CREST HAVEN – A $14.5-million bond is boring but necessary to keep Cape May County’s roads paved, its buildings maintained and software in top working order.
Freeholders introduced such a bond Aug. 26 that will fund all the above, with almost $1.7-million anticipated from the state Department of Transportation for the road projects.
A hearing on the ordinance will take place Sept. 9 meeting at 7 p.m. in the freeholder meeting room, Administration Building, 4 Moore Road.
Road projects will use $10.08 million while upgrades to county property and environmental cleanups in various locations will use $2.8 million.
For new heavy equipment, including a street sweeper, rotary excavator and grappling excavator, $900,000 has been allotted.
Finally, about $700,000 will be used for the purchase and installation of new and additional computer equipment, telecommunication equipment and associated devices.
According to the ordinance, the average period of usefulness of the various purposes for the above is 10.49 years.
Should the ordinance pass, a process begins that is like an auction, but held among firms that seek to buy government debt. Unlike other auctions, where the highest bidder wins, for bonds it’s the firm that allows the lowest interest rate that will get the bond.
The process is similar to shopping for the best loan interest rate when buying a house or vehicle.
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