Council Aggressively Tackles Township, School Debt
Montclair has reduced its debt by $8.1 million in the past six months, and plans to nix about $68 million during the next 10 years.
Montclair is getting serious about reducing its debt. In the past six months alone, the township has erased $8.1 million of red ink from its books, and plans to nix about $68 million during the next 10 years. “We’ve done a yeomen’s job ... in the last six months of really tackling that [debt] issue,” said Township Manager Marc Dashield. The township’s overall debt at the end of 2012 was approximately $212 million –which is made up of $92.8 million in school debt, $38.1 million in utility debt and $80.9 million in township debt. The debt figure was at about $220.2 million on June 30, 2012. In addition to paying down the township’s principal payment of $3.2 million in 2012, Dashield said the council was able to reduce the debt by …
Halsey B.
11:00 pm on Thursday, February 7, 2013
Every council comes in and reshuffles the debt. Who benefits? Bond companies, attys and consultants who are big donors to political campaigns? Any home owner knows that if you make extra principal payments, you payoff your loan faster. more ›