Residents Want Input On Downtown Redevelopment $14.7M Bond Ordinance Fails

By Chris Lundy

TOMS

RIVER

– A bond ordinance that would have the township borrow money to pay for such things as road repair and police cars did not pass at a recent Township Council meeting.

The ordinance would have borrowed $13,999,000 to pay for various items. The total money being spent would have been $14,700,510, which included the town’s down payment.

Towns traditionally have a certain amount of debt as they purchase items. Local Bond Law states that anything being bought with borrowed money must have at least five years’ worth of use. Towns pay off the debt annually, sometimes getting better bond rates years later. The philosophy behind it is that while it may cost more with interest in the long run, the annual payments are able to be made more easily.

Councilmen Justin Lamb and Daniel Rodrick voted against the bond. Councilmen Matthew Lotano, Kevin Geoghegan, Joshua Kopp, and James Quinlisk voted for it. Councilman David

(Bond - See Page 6)