West Orange, NJ – Cedar Grove public schools will be participating in the Essex County Pooled Government Equipment Leasing Program. Cedar Grove will join with the municipalities of Irvington, Roseland and West Caldwell and the public school districts in Belleville and Livingston to purchase approximately $11.9 million of new equipment. This new program enables municipalities and school districts to take advantage of lower interest rates when they lease equipment through the Essex County Improvement Authority. The municipalities and school districts are able to obtain lower interest rates because of the County’s Aaa bond rating.
The Cedar Grove Board of Education intends to borrow $112,493 to purchase equipment for 300 Chromebooks for students.
“This will allow us to purchase Chromebooks for our 5th through 12th grade students, which will give them the ability to take the computers home in addition to in-school usage. Technology is a very important part of our school and on behalf of the Cedar Grove Public Schools, we thank County Executive DiVincenzo for this great opportunity,” said Cedar Grove Public Schools Business Administrator Michael DeVita.
The Belleville Board of Education intends to borrow $3.5 million to purchase fire-rated classroom chairs and a new acoustic system for the high school, and install a synthetic grass playing surface on Clearman Field.
The Township of Irvington intends to borrow $4,274,117 to purchase a variety of trucks, vans and cars for various departments, upgrade computer and communication equipment for the police and public safety departments, purchase security cameras for the recreation department and purchase a traffic message/radar board, mobile surveillance tower and two fire pumpers.
The Livingston Board of Education intends to borrow $2,575,009 to purchase 2,040 laptops for students, computer equipment, smart boards, three vans and four school buses.
The Borough of Roseland intends to borrow $290,000 to purchase SCBA air packs, cylinders and supplies for the fire department.
The Township of West Caldwell intends to borrow $1,150,500 to purchase a fire engine and turn out gear for the fire department, trucks, a tractor and salters for the public works department, a marked car, interview system and portable radio batteries for the police department and a message board.
Based on state statues, the bonds for municipalities will be paid over a 10-year period and bonds for school districts will be paid over a five-year period. School districts can repay bonds to purchase school buses over a 10-year period.
DiVincenzo recently extended the financing ability of the ECIA to assist the City of Newark with the replacement of 18,000 lead service pipes in its water system. The $120 million bond issue provides the city with the capital needed to speed up the pipe replacement program to 24 to 30 months instead of the original 10-year timeframe. The same initiative has been extended to the municipalities of Belleville, Bloomfield and Nutley, which purchase water from Newark; they are conducting their due diligence to determine if the program is feasible for them.