SPARTA, NJ - Township Manager Bill Close reported to the Township Council that Sparta has received a more favorable bond rating by Moody’s. This rating of AA2 allowed the township to receive an improved bond rate of 8.53 percent for the recent refunding of township bonds.
“This represents a savings of $818,907 over 13 years or approximately $62,000 annually for the Sparta taxpayers," Close said.
Initial projections of savings was $654,149, or about $50,000 annually. Close thanked Township Chief Financial Officer Sam Rome for the work his department has done in contributing to the improved bond ranting. He indicated that there are now only two levels above the rating Sparta has received and that the state “was pulling us down.”
Close also reported on the most recent tax sale. He indicated there were 93 properties originally on the block before the auction five were pulled. The remaining 88 liens were sold to outside lien holders for $948,142.14 in premiums.
“I want to commend the tax collector for doing such a good job bringing the collection rate up to 98.25 percent,” Close said.