WILDWOOD — Through its strong relationship with the U.S. Department of Agriculture (USDA) and the resources of Rutgers University, this city is able to participate in the Build America Bond (BAB) program, which will save Wildwood’s Sewer Utility $637,933 in interest payments related to loans undertaken under previous administrations.
The city will receive interest rebates twice yearly, representing 35 percent of the total interest paid on the loan.
“Incurring debt is never a fun thing for municipalities. It has always been my position that you should never take on a debt unless you have a corresponding revenue source and know the long-term cost of the loan, but past administrations took out these loans. At least the BAB program is allowing us to make lemonade out of the lemons,” said Mayor Gary DeMarzo.
The BAB program was implemented under the American Recovery and Reinvestment Act of 2009 to lower borrowing costs incurred by local governments as they pursue capital projects. Under the program, the Treasury Department will make a direct payment to local governmental issuers of the bonds, enabling those entities to reach more loan sources than traditional tax-exempt or tax credit bonds permit.
Wildwood – Just this week Mitch Strokes McConnell fell down after another freeze up mini stroke at work in the Senate. 2 days ago Nancy Pelosi while on a tax payer trip to Luxembourg , fell off of her bar…
