TOWNSHIP OF JACKSON
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2017
Borrowing Power Under N.J.S. 40A:2-6 as Amended
3 1/2% of Equalized Valuation Basis (Municipal) Net Debt $ 245,578,530.51
18,697,265.49
Remaining Borrowing Power $ 226,881,265.02
On July 23, 2014, the Township issued $5,845,000 of General Obligation Bonds. The General Obligation Bonds were issued at interest rates varying from 2.00% to 3.00% and mature in 2020.
On February 2, 2016, the Township issued $7,100,000 of General Bonds. The General Refunding Bonds were issued at interest rates varying from 2.00% to 4.00% and mature in 2028.
Principal and interest due on the outstanding bonds is as follows:
| Year | Principal | Interest | Total |
|---|
| 2018 | 3,840,000.00 | 588,225.00 | 4,428,225.00 |
| 2019 | 3,485,000.00 | 446,125.00 | 3,931,125.00 |
| 2020 | 3,520,000.00 | 341,575.00 | 3,861,575.00 |
| 2021 | 1,875,000.00 | 217,275.00 | 2,092,275.00 |
| 2022 | 1,890,000.00 | 156,475.00 | 2,046,475.00 |
| 2023-2027 | 4,370,000.00 | 284,012.50 | 4,654,012.50 |
| 2028 | 315,000.00 | 9,450.00 | 324,450.00 |
| $ 19,295,000.00 | $ 2,043,137.50 | $ 21,338,137.50 |
The Township had no bond anticipation notes outstanding in the General Capital Fund at December 31, 2017.
As of December 31, 2017, the Township had $4,372,731.50 in various General Capital bonds and notes authorized but not issued.
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