By Lauren Otis, Staff Writer
The Princeton Township Committee authorized the refinancing of $9.6 million in long-term general improvement bonds, as well as several other bonding and funding measures, at its meeting on Monday evening.
At the meeting, Township Chief Financial Officer Kathryn Monzo said the interest rate on the current township bonds varies and so she could not place an exact yield on them. She said she anticipates the township obtaining around $330,000 in interest savings over the life of the new 15-year bonds, through the refinancing.
Ms. Monzo said the current credit crunch and financial market upheaval was not likely to have any impact on the township’s ability to refund the bonds, in large part because the township has a triple-A rating among credit agencies. If the township did not obtain terms favorable enough in the refinancing it could just choose not to refinance, she said.
At its meeting, the Township Committee also authorized appropriating $300,000 through a bond in order to install a water main along Quaker Road from the Updike Farm to Mercer Road. Deputy Mayor Bernie Miller said the township would fund the water main work and then obtain reimbursement from the Historical Society of Princeton, which acquired the farm in 2004 and plans expanded its exhibits and programs at the location.
Township Committee also awarded Appraisal Systems Inc. a $509,500 contract for a property revaluation program in conjunction with Princeton Borough. The award is contingent upon the borough adopting a companion resolution.
The committee gave the go-ahead for renewing a contract with CMIT Solutions of Princeton for computer network management. The two-year $110,000 contract was not the subject of a competitive bid because CMIT’s competence would be hard to match by other firms, who might end up costing more simply in devoting the time to get up to speed on the computer network, township officials said.
Committeeman Chad Goerner urged that the contract be put out for competitive bid after the latest two-year term expires. Township Administrator Jim Pascale said while the township was legally able to renew a contract without competitive bidding when there was a proven track record and benefit from the contracted firm, that township staff would look into competitive bidding next time around.
The township committee also approved paying USA Architects, Planners & Interior Designers, P.A. $65,000 to conduct preliminary site and design work for a public works facility on the River Road site administered by the joint Sewer Operating Committee. The award is also contingent upon Princeton Borough adopting a companion resolution.

