As we look towards the future, the Atlantic County Improvement Authority recognizes that a terrific opportunity exists in the area of financing. Although our activities have been somewhat limited in recent years, we are extremely interested in exploring the potential to facilitate public and private development and redevelopment, assist employers, and help local governments reduce the costs of financing. Programs and services we will continue to explore and can make available include: Public and Private Financing, Tax-Exempt and Taxable Bond Financing, Refinancing, Joint Financing (pooling of funds into one bond issue), Lease Purchasing, Redevelopment Financing and Economic Development Financing.
We currently have a variable rate pooled loan program that is available to our municipalities. The program is highlighted below.
Pooled Loan Program
Since 1987, the Atlantic County Improvement Authority’s Pooled Loan Program has purchased over $141,000,000 of Bond Anticipation Notes from seventeen (17) of the County’s 23 municipalities, two school districts and three authorities.
In 2004, four municipalities chose to utilize the Pool: Egg Harbor Township, Folsom, Mullica, and Weymouth.
The interest rate on Bonds purchased by the Pool varies monthly. In 2004 the minimum rate was 1.16%, the maximum rate was 2.69%, and the average rate was 2.05%.
|Pooled Loans – Cumulative By Participant|
|$31,867,000||ACUA – Solid Waste||$4,479,665||Longport|
|$3,315,000||ACUA – Waste Water||$2,844,915||Mullica|
|$600,000||Buena Vista Township||$2,686,125||Somers Point|
|$3,676,000||Egg Harbor City||$200,000||Somers Point Sewerage|
|$19,093,686||Egg Harbor Township||$350,000||Ventnor|