SOUTH BRUNSWICK: Council OKs ordinances on property sales, capital improvements and refunding

By Deb Dawson, Special Writer
SOUTH BRUNSWICK — Eight ordinances were unanimously adopted at the July 14 Township Council meeting.
One authorizes the acquisition and sale of two properties for affordable housing. The properties are Block 84.03 Lot 7441 and Block 35.01 Lot 18.07. Public Affairs Coordinator Ron Schmalz said earlier the township does not identify the properties by street address to protect privacy for affordable housing recipients.
Another provides for a number of capital improvements and related expenses totaling $2,818,050 and provides for the issuance of $2,311,197 of bonds or notes to finance them.
The projects include improvements to New Road, the purchase of technology and telecommunications equipment and other equipment for the police department, improvements to the police/municipal building and senior center, upgrading the lighting at the municipal complex, purchasing an ambulance, and the reconstruction and overlay of various roads.
Ordinance 2015-25, provides for a number of water-sewer utility capital improvements and related expenses totaling $10,409,200 and provides for the issuance of bonds or notes in that amount to finance them.
Another ordinance provides funding for a number of improvements to local parks. This appropriates $267,400 and provides for the issuance of $254,030 of bonds or notes. The projects include paving the parking lot at Harvest Woods Park, repairs to the tennis court at Woodlot Park, improvements at Heathcote Park, and construction of a cricket field at Rowland Park including all work and material necessary.
An ordinance re-appropriating $4,500,000 of the proceeds originally allotted for the construction of a section of Route 522 from Route 130 to Cranbury-South River Road that “is no longer necessary” was also adopted. The money will now be used for Kendall Park area road improvements, including all work and materials.
Three refunding ordinances allowing the township to refinance bonds at a more favorable rate were adopted. The first, for $6,000,000, is for general improvement bonds. The second, for $3,025,000, is for water/sewer utility bonds. And, the last, for $410,000, is for open space bonds.
All of the bonds were originally financed on March 1, 2007. Chief Financial Officer Joseph Monzo said earlier the township periodically refinances when there may be an opportunity for a more favorable rate. However, he said according to state law there must be at least a 3 percent net present value savings in order to do it.
On Tuesday, he said there may be an opportunity to save up to $250,000 by refinancing the existing debt “when the market is right.”