Government

Holmdel Township Committee Raises Debt - Introduces $4,286,300 Bond Ordinance Including $2,785,000 for Infrastructure

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HOLMDEL, N.J.  - The Holmdel Township Committee introduced a bond ordinance totaling nearly 4.3 million dollars during the regular meeting on 5-23-17. The amount of debt includes $785,000 more infrastructure debt than the 2 million stated in the 2017 budget press release. The bond was introduced on a 4-0 vote. Committeeman Impreveduto was absent.

According to the official agenda, this is for various public improvements and the acquisition of new additional or replacement equipment and machinery, new information technology and telecommunications equipment, new communication and signal equipment, new additional furnishings and new automotive vehicles. 

The Township Committee recently stated that the zero budget this year would include 2 million of capital infrastructure improvements. The amount is not actually in the budget, it is new debt paid over time with a down payment of 5% included in the budget.

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Based on the bond introduction, the 2 million was raised by an additional $785,000 and will include a paving, curb, sidewalk and drainage plan.

The amount of money included in the actual 2017 Municipal Budget is approximately $200,000 which equates to the mandatory 5% down payment required.

The useful life for the items listed is 10 years and the municipality would take out Bond Anticipation Notes (BAN's) that are able to be rolled over year to year for a maximum of ten years to finance the debt. The interest expense is not known at this time but averages 2%.

The new debt authorization, if passed by a super-majority vote (four votes in the affirmative) at the public hearing, will include the following:

$606,300 for:

  • computer and telecommunications equipment in various departments
  • DPW pickup trucks, striper machine and tire machine
  • Fire Department turnout gear, helmets and boots, safety equipment and communications equipment
  • EMS safety equipment, computers and related equipment
  • OEM (Office of Emergency Management) cots, generator and CPR training equipment
  • Police Department SUV's, office chairs and furniture, weapons and related equipment, safety equipment, security cameras and related equipment

$798,000 for:

  • a prefabricated equipment storage building at the DPW yard

$97,000 for:

  • various other improvements

 

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