TOWNSHIP OF JACKSON
NOTES TO FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2019
The following is a summary of bond anticipation notes payable accounted for in the General Capital Fund at December 31, 2019:
| Description | Date of Issue | Date of Maturity | Rate | Balance
December 31, 2019 |
|---|
| Series 2019 A | 8/6/2019 | 2/13/2020 | 2.00% | $ 4,372,000.00 |
| Series 2019 A | 2/13/2019 | 2/13/2020 | 3.25% | 6,667,321.00 |
| | | | $11,039,321.00 |
As of December 31, 2019, the Township had $3,919,439.50 in various General Capital bonds and notes authorized but not issued.
New Jersey Environmental Infrastructure Trust
In 2017 the Township finalized one loan agreement with the State of New Jersey Department of Environmental Protection, pursuant to the 2017A-1 New Jersey Environmental Infrastructure Trust Financing Program.
The loan consists of two agreements, a Trust Loan Agreement of $145,000 to be repaid over a 14 year period at interest rates ranging from 3.00% to 5.00%, and a no interest Fund Loan Agreement of $148,175 to be repaid over a 14 year period. The proceeds of the loans are to provide for the acquisition of a Jet Vac and Sweeper for use by the Township.
| Year | Principal | Interest | Total |
|---|
| 2020 | 20,102.83 | 5,100.00 | $ 25,202.83 |
| 2021 | 20,102.83 | 4,600.00 | 24,702.83 |
| 2022 | 20,102.83 | 4,100.00 | 24,202.83 |
| 2023 | 20,102.83 | 3,600.00 | 23,702.83 |
| 2024 | 10,102.83 | 3,100.00 | 13,202.83 |
| 2025-2029 | 100,514.15 | 9,200.00 | 109,714.15 |
| 2030-2031 | 60,205.82 | 1,350.00 | 61,555.82 |
| $ 251,234.12 | $ 31,050.00 | $ 282,284.12 |
A summary of the changes in long-term and short term debt of the Township is as follows:
| Balance December 31, 2018 | Accrued/ Increases | Retired/ Decreases | Balance December 31, 2019 | Balance Due Within One Year |
|---|
| General Capital: | | | | | |
|---|
| General Bonds | $ 15,455,000.00 | $ - | $ 3,485,000.00 | $ 11,970,000.00 | $ 3,520,000.00 |
|---|
| Bond Anticipation Notes | 4,372,000.00 | 11,039,321.00 | 4,372,000.00 | 11,039,321.00 | 11,039,321.00 |
|---|
| Loans | 271,336.95 | - | 20,102.83 | 251,234.12 | 20,102.83 |
|---|
| Authorized but Not Issued | 2,109,502.50 | 8,558,508.00 | 6,748,571.00 | 3,919,439.50 | - |
|---|
| $ 22,207,839.45 | $ 19,597,829.00 | $ 14,625,673.83 | $ 27,179,994.62 | $ 14,579,423.83 |
|---|
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