Government

1-2 Combo to Save New Providence Taxpayers $116,000

869be05f94032ff8d243_doug_marvin.jpg
869be05f94032ff8d243_doug_marvin.jpg

NEW PROVIDENCE, NJ – A combination of sterling credit ratings from three investor services and spirited on-line competitive bidding for a $9.98 million municipal bond resulted in a savings of $116,000, Borough Administrator Doug Marvin said.

Last week, borough officials gathered at the Municipal Center to participate in an online auction where five pre-qualified bidders sought the opportunity to enter the lowest interest rate affording the winner with the opportunity to market the attractive bond.

During the bidding session, which took only 18 minutes, the five investment firms made a total of 16 bids.

Sign Up for E-News

Marvin said that during the process the firms were not provided with the actual bid data of their competitors.

However, through a ranking system, the bidders knew where they stood in relation to their competitors.

“If you were ranked third, you knew you were going to have to enter a lower bid to move up,” Marvin said.

In the end, the winning interest rate bid was 2.25 percent made by Roosevelt and Cross. The difference between the highest and lowest bids was $116,000.

Proceeds from the general obligation bond sale will be used to refund the borough’s outstanding anticipation notes of $3.25 million and finance various capital improvement projects.

The other part of the combination punch is the borough’s sterling credit rating. Recently the borough was assigned the highest rating (AAA) from Fitch Ratings and Standard and Poor’s. Moody’s up-graded the borough’s credit rating to their second highest classification of AA1.

“We are extremely proud of this accomplishment. There is a lot of hard work that went into this,” Mayor Al Morgan said as he praised borough officials, especially CFO Kenneth DeRoberts.

In their credit reports, all three agencies were effusive in their praise of the borough’s financial practices.

Standard and Poor’s cited very strong management with strong financial policies, strong budgetary flexibility and liquidity, and a strong debt and contingent liability position.

Moody’s cited borough strengths as a large tax base, strong wealth levels and strong management practices.

In its report, Fitch Ratings cited the borough’s strong financial management and prudent budgeting practices that have led to the maintenance of ample reserve levels providing a high degree of financial flexibility.

Fitch Ratings also cited strong socioeconomic indications with wealth levels above average, representative of the highly educated professionals residing in the borough and its location within commuting distance of major employment centers.

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

New Providence

WFP Tax Partners Walks You Through 4 Step Tax Return Process

February 22, 2018

Over 80% of Tax Returns Have Errors or Missed Deductions. You're Probably Paying More Than Your Fair Share in Taxes

BASKING RIDGE, NJ - Tax returns certainly give a clear picture of the past year, but WFP Tax Partners believes it's wise to strategize for the current year to have a plan for moving forward. 

At your tax appointment, they ...

Reminder: Free Wellness Program for Union County Military Women

All Union County women with military service – veterans, active duty and reserve – are invited to join “Boots 2 Heels,” a free event designed to foster wellness and connect women with resources and guidance for empowerment. Boots 2 Heels will be held on Saturday, February 24 at the Westfield Armory, located at 500 Rahway Avenue in Westfield.

The event is free but ...

CSA's 5th Annual Pasta Dinner Fundraiser Set for Sunday

Is everyone ready to come together as a community and break bread to support the CSA? It's time for The Community Service Association of New Providence's 5th Annual Pasta & Meatball Dinner! This fun, family-friendly event will take place on Sunday, Feb. 25, at the DeCorso Community Center, 15 East Fourth Street, New Providence. Pasta, meatballs, and dessert will be served from 3-7 ...

Caregiver Conference Sunday, Feb. 25, Focuses on Caregiver's Needs

 

Jewish Family Service of Central NJ, (JFSCNJ) a non-sectarian health and social service agency, will be hosting a Caregiver Conference called, “Caring for a Loved One While Being Mindful of Your Own Needs,” from 10 a.m. to noon, Sunday, Feb. 25, at the Jewish Family Service of Central NJ, Halpern Building, 655 Westfield Ave. Elizabeth.  

 The Conference, ...

'RAD Kids' Program Continues to Grow; Fundraiser Set for Feb. 24 in Summit

MAPLEWOOD, NJ - Begun two years ago by just a few families whose parents were seeking a safe space for their children to play and, according to group organizers, "meet other kids like them," 'RAD Kids' -- as the group is now known -- has become a safe space for gender-fluid children in North Jersey. 

“We’re now serving ...

Union County Magnet High School to Hold Silent Auction

A great night out with family and friends for just $10.  And we provide dessert and coffee/tea.

Please come to the Magnet High School PSA Silent Auction on Friday, Feb. 23, 6:30 p.m. to 9:30 p.m. at Union County Vocational Technical School in Scotch Plains (West Hall Cafeteria). 

Tickets are only $10. You can then bid on over $12,000 worth of ...

Colleen Mahr Has Paid Her Dues, Earned Peoples’ Trust, and Left a Track Record of Success

February 20, 2018

Dear Editor:

As a 26-year-old Scotch Plains resident who cares more about the well-being of our town than about local politics, I am extremely disappointed that the Scotch Plains Democratic Committee leadership has decided to abandon Colleen Mahr in her run for Chair of the Union County Democratic Committee.

Mahr, who as Mayor of Fanwood for 15 years has worked closely with Scotch Plains ...

We Need More Women Like Colleen Mahr in Municipal, County and State Government

Dear Editor:

I’m proud to support Colleen Mahr for Chair of the Union County Democratic Committee  (UCDC) and am encouraging my Scotch Plains peers to join me.

I was a first time candidate wanting to make a difference in my hometown of Scotch Plains, when Mayor Mahr of neighboring Fanwood stepped in to help me campaign and win my election to be Councilwoman three years ago.

Chatham Borough Police Chief Crosson has Retired; Captain Gibbons is Acting Commander

February 12, 2018

CHATHAM, NJ - Phil Crosson Jr., who has been a member of the Chatham Borough Police Department since 1992, retired from his position as the police chief on Feb. 1.

"It came on pretty quickly," Crosson said when reached by phone on Sunday. "I was on vacation for six weeks and I bought a business. I came back for one day and retired."

According to Crosson, ...

‘Reefer Madness’ Comes to Chatham Borough Council; Cannabis Advocates Make Pitch for Chatham Marijuana Shop

February 14, 2018

CHATHAM, NJ - A group of pro-cannabis activists came to the Borough of Chatham Council meeting on Monday night and used the public commentary portion of the meeting to ask the council to support a marijuana dispensary in town.

The advocates, who say they have attended more than 80 town meetings to inform about the benefits of medical cannabis, mentioned the 1936 movie "Reefer ...

Upcoming Events

Thu, February 22

Scherman Hoffman Wildlife Sanctuary, Bernardsville

NJ Audubon: Volunteer Art Show!

Arts & Entertainment Green

Carousel_image_9b6d72bb10d15de52ffa_pilates-mat-pic

Thu, February 22, 8:00 AM

Providence Health and Fitness, New Providence

Integrative Mat Pilates with Joan

Health & Wellness

Carousel_image_107da84439934a15516b_woman_yogi

Thu, February 22, 9:15 AM

Providence Health and Fitness, New Providence

Essential Hatha Yoga

Health & Wellness

Carousel_image_7f6c107703df2d416aa6_barre_intesity

Thu, February 22, 9:30 AM

Providence Health and Fitness, New Providence

Barre Intensity with Kathy

Health & Wellness

Carousel_image_4ca4b046b48f94f03540_unnamed_4

Thu, February 22, 10:30 AM

Providence Health and Fitness, New Providence

Hatha Yoga Flow

Health & Wellness

Carousel_image_7f6c107703df2d416aa6_barre_intesity

Thu, February 22, 5:30 PM

Providence Health and Fitness, New Providence

Barre Intensity with Kathy

Health & Wellness

I've Always Wanted to be a Doctor...Or an English Teacher

Think about the impossibility of the task we lay in front of high school students.  In addition to getting good grades, filling up a resume, finding the right colleges and writing countless admissions essays they also need to decide on their life’s passion at 17 years old...or do they?

As a college admissions representative the first question most students would ask me was whether ...