County Partnership Allows Monroe Township to Secure Even Lower Interest Rate to Purchase Capital Equipment
~ 1.36 % interest rate will save more taxpayer money ~
MONROE TOWNSHIP – October 30, 2019 – Monroe Township is partnering with Middlesex County to receive short term financing at a historically low rate of 1.36% over five years for the Township’s equipment needs.
“The Township’s strong financial plan continues to reduce our overall debt while building a surplus,” said Monroe Township Mayor Gerald W. Tamburro. “As a result of our AA+ bond rating, we continue to achieve the lowest interest rates possible, which have provided significant taxpayer savings. These savings have helped us continue to invest in capital projects, such as road paving and infrastructure repair, in an efficient, affordable manner.”
The County’s Guaranteed Capital Improvement Revenue Bonds, Series 2019, will include purchases for new Monroe Township police cars, Department of Public Works trucks and a new 2020 ambulance for the municipal Emergency Medical Services Division.
The closing for these new Middlesex County bonds is scheduled for this Thursday, October 31.
Middlesex County Freeholder Director Ronald Rios said Monroe continues to be a great partner in our ongoing efforts to minimize borrowing costs and maximizing savings to taxpayers. "Because of our excellent bond rating, we can secure low interest rates for the benefit of Monroe and Middlesex County taxpayers," Rios said. "We appreciate their partnership and eagerness to collaborate on these cost-savings initiatives."
Earlier this year, the financial markets recognized Monroe’s strong fiscal position, and rewarded the Township with a very low 18-year, net interest rate of 2.35%. According to the Township’s municipal financial adviser, the interest rate awarded was amongst the lowest a municipality has received this year.
“These historically low interest rates provide direct savings to Monroe residents, who are rewarded for our solid financial planning,” said Council President Stephen Dalina. “Careful management of our debt position, surplus and bond rating has contributed to the Township’s stable tax rate, which remains the second lowest in Middlesex County.”
All media inquiries may be directed to the Monroe Township’s Public Information Officer Stacey Kennedy at 732-521-4400 or