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$850,000 bond ordinance approved
(by Kathryn A. Burger - March 19, 2008)
The police department is getting a new SUV; the municipal complex and the firehouse are getting much-needed repairs; the DPW is getting a new leaf vacuum; curb, sidewalk, and drainage improvements are planned; the repair work on the Mill Pond Dam will continue; new technology and office equipment will be purchased; and improvements to the downtown business area are in the works.
These initiatives are being funded through a multi-purpose bond ordinance totaling $850,000, approved on second reading at the council’s March 11 meeting.
Bonds are a way for municipalities to finance – or borrow – funds for projects not included in the budget. Five percent of the total must be appropriated as a down payment, making the total amount to be borrowed $807,500. The Schedule of Improvements, Purposes and Amounts in Ordinance 2008-08 specifies the total amount to be spent on each of the projects, further defines the scope of work, and the terms of each bond issue.
- The estimated cost for the SUV for the police department is $22,000; seven years.
- The “renovations and improvements to the municipal complex, including roof replacement at borough hall, installation of an elevator at the fire house and improvement to the building exterior and installation of outside lighting at the fire house” will cost about $330,000; 15 years.
- The $38,000 appropriated for the DPW will be used for the “acquisition of new additional or replacement equipment and machinery consisting of a leaf vacuum trailer…”; five years.
- The “undertaking of curb, sidewalk and drainage improvements at various locations in the borough,” are expected to cost $235,000; 10 years.
- The $80,000 earmarked for additional work on the Mill Pond Dam supplements the $1,213,800 the borough appropriated when is approved Ordinance 2007-07 on April 10, 2007; 30 years.
- “New information technology and telecommunications equipment” will be purchased and include “equipment for use with the
Northwest
Bergen
Dispatch
Center and document imaging equipment” for use in a number of borough departments. The cost is estimated at $80,000; seven years.
- The $65,000 for downtown beautification will include, “the installation of benches, planters and trash receptacles” and various unspecified improvements; 10 years.
Gene Vinci, the borough administrator said approval of the ordinance authorizes the borough to issue the bonds but does not specify when each offering will be made. The borough will incur the debt when the bonds are issued, he said.
Kathryn A. Burger's e-mail address is burger@northjersey.com.
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