Moorestown Council To Consider $20.1M In Bond Refunds

MOORESTOWN, NJ — Moorestown Council is set to consider legislation that would allow for the refund of up to $20.1 million in general improvement and water utility bonds when it meets Monday night at town hall, 111 West Second Street.

• $4,840,000 of an $8,297,000 general improvement bond issued in August 2010;
• $2,045,000 of a $3,492,000 water utility bond issued in August 2010;
• $9,950,000 of a $16,950,000 general improvement bond issued in July 2013; and
• $1,385,000 of a $2,450,000 water utility bond issued in July 2013.

To finance the cost of refunding this money, the township would issue negotiable refunding bonds of no more than $20,100,000, according to the proposed ordinance posted on the township’s website.

The money is being refunded in order to save in debt service as a result of lower interest rates in the bond market, according to a copy of the proposed ordinance. The gross debt of the township will be increased by $20,100,000, with $18,573,900 representing what is being refunded and what will be taken away from the gross debt. Up to $350,000 for items permitted under state statute is included in the proposal.

Council will also consider separate proposals to make changes to township code that covers alarms and fire protection and prevention. Those changes are noted in the proposed ordinances scheduled for introduction and can be seen here and here.

Two proposals will see public hearings and final votes Monday night.

The first proposes changing the speed limit on Borton Landing Road from 45 mph to 40 mph between Hartford Road and Creek Road. Read more here: Borton Landing Road Speed Limit Change Under Consideration

The second would establish mixed-use overlay districts for the Moorestown Mall and the K-Mart Plaza. Read more here: Mall Owner Seeks Discussion With Township Amid Zoning Decisions

There are also five consent agenda resolutions on the agenda, including the purchase of a Ver-Mac Trailer Mounted Message Board under state contract for $23,092.30. To read the full agenda, visit the agenda center on the township's website.