TOWNSHIP OF JACKSON

NOTES TO FINANCIAL STATEMENTS (continued): FOR THE YEAR ENDED DECEMBER 31, 2013

Note 9. Long-Term Debt (continued):

Summary of Statutory Debt Condition – Annual Debt Statement:

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 DEBTDEDUCTIONSNET DEBT
Local School District Debt$ 94,271,973$ 94,271,973$-
General Debt29,868,5787,670,53322,198,045
Total$ 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%.

Borrowing Power Under 40A:2-6:

3 1/2% of Equalized Valuation Bases (Municipal)$ 232,871,181
Net Debt22,198,048
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, 2012IssuedRetiredBalance December 31, 2013Due Within One Year
General Capital Fund:
Serial Bonds$ 25,877,000$ -$ 3,385,000$ 22,492,000$ 3,501,000
BAN's5,485,3375,485,3375,485,3375,485,3375,485,337
Current Fund:
SEN's1,905,000-381,0001,524,000381,000
Total$ 33,267,337$ 5,485,337$ 9,251,337$ 29,501,337$ 9,367,337

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