In Neptune: $5 Million in Bonds Proposed

 

coaster-news-200-newBy DON STINE

Bonding to pay for almost $5 million in projects throughout Neptune is being proposed in five separate ordinances introduced by the Township Committee Mon., June 12.

The five ordinances total $4,850,000 in expenditures with $4,607,550 of that amount to be provided through bonding. The public hearing on the ordinances is Mon., June 26.

“This money will be used for capital improvements throughout the township and absorbing this kind of debt is expected so we can maintain our infrastructure and provide services residents expect,” Township Chief Financial Officer Michael Bascom said.

Bascom said there is nothing unusual about bonding this amount of debt and that the township paid off about $3 million in debt annually for the past several years.

“The township structures its borrowing to maintain a somewhat level debt expense from year to year. That maintains stability while we continue to invest in our community,” he said.

The township paid off about $4.5 million in general and sewer debt last year and expects to do the same this year.

Neptune has a AA bond rating, which is the second highest that can be achieved out of 16 levels of bond ratings.

“So, our capacity to meet out bond commitments is very strong,” he said.

One of the five bond ordinances will provide $1.8 million for various sewer utility improvements to Eleventh Avenue, including sanitary sewer installation with replacements and other upgrades. The project will also replace the Hillside pump station force main.

A $1 million expenditure for the 2017 general township-wide road improvement program is on the table as well as $800,000 to replace the roof at the municipal complex on Neptune Blvd. and make other facility improvements.

A $750,000 bond ordinance will be used to acquire property within the West Lake Avenue redevelopment area with another $500,000 to provide a bulkhead at Fletcher Lake with nearby bridge and roadway improvements.

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