BOND DEBT: Friend or Foe?

Budget Pie

$23.6 $15.3 High School & Elementary Twp.

Annual Debt Statement 2010

Debt Service Centre City School

Principal$7,133,000

$10K

$1,155,209.90 Interest payments

New Bond for completion of Centre City School

Maturity Schedule 2003 = $435,000

New Bond for repairs/mods for two schools

$15,836,000 for repairs/modifications. Two brand new schools could have been built.

New Bond for repairs/mods for two schools

School Board resolution on Refunding Bonds

1992 Bond to be refunded $4,075,000

New Bond in 2000 $10,311,000

$15,800,000 Authorized

School Board resolution on Refunding Bonds

CLOSING COSTS

Refunded Bonds (Issuance & Contract)

$15,150,000 Note: $764,000 more than the principal needed to pay off both the ‘92 & ‘00 series bonds.

Refunded Bond (Issuance & Contract)

Maturity date of 3-1-20 & the total Cost of Issuance of $15,507,701.

For refunding of prior issues.

Refunded Bond (Issuance & Contract)

= $4,916,000

2007 $150,000 + 2022 (15 years)

2007 $1,240,000 + 2019 (12 years)

2006 $2,240,000 + 2020 (14 years)

2005 $581,000 + 2017 (12 years)

2005 $705,000 + 2017 (12 years)

Original Bonds to be Refunded

Original Bond to be Refunded

2005 $705,000 + 2017 (12 years)

Various Street $200,000 (20 years)

Fire Equipment $15,000 (5 years) Police SUV $25,000 (5 years)

Street Sweeper $165,000 (5 years) Drainage Project $155,000 (15 years)

Skill Street Loader/Mower $35,000 (5 years) Public Works Equipment $110,000 (5 years)

Closing/Section 20 costs $150,000

Various Street $200,000 (10 years) Finger Printing System $31,000 (5 years) Improve to Boys/Girls Club $350,000 (15 years)

Closing/Section 20 costs $150,000

2005 $581,000 + 2017 (12 years)

Original Bond to be Refunded

Original Bond to be Refunded

Various Streets $500,000 (20 years)

Fire Equipment $30,000 (5 years) Police MDT $30,000 (5 years)

Auto Refuse System $1,200,000 (5 years) Curbing & Sidewalks $15,000 (10 years)

Fire Truck $430,000 (10 years) Public Works Equipment $35,000 (5 years)

Closing/Section 20 Costs $150,000

2006 $2,240,000 + 2020 (14 years)

Original Bond to be Refunded

Various Streets $500,000 (10 years)

Public Works Dump Truck $125,000 (15 years) Police MDT $30,000 (5 years)

Auto Yard Waste $500,000 (15 years) Various Improvements Norris $50,000 (10 years)

Public Works Tractor $35,000 (5 years) Closing/Section 20 Costs $150,000

2007 $1,240,000 + 2019 (12 years)

Original Bond to be Refunded

Lighting System Chestnut Park $150,000 (15 years)

Closing/Section 20 Costs $30,000

2007 $150,000 + 2022 (15 years)

Refund Bond of 2008

REFUND BOND of 2008 is for 5,504,000 which

includes 197,191 in closing costs.

SENATE, No. 70

STATE OF NEW JERSEY 214th LEGISLATURE

PRE-FILED FOR INTRODUCTION IN THE 2010 SESSION

Sponsored by: Senator MICHAEL J. DOHERTY District 23 (Warren and Hunterdon) Senator STEVEN V. OROHO District 24 (Sussex, Hunterdon and Morris) Co-Sponsored by: Senator Pennacchio SYNOPSIS Requires public referendum prior to issuance of general obligation bonds by local units. CURRENT VERSION OF TEXT Introduced Pending Technical Review by Legislative Counsel

Bond Legislation

Taxes Collected

Almost $45 million collected in taxes in 2009.

Housing Units in Mantua

At the time of the last census survey, there were 5,411 total housing units in Mantua.

Source: AmericanTowns.com

Lowering Taxes

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Lowering Taxes

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$8000 PER HOME

Bond Debt

United Nations Agenda 21

Liveable Communities, Smart Growth, & Sustainable Development are the tentacles

of the United Nations into our towns.

Smart Growth/Liveable Communities

Liveable Communities $15,600

Smart Growth $5,000

Regional Greenhouse Gas Initiative (RGGI)

 Unconstitutional  States can’t form treaties

 Cap-and trade scheme   In through the back door - Midwestern,

Canadian, Western Regional Initiatives discussing linking efforts

 Hidden Tax   (3) states already diverted money  NJ (Christie) already diverted the entire

fund to the huge $10 billion NJ debt.

Regional Greenhouse Gas Initiative (RGGI)

RGGI Cap & Trade Resolution

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Bond And Refunding Resolution

WHEREAS, the Mayor of Mantua and the Committee recognizes that bonding is a destructive tax on the citizens of Mantua without the voters approval; and WHEREAS, the Mayor of Mantua and the Committee recognizes that the Refunding of previous Township Bonds without the consent of the citizens of Mantua by voter approval caused an undue increase in municipal tax rates; and WHEREAS, the Mayor of Mantua and the Committee recognizes that the bonding and refunded bonds have increased the taxes on the citizens of Mantua causing undue hardship; and WHEREAS, the Mayor of Mantua and the Committee recognizes that these bond and refunding bond program is devoid of transparency, operates in a clandestine manner, WHEREAS, the Mayor of Mantua and the Committee bond program has the potential of being exploited by speculators and Wall Street investment firms, bond solicitors, Insurance Companies and all involved in such that the closing costs(also known as “section 20” costs) could be as much as 20% of principal outstanding; and WHEREAS, the Mayor of Mantua and the Committee recognizes that is has been happening without the knowledge of the taxpayers since the early 2000’s; and WHEREAS, the Mayor of Mantua and the Committee recognizes that this is a threat to our town to remain economical and living within in our means; WHEREAS, the Mayor and the Committee recognizes that we must work at paying off our current bonds and then we will only buy with cash as need be, or to continue this threat to our taxpayer livelihood; THEREFORE BE IT RESOLVED, that the Mayor of Mantua and the Committee strongly supports the enactment of this resolution and ordinance that will prevent any bonding or refunding of existing bonds hence forward April 2011; HEREBY BE IT RESOLVED that the clerk is directed to forward a copy of this resolution to the following: Governor Chris Christie Office of the Governor PO Box 001 Trenton, NJ 08625 609-292-6000 Senate President Stephen M. Sweeney 935 Kings Highway, Suite 400 West Deptford, NJ 08086 Senate Minority Leader Thomas H. Kean, Jr. 425 North Ave. East Suite C Westfield, NJ 07090 !"#$%"&'()*$"+&,-*".%/&!0-#1-.&-2&!3456&785&9"+:(;"."&<:"&8#;&2+--.&=$1*(#>%-#?&@A&&&65BB8&

Bond and Refunding Resolution

Yearly Budget

Declaration of Independence

We hold these truths to be self-evident that all men

are created equal, that they are endowed by their

Creator with certain unalienable Rights, that among

these are life, liberty and the pursuit of happiness.

That to secure these rights, Governments are

instituted among Men, deriving their POWERS from

the CONSENT of the GOVERNED.

Declaration of Independence

You are the Governed. You must stand up and be

heard and demand certain resolutions to re-

establish your liberties and freedoms. Most of

which are your property rights. You must be

involved or by your lack of your resolve you have

become complacent and allow these thieves (all

governments) to pilfer from you and your

children. The choice is yours.