The following is a summary of bond anticipation notes payable accounted for in the General Capital Fund at December 31, 2018:
| Description | Date of Issue | Date of Maturity | Rate | Balance December 31, 2018 |
|---|---|---|---|---|
| Series 2018 A | 8/7/2018 | 8/7/2019 | 2.75% | $ 4,372,000.00 |
| $ 4,372,000.00 |
As of December 31, 2018, the Township had $2,109,502.50 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
2019 $ 20,102.83 $ 5,600.00 $ 25,702.83
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
2024-2028 100,514.15 11,100.00 111,614.15
2029-2031 70,308.65 2,550.00 72,858.65
$ 271,336.95 $ 36,650.00 $ 307,986.95
A summary of the changes in long-term and short term debt of the Township is as follows:
| Balance December 31, 2017 | Accrued/ Increases | Retired/ Decreases | Balance December 31, 2018 | Balance Due Within One Year | |
|---|---|---|---|---|---|
| General Capital: | |||||
| General Bonds | $ 19,295,000.00 | $ - | $ 3,840,000.00 | $ 15,455,000.00 | $ 3,485,000.00 |
| Bond Anticipation Notes | - | 4,372,000.00 | - | 4,372,000.00 | 4,372,000.00 |
| Loans | 286,439.78 | - | 15,102.83 | 271,336.95 | 20,102.83 |
| $ 19,581,439.78 | $ 4,372,000.00 | $ 3,855,102.83 | $ 20,098,336.95 | $ 7,877,102.83 |
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