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Port RepublicGreen Risk

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2011 Annual Debt Statement

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VALUE: $950,000

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Executive Summary

The City of Port Republic's Annual Debt Statement for the year 2011, prepared as of December 31, 2011, details the municipality's debt obligations as required by N.J.S.A. 40A:2-40. The statement includes a breakdown of gross debt, deductions, and net debt for school purposes, self-liquidating purposes, and other purposes. The total net debt for the municipality as of December 31, 2011, is reported as $950,000.

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--- Document: 2011 Annual Debt Statement Document ---
2011
ANNUAL DEBT STATEMENT
AS REQUIRED BY N.J.S.A. 40A:2-40
of the CITY
of PORT REPUBLIC , County of
ATLANTIC
Prepared as of December 31, 2011
1.
Gross
Deduction
Net
$
0
(a) Total Bonds and Notes for
School Purposes
(b) Less Applicable Deductions
(50011-00)
$
0
(50012-00)
$
0
(50013-00)
(c) Net Debt for School Purposes
2.
$
0
(a) Total Bonds and Notes for Self-Liquidating Purposes
(b) Less Applicable Deductions
(50014-00)
$
0
(50015-00)
$
0
(50016-00)
(c) Net Debt for Self-Liquidating Purposes
3.
$
950,000
(a) Total Other Bonds, Notes and Loans
(50017-00)
$
0
(b) Less Applicable Deductions
(50018-00)
$
950,000
(c) Net Debt for Other Purposes
Total Gross Debt-
$
950,000
(50019-00)
(50020-00)
$
0
(50021-00)
4. TOTAL NET DEBT DECEMBER 31, 2011
$
950,000
(50022-00)
EQUALIZED VALUATION BASIS
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).
(1) 2009 Equalized Valuation Real Property with Improvements
plus assessed valuation of class II R.R. property
(2) 2010 Equalized Valuation Real Property with Improvements
plus assessed valuation of class II R.R. property
(3) 2011 Equalized Valuation Real Property with Improvements
plus assessed valuation of class II R.R. property
5. EQUALIZED VALUATION BASIS - Average of (1), (2), and (3).
6. PERCENTAGE OF NET DEBT OF EQUALIZED VALUATION BASIS
$
150,066,498
$
143,267,037
$
139,963,512
$
144,432,349
The percentage that the net debt (Line 4 above) bears to the equalized valuation basis (Line 5 above):
sixty six hundreths
AFFIDAVIT
STATE OF NEW JERSEY }
County of Atlantic } ss.
Gina Simon
Gina Simon
per cent
0.66%)
(50039-00)
Deponent is the chief financial officer of the City
of Port Republic
County of
, being duly sworn, deposes and says:
Atlantic
here and in the statement hereinafter mentioned called "the municipality" or "the county." The Annual Debt Statement annexed hereto and
hereby made a part hereof is a true statement of the debt condition of the municipality or county as of December 31, 2011 and is computed
as provided by the Local Bond Law of New Jersey (N.J.S.A. 40A:2-1 et. seq.). The amounts of such items as are indefinite or unascertain-
able are estimated and are so marked.
Subscribed and sworn to me before
this 27 day of January - 2012
Kimberl Campel
Notary Public of New Jersey
Name:
Title:
Address:
Phone:
Fax:
Acting Chief Financial Officer
143 Main Street
Port Republic, NJ 08241
609-652-1501
609-652-8270
P
NOTE - One copy must be filed not later than January 31, with Division of Local Government Services, P.O. Box 803,
Trenton, N.J. 08625-0803, The code numbers in brackets () are for Division of Local Government Services use only.
KIMBERLY A. CAMPELLONE
NOTARY PUBLIC OF NEW JERSEY
Commission Expires 12/2/2013
Page 1
BONDS AND NOTES FOR SCHOOL PURPOSES
School District Other Than Regional School District
Issued by {Municipality (Type I) } Strike out one
(Type II School District }
1. TERM BONDS
2. SERIAL BONDS
(a) Issued
(b) Authorized but not issued
(a) Issued
3. TEMPORARY BONDS AND NOTES
(b) Authorized but not issued
(50111-00) $
(50112-00) $
(50113-00) $
(50114-00) $
(50115-00) $
4. TOTAL OF ABOVE BONDS AND NOTES
$
0
(50116-00)
Regional School District
5. SERIAL BONDS
(a) Issued
(b) Authorized but not issued
6. TEMPORARY BONDS AND NOTES
(a) Issued
(b) Authorized but not issued
(50117-00) $
(50118-00) $
(50119-00) $
(50120-00) $
7. TOTAL OF REGIONAL SCHOOL BONDS AND NOTES
$
0
(50121-00)
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 applica-
tion 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
Municipality
Average Equalized
Valuations
APPORTIONMENT OF DEBT - DEC. 31, 2011
%
Serial Bonds Temp. Bond-
Issued
Issued
Authorized
Notes Issued But not Issued
Totals
'0
0.00%
0
Page Total
$
0
(50122-00)
Page 2
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 on the opposite page (Items 1, 2, 3, 5, 6)
1. Sinking funds in hand for bonds shown as Line 1,
Page 2 of this statement but not in excess of such bonds.
$
(50211-00)
2. Funds in hand in those cases where such funds cannot
be diverted to purposes other than the payment of bonds
and notes included in Line 4, Page 2.
3. 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,
Page 2.
4.
(50221-00)
3 per centum of average of equalized valuations
as stated in Line 5, Page 1
Instruction re: Line 4.
Use applicable per centum as follows:
2 1/2% Kindergarten or Grade 1 through Grade 6
3% Kindergarten or Grade 1 through Grade 8
3 1/2% Kindergarten or Grade 1 through Grade 9
4% Kindergarten or Grade 1 through Grade 12
Other (insert applicable description)
%
(50222-00)
$
(50212-00)
$
(50213-00)
$
4,332,970
(50214-00)
5. Additional State School Building Aid Bonds
(N.J.S.A. 18A:58-33.4(d)).
(50220-00) $
6. Total
(50215-00) $
4,332,970
7. School Debt as shown by
Line 4, Page 2.
8. Deduction for School Debt included in Line 4, Page 2
(smaller of Line 6 or 7).
9. Regional School Debt as shown by Line 7, Page 2.
(50216-00) $
0
(50217-00) $
0
(50218-00) $
0
Page Total
Page 3
$ (50219-00)
0
BONDS AND NOTES FOR SELF-LIQUIDATING PURPOSES
A.
SYSTEM
(insert Applicable Utility)
1. Term bonds
(503 1-00) $
2. Serial bonds
(a) Issued
(503 2-00) $
(b) Authorized but not issued
(503 3-00) $
3. Refunding Bonds (N.J.S.A. 40A:2-52)
(a) Issued
(503 4-00) $
(b) Authorized but not issued
(503 5-00) $
4. Bond Anticipation Notes
(a) Issued
(503 6-00) $
(b) Authorized but not issued
(503 7-00) $
5. Capital Notes (N.J.S.A. 40A:2-8)
(a) Issued
(503 8-00) $
(b) Authorized but not issued
(503 9-00) $
6. Other
(a) Issued
(503 10-00) $
(b) Authorized but not issued
(503 11-00) $
7. Total
$
0
(503 0-00)
B.
SYSTEM
(insert Applicable Utility)
8. Term bonds
(503 1-00) $
9. Serial bonds
(a) Issued
(503 2-00) $
(b) Authorized but not issued
(503 3-00) $
10. Refunding Bonds (N.J.S.A. 40A:2-52)
(a) Issued
(503 4-00) $
(b) Authorized but not issued
(503 5-00) $
11. Bond Anticipation Notes
(a) Issued
(503 6-00) $
(b) Authorized but not issued
(503 7-00) $
12. Capital Notes (N.J.S.A. 40A:2-8)
(a) Issued
(503 8-00) $
(b) Authorized but not issued
(503 9-00) $
13. Other
(a) Issued
(503 10-00) $
(b) Authorized but not issued
(503 11-00) $
14. Total
$
0
(503 0-00)
C. OTHER SELF-LIQUIDATING PURPOSES FROM
WHICH MUNICIPALITY DERIVES REVENUE
(state on a separate sheet in the manner stated above)
Total
Page Total
Page 4
$
$
0
(50409-00)
DEDUCTIONS APPLICABLE TO BONDS AND NOTES
FOR SELF-LIQUIDATING PURPOSES
A.
(Insert Applicable Utility)
SYSTEM
(a) Gross
System Debt
(504 1-00)
$
0
(b) Less: Deficit (Capitalized at 5%)
(Line 9 or line 11, Page 11)
$
0
times 20
(504 2-00)
$
0
(c) Deduction
(504 3-00)
$
0
(d) Plus: Cash held to Pay Bonds and Notes
included in 2 (a) above
(504 4-00)
$
(e) Total Deduction
$
0
(504 5-00)
B.
(Insert Applicable Utility)
SYSTEM
(a) Gross
System Debt
(504 1-00)
$
0
(b) Less: Deficit (Capitalized at 5%)
(Line 20 or line 22, Page 11)
$
0
times 20
(504 2-00)
$
0
(c) Deduction
(504 3-00)
$
0
(d) Plus: Cash held to Pay Bonds and Notes
included in 2 (a) above
(504 4-00)
$
(e) Total Deduction
$
(504 5-00)
C. OTHER SELF-LIQUIDATING PURPOSES FROM
WHICH MUNICIPALITY DERIVES REVENUE
(State separately as above)
NOTE-The deficit in revenues may be capitalized by either
dividing such deficit by.05 or by multiplying such deficit
by 20 as indicated above.
Page Total
Page 5
0
$
0
(50499-00)
OTHER BONDS, NOTES AND LOANS
1. TERM BONDS (state purposes separately)
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
2. Total Term Bonds
3. SERIAL BONDS (state purposes separately)
$
$
$
$
$
$
$
$
$
0
(50509-00)
(a) Issued
(1)
$
(2)
$
(3)
$
(4)
$
(5)
$
(6)
$
(L)
$
(8)
$
(9)
$
(10)
$
(11)
$
(12)
$
(13)
$
(14)
$
(15)
$
(16)
$
(17)
$
Page 6
OTHER BONDS, NOTES AND LOANS
3. SERIAL BONDS (Continued)
(a) Issued
(18)
$
(19)
$
(20)
$
(21)
$
(22)
$
(23)
$
(24)
$
(25)
$
(26)
$
(27)
$
(28)
$
(29)
$
(30)
$
(31)
$
(32)
$
(33)
$
(34)
$
(35)
$
(36)
$
Total Serial Bonds Issued
(b) Authorized but not Issued
(1)
$
(2)
$
(3)
$
(4)
$
(5)
$
(6)
$
(7)
$
(8)
$
(9)
$
(10)
$
(11)
$
(12)
$
(13)
$
4. Total Serial Bonds Issued and Authorized but not Issued
Page 7
$
0
(50547-00)
$
0
(50564-00)
$
0
(50565-00)
OTHER BONDS, NOTES AND LOANS
5. BOND ANTICIPATION NOTES (state purposes separately)
(a) Issued
(1) Various improvements
$ 950,000
(2)
$
(3)
$
(4)
$
(5)
$
(6)
$
(7)
$
(8)
$
(9)
$
(10)
$
(11)
$
(12)
$
(13)
$
(14)
$
Bond Anticipation Notes Issued
(b) Authorized but not issued
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
Bond Anticipation Notes Authorized but not Issued
6. Total Bond Anticipation Notes Issued
and Authorized but not Issued
Page 8
$
$
$
$
$
$
$
$
$
$
$ 950,000
(50625-00)
$
0
(50661-00)
$ 950,000
(50662-00)
OTHER BONDS, NOTES AND LOANS
7. 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)
(50711-00) $
(2) Bonds issued by another Public
Body Guaranteed by the Municipality
(50712-00) $
(3) Green Trust Loans
(50713-00) $
(4) Infrastructure Trust
(50714-00) $
(5)
(50715-00) $
Miscellaneous Bonds, Notes and Loans Issued
$
0
(50716-00)
Authorized but not issued
(1) Capital Notes (N.J.S.A. 40A:2-8)
(50721-00) $
(2) Bonds issued by another Public
Body Guaranteed by the Municipality
(50722-00) $
(3)
(50723-00) $
(4)
(50724-00) $
(5)
(50725-00) $
Miscellaneous Bonds and Notes Authorized but not Issued
$
0
8. Total Miscellaneous Bonds, Notes and Loans Issued and Authorized
but not Issued
Total of Pages 6, 7, 8, and 9
Page 9
$(50726-00)
$
950,000
(50799-00)
DEDUCTIONS APPLICABLE TO OTHER BONDS AND NOTES
1. Amounts held or to be held for the sole purpose of paying bonds and notes
included on Pages 6, 7, 8, and 9.
(a) Sinking funds in hand for term bonds
shown on Line 2 on Page 6
(1)
$
(b) Funds in 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 included on pages 6, 7, 8 and 9
(1)
(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
included on Pages 6, 7, 8 and 9
(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)
2. Bonds authorized by another Public Body to be guar-
anteed by the municipality
3. Bonds issued and bonds authorized by not issued
$
0
(50814-00)
$
$
$
$
0
(50824-00)
$
$
$
$
0
(50834-00)
$
$
$
0
(50843-00)
$
(50844-00)
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)]
$
(50848-00)
4. Bonds issued and bonds authorized but not issued -
Capital projects for county colleges (N.J.S.A. 18A:64A-22.1
to N.J.S.A. 18A:64A-22.8)
$
(50851-00)
5. Refunding Bonds (N.J.S.A. 40A:2-52)
(1)
(2)
$
$
$
0
(50860-00)
Page Total
Page 10
$
0
(50849-00)
(Insert Applicable Utility)
1. Total Cash Receipts from Fees,
Rents or Other Charges for Year
2. Operating and Maintenance Cost
3. Debt Service per Water Accounts
UTILITY
Self-Liquidating Utility Calculation
Fiscal Year Ending 2011
(a) Interest
(509 3-00) $
(b) Notes
(509 4-00) $
(c) Serial Bonds
(509 5-00) $
(d) Sinking Fund Requirements
(5096-00) $
4. Debt Service per Current Budget
(N.J.S.A. 40A:2-52)
(a) Interest on
Refunding Bonds
(5097-00) $
Refunding Bonds
(5098-00) $
5. Anticipated Deficit in Dedicated
(509 1-00) $
(509 2-00) $
Assessment Budget
(509 9-00) $
6. Total Debt Service
(5100-00) $
(510 1-00) $
7. Total Deductions (Line 2 plus Line 6)
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) to Page 5
If Excess in Revenues (Line 8) all
(Insert Applicable Utility)
12. Total Cash Receipts from Fees,
Rents or Other Charges for Year
13. Operating and Maintenance Cost
14. Debt Service
UTILITY
(a) Interest
200 Notes
(c) Serial Bonds
200 Sinking Fund Requirements
(509 3-00) $
(509 4-00) $
(509 5-00) $
(509 6-00) $
15. Debt Service per Current Budget (N.J.S.A. 40A:2-52)
(5102-00) $
(5103-00) $
(5104-00) $
(510 5-00) $
Utility Debt is Deductible
(509 1-00) $
(509 2-00) $
(a) Interest on
Refunding Bonds
(5097-00) $
(b)
Refunding Bonds
(5098-00) $
16. Anticipated Deficit in Dedicated
Assessment Budget
(509 9-00) $
17. Total Debt Service
(5100-00) $
0
18. Total Deductions (Line 13 plus Line 17)
(510 1-00) $
0
19. Excess in Revenues (Line 12 minus Line 18)
(5102-00) $
20. Deficit in Revenues (Line 18 minus Line 12)
(5103-00) $
21. Total Debt Service (Line 17)
(5104-00) $
0
22. Deficit (smaller of Line 20 or Line 21) to Page 5
(5105-00) $
0
If Excess in Revenues (Line 19) all
Utility Debt is Deductible
(If Municipality has other utilities or enterprises, additional pages are to be added to this statement.)
Page 11
SPECIAL DEBT STATEMENT
BORROWING POWER AVAILABLE UNDER N.J.S.A. 40A:2-7(f)
1. Balance of debt incurring capacity as of December
31, 2010 under N.J.S.A. 40:1-16(d)
$
(51100-00)
2. Obligations heretofore authorized during 2011 in
excess of debt limitation and pursuant to
(a) N.J.S.A. 40A:2-7, paragraph (d)
(51101-00) $
(b) N.J.S.A. 40A:2-7, paragraph (f)
(51102-00) $
(c) N.J.S.A. 40A:2-7, paragraph (g)
(51103-00) $
Total
(51104-00) $
3. Less 2011 authorizations repealed
during 2011
(51105-00) $
4. Net authorizations during 2011
$
(51106-00)
5. Balance of debt incurring capacity
December 31, 2011 under N.J.S.A 40:1-16(d)
$
(51107-00)
I, Thomas H. Neff, the Director of the Division of Local Government Services of the Department of Community Affairs of the State
New Jersey, do hereby certify that I have compared this copy of an Annual Debt Statement of the above municipality or
county with the original Annual Debt Statement filed in the Division of Local Government Services of the Department of
Community Affairs of the State of New Jersey on
and that this is a true copy of said statement
and of the whole thereof.
In, Witness Whereof, I have hereunto set my hand as Director of the Division of Local Government Services of the
Department of Community Affairs of the State of New Jersey this
day of
(day)
(month)
(year)
Page 12
Director