During 2014, the Township of Jackson issued 5,485,000 in General Obligation Bonds, Series 2014, and dated July 23, 2014. Bonds were issued to fund various bond ordinances duly adopted by the Township Council. Payments are due each June 1st with various interest rates (2.00% to 3.00%).
The Township issues Bond Anticipation Notes to temporarily fund various capital projects prior to the issuing of serial bonds. The term of the notes cannot exceed one year but the notes may be renewed from time to time for a period not exceeding one year. All such notes must be paid not later than the tenth anniversary of the date of the original note. The original notes are dated July 23, 2014 and bear an interest rate of 1.00% with a maturity date of August 4, 2015. The purpose of the Bond Anticipation Notes are to fund the acquisition, construction, repair and installation of various capital improvements authorized by the Township.
The Township is indebted to itself through excess cash available in the General Capital Fund as of December 31, 2014 and is classified as an asset “Investment in Special Emergency Notes”. The note is issued in anticipation of the collection of taxes and revenues, including proceeds from FEMA and insurance proceeds, of the Township of the budget years 2013 through 2017 (20% of the original appropriation to be paid in each year) to finance special emergency appropriations to meet certain expenses incurred as a result of the extraordinary damage to the streets, roads, and other public property caused by Hurricane Sandy, authorized by Township resolution.
At December 31, 2014 the Township has authorized but not issued bonds and notes as follows:
General Capital Fund - Bonds and Notes $ 2,080,152
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