Bond Counsel Services

Description

It is the Authority’s intention to issue all financing (interim and/or permanent) for the projects described above through negotiated sale to the I-Bank and the State. The long-term funds lent from the State are at 0% interest rate while the I-Bank funds lent is at AAA- at a blended rate.It is the Authority’s intent to begin the financing process for a project through the NJ I‑Bank in 2026. The Gravity Sewer Interceptor Lining Project is currently in the design phase, with approximately 95% of the design complete. The tentative bid schedule is set for before the end of the second quarter of 2026. Due to the anticipated project duration, short‑term financing will likely be required. The estimated project cost is $5,000,000.In addition, the Authority intends to seek NJ I‑Bank financing for the Aeration Basin Diffused Air Conversion Project. The specifications for this project are approximately 80% complete, and staff anticipate initiating the financing process in 2027. This project is estimated at $7,000,000.Finally, the Authority will issue a bid in 2026 for a Lease Financing Agreement for the purchase of heavy equipment totaling approximately $3,416,000. Staff anticipate awarding this contract during the third quarter of 2026.