Millstone OKs spending $2M on equipment, roads
BY JANE MEGGITT
Staff Writer

MILLSTONE - The township will purchase almost $1.2 million worth of new public works equipment this year.

The Township Committee passed an ordinance financing the acquisition of the equipment through the Monmouth County Improvement Authority (MCIA) at its July 18 meeting.

Deputy Mayor Robert Kinsey said the committee agreed to buy new equipment for its Department of Public Works earlier this year during the budget process.

Kinsey explained that the township entered into a partnership with the MCIA about two years ago because it offers a 3.9 percent rate and a AAA bond rating. Kinsey said the main difference between private loan pools and the MCIA loan pool is that the township does not have to put down 5 percent in acquisition costs.

Jennifer Edward, a financial adviser to the MCIA, said 25 entities participate in the MCIA loan pool. She said there are 22 municipalities and three school districts in the pool.

Edwards said the program guarantees borrowing at the lowest rate possible. She said municipalities in the program have a 10-year amortization schedule, while schools in the program get five years.

Kinsey said the township had to adopt an ordinance in order to authorize the MCIA to enter into the underwriting phase. He said the township does have until the end of August to decide whether or not it wants to pull out of the MCIA pool.

Kinsey said the MCIA program could also help volunteer organizations in the township. He said he has had discussions with the township's first aid squad about the possibility of using the program to help purchase a new ambulance, which would cost about $157,000.

Kinsey said the squad expects to render a final decision in the next month as to whether or not it would like to partner with the township in taking advantage of the MCIA program.

The governing body also authorized other spending during the meeting. The committee unanimously voted to bond for $1 million for the township's 2007 road improvement program, which includes Alpine Drive, Cedar Court, Lakeview Drive, Giant Maple Court, Old Oak Court, Blue Spruce Court, Running Brook Drive, Charleston Springs Road, Millstone Road and Baird Road. This year's program would also help improve drainage throughout the township.

Kinsey said that the township budget had initially appropriated $1.3 million for road improvements this year, but the spending has been scaled down by $300,000.

Township Engineer Matt Shafai said that while his office had been looking to improve Roberts Road, the road still appears to be in good shape.