Government

City Announces Successful $6.9 Million Refunding Bond Sale

da4c2cbfbdb55d8ebc00_city_logo_big_layers_white.jpg
da4c2cbfbdb55d8ebc00_city_logo_big_layers_white.jpg

SUMMIT, NJ - The City of Summit has announced the successful sale of $6.9 million in refunding bonds. following the recent confirmation of its AAA bond rating from Fitch, Standard & Poor’s and Moody’s. The bond proceeds will be used to retire outstanding school and municipal debt.

As part of the refunding sale, residents and other investors were offered the opportunity to purchase City of Summit municipal bonds. The refunding will generate $337,000 in savings for Summit taxpayers over the life of the existing debt, or about $37,000 per year.

“Today’s bond sale was a validation by the marketplace of the hard work that City personnel have done in keeping the City of Summit in the best possible financial shape,” explains Common Councilmember and Finance Committee Chairman Mike McTernan.   “The bond issue was a win-win as our residents were able to invest in one of the few real AAA issuers in New Jersey and our taxpayers were able to reap substantial savings as well.”

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

Summit

Upcoming Events

Carousel_image_b7bf86ab9b5cba4793d9_347facfa8ac6817752ac_19055513_10158829487705483_8854478692329281822_o

Mon, July 16, 7:45 AM

17 Kent Place Boulevard, Summit

Monday Morning Yoga

Health & Wellness

Carousel_image_853ad44352ad0d7a20fb_4176eecd68408537fa8d_5b6b28c2bc2abcf059dd_fencer_film

Mon, July 16, 6:30 PM

Summit Free Public Library, Summit

Film: The Fencer

Arts & Entertainment

Carousel_image_f315283ead6566b0f0d0_24b31797abd0cb2d199e_senior_bbq

Wed, July 18, 6:00 PM

Summit YMCA, Summit

Senior Summer BBQ at the Summit YMCA

Food & Drink

Summit Police Blotter

July 9, 2018

6/19 - Peter Ferguson, 31, of New York, New York was arrested on a contempt of court warrant out of Point Pleasant Beach. Mr. Ferguson posted bail and was provided a new court date.

6/22 - At 1552 hours a report was taken for a theft of one thousand (1,000) mops from Overlook Hospital. The reporting individual indicated the theft occurred between 6/10 and 6/21. Taken from a storage area ...

Video: Point View's Dietze Says Trade Tensions 'Weigh Heavily' on Investors' Minds

July 13, 2018

Point View Wealth Management Founder, President and Chief Investment Strategist, David Dietze, live on BNN/Bloomberg on how the trade wars are impacting the stock market:

ptview.com/medias/tv-radio

​​​​For more than 25 years, Point View Wealth Management, Inc. has been working with families in Summit and beyond, providing customized portfolio management services and ...

Take the 2018 TAPinto Reader Survey

How often do you read TAPinto?  Have you downloaded the TAPinto APP?  These are a few of the questions for readers in our 2018 TAPinto Reader Survey.

We want to hear from you!

The survey will take less than five minutes to complete and will help TAPinto better serve you. 

Take the 2018 TAPinto Reader Survey.

Thank you.  We appreciate your support and ...

Fear of Rising Rates? Remember The Reason You Own Bonds

If the current interest environment has you concerned about your bond portfolio, remember why you are investing in bonds.  The role bonds, or fixed income, play in a portfolio is not solely based on performance.  Bonds are used to offer stability, particularly when stock market volatility is rising. Rate hikes can dampen bond performance, but keep perspective on how rising rates impact ...

Are You Ready for Your Child to Turn 18?

If your son or daughter is turning 18, here are a few things you need to know:

If you have an UGMA/UTMA savings account for your child, did you know those assets are his/her legal property and once that instrument matures (most often 21 years old or 18, if you designated that at time of account creation), those assets are at your child’s disposal with no restrictions or ...

Extra Time

It was close to 70 minutes into the match and I had to go to the bathroom.  Badly.

As fans watching the World Cup know too well, bathroom breaks are a serious dilemma, especially for those who don’t have a TV in the loo.  This biological necessity is exasperated by beer, which during World Cup matches also fuels a strong propensity to throw chairs and instigate riots.