"It’s Your Town Hall" Newsletter Issue 2 -Middletown Goes to MCIA To Consolidate 2009 Bonds

The second issue of the “it’s Your Town Hall” Newsletter is ready and available to ready.

Issue 2 discuss the special township committee meeting that was called for on Dec. 17th at 5:30 pm to discuss the refinancing of approximately $13 million worth to township bonds. The township will be refinancing these bonds with the Monmouth County Improvement Authority (MCIA).

The Monmouth County Board of Chosen Freeholders formed the Monmouth County Improvement Authority in 1986 as a conduit to cost-saving alternatives to the traditional methods of public capital finance for municipalities, boards of education, local and regional utility authorities and other local and county government entities.

As part of this resolution the Township of Middletown has agreed to pay all costs and expenses, including legal fees, in connection with the administration and enforcement of this bond in addition to its share of the amounts payable between the Authority and the town.

The refinancing of these bonds is expected to save the township a considerable amount of money in interest payments over the course of the next 20 years.

To receive a copy of the biweekly issues of “It’s Your Town Hall”, send email contact info to: itsourtown@yahoo.com

To read this weeks issue click >>> Here
UPDATE: It has come to my attention that the amount of the bond refinancing was not for a total of ~$ 13 million but for $5.966 million, which is a big difference (sometimes it can be a little confusing when reading ordinances or resolutions)

Also not included with the posted newsletter was the last page of the resolution which stated the bonding firm of Gibbons P.C. which happens to be firm that the GOP leader in Middletown works for and our curent Township Atorney worked for as a bond attorney.

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Filed under Its Your Town, Middletown, Monmouth County, Newsletter

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