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Annual Debt Statement

BID #: N/A

ISSUED: 1/26/2024

DUE: TBD

VALUE: TBD

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Executive Summary

The City of Bayonne's Annual Debt Statement for the budget year ending December 31, 2023, provides a snapshot of the municipality's financial obligations. The statement details the gross debt, deductions, and net debt across various categories, including local school purposes, regional school purposes, utilities, and municipal/county general obligations. CFO Donna Mauer certified the statement as a true representation of the city's debt condition as of January 26, 2024, computed according to New Jersey's Local Bond Law.

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Document Text

--- Document: Annual Debt Statement Document ---
FILED 1/26/2024
*Official* Bayonne City - 2023
Budget Year Ending
Name: Donna Mauer
Title:
CFO
Address: 630 Avenue C
Municipal Building
Bayonne, NJ 07002
State of New Jersey
Department of Community Affairs
Annual Debt Statement
Date Prepared:
1/26/2024
December 31
(Month D-D)
2023
(Year)
201-858-6043
dmauer@baynj.org
Phone:
Email:
CFO Cert #: N-0647
Donna Mauer, being duly sworn, deposes and says: Deponent is the Chief Financial Officer of Bayonne City -
County of Hudson here and in the statement hereinafter mentioned called the local unit. This Annual Debt
Statement is a true statement of the debt condition of the local unit as of the date therein stated above and is
computed as provided by the Local Bond Law of New Jersey.
Gross Debt
Deduction
Net Debt
Total Bonds and Notes for Local School
Purposes
$24,631,000.00
$24,631,000.00
$0.00
Total Bonds and Notes for Regional
School Purposes
$
$
$0.00
Total Bonds and Notes for all Utilities
$1,355,000.00
$1,355,000.00
$0.00
Municipal/County General Obligations
$179,482,907.00
$14,449,947.00
$165,032,960.00
Total
$205,468,907.00
$40,435,947.00
$165,032,960.00
Equalized valuation basis (the average of the equalized valuations of real estate, including improvements and the assessed
valuation of class II railroad property of the local unit for the last 3 preceding years).
Year
(1)
2021
Equalized Valuation Real Property with Improvements plus assessed
valuation of Class II RR Property
$8,255,768,961.00
(2)
2022
Equalized Valuation Real Property with Improvements plus assessed
valuation of Class II RR Property
$9,054,404,667.00
(3) 2023
Equalized Valuation Real Property with Improvements plus assessed
valuation of Class II RR Property
$10,189,024,075.00
Equalized Valuation Basis - Average of (1), (2) and (3).
$9,166,399,234.33
Net Debt expressed as a percentage of such equalized valuation basis is: %
1.800%
BONDS AND NOTES FOR LOCAL SCHOOL PURPOSES
Local School District Type (select one):
1.
Term Bonds
2.
Serial Bonds
(a) Issued
(b) Authorized but not issued
3.
Temporary Notes
(a) Issued
(b) Authorized but not issued
4.
Total Bonds and Notes
Type II
$
$24,631,000.00
$
$
$
$24,631,000.00
DEDUCTIONS APPLICABLE TO BONDS AND NOTES
FOR SCHOOL PURPOSES
Amounts held or to be held for the sole purpose of paying bonds and notes included above.
5.
Sinking funds on hand for bonds shown as Line 1 but not in excess of
such bonds.
$
6.
Funds on hand in those cases where such funds cannot be diverted to
purposes other than the payment of bonds and notes included in Line
4.
$
7.
8.
9.
Estimated proceeds of bonds and notes authorized but not issued
where such proceeds will be used for the sole purpose of paying bonds
and notes included in Line 4.
% of average of
equalized valuations
$9,166,399,234.33
Use applicable per centum as follows:
2.50% Kindergarten or Grade 1 through Grade 6
3.00% Kindergarten or Grade 1 through Grade 8
3.50% Kindergarten or Grade 1 through Grade 9
4.00% Kindergarten or Grade 1 through Grade 12
$
4.00%
$366,655,969.37
Additional State School Building Aid Bonds (N.J.S.A. 18A:58-
33.4(d))
10. Total Potential Deduction
Total Allowable Deduction
Page 2 of 11
$
$366,655,969.37
$24,631,000.00
BONDS AND NOTES FOR REGIONAL SCHOOL PURPOSES
Regional School District
1.
TERM BONDS
2.
SERIAL BONDS
(a) Issued
(b) Authorized but not issued
3.
TEMPORARY BONDS AND NOTES
(a) Issued
(b) Authorized but not issued
$
$
$
$
$
4. TOTAL OF REGIONAL SCHOOL BONDS AND NOTES
$
N.J.S.A. 40A:2-43 reads in part as follows: "Gross debt of a municipality shall also include that amount of the total of all
the bonds and notes issued and authorized but not issued by any school district including the area of the municipality, which
results from the application to such total of the ratio which the equalized valuation basis of the municipality bears to the
sum of the equalized valuation basis of each municipality in any such school district."
COMPUTATION OF REGIONAL AND/OR
CONSOLIDATED SCHOOL DISTRICT DEBT
% OF VALUATIONS APPORTIONED TO EACH
Municipality
Totals
MUNICIPALITY
Average Equalized
Valuations
APPORTIONMENT OF DEBT - Dec. 31,
%
Serial Bonds
Issued
Temp. Bond
Notes Issued
Authorized But
not Issued
%
$
$
$
%
$
$
$
BONDS AND NOTES FOR UTILITY FUND
Parking
Utility
1.
Term bonds
$
2.
Serial bonds
(a) Issued
$1,355,000.00
(b) Authorized but not issued
$
3.
Bond Anticipation Notes
(a) Issued
$
(b) Authorized but not issued
$
4.
Capital Notes (N.J.S.A. 40A:2-8)
(a) Issued
$
(b) Authorized but not issued
$
5.
Other
(a) Issued
$
(b) Authorized but not issued
$
6.
Total
$1,355,000.00
DEDUCTIONS APPLICABLE TO BONDS AND NOTES
FOR SELF-LIQUIDATING PURPOSES
Self-Liquidating Utility Calculation
1.
Total Cash Receipts from Fees, Rents or
Other Charges for Year
2.
Operating and Maintenance Cost
$2,313,869.00
$1,908,825.00
3.
Debt Service
(a) Interest
$64,800.00
(b) Notes
$
(c) Serial Bonds
$245,000.00
(d) Sinking Fund
Requirements
$
4.
Debt Service per Current Budget
(N.J.S.A. 40A:2-52)
(a) Interest on Refunding
Bonds
$
(b) Refunding Bonds
$
5.
Anticipated Deficit in Dedicated
Assessment Budget
$
6.
Total Debt Service
$309,800.00
7.
Total Deductions (Line 2 plus Line 6)
8.
Excess in Revenues (Line 1 minus Line 7)
$2,218,625.00
$95,244.00
9.
Deficit in Revenues (Line 7 minus Line 1)
$0.00
10. Total Debt Service (Line 6)
$309,800.00
11. Deficit (smaller of Line 9 or Line 10)
$0.00
If Excess in Revenues (Line 8) all Utility
Debt is Deductible
(a) Gross Parking System Debt
$1,355,000.00
(b)
Less: Deficit (Capitalized at 5%), (Line 9
or line 11)
$0.00
$-0.00 times 20
(c)
Deduction
$1,355,000.00
(d)
Plus: Cash held to Pay Bonds and Notes
included in 2 (a) above
$
(e)
Total Deduction (Deficit in revenues)
$1,355,000.00
(f)
NonDeductible Combined GO Debt
$
Total Allowable Deduction
$1,355,000.00
OTHER BONDS, NOTES AND LOANS
1. Term Bonds
Total Term Bonds
2. Serial Bonds (state purposes separately)
(a) Issued
General Improvement Infrastructure Bond (Qual) 2016
BLRA Dissolution 2018B
General Improvement Refunding Bonds 2021
BLRA Dissolution 2020
Early Retirement Incentive Refunding Bonds
Acquisition of Land Easement SAB
HCIA
General Obligation Refunding Bonds
Various Capital Improvements 2018A
Total Serial Bonds Issued
(b) Bonds Authorized but not Issued
Total Serial Bonds Authorized but not Issued
3. Total Serial Bonds Issued and Authorized but not Issued
$
$
$5,630,000.00
$11,672,000.00
$64,425,000.00
$24,776,000.00
$12,390,000.00
$3,465,000.00
$2,145,000.00
$11,680,000.00
$4,308,000.00
$
$140,491,000.00
$
$140,491,000.00
OTHER BONDS, NOTES AND LOANS
BOND ANTICIPATION NOTES (state purposes separately)
4. Bond Anticipation Notes
(a) Issued
Various Capital Improvements 22-10
$10,389,000.00
Various Capital Improvements 19-56
$7,380,000.00
Various Capital Improvements 18-51
$3,095,000.00
Roadway Improvements LeFante Way 17-28
$505,000.00
Various Capital Improvements 16-66
$4,136,000.00
Various Capital Improvements 17-21
$1,419,000.00
Total Bond Anticipation Notes Issued
$26,924,000.00
(b) Authorized but not Issued
Demolition of Unsafe Buildings 99-31
Improvement to Library 21-14
$133,396.00
$650,000.00
Improvements to 16th Street Park 21-41
$750,000.00
Improvements to Fitzpatrick Park 20-49, 21-46
$2,393,383.00
Pedestrian Bridges and Traffic Calming 20-19
$6,254,677.00
Various Roadway Improvements 22-02
$1,697,557.00
Total Bond Anticipation Notes Authorized but not
Issued
$11,879,013,00
5.
Total Bond Anticipation Notes Issued and Authorized but not Issued
$38,803,013.00
OTHER BONDS, NOTES AND LOANS
MISCELLANEOUS BONDS, NOTES AND LOANS
(not including Tax Anticipation Notes, Emergency Notes, Special Emergency Notes and Utility Revenue Notes)
6. Miscellaneous Bonds, Notes and Loans
(a) Issued
City Wide Revaluation - SEN
$148,000.00
Green Trust Loan 1995 GFB
$25,804.00
Green Trust Loan - 95GT
$15,090.00
Miscellaneous Bonds, Notes and Loans Issued
(b) Authorized but not Issued
Miscellaneous Bonds and Notes Authorized but not
Issued
Total Miscellaneous Bonds, Notes and Loans Issued and Authorized but
not Issued
Total of all Miscellaneous Bonds, Notes and Loans Issued and Authorized
but not Issued
$
$188,894.00
$188,894.00
$179,482,907.00
$
DEDUCTIONS APPLICABLE TO OTHER BONDS AND NOTES
1. Amounts held or to be held for the sole purpose of paying general bonds and
notes included
(a) Sinking funds on hand for term bonds
$
$
(b) Funds on hand (including proceeds of bonds and notes held to pay other
bonds and notes), in those cases where such funds cannot be diverted to
purposes other than the payment of bonds and notes
Reserve for Debt Service
$2,059,947.00
(c) Estimated proceeds of bonds and notes authorized but not issued where
such proceeds will be used for the sole purpose of paying bonds and notes
$2,059,947.00
$
$
(d) Accounts receivable from other public authorities applicable only to the
payment of any part of the gross debt not otherwise deductible
$
$
2. Bonds authorized by another Public Body to be guaranteed by the
municipality
3.
Bonds issued and bonds authorized by not issued to meet cash grants-in-
aid for housing authority, redevelopment agency or municipality acting as
its local public agency [N.J.S.A. 55:14B-4.1(d)]
$
$
4.
Bonds issued and bonds authorized but not issued Capital projects for
County Colleges (N.J.S.A. 18A:64A-22.1 to-18A:64A-22.8)
$
5.
Refunding Bonds (N.J.S.A. 40A:2-52)
Early Retirement Incentive Refunding Bonds
$12,390,000.00
Total Deductions Applicable to Other Bonds and Notes
$12,390,000.00
$14,449,947.00
BONDS AUTHORIZED/ISSUED BY ANOTHER PUBLIC BODY
TO BE GUARANTEED BY THE MUNICIPALITY
Total Bonds and Notes authorized/issued by another Public Body to be
guaranteed by the municipality
$
$
SPECIAL DEBT STATEMENT BORROWING POWER
AVAILABLE UNDER N.J.S.A. 40A:2-7(f)
1. Balance of debt incurring capacity December 31, 2022
(N.J.S.A. 40:1-16(d))
2. Obligations heretofore authorized during 2023 in
excess of debt limitation and pursuant to:
$
(a) N.J.S.A. 40A:2-7, paragraph (d)
$
(b)
N.J.S.A. 40A:2-7, paragraph (f)
$
(c) N.J.S.A. 40A:2-7, paragraph (g)
Total
$
$0.00
$
3. Less 2022 authorizations repealed during 2023
4. Net authorizations during 2023
5. Balance of debt incurring capacity December 31, 2023
(N.J.S.A. 40:1-16(d))
$
$0.00
Obligations NOT Included in Gross Debt
1. Capital Leases and Other Commitments
2.
HCIA Lease - Garage
Police Vehicle - Lease
Total Leases and Other Comittments
Guarantees NOT included in Gross Debt - Public
and Private
Total Guarantees NOT included in Gross Debt -
Public and Private
$5,740,000.00
$5,773.00
$5,745,773.00
$
$