TOWNSHIP OF JACKSON
NOTES TO FINANCIAL STATEMENTS (continued):
FOR THE YEAR ENDED DECEMBER 31, 2013
The summarized statement of debt condition which follows is prepared in accordance with the required method of setting up the Annual Debt Statement and indicates a statutory net debt of 0.334%
| GROSS DEBT | DEDUCTIONS | NET DEBT |
|---|
| Local School District Debt | $ 94,271,973 | $ 94,271,973 | $- |
|---|
| General Debt | 29,868,578 | 7,670,533 | 22,198,045 |
|---|
| Total | $ 124,140,551 | $ 101,942,506 | $ 22,198,045 |
|---|
Net Debt, $22,198,048 divided by Equalized Valuation Basis per N.J.S.A.40A:2-2, as amended, $6,653,462,303 equals 0.334%.
| 3 1/2% of Equalized Valuation Bases (Municipal) | $ 232,871,181 |
|---|
| Net Debt | 22,198,048 |
|---|
| Remaining Borrowing Power | $ 210,673,133 |
|---|
During the year ended December 31, 2013, the following changes occurred in issued Bonds, Loans and Notes:
| Balance
December 31, 2012 | Issued | Retired | Balance
December 31, 2013 | Due
Within
One Year |
|---|
| General Capital Fund: | | | | | |
|---|
| Serial Bonds | $ 25,877,000 | $ - | $ 3,385,000 | $ 22,492,000 | $ 3,501,000 |
|---|
| BAN's | 5,485,337 | 5,485,337 | 5,485,337 | 5,485,337 | 5,485,337 |
|---|
| Current Fund: | | | | | |
|---|
| SEN's | 1,905,000 | - | 381,000 | 1,524,000 | 381,000 |
|---|
| Total | $ 33,267,337 | $ 5,485,337 | $ 9,251,337 | $ 29,501,337 | $ 9,367,337 |
|---|
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