bond debt preso
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BOND DEBT: Friend or Foe?
Budget Pie
$23.6 $15.3 High School & Elementary Twp.
Annual Debt Statement 2010
Debt Service Centre City School
Principal$7,133,000
$10K
$1,155,209.90 Interest payments
New Bond for completion of Centre City School
Maturity Schedule 2003 = $435,000
New Bond for repairs/mods for two schools
$15,836,000 for repairs/modifications. Two brand new schools could have been built.
New Bond for repairs/mods for two schools
School Board resolution on Refunding Bonds
1992 Bond to be refunded $4,075,000
New Bond in 2000 $10,311,000
$15,800,000 Authorized
School Board resolution on Refunding Bonds
CLOSING COSTS
Refunded Bonds (Issuance & Contract)
$15,150,000 Note: $764,000 more than the principal needed to pay off both the ‘92 & ‘00 series bonds.
Refunded Bond (Issuance & Contract)
Maturity date of 3-1-20 & the total Cost of Issuance of $15,507,701.
For refunding of prior issues.
Refunded Bond (Issuance & Contract)
= $4,916,000
2007 $150,000 + 2022 (15 years)
2007 $1,240,000 + 2019 (12 years)
2006 $2,240,000 + 2020 (14 years)
2005 $581,000 + 2017 (12 years)
2005 $705,000 + 2017 (12 years)
Original Bonds to be Refunded
Original Bond to be Refunded
2005 $705,000 + 2017 (12 years)
Various Street $200,000 (20 years)
Fire Equipment $15,000 (5 years) Police SUV $25,000 (5 years)
Street Sweeper $165,000 (5 years) Drainage Project $155,000 (15 years)
Skill Street Loader/Mower $35,000 (5 years) Public Works Equipment $110,000 (5 years)
Closing/Section 20 costs $150,000
Various Street $200,000 (10 years) Finger Printing System $31,000 (5 years) Improve to Boys/Girls Club $350,000 (15 years)
Closing/Section 20 costs $150,000
2005 $581,000 + 2017 (12 years)
Original Bond to be Refunded
Original Bond to be Refunded
Various Streets $500,000 (20 years)
Fire Equipment $30,000 (5 years) Police MDT $30,000 (5 years)
Auto Refuse System $1,200,000 (5 years) Curbing & Sidewalks $15,000 (10 years)
Fire Truck $430,000 (10 years) Public Works Equipment $35,000 (5 years)
Closing/Section 20 Costs $150,000
2006 $2,240,000 + 2020 (14 years)
Original Bond to be Refunded
Various Streets $500,000 (10 years)
Public Works Dump Truck $125,000 (15 years) Police MDT $30,000 (5 years)
Auto Yard Waste $500,000 (15 years) Various Improvements Norris $50,000 (10 years)
Public Works Tractor $35,000 (5 years) Closing/Section 20 Costs $150,000
2007 $1,240,000 + 2019 (12 years)
Original Bond to be Refunded
Lighting System Chestnut Park $150,000 (15 years)
Closing/Section 20 Costs $30,000
2007 $150,000 + 2022 (15 years)
Refund Bond of 2008
REFUND BOND of 2008 is for 5,504,000 which
includes 197,191 in closing costs.
SENATE, No. 70
STATE OF NEW JERSEY 214th LEGISLATURE
PRE-FILED FOR INTRODUCTION IN THE 2010 SESSION
Sponsored by: Senator MICHAEL J. DOHERTY District 23 (Warren and Hunterdon) Senator STEVEN V. OROHO District 24 (Sussex, Hunterdon and Morris) Co-Sponsored by: Senator Pennacchio SYNOPSIS Requires public referendum prior to issuance of general obligation bonds by local units. CURRENT VERSION OF TEXT Introduced Pending Technical Review by Legislative Counsel
Bond Legislation
Taxes Collected
Almost $45 million collected in taxes in 2009.
Housing Units in Mantua
At the time of the last census survey, there were 5,411 total housing units in Mantua.
Source: AmericanTowns.com
Lowering Taxes
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Lowering Taxes
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$8000 PER HOME
Bond Debt
United Nations Agenda 21
Liveable Communities, Smart Growth, & Sustainable Development are the tentacles
of the United Nations into our towns.
Smart Growth/Liveable Communities
Liveable Communities $15,600
Smart Growth $5,000
Regional Greenhouse Gas Initiative (RGGI)
Unconstitutional States can’t form treaties
Cap-and trade scheme In through the back door - Midwestern,
Canadian, Western Regional Initiatives discussing linking efforts
Hidden Tax (3) states already diverted money NJ (Christie) already diverted the entire
fund to the huge $10 billion NJ debt.
Regional Greenhouse Gas Initiative (RGGI)
RGGI Cap & Trade Resolution
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Bond And Refunding Resolution
WHEREAS, the Mayor of Mantua and the Committee recognizes that bonding is a destructive tax on the citizens of Mantua without the voters approval; and WHEREAS, the Mayor of Mantua and the Committee recognizes that the Refunding of previous Township Bonds without the consent of the citizens of Mantua by voter approval caused an undue increase in municipal tax rates; and WHEREAS, the Mayor of Mantua and the Committee recognizes that the bonding and refunded bonds have increased the taxes on the citizens of Mantua causing undue hardship; and WHEREAS, the Mayor of Mantua and the Committee recognizes that these bond and refunding bond program is devoid of transparency, operates in a clandestine manner, WHEREAS, the Mayor of Mantua and the Committee bond program has the potential of being exploited by speculators and Wall Street investment firms, bond solicitors, Insurance Companies and all involved in such that the closing costs(also known as “section 20” costs) could be as much as 20% of principal outstanding; and WHEREAS, the Mayor of Mantua and the Committee recognizes that is has been happening without the knowledge of the taxpayers since the early 2000’s; and WHEREAS, the Mayor of Mantua and the Committee recognizes that this is a threat to our town to remain economical and living within in our means; WHEREAS, the Mayor and the Committee recognizes that we must work at paying off our current bonds and then we will only buy with cash as need be, or to continue this threat to our taxpayer livelihood; THEREFORE BE IT RESOLVED, that the Mayor of Mantua and the Committee strongly supports the enactment of this resolution and ordinance that will prevent any bonding or refunding of existing bonds hence forward April 2011; HEREBY BE IT RESOLVED that the clerk is directed to forward a copy of this resolution to the following: Governor Chris Christie Office of the Governor PO Box 001 Trenton, NJ 08625 609-292-6000 Senate President Stephen M. Sweeney 935 Kings Highway, Suite 400 West Deptford, NJ 08086 Senate Minority Leader Thomas H. Kean, Jr. 425 North Ave. East Suite C Westfield, NJ 07090 !"#$%"&'()*$"+&,-*".%/&!0-#1-.&-2&!3456&785&9"+:(;"."&<:"&8#;&2+--.&=$1*(#>%-#?&@A&&&65BB8&
Bond and Refunding Resolution
Yearly Budget
Declaration of Independence
We hold these truths to be self-evident that all men
are created equal, that they are endowed by their
Creator with certain unalienable Rights, that among
these are life, liberty and the pursuit of happiness.
That to secure these rights, Governments are
instituted among Men, deriving their POWERS from
the CONSENT of the GOVERNED.
Declaration of Independence
You are the Governed. You must stand up and be
heard and demand certain resolutions to re-
establish your liberties and freedoms. Most of
which are your property rights. You must be
involved or by your lack of your resolve you have
become complacent and allow these thieves (all
governments) to pilfer from you and your
children. The choice is yours.
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