Note 11. Municipal Debt (continued)
| Gross Debt | Deductions | Net Debt | |
|---|---|---|---|
| Local School Debt | $ 61,640,973.00 | $ 61,640,973.00 | $- |
| General Debt | 22,207,839.45 | 4,091,840.79 | 18,115,998.66 |
| $ 83,848,812.45 | $ 65,732,813.79 | $ 18,115,998.66 |
Net Debt $18,115,998.66 divided by the average Equalized Valuation Basis per N.J.S.A 40A:2-2 as amended, $7,336,462,648.33, equals 0.247% 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, 2018 is calculated as follows:
Borrowing Power Under N.J.S. 40A:2-6 as Amended
| 3 1/2% of Equalized Valuation Basis (Municipal) | $ 256,776,192.69 |
|---|---|
| Net Debt | 18,115,998.66 |
| Remaining Borrowing Power | $ 238,660,194.03 |
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 2025.
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.
During 2016, the Township issued $5,858,000 of General Bonds. The General Obligation bonds were issued at interest rates varying from 2.00% to 4.00% and mature in 2023.
Principal and interest due on the outstanding bonds is as follows:
| Year | Principal | Interest | Total |
|---|---|---|---|
| 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 | $ 1,980,000.00 | $ 115,950.00 | $ 2,095,950.00 |
| 2024-2028 | $ 2,705,000.00 | $ 177,512.50 | $ 2,882,512.50 |
| $ 15,455,000.00 | $ 1,454,912.50 | $ 16,909,912.50 |
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