AVALON –– Borough Council had final action Oct. 8 on a bond ordinance to appropriate nearly $1.4 million from surplus and authorize $177,300 in bonds or notes to partially finance the cost of capital improvements.
Chief Financial Officer James Craft said $1,397,000 is funded by the borough’s capital surplus account and the $177,300 is what the borough is authorized to borrow.
The bond covers the emergency beach fill council adopted on June 19, costing $1,272,000 with $1.2 million on deposit in the capital fund and $64,800 estimated as bond debt.
The original ordinance 601-2008 needed to be changed at council’s Sept. 24 meeting because it failed to include a revision for the $125,000 heating, ventilation and air conditioning work done at Borough Hall over the summer using $112,500 in bond notes.
Solicitor Stephen Barse said the original bond ordinance was made void and legally invalid and council started the ordinance process over to pass the bond with a revised debt statement.
Borough Council passed another bond ordinance in the amount of $981,000 for the following, which are completely financed through bonds:
• 13th Street water tank project, $220,000
• Replacement of 67th Street well, $230,000
• Sanitary sewer system, $12,000
• Water allocation permit, $23,000
• Storm water outfall evaluation, $76,000
• Installation of Tide-Flex valves at the 21st and 25th street outfalls, $137,000
• Repairs to sewer pump station at 58th and 74th streets, $117,000
• Fiberglass enclosures at storm water station at 22nd and 11th streets, $51,000
• Chlorine analyzers and 60 kilowatt generator for the water station, $115,000.
Contact Truluck at (609) 886-8600 ext. 24 or at: ltruluck@cmcherald.com
Town Bank – Trumpies you got your wish. You made your bed now you you have to sleep in it. Next 4 years will eventually tell you did you get in the right bed.
