| (WHITE TWP.) – The Warren County Board of Chosen Freeholders has authorized issuing $5.5 million in bonded debt to fund an expansion of Warren County Community College.
At a recent auction, the County received a best bid of 4.1204 percent on the 15-year bonds from PNC Capital Markets.
“It’s actually like shopping for a mortgage, only you have an electronic auction,” said county Chief Financial Officer Charles L. Houck.
By offering to charge the County the lowest interest rate out of the three competing bidders, PNC Capital Markets won the right to sell the bonds to investors so that the County can raise the money to pay for the college expansion.
The State of New Jersey will pay 50 percent of the debt service, subject to annual funding approval, while the remaining 50 percent will be split by the college and the County.
Houck said Freeholder Director Everett A. Chamberlain negotiated an agreement for the college to pay 25 percent of the debt service. The college will raise that money by levying a capital charge on student tuition, so that students are helping to fund the improvements.
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The project consists of constructing a two-story addition of approximately 19,000 square feet with a partial basement, connected to east side of main academic facility located off Route 57 in Washington Township. The first floor will house at least two science labs, a science prep room and four classrooms, while the upper floor will have four classrooms, one nursing lab and a large multipurpose room that could serve as both classroom space and a community room for college or community needs.
Upper floor classrooms will be equipped with moveable walls to provide instructional flexibility and accommodate different class sizes. Both floors will have restrooms.
The official statement prepared for the issuance of the bonds is available for review on the county’s website.
Click here to see the full document. |