TOWNSHIP OF JACKSON

NOTES TO FINANCIAL STATEMENTS (continued): FOR THE YEAR ENDED DECEMBER 31, 2014

Note 9. Long-Term Debt (continued):

Summary of Township Debt – Annual Debt Statement:

Year 2014Year 2013Year 2012
Issued & Outstanding
General:
Bonds, Loans & Notes$ 26,367,241$ 27,977,337$ 31,362,337
Deductions:
Open Space Trust (40A:2-44h)5,199,0005,759,0006,299,000
Funds Temporarily Held to pay Bonds & Notes2,025,1971,911,5331,881,143
Total Deductions7,224,1977,670,5338,180,143
Net Debt Issued19,143,04420,306,80423,182,194
Authorized But Not Issued
General - Bonds & Notes2,080,1521,891,241-
Total Net Debt$ 21,223,196$ 22,198,045$ 23,182,194

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 0.323%

GROSS DEBTDEDUCTIONSNET DEBT
Local School District Debt$ 87,236,973$ 87,236,973$-
General Debt28,447,3937,224,19721,223,196
Total$ 115,684,366$ 94,461,170$ 21,223,196

Net Debt, $21,223,196 divided by Equalized Valuation Basis per N.J.S.A.40A:2-2, as amended, $6,564,851,056 equals 0.323%.

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