TOWNSHIP OF JACKSON
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Note 10. Municipal Debt (continued)
| 2017 | 2016 | 2015 |
|---|
| Issued: | | | |
|---|
| General: | | | |
|---|
| Bonds, Notes and Loans | $ 19,581,439.78 | $ 28,936,326.00 | $ 24,847,393.00 |
|---|
| Total Debt Issued | 19,581,439.78 | 28,936,326.00 | 24,847,393.00 |
|---|
| Authorized but not issued: | | | |
|---|
| General: | | | |
|---|
| Bonds, Notes and Loans | 4,372,731.50 | 3,357,232.50 | 3,530,934.00 |
|---|
| Total Authorized But Not Issued | 4,372,731.50 | 3,357,232.50 | 3,530,934.00 |
|---|
| Total Gross Debt | $ 23,954,171.28 | $ 32,293,558.50 | $ 28,378,327.00 |
|---|
| Deductions: | | | |
|---|
| General: | | | |
|---|
| Funds Temporarily Held to pay Bonds & Notes | 1,796,905.79 | 7,757,905.79 | 1,974,184.00 |
|---|
| Open Space Trust (40A:2-44h) | 3,460,000.00 | 4,105,000.00 | 4,830,000.00 |
|---|
| Total Deductions | 5,256,905.79 | 11,862,905.79 | 6,804,184.00 |
|---|
| Total Net Debt | $ 18,697,265.49 | $ 20,430,652.71 | $ 21,574,143.00 |
|---|
Summary of Statutory Debt Condition - Annual Debt Statement
The following schedule is a summary of the previous schedule and is prepared in accordance with the required method of setting up the Annual Debt Statement:
| Gross Debt | Deductions | Net Debt |
|---|
| Local School Debt | $ 67,040,973.00 | $ 67,040,973.00 | $- |
| General Debt | 23,954,171.28 | 5,256,905.79 | 18,697,265.49 |
| $ 90,995,144.28 | $ 72,297,878.79 | $ 18,697,265.49 |
Net Debt $18,697,265.49 divided by the average Equalized Valuation Basis per N.J.S.A 40A:2-2 as amended, $7,016,529,443, equals 0.266% New Jersey statute 40A:2-6, as amended, limits the debt of a Municipality to 3.5% of the last three preceding year's average equalized valuations of real estate, including improvements and the assessed valuation of Class II Railroad Property. The remaining borrowing power in dollars at December 31, 2017 is calculated as follows:
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