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 process for the financing of two projects through the NJ I-Bank in 2025. Phase 1A of the Solids Handling project is currently within the design stages with 95% of the design complete.  The tentative bid schedule is prior to the end of the second quarter of 2025. It is anticipated that short-term financing of the project will be necessary due to the period anticipated for the completion of the project. The Phase 1A project is estimated at $10,000,000.  In addition, it is the Authority’s intention to seek financing from the I-Bank for the Aeration Basin Conversion Project.  The specifications for this project is 80% complete and the staff anticipates the process for financing to begin towards the end of 2025. This project is estimated at $3,500,000. Finally, the Authority will be issuing a bid in 2025 for a Lease Financing Agreement for the purchase of heavy equipment that will total approximately $3,200,000. Staff anticipates that the contract will be awarded during the third quarter of 2025.