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Millville approves $1.15M bond ordinance to seek iBank financing for JetVactor truck and street sweeper
Summary
On second reading the commission approved a $1,150,000 bond ordinance to buy a JetVactor truck and a street sweeper and authorized application to the New Jersey iBank with potential principal forgiveness; Vice Mayor Cott said the iBank product can yield very low net cost if principal forgiveness is granted.
The Millville Board of Commissioners held a public hearing and second reading on a bond ordinance authorizing up to $1,150,000 in general obligation bonds or notes to fund purchase of a JetVactor truck and a street sweeper. No members of the public spoke during the hearing and the ordinance was moved, seconded, and approved on roll call.
Vice Mayor Cott described the financing vehicle the city is pursuing at the iBank and explained the city applied for a principal-forgiveness program within the iBank offering. "So for that $1,150,000, if it's 1%, we might only have to pay 11,000," she said as an illustrative example while noting the city is applying and has not yet received final terms. City officials said the ordinance is a required procedural step to apply and, if awarded, the commission will return to accept loan terms and finalize financing.
