 rental units as well as retail space.

$6 million for parking revenue bonds, West Windsor Township Parking Authority

The purpose is to acquire from the township a compost site, remediate it, and then build a surface parking lot for Princeton Junction Train Station with more than 600 spaces. This is an anchor project around a redevelopment area in the township. The township has agreed to guarantee the debt, bond counsel Ed McManimon told the Board.

$8 million for issuance of notes for the Bayonne Municipal Utilities Authority. This was conditionally approved provided the 2011 and 2012 budgets are approved by the Division of Local Government Services.

$146,537 in financing for Plumsted Township Fire District #1. This is for an ambulance purchase to replace an older, non-functional vehicle.

$155,000 for the Hopewell Borough Fire District #1. This is to purchase 20 new air packs and other equipment. This was approved contingent upon working with the Board to obtain the best interest rate possible – no more than 2.5 percent, if possible  –  because otherwise the district may end up paying $10,000 more than it needs to over the life of the deal, the Board said.

$1.01 million for Little Egg Harbor Township Fire District #1. This is to buy two fire trucks; the district is retiring three vehicles. The interest rate is 3.95 percent over 10 years.

$550,000 for Union City for a proposed re-funding of a prior-year deficit caused by tax appeals.

And the Carteret Borough Municipal Port Authority budget was approved.

Local Finance Board OKs applications: Fire equipment, W. Windsor parking, more