Bond Petition Halt

Bond Petition Halt

Dear CTWWW Members and Neighbors,

On January 29th you received an email from our organization regarding a $1.75 million bond ordinance for sewer improvements that was read at a second public hearing.

Many questions had been directed to the commissioners at that hearing, regarding the scope of the project, including the actual sewer project itself, engineering reports, cost estimates and most importantly the $1.75 million repayment plan.

Because borough leadership was so ill prepared to answer the questions, a petition was started to stop the $1.75 million dollar bond from being approved.

Fast forward to this month’s borough meeting, which was attended by an engineer from Remington and Vernick and a borough auditor.  Questions concerning the project and most importantly, the financing of the project were answered clearly.

Mayor Fox repeatedly shared the following information regarding the financing:

  1. The BOWW will apply for a grant through the USDA Rural Utility Service/Department of Agriculture to fund up to half of the $1,594,000 ($1,750,000 less $156,000 DOT grant). The other half would be in the form of a 40-year low interest loan at an approximate rate of 2.25%.
  2. Since the grants are reimbursable, it is necessary to issue the bond to fully fund the project. Once the project is complete, the grants will be paid to the Borough and long term financing for the remainder (estimated at $800,000) will be established to pay off the initial $1.7M bond.
  3. Another DOT grant for $160,000 has been secured for G Avenue which was awarded in 2019.
  4. If the USDA grant is not received, the bond will not be obtained and the project will be cancelled.

After a meeting of the CTWWW Advisory Council, it was decided that the sewer improvement project is important to the island and if implemented in a transparent manner and according to Mayor Fox’s statements, which appear on video, the petition is no longer necessary.  The petition fulfilled its original mission of obtaining clarity and transparency.

There may be taxpayers who are continuing the petition effort, however the CTWWW Advisory Council signatures will no longer appear on the form.

If you have any questions, contact concernedtaxpayerswestwildwood@gmail.com

CTWWWW Advisory Council

 

Bond Petiton HALT Letter