MONROE: Council takes out MCIA loan for capital

By Jenine Clancy, Special Writer
MONROE — Council members unanimously adopted a $898,000 loan ordinance agreement with the Middlesex County Improvement Authority at its Aug. 4 meeting to help pay for capitol improvements to the town.
Business Administrator Wayne Hamilton said the money will be used to finance two police patrol cars, five police SUV’s, two dump trucks with plows for the Department of Public Works, one ambulance, one mower/tractor, computer equipment, police shotgun flashlights, rifles, and an upgrade to the mobile cameras in the police vehicles.
The Middlesex County Improvement Authority was created on Sept. 6, 1990 by resolution of the Board of Chosen Freeholders of the County of Middlesex to support the county, municipalities and other entities within the county, providing financial and management assistance, according to its website.
Mayor Richard Pucci is the head of the authority, but Mr. Hamilton said the mayor removes himself from votes on the MCIA side and the MCIA Board Chairman Leonard J. Roseman signs for all Monroe transactions.
Mr. Hamilton, who has also served as business administrator in Spotswood, said other municipalities wouldn’t be affected.
"As we have in both Spotswood and Monroe for over 18 years, the township with other local municipalities borrows capital lease and loan funds from the Middlesex County Improvement Authority for the purchase of vehicles and equipment," he said in a statement.
In terms of timing of the loan, Mr. Hamilton said the town was able to take advantage of the County’s AAA credit rating saving financing costs to residents, providing level debt service and lease payments.