Sparta Township Council Approves Bond Refinance
Wednesday, July 9, 2014 • 7:19pm
SPARTA, NJ - The Sparta Township Council unanimously approved an Ordinance to refinance $9.5 million of township bonds at the meeting on Tuesday night. The township’s bond rating has been increased, making a lower rate of funding available.
Township Manager Bill Close said, “Auditor Tom Perry estimated that the township would realize a savings of $50,000 for each of the next 12 years.”
Also on the agenda was the introduction of an ordinance to appropriate $1 million from the General Capital Improvement Fund to fund several capital improvement projects and equipment purchases. A companion ordinance was also introduced on Tuesday night to authorize a $498,500 bond issuance. This funding will be added to an additional $100,000 appropriated from the General Capital Improvement Fund for various water utility system improvements and purchases.
Close explained that the funds would be used, in part, to purchase a street sweeper and equipment needed to provide maintenance on township fleet vehicles such as police cars.
Additionally, $400,000 has been earmarked for the Department of Public Works to do road resurfacing projects and $50,000 for various drainage projects.
The municipal building and facilities for the Parks and Recreation Department will have $95,000 worth of work done by Township Buildings and Grounds department. There will be $20,000 spent on computers and I.T. needs, $25,000 each for the Fire and Police departments for equipment.
The two appropriation ordinances will be voted on at the next council meeting on July 22 at 7:30 in the Municipal Building.