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2025 Annual Debt Statement

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Executive Summary

The document is the Annual Debt Statement for Middlesex Borough, New Jersey, for the budget year ending December 31, 2025. Prepared by Chief Financial Officer Caroline Benson, the statement details the borough's gross debt, deductions, and net debt across various categories including local school purposes, swimming pool utility, and general obligations. The document also provides equalized valuation data and debt percentages, and breaks down bonds and notes issued and authorized for different projects and purposes.

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--- Document: 2025 Annual Debt Statement Document ---
GREAT SEAL OF THE STATE OF
THE
N.
SE
EY
State of New Jersey
Department of Community Affairs
Annual Debt Statement
Middlesex Borough
County:
Tuni Code: 1211 Local Unit:
Budget Year Ending:
December
Name: Caroline Benson
Title: Chief Financial Officer
CFO Cert. # N-1829
31
DCA
CommunityAffairs
Middlesex
2025 (year)
Phone: 732-356-7400
Email: cbenson@middlesexboro-nj.gov
Address: 1200 Mountain Ave
Middlesex, NJ 08846
Caroline Benson, Being duly sworn, deposes and says:
Deponent is the Chief Financial Officer of Middlesex Borough, here and in the statement hereinafter mentioned called
the local unit.
The Annual Debt Statement annexed hereto and hereby made a part thereof is a true statement of the debt condition of
the local unit as of the date therein stated and is computed as provided by the Local Bond Law of New Jersey.
Gross Debt
Deduction
✔By checking this box, I am swearing that the above statement is true.
Net Debt
Total Bonds and Notes for Local School Purposes
$
5,950,000.00
$
5,950,000.00
$
Total Bonds and Notes for Regional School Purposes
$
$
$
Bonds and Notes for the Swimming Pool Utility
$
156,330.00
$
$
156,330.00
Municipal/County General Obligations
2 Total
$
$
$
$
$
$
$
$
$
$ 17,768,636.18
$
40,038.38
$
17,728,597.80
$ 23,874,966.18 $ 5,990,038.38
$
17,884,927.80
3
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
Equalized Valuation Real Property with Improvements plus assessed valuation of Class II RR
2023 Property
$
2,324,028,172.00
Equalized Valuation Real Property with Improvements plus assessed valuation of Class II RR
2024 Property
$
2,450,877,880.00
Equalized Valuation Real Property with Improvements plus assessed valuation of Class II RR
2025 Property
4 Equalized Valuation Basis - Average of (1), (2) and (3).
5 Net Debt expressed as a percentage of such equalized valuation basis is: %
$
2,650,249,282.00
$
2,475,051,778.00
0.723%
Summary
Page 1
BONDS AND NOTES FOR LOCAL SCHOOL PURPOSES
If Municipality has no Local School District, check this box:
If Local School District has no debt, check this box:
Local School District Type (select one):
1 Term Bonds
Type II
2 Serial Bonds
(a) Issued
$ 5,950,000.00
(b) Authorized but not issued
$
3 Temporary Notes
(a) Issued
(b) Authorized but not issued
$
$
4 Total Bonds and Notes
$ 5,950,000.00
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.
Sinking funds on hand for bonds shown as Line 1 but not in excess of
5 such bonds.
runus on manu im most cases WIICIC Sucin munus calmot uc diντιισα τ
purposes other than the payment of bonds and notes included in Line
6 4.
Estimated proceeds of bonds and notes authorized but not issued
where such proceeds will be used for the sole purpose of paying
7 bonds and notes included in Line 4.
$
$
$
$
2,475,051,778.00 4.00% $ 99,002,071.12
8% of average of equalized valuations
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
9 Additional State School Building Aid Bonds (NJSA 18A:58-33.4(d)) $
10 Total Potential Deduction
Total Allowable Deduction
$ 99,002,071.12
$
5,950,000.00
Local School Debt
Page 1
BONDS AND NOTES FOR UTILITY FUND
If there are no Utilities, check this box:
If Utility has no debt, check this box:
I. Swimming Pool
1. Term bonds
2. Serial bonds
(a)
Issued
(b)
Authorized but not issue
Utility
$
$
$
156,330.00
3 Bond Anticipation Notes
(a)
(b)
Issued
$
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
$
$
$
156,330.00
(a)
Interest
(b)
Notes
(c)
Serial Bonds
(d)
Sinking Fund Requirements
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
3. Debt Service
$
468,296.88
$
399,567.00
$
$
$
78,528.00
$
4. Debt Service per Current Budget (N.J.S.A. 40A:2-52)
(a)
(b)
Interest on Refunding Bonds
$
Refunding Bonds
$
5. Anticipated Deficit in Dedicated Assessment Budget
$
6. Total Debt Service
7. Total Deductions (Line 2 plus Line 6)
$
78,528.00
$
478,095.00
8. Excess in Revenues (Line 1 minus Line 7)
9. Deficit in Revenues (Line 7 minus Line 1)
10. Total Debt Service (Line 6)
11. Deficit (smaller of Line 9 or Line 10)
If Excess in Revenues (Line 8) all Utility Debt is Deductible
$
$
9,798.12
$
78,528.00
$
9,798.12
(a) Gross
Swimming Pool
System Debt
$
156,330.00
(b) Less: Deficit (Capitalized at 5%), (Line 9 or line 11)
$
9,798.12 times 20
$
195,962.40
(c) Deduction
$
(d) Plus: Cash held to Pay Bonds and Notes included in 2 (a) above
(e) Total Deduction (Deficit in revenues)
$
(f) NonDeductible Combined GO Debt
Utility Debt 1
Page 1
OTHER BONDS, NOTES AND LOANS - Page 1
1 TERM BONDS (state purposes separately)
(1)
(2)
(3)
(4)
(5)
S
S
S
S
(a) Issued
(1)
Total Term Bonds
2 SERIAL BONDS (state purposes separately)
General Obligation Bonds of 2022
4,200,000.00
(2)
General Obligation Bonds of 2025
S
5,320,000.00
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
$
(15)
S
(16)
S
(17)
S
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(27)
(28)
(29)
(30)
S
(31)
S
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
(46)
(47)
(48)
(49)
(50)
(51)
(52)
(53)
(54)
(55)
(56)
(57)
(58)
(59)
(60)
(61)
S
(62)
(63)
3
(64)
Total Serial Bonds Issued
Bonds Issued
S
S
S
9,520,000.00
Page 1
OTHER BONDS, NOTES AND LOANS - Page 2
4 BOND ANTICIPATION NOTES (state purposes separately)
(a) Issued
(1) Ord 2104-23 Various Capital Improvements
(2) Ord 2104-23/2117-24 Mountainview Park Project
(3) Ord 2125-24 Various Capital Improvements
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(27)
(28)
(29)
(30)
(31)
(32)
(33)
(34)
(35)
399HHHHHHHHH888999
(53)
(54)
(55)
(56)
(57)
(58)
(59)
Bond Anticipation Notes Issued
$
1,359,184.00
$
383,750.00
$
1,658,066.00
$
3,401,000.00
Notes Issued
Page 1
OTHER BONDS, NOTES AND LOANS - Page 3a
4 BOND ANTICIPATION NOTES (state purposes separately)
(b) Authorized but not issued
(1) Ord 1907-17/2040-21 Sanitary Sewer Improvements
$
572,356.00
(2) Ord 1922-17 Warrenville Road Improvements
$
204,782.87
(3) Ord 2104-23/2117-24 Mountainview Park Project
$
418.03
(4) Ord 2125-24 Various Capital Improvements
$
434.00
(5) Ord 2154-25 Various Capital Improvements
$
1,980,000.00
(6)
(7)
(8)
(9)
(10)
(11)
(12)
(13)
(14)
(15)
(16)
(17)
(18)
(19)
(20)
(21)
(22)
(23)
(24)
(25)
(26)
(27)
(28)
(29)
(30)
(31)
(32)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(45)
Notes Authorized
Page 1
OTHER BONDS, NOTES AND LOANS - Page 3b
4 BOND ANTICIPATION NOTES (state purposes separately)
(b) Authorized but not issued (Continued)
(46)
(47)
(48)
(49)
(50)
(51)
(52)
(53)
(54)
(55)
(56)
(57)
(58)
(59)
(60)
(61)
(62)
(63)
(64)
(65)
(66)
(67)
(68)
(69)
(70)
(71)
(72)
(73)
(74)
(75)
(76)
(77)
(78)
(79)
(80)
(81)
(82)
(83)
(84)
(85)
(86)
(87)
(88)
Bond Anticipation Notes Authorized but not Issued
5 Total Bond Anticipation Notes Issued and Authorized but not Issued
Notes Authorized 2
$
2,757,990.90
$
6,158,990.90
Page 1
OTHER BONDS, NOTES AND LOANS - Page 4
6 MISCELLANEOUS BONDS, NOTES AND LOANS
(not including Tax Anticipation Notes, Emergency Notes, Special Emergency Notes and Utility Revenue Notes)
(a) Issued
(1) Capital Notes (N.J.S.A. 40A:2-8)
(2)
Bonds issued by another Public Body Guaranteed by Municipality or County
(3)
Green Trust Loans
(4)
Infrastructure Trust
$
2,089,645.28
(5)
(6)
(7)
Miscellaneous Bonds, Notes and Loans Issued
(b) Authorized but not issued
(1)
Capital Notes (N.J.S.A. 40A:2-8)
(2)
Bonds issued by another Public Body Guaranteed by Municipality or County
(3)
(4)
(5)
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
$
2,089,645.28
$
$
2,089,645.28
$
17,768,636.18
Misc. Bonds, Notes, Loans
Page 1
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
(1)
$
$
(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
(1)
Reserve for Payment of Debt Service $
40,038.38
(2)
$
(3)
$
$
(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
(1)
$
(2)
$
(3)
$
$
(d)
Accounts receivable from other public authorities applicable only to the
payment of any part of the gross debt not otherwise deductible
(1)
(2)
(3)
$
$
$
2. Bonds authorized by another Public Body to be guaranteed by the municipality
Bonds issued and bonds authorized by not issued to meet cash grants-in-aid for
3. 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)
(1)
(2)
$
$
$
$
$
Total Deductions Applicable to Other Bonds and Notes
40,038.38
$
40,038.38
Deductions
Page 1