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

The Gazebo at Reasoner Park was built in 1986 and is in need of repair Credits: TAP Chatham
Financial officer Tim Day announced that Chatham Borough was refinancing $6.1 million at a rate of 2.19 percent Credits: TAP Chatham
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
Robin Kline was reappointed as the Chatham Borough Municipal Clerk and granted tenure with her third year of service Credits: TAP Chatham

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.

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"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.

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