$1.7M Bond Ordinance For Drainage Work On Tap In Gloucester Twp.

GLOUCESTER TOWNSHIP, NJ — Gloucester Township Council took the first step toward approving a proposed $1.7 million bond ordinance for stormwater drainage improvements Monday night.

Council approved the proposed bond ordinance on introduction to set aside $1.7 million to cover the cost of various stormwater drainage improvements throughout the township at its meeting on Aug. 12 at the municipal complex.

The full cost of the project would be bonded through the state’s environmental infrastructure financing program, according to Business Administrator Tom Cardis.

The New Jersey Department of Environmental Protection (NJDEP) offers loans at 0 percent interest for up to 20 years, followed by loans at about the market rate or less for the next 20 years, according to the NJDEP’s website. The township has used this funding to bond certain projects for the last 10 years, Cardis said.

The proposed bond ordinance has a 40-year lifespan, according to the township’s website. Using the state’s financing program helps the township avoid making a down payment on the project, and the interest rate is 1.4 percent, according to Cardis. The interest rate using a general obligation bond would be about 2.7 percent, Cardis said.

The projects covered by the proposed bond ordinance include the replacement of stormwater piping at Thorny Lane, Malibu Drive and Lee Ann Drive. Township officials met with the contractor about three or four months ago, and narrowed an extensive list of areas in need down to these three streets due to the age of the pipes, Cardis said. The township wants to prevent further erosion, but there is no immediate danger to the area.

Many of the roughly 400 head walls throughout the township are failing, Cardis said. Some projects have already taken place in Glen Oaks, and the township will next turn its attention to Evesham Avenue, Cardis said.

The public hearing and final vote on the proposed bond ordinance will take place at the Aug. 26 meeting.