Paige Elster, being duly sworn, deposes and says: Deponent is the Chief Financial Officer of Somerville Borough - County of Somerset here and in the statement hereinafter mentioned called the local unit. This Annual Debt Statement is a true statement of the debt condition of the local unit as of the date therein stated above and is computed as provided by the Local Bond Law of New Jersey.
Gross Debt
Deduction
Net Debt
Total Bonds and Notes for Local School Purposes
$10,875,000.00
$10,875,000.00
$0.00
Total Bonds and Notes for Regional School Purposes
$
$
$0.00
Total Bonds and Notes for all Utilities
$4,960,500.00
$4,960,500.00
$0.00
Municipal/County General Obligations
$29,840,322.87
$1,651,238.88
$28,189,083.99
Total
$45,675,822.87
$17,486,738.88
$28,189,083.99
Equalized valuation basis (the average of the equalized valuations of real estate, including improvements and the assessed valuation of class II railroad property of the local unit for the last 3 preceding years).
Year
(1)
2020
Equalized Valuation Real Property with Improvements plus assessed valuation of Class II RR Property
$1,347,944,245.00
(2)
2021
Equalized Valuation Real Property with Improvements plus assessed valuation of Class II RR Property
$1,392,519,810.00
(3)
2022
Equalized Valuation Real Property with Improvements plus assessed valuation of Class II RR Property
$1,531,746,679.00
Equalized Valuation Basis - Average of (1), (2) and (3)…………………………………………………………………………………………
$1,424,070,244.67
Net Debt expressed as a percentage of such equalized valuation basis is: %
1.979%
Bonds and Notes for Local School Purposes
BONDS AND NOTES FOR LOCAL SCHOOL PURPOSES
Local School District Type (select one):
Type II
1.
Term Bonds
$
2.
Serial Bonds
(a) Issued
$10,875,000.00
(b) Authorized but not issued
$
3.
Temporary Notes
(a) Issued
$
(b) Authorized but not issued
$
4.
Total Bonds and Notes
$10,875,000.00
DEDUCTIONS APPLICABLE TO BONDS AND NOTES –
FOR SCHOOL PURPOSES
Amounts held or to be held for the sole purpose of paying bonds and notes included above.
5.
Sinking funds on hand for bonds shown as Line 1 but not in excess of
such bonds.
$
6.
Funds on hand in those cases where such funds cannot be diverted to
purposes other than the payment of bonds and notes included in Line
4.
$
7.
Estimated proceeds of bonds and notes authorized but not issued
where such proceeds will be used for the sole purpose of paying bonds
and notes included in Line 4.
$
8.
% of average of
equalized valuations$1,424,070,244.67
4.00%
$56,962,809.79
Use applicable per centum as follows:
2.50% Kindergarten or Grade 1 through Grade 6
3.00% Kindergarten or Grade 1 through Grade 8
3.50% Kindergarten or Grade 1 through Grade 9
4.00% Kindergarten or Grade 1 through Grade 12
9.
Additional State School Building Aid Bonds (N.J.S.A. 18A:58-
33.4(d))
$
10.
Total Potential Deduction
$56,962,809.79
Total Allowable Deduction
$10,875,000.00
Bonds and Notes for Regional School Purposes
BONDS AND NOTES FOR REGIONAL SCHOOL PURPOSES
Regional School District
1.
TERM BONDS
$
2.
SERIAL BONDS
(a) Issued
$
(b) Authorized but not issued
$
3.
TEMPORARY BONDS AND NOTES
(a) Issued
$
(b) Authorized but not issued
$
4.
TOTAL OF REGIONAL SCHOOL BONDS AND NOTES
$
N.J.S.A. 40A:2-43 reads in part as follows: "Gross debt of a municipality shall also include that amount of the total of all the bonds and notes issued and authorized but not issued by any school district including the area of the municipality, which results from the application to such total of the ratio which the equalized valuation basis of the municipality bears to the sum of the equalized valuation basis of each municipality in any such school district."
COMPUTATION OF REGIONAL AND/OR
CONSOLIDATED SCHOOL DISTRICT DEBT
% OF VALUATIONS APPORTIONED TO EACH MUNICIPALITY
APPORTIONMENT OF DEBT –
Municipality
Average Equalized Valuations
%
Serial Bonds Issued
Temp. Bond – Notes Issued
Authorized But not Issued
%
$
$
$
Totals
%
$
$
$
Bonds and Notes for Utility Fund
BONDS AND NOTES FOR UTILITY FUND
SewerUtility
1.
Term bonds
$
2.
Serial bonds
(a) Issued
$960,000.00
(b) Authorized but not issued
$4,000,500.00
3.
Bond Anticipation Notes
(a) Issued
$
(b) Authorized but not issued
$
4.
Capital Notes (N.J.S.A. 40A:2-8)
(a) Issued
$
(b) Authorized but not issued
$
5.
Other
(a) Issued
$
(b) Authorized but not issued
$
6.
Total
$4,960,500.00
DEDUCTIONS APPLICABLE TO BONDS AND NOTES FOR SELF-LIQUIDATING PURPOSES
Self-Liquidating Utility Calculation
1.
Total Cash Receipts from Fees, Rents or Other Charges for Year
$3,397,288.66
2.
Operating and Maintenance Cost
$2,917,500.00
3.
Debt Service
(a) Interest
$29,000.00
(b) Notes
$
(c) Serial Bonds
$60,000.00
(d) Sinking Fund Requirements
$
4.
Debt Service per Current Budget (N.J.S.A. 40A:2-52)
(a) Interest on Refunding Bonds
$
(b) Refunding Bonds
$
5.
Anticipated Deficit in Dedicated Assessment Budget
$
6.
Total Debt Service
$89,000.00
7.
Total Deductions (Line 2 plus Line 6)
$3,006,500.00
8.
Excess in Revenues (Line 1 minus Line 7)
$390,788.66
9.
Deficit in Revenues (Line 7 minus Line 1)
$0.00
10.
Total Debt Service (Line 6)
$89,000.00
11.
Deficit (smaller of Line 9 or Line 10)
$0.00
If Excess in Revenues (Line 8) all Utility Debt is Deductible
(a)
Gross Sewer System Debt
$4,960,500.00
(b)
Less: Deficit (Capitalized at 5%), (Line 9 or line 11) $- 0.00 times 20
$0.00
(c)
Deduction
$4,960,500.00
(d)
Plus: Cash held to Pay Bonds and Notes
included in 2 (a) above
$
(e)
Total Deduction (Deficit in revenues)
$4,960,500.00
(f)
NonDeductible Combined GO Debt
$
Total Allowable Deduction
$4,960,500.00
Other Bonds, Notes and Loans
OTHER BONDS, NOTES AND LOANS
1.
Term Bonds
$
Total Term Bonds
$
2.
Serial Bonds (state purposes separately)
(a) Issued
County Guaranteed Governmental Loan Revenue Bond
Series 2009B
$455,000.00
County Guaranteed Governmental Loan Revenue Bond
Series 2009C
$495,000.00
General Improvement Bond 2012
$1,770,000.00
General Improvement Bond 2016
$4,635,000.00
General Improvement Bond 2020
$4,150,000.00
Total Serial Bonds Issued
$11,505,000.00
(b) Bonds Authorized but not Issued
$
Total Serial Bonds Authorized but not Issued
$0.00
3.
Total Serial Bonds Issued and Authorized but not Issued
$11,505,000.00
Bond Anticipation Notes
OTHER BONDS, NOTES AND LOANS
BOND ANTICIPATION NOTES (state purposes separately)
4.
Bond Anticipation Notes
(a) Issued
Parking Garage Ord 2617
$6,660,000.00
Total Bond Anticipation Notes Issued
$6,660,000.00
(b) Authorized but not Issued
Acquisition of Fire Truck Ord. 2650
$723,322.92
Parking Garage Ord 2617
$590,000.00
Sidewalk Assessments Ord. 2499
$30,008.09
Site Remediation at Landfill - amended Ord 2574
$250,000.00
Station Road Ord. 2675
$129,333.80
Various Improvements 2670/2684
$1,729,000.00
Various Improvements Ord. 2518
$2,950.00
Various Improvements Ord. 2550
$20,577.72
Various Improvements Ord. 2570
$14,500.00
Total Bond Anticipation Notes Authorized but not Issued
$3,489,692.53
5.
Total Bond Anticipation Notes Issued and Authorized but not Issued
$10,149,692.53
Miscellaneous Bonds, Notes and Loans
OTHER BONDS, NOTES AND LOANS
MISCELLANEOUS BONDS, NOTES AND LOANS
(not including Tax Anticipation Notes, Emergency Notes, Special Emergency Notes and Utility Revenue Notes)
6.Miscellaneous Bonds, Notes and Loans
(a) Issued
NJ Infrastructure Bank- Loans Payable
$2,607,135.52
Somerset County Improvement Authority Leases
Payable
$5,578,494.82
Miscellaneous Bonds, Notes and Loans Issued
$8,185,630.34
(b) Authorized but not Issued
$
Miscellaneous Bonds and Notes Authorized but not
Issued
$
Total Miscellaneous Bonds, Notes and Loans Issued and Authorized but
not Issued
$8,185,630.34
Total of all Miscellaneous Bonds, Notes and Loans Issued and Authorized
but not Issued
$29,840,322.87
Deductions Applicable to Other Bonds and Notes
DEDUCTIONS APPLICABLE TO OTHER BONDS AND NOTES
1.
Amounts held or to be held for the sole purpose of paying general bonds and notes included
(a) Sinking funds on hand for term bonds
$
$
(b) Funds on hand (including proceeds of bonds and notes held to pay other bonds and notes), in those cases where such funds cannot be diverted to purposes other than the payment of bonds and notes
Reserve for Debt Service
$517,749.11
Reserve for Debt Service - ERG
$1,133,489.77
$1,651,238.88
(c) Estimated proceeds of bonds and notes authorized but not issued where such proceeds will be used for the sole purpose of paying bonds and notes
$
$
(d) Accounts receivable from other public authorities applicable only to the payment of any part of the gross debt not otherwise deductible
$
$
2.
Bonds authorized by another Public Body to be guaranteed by the municipality
$
3.
Bonds issued and bonds authorized by not issued to meet cash grants-in-aid for housing authority, redevelopment agency or municipality acting as its local public agency [N.J.S.A. 55:14B-4.1(d)]
$
4.
Bonds issued and bonds authorized but not issued - Capital projects for County Colleges (N.J.S.A. 18A:64A-22.1 to 18A:64A-22.8)
$
5.
Refunding Bonds (N.J.S.A. 40A:2-52)
$
$
Total Deductions Applicable to Other Bonds and Notes
$1,651,238.88
Bonds Guaranteed by the Municipality
BONDS AUTHORIZED/ISSUED BY ANOTHER PUBLIC BODY
TO BE GUARANTEED BY THE MUNICIPALITY
$
Total Bonds and Notes authorized/issued by another Public Body to be
guaranteed by the municipality
$
Special Debt Statement Borrowing Power
SPECIAL DEBT STATEMENT BORROWING POWER
AVAILABLE UNDER N.J.S.A. 40A:2-7(f)
1.
Balance of debt incurring capacity
(N.J.S.A. 40:1-16(d))
$
2.
Obligations heretofore authorized during 2022 in
excess of debt limitation and pursuant to:
(a)N.J.S.A. 40A:2-7, paragraph (d)
$
(b)N.J.S.A. 40A:2-7, paragraph (f)
$
(c)N.J.S.A. 40A:2-7, paragraph (g)
$
Total
$0.00
3.
Less 2021 authorizations repealed during 2022
$
4.
Net authorizations during 2022
$
5.
Balance of debt incurring capacity
(N.J.S.A. 40:1-16(d))