MARLBORO — Municipal officials are gearing up to carry out a number of upgrades throughout Marlboro in 2014.
The Township Council introduced a bond ordinance at its Feb. 6 meeting that would issue nearly $3.2 million in notes to finance capital improvements.
The total cost of the projects is expected to exceed $3.3 million, according to the township.
The difference in the total cost of the work and the amount to be issued in notes is paid upfront by the municipality.
The debt would pay for the purchase of computer supplies, new equipment for police, improvements to roads and sidewalks, vehicle maintenance and more, according to the ordinance.
Business Administrator Jonathan Capp said he expects to pay for the projects through notes, which mature quicker than long-term bonds.
“Until we get to market and either sell short-term notes or permanently finance in the form of bonds, we do not have an interest rate,” he said, adding that Marlboro’s favorable credit rating secured a premier interest rate to fund capital improvements in 2013.
Any grant money secured by Marlboro for the proposed projects would be put directly toward the upgrades or the resulting debt, according to the township.
In a memo penned by Capp, the business administrator said he expects to receive funding from the state Department of Transportation for the initial phase of improvements to Texas Road.
The average period of usefulness for the capital improvements spans almost 13 years, according to the township.
Marlboro officials are not going out to bond for the full cost of the capital plan because the township has set aside nearly $170,000 from prior budgets to cover any down payments, according to the township.
The council also introduced an ordinance that would produce $773,530 in bonds to support enhancements to Marlboro’s recreation and swim utility.
The debt would be paid off by fees collected from individuals who use the services of the utility, according to township documents.
Mayor Jonathan Hornik said the cash would fund upgrades that have been requested by residents.
“Let’s not lose sight of the fact that people enjoy a certain quality of life in Marlboro and we take pride in that, and our ability to keep repairing our recreation facilities and keeping them the top in the state is very important,” he said.
That list includes various improvements to Marlboro Country Park — the swim club — that would affect the ball field, tennis courts and handball courts, according to the township.
The township has received a $250,000 open space grant from Monmouth County for the swim club project, Capp said.
“However, the $250,000 has been included in the amount authorized to be issued in order to maintain the option of temporary financing for the project,” he said.
The council approved a $5,250 amendment to its contract with the engineering firm CME Associates to perform an environmental investigation of the property.
Hornik said that is a county requirement in order for Marlboro to collect the grant.
Both ordinances are expected to be up for adoption at the council’s 7 p.m. Feb. 20 meeting at town hall.