Cinnaminson Among Four Burlco Towns That Save $1.1 Million Dollars in Bridge Commission's Latest Pooled Refunding

A recent financing of $11.6 million in County guaranteed pooled lease refunding bonds will save four Burlco towns, one fire district and the County more than $1.1 million dollars over the life of the bonds. The Burlington County Bridge Commission, acting as the County’s improvement authority agent, administered the loan for the County of Burlington, Cinnaminson, Delran Fire District, Mansfield, Pemberton Township, and Riverside.

“Through this aggregate bond program, we’ve saved towns and local entities more than $24.5 million dollars,” said Freeholder Director Bruce Garganio. “Best of all, this important shared services initiative translates into tax savings for our County taxpayers.”

“By participating in these pooled loans, towns realize savings because there’s strength in numbers,” said Chairman John Comegno, referring to the savings that occur by combining smaller loans from multiple entities. “But savings also result from using the County’s AA credit, which qualified towns for a much lower interest rate than they’d qualify for on their own.”

Pemberton Township refinanced $4 million in bonds from 2004 and 2005; Mansfield refinanced $2.95 million in bonds from 2003; Delran Fire District refinanced $2.92 million in bonds from 2004; Cinnaminson refinanced $873,000 in bonds from 2004; the County of Burlington refinanced $633,000 from 2002, 2003, and 2005 bonds; and Riverside refinanced $189,000 from 2002 bonds. For the $11,620,000 total refunding, the six entities saved $1,106,808 or 9.53%.

These latest financings add to the Commission’s already impressive total record of taxpayer savings: Since 2002, the Bridge Commission has been the conduit for more than $687 million dollars in financings on behalf of 30 local governments and nonprofits that have resulted in savings of $24.5 million dollars for Burlington County taxpayers and garnered more than $16.3 million dollars in grant monies for municipalities.

The Burlington County Bridge Commission manages the Tacony-Palmyra and Burlington-Bristol Bridges, and through its economic development and improvement authority powers, assists Burlington County municipalities in economic development and community revitalization projects and extends pooled financing options to local governments and nonprofits in Burlington County.