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Cumberland Securities outlines Red Bank—s debt profile, urges strategic timing and structure for upcoming projects
Summary
Cumberland Securities presented a summary of Red Bank—s outstanding debt, identified about $1.6 million of near-term capacity as older issues mature, and recommended using a municipal advisor to shop competitive bids, consider bundling smaller notes, and balance fixed and variable rate exposure.
Cumberland Securities Vice President John Werner told the Red Bank Board of Commissioners at a work session that the city is positioned to consider larger capital projects because a substantial share of current debt will roll off in coming years.
Werner said the firm—s review of the city—s audit and summary-of-debt schedule shows roughly $1.6 million of outstanding debt and that, after fiscal year 2028, the city will have significant debt-service capacity to apply to new projects. "After fiscal year 2028, July 1, 2028, you have an inordinate amount of money that you previously been spending on debt service that you can apply that to new debt service," Werner said.
Werner framed his firm—s role as a fiduciary municipal advisor, saying "we are required by federal law to be your fiduciary." He…
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