| Cash Basis | |||||
|---|---|---|---|---|---|
| General | Sewer Utility | ||||
| Year | Principal | Interest | Principal | Interest | Total |
| 2023 | $1,740,000.00 |
$513,961.54 |
$60,000.00 |
$26,700.00 |
$2,340,661.54 |
| 2024 | 1,655,000.00 |
474,521.26 |
60,000.00 |
24,300.00 |
2,213,821.26 |
| 2025 | 1,435,000.00 |
421,056.26 |
60,000.00 |
21,900.00 |
1,937,956.26 |
| 2026 | 1,460,000.00 |
378,018.76 |
65,000.00 |
19,500.00 |
1,922,518.76 |
| 2027 | 1,075,000.00 |
333,675.00 |
65,000.00 |
16,900.00 |
1,490,575.00 |
| 2028-2032 | 5,390,000.00 |
1,110,862.50 |
350,000.00 |
52,500.00 |
6,903,362.50 |
| 2033-2037 | 3,320,000.00 |
377,800.00 |
300,000.00 |
15,000.00 |
4,012,800.00 |
$16,075,000.00 |
$3,609,895.32 |
$960,000.00 |
$176,800.00 |
$20,821,695.32 |
|
| Cash Basis | |||||
|---|---|---|---|---|---|
| General NJEIT Loan | General SCIA Lease | ||||
| Year | Principal | Interest | Principal | Interest | Total |
| 2023 | $225,194.13 |
$26,857.50 |
$109,439.14 |
$20,221.89 |
$381,712.66 |
| 2024 | 225,194.13 |
24,357.50 |
111,123.76 |
18,092.77 |
378,768.16 |
| 2025 | 230,194.13 |
21,857.50 |
112,846.50 |
15,925.53 |
380,823.66 |
| 2026 | 235,194.13 |
19,107.50 |
119,608.23 |
13,565.55 |
387,475.41 |
| 2027 | 235,194.13 |
16,107.50 |
80,477.19 |
11,011.95 |
342,790.77 |
| 2028-2032 | 1,210,970.65 |
44,550.00 |
235,000.00 |
39,819.50 |
1,530,340.15 |
| 2033-2037 | 245,194.22 |
4,195.00 |
240,000.00 |
11,458.75 |
500,847.97 |
$2,607,135.52 |
$157,032.50 |
$1,008,494.82 |
$130,095.94 |
$3,902,758.78 |
|
The Borough entered into a capital equipment lease agreement with the Somerset County Improvement Authority – Capital Equipment and Improvement Revenue Bonds, Series 2016 in the amount of $830,000.00 for the Parking Lot Project. The loan obligation was due in twenty annual installments with remaining principal payments spread over a seventeen year period with amounts ranging from $30,000.00 through $65,000.00 and interest rates ranging from 1.27% through 2.45%.
The Borough entered into a capital equipment lease agreement with the Somerset County Improvement Authority – Capital Equipment and Improvement Revenue Bonds, Series 2016 in the amount of $808,000.00 for the Purchase of a Fire Truck The loan obligation was due in twenty bi-annual installments and remaining principal payments spread over an eight year period with amounts ranging from $36,192.28 through $40,477.19 with an interest rate 2.25%.
The SCIA Loans above have been included in the calculation of the Borough's statutory debt condition.