Moorestown Set To Refund $20.1M In Bonds

MOORESTOWN, NJ — Moorestown took the first step to refund $20.1 million in general improvement and water utility bonds. Moorestown Council approved a proposed ordinance on introduction to refund all or a portion of the following bonds at its meeting on Feb. 10:

• $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.

The public hearing and final vote on the proposal is set for the Feb. 24 meeting.

Moorestown Council also gave final approval to a proposed ordinance to lower the speed limit on Borton Landing Road from 45 mph to 40 mph between Hartford Road and Creek Road.

The speed limit change makes the area consistent with the speed limit of 40 mph from Westfield Road to Hartford Road, according to Moorestown Police Chief Lee Lieber.

The speed limit was set at 45 mph at a time when the area was more rural Lieber said previously. However, development in the area has been growing over the past few years, and Lieber believes it is time for the speed limit to catch up with what has been built in the area.

See related: Borton Landing Road Speed Limit Change Under Consideration