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Millville to consider $1.15 million bond and NJIB financing to buy jet/vacuum truck and street sweeper
Summary
A bond ordinance appropriating $1,150,000 for the purchase of a jet/vacuum truck and a street sweeper was discussed on second reading; staff described steps to acquire equipment and noted use of a New Jersey Infrastructure Bank note for financing.
The commission discussed an ordinance on second reading to appropriate $1,150,000 and authorize issuance of up to the same amount in general obligation bonds to purchase a jet/vacuum truck and a street sweeper. "The 2nd reading basically authorizes the city to acquire the equipment," a staff member said in explaining the ordinance.
Staff also read related resolutions that would allow the city to apply for and issue a construction financing note through the New Jersey Infrastructure Bank for up to $1,150,000. Staff said the city's obligation under the loan program would be limited to interest payments, not principal: "we're only responsible for the loan or the, interest portion of the loan, not the principal." Commissioners framed the bond ordinance and NJIB paperwork as linked steps required for the city to take ownership of the new equipment.
