FINANCING: IMPROVING MIDDLESEX COUNTY AND SAVING MONEY FOR MUNICIPALITIES
The MCIA’s pooled financings provide municipalities and the County with low-cost bonds to secure much-needed equipment and public facilities.  The advantages of these pooled financing programs have included:

Some examples of MCIA financings:

New Brunswick Residental Housing Project
In December 2002, the MCIA issued $15 million in tax-exempt revenue bonds to pay a portion of the costs of renovation and construction of the New Brunswick Project, located adjacent to Rte. 18.  Silver Street Development Corporation purchased and remodeled the 206 units that comprise the complex. The renovations include rehabilitating and modernizing the property and making needed repairs and other improvements that will keep the property in the marketplace as affordable housing. The apartments are reserved for families with income at or below 60% of the local median family income.

Proceeds from the bond issue were used to acquire and renovate the apartments, paid for a portion of interest on the bond during renovation, fund various required reserve accounts and paid a portion of the costs of issuing the bonds.

 

Capital Equipment and Improvement Revenue Bonds, Series 2016
Four municipalities, along with Middlesex County, took advantage of the County’s Triple-A bond rating to finance ambulances, public works vehicles, computer hardware and software, police equipment, in addition to various other items.  Carteret, Highland Park, Monroe and Spotswood benefited from the low-cost, flexible, County-guaranteed financing. Closed on in late September, this 9th series of the Capital Equipment and Improvement Revenue Bonds totaled approximately $7.075 million.

Between issuing Capital Equipment Lease Revenue Bonds for upwards of two decades, as well as the Capital Equipment and Improvement Revenue Bonds for the past eight years, the MCIA has helped finance more than $228 million in equipment and improvements purchases to date.  Its programs have saved participants millions of dollars in equipment costs and debt service, a direct result of the Authority’s ability to finance equipment at tax-exempt interest rates, while utilizing the County’s premium bond rating.