FINANCING: IMPROVING MIDDLESEX COUNTY AND SAVING MONEY FOR
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:
Economies of scale
Lower interest rates
The benefits of a negotiated sale
Some examples of MCIA financings:
New Brunswick Residental Housing Project
Capital Equipment and Improvement Revenue Bonds, Series
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.