Government

Chatham Borough Refinances $6.1 Million at 2.19 Percent; Gazebo Refurbishing Plans Underway

55c3a12d49d624130f12_Gazebo.JPG
The Gazebo at Reasoner Park was built in 1986 and is in need of repair Credits: TAP Chatham
ab7a1d03650140d5492b_Day.JPG
Financial officer Tim Day announced that Chatham Borough was refinancing $6.1 million at a rate of 2.19 percent Credits: TAP Chatham
dc3fe018e6a324a71e5b_DrewFran.JPG
Fran Drew, chairperson of the Gazebo Repair Committee, holds up a baluster that will be made with mahogany when the gazebo is refurbished Credits: TAP Chatham
e48d0dc093a537a5f541_Kline.JPG
Robin Kline was reappointed as the Chatham Borough Municipal Clerk and granted tenure with her third year of service Credits: TAP Chatham
55c3a12d49d624130f12_Gazebo.JPG

CHATHAM, NJ - Tim Day, chief financial officer for the borough, reported that Chatham Borough has agreed to refinance $6.1 million in debt through long-term bonds at 2.19 percent with Wells Fargo, it was announced Tuesday night at the regular meeting of the Borough of Chatham Council.

"It was good news for the borough," Day said. "This is a rate that's really flat and doesn't go up until the end of the bond. This is the best rate we've seen in quite a while."

Day pointed out the Chatham Borough's triple-A bond rating from Moody's was a factor in receiving the favorable bond rate. Council member James Collander asked Robert Falzarano, borough administrator, the factors that helped Chatham earn its triple-A rating.

Sign Up for E-News

"The income level of the residents, the proximity to New York City via the train," Falzarano said. "They mentioned the 10-year strategic management plan to pay down the debt. They thought the borough has consistently had a very strong budget, has not lost our reserves. We've kept the reserves up in the budget. Even though we've had added debt, we've demonstrated that we've been bringing that debt down. Still, here's the most important part, is that the infrastructure is still being maintained." 

In other business, Fran Drew, chairperson of the Gazebo Repair Committee, reported that plans are moving forward to refurbish the Gazebo at Reasoner Park, which was built in 1986.

Chatham Borough is spending $6,500 out of its capital budget to replace 107 balusters needed for the five sections of the gazebo. The original gazebo balusters were made by the Chatham High industrial arts class. Drew has been researching materials and reported that mahogany wood would be the best wood to use for the balusters.

"We're working to bring the gazebo back to what it was in 1986," Drew said.

Puzzles of the gazebo are also being planned for sale to help fund the project.

Robin Kline was reappointed to the office of Chatham Borough Municipal Clerk and granted tenure. She was hired to the position, June 10, 2014.

TAP Into Another Town's News:

Sign Up for E-News

Chatham

Mike Czech – One of Chatham’s Hidden Gems….

On a warm sunny day, back in 2008, at Southern Boulevard Elementary School stood a very tall man (6.5” to be exact!), soft-spoken, warm and friendly as he was surrounded by a whole group of children running around him (at his knees).

His name was Mike Czech and he was teaching the kids how to play a game on the open court.   I introduced myself to help assist him as a fellow ...

'Thank You' to the Chatham Borough Department of Public Works and Volunteers

May 7, 2018

To the Editor:

My sincere thanks to Chatham Borough Department of Public Works, and everyone who came out and planted at Shepard Kollock trail this past Saturday! It was amazing to have so many volunteers on hand to plant trees and shrubs. Whether you could only stay for a short time, or if you stayed with us until the very end – everyone’s hard work truly made a difference.

One ...

SURVIVING A STROKE: Quick Medical Response Gives Mom Her Life Back

Carotid artery dissection. It’s one of the most common causes of stroke in younger adults.

And while you might not associate the word “stroke” with younger patients, the condition – if not treated immediately – could lead to paralysis and even death.

Lindsey Singh can attest to the importance of immediacy. The 31-year-old mother of two from Flanders experienced ...

AtlantiCast

AtlantiCast: Episode 15

On this week’s AtlantiCast, learn some important tips for controlling and avoiding diabetes from an Atlantic Health System expert, see how Atlantic Health is advancing cutting-edge research, hear what’s being done to keep health care environmentally friendly and much more!

 

Residents of Chatham to Receive Second Fundraising Letter Asking for Their Support of the Chatham Emergency Squad

May 20, 2018

During the week of May 20, a follow-up letter seeking donations to the Chatham Emergency Squad (CES) will be sent to more than 6,000 Chatham residents, businesses, religious and community organizations. Letters will not be sent to individuals, businesses, and organizations who have lent their support with the first mailing, issued in January 2018.

The Chatham Emergency Squad is an ...