Council introduces $2.7 million bond ordinance

POINT PLEASANT BEACH — The Point Pleasant Beach council introduced an ordinance appropriating more than $2.7 million — $2.2 million of which to be raised through bonds — for various capital improvements at its Tuesday, July 16 meeting.

Some of the largest appropriations in the $2,748,300 bond ordinance include the “reconstruction of Carter Avenue, south Baltimore Avenue and a portion of New Jersey Avenue” at about $625,000 as well as $257,200 for “improvements to public properties, including…renovations of welcome signs, borough hall improvements, bandshell improvements and Liberty Lane drainage improvements.”

The bond ordinance also includes $435,200 for the “acquisition of equipment, including, but not limited to, portable traffic signs, cones and barricades and a drone for the police department, a sweeper truck and sanitation Kubota (tractor) for public works and a flagpole.”

Approximately $2.2 million of the funds are anticipated to be issued as bonds, which the borough pays back over a term of between five and 15 years, according to the ordinance’s text.

“In order to finance the cost of the several improvements or purposes not covered by application of the several down payments or otherwise provided for hereunder, negotiable bonds are hereby authorized to be issued in the principal amount of $2,223,595 pursuant to the Local Bond Law,” the ordinance says.

According to a breakdown of the capital ordinance provided by Borough Administrator Christine Riehl, only $116,515 of the $2.7 million to be set aside for the capital project originates from taxpayer money in the municipal budget, representing a required 5% down payment for improvements.

“This represents a 5% down payment from a reserve account that is budgeted,” Riehl told The Ocean Star. “That is the only portion that is part of the municipal budget.”

This down payment, plus the $2.2 million bond and an anticipated grant in the amount of $418,540, make up the total $2,748,300 cost of these capital improvements.

The bond ordinance was introduced unanimously by the council. The public hearing and adoption vote for the ordinance will be held at the council meeting on Tuesday, Aug. 20.

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