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Port RepublicGreen Risk

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2013 Supplemental Debt Statement

BID #: 0120

ISSUED: 3/27/2013

DUE: TBD

VALUE: TBD

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Executive Summary

This document is a Supplemental Debt Statement for Port Republic City, Atlantic County, New Jersey, for the budget year ending December 31, 2013. It provides details on the city's debt condition as of March 27, 2013, including net debt, authorized obligations, and equalized valuation basis. The document also outlines computations related to indebtedness for municipal public utilities and borrowing power available under various New Jersey statutes.

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--- Document: 2013 Supplemental Debt Statement Document ---
Bond Ordinance File Name: 0120_dbo_2013.pdf
Press here to Email the SDS if not using Microsoft outlook when completed.
0120
SDS File Name: 0120_sds_2013.xls
Department of Community Affairs
Supplemental Debt Statement
0120 Port Republic City - County of Atlantic
Budget Year Ending: 12/31/2013
Name: Gina Simon
Title: Chief Financial Officer
Address: 143 Main Street
Port Republic, NJ 08241
Prepared as of:
27-03-2013
(Month-DD)
2013
(year)
Phone: 609-625-1501
Fax: 609-652-8270
Email: ginasimon.portrepublic@comcast.net
CFO Cert #:
Gina Simon, Being duly sworn, deposes and says: Deponent is the Chief Financial Officer of the 0120 Port Republic City -
1 County of Atlantic here and in the statement hereinafter mentioned called the local unit. The Supplemental Debt Statement
annexed hereto and hereby made a part hereof 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.
By checking this box, I am swearing that the above statement is true. (The Email function will not work until you acknowledge the above statement as true)
Net Debt as per
Decrease
Increase
Annual Debt Statement
(Since December 31, last past)
Net Debt
Bonds and Notes for School
Purposes
$
$
$
$
Bonds and Notes for Self
Liquidating Purposes
$
$
$
$
Other Bonds and Notes
$
940,000.00 $
$
$
940,000.00
2 Net Debt at the time of this statement is.
$
940,000.00
The amounts and purposes separately itemized of the obligations about to be authorized, and any
deductions which may be made on account of each such item are: (see Note "C" below)
Bond Ordinance
Purposes
Amount
Deduction
Net
Improvements to City Hall
$
300,675.00 $
$
300,675.00
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
300,675.00 $
$
300,675.00
4
The net debt of the local unit determined by the addition of the net debt amounts stated in items 2 and 3
above is:
Equalized valuation basis (the average of the equalized valuations of real estate, including improvements
5 and the assessed valuation of class II railroad property of the local unit for the last 3 preceding years) as
stated in the Annual Debt Statement or the revision therof last filed.
$
1,240,675.00
Year
(1)
(2)
Equalized Valuation Real Property with Improvements plus assessed valuation of Class
2010 II RR Property
Equalized Valuation Real Property with Improvements plus assessed valuation of Class
2011 II RR Property
$
143,267,037.00
$
139,963,512.00
(3)
Equalized Valuation Real Property with Improvements plus assessed valuation of Class
2012 II RR Property
$
134,799,930.00
6 Equalized Valuation Basis - Average of (1), (2) and (3).
7 Net Debt (Line 4 above) expressed as a percentage of such equalized valuation basis (Line 6 above) is:
NOTES
$
139,343,493.00
0.890%
A
If authorization of bonds or notes is permitted by an exception to the debt limit, specify the particular paragraph of NJSA 40A:2-7 or other section of
law providing such exception.
B
C
This form is also to be used in the bonding of separate (not Type I) school districts as required by NJSA 18A:24-16, and filed before the school district
election. In such case pages 4, 5 and 6 should be completed to set forth the computation supporting any deduction in line 3 above.
Only the account of bonds or notes about to be authorized should be entered. The amount of the "down payment" provided in the bond ordinance
should not be included nor shown as a deduction.
Page 1
COMPUTATION AS TO INDEBTEDNESS FOR IMPROVEMENT OR EXTENSION OF AN
EXISTING MUNICIPAL PUBLIC UTILITY, NJSA 40A:2-7(h); NJSA 40A:2-47(a)
Municipal Public Utility:
1 Annual Debt Statement, December 31, 20 excess in revenues of utility
$
Less: Interest and debt redemption charges computed as provided in NJSA 40A:2-47(a)
2 for all obligations heretofore authorized but not issued to the extent not already charged
to income in annual debt statement.
$
3
Excess in revenues remaining prior to authorization of proposed obligations = (line 1
minus line 2)
$
4
Interest and debt redemption charges calculated for the obligations about to be
authorized NJSA 40A:2-47(a)
(a) Interest for one year at 4 1/2%
$
(b) First installment of serial bonds legally issuable
$
(c) Total charges (Items (a) and (b))
$
Note: If line 3 equals or exceeds line 4, obligations may be authorized under the provisions of NJSA
40A:2-7(h) as limited by NJSA 40A:2-47(a).
SPECIAL DEBT STATEMENT
BORROWING POWER AVAILABLE UNDER N.J.S.A. 40A:2-7(f)
1
Amount of accumulated debt incurring capacity under RS 40:1-16(d) as shown on the
latest Annual Debt Statement.
$
2 Obligations heretofore authorized in excess of debt limitation and pursuant to:
(a) NJSA 40A:2-7(d) $
(b) NJSA 40A:2-7(f) $
(c) NJSA 40A:2-7(g) $
Total
3 Available debt incurring capacity (N.J.S.A. 40A:2-7(f))
$
$
4
Obligations about to be authorized pursuant toNJSA 40A:2-7(f) (If item 3 equals or
exceeds item 4, obligations may be authorized)
$
BORROWING POWER AVAILABLE UNDER NJSA 40A:2-7(g)
Total appropriations made in local unit budget for current fiscal year for payment of
1 obligations of local unit included in Annual Debt Statement or revision thereof last filed as
of preceding December 31,20
$
2 Less the amount of such obligations which constitute utility and assessment obligations:
3 Excess of item 1 over item 2:
$
$
4
Amount raised in the tax levy of the current fiscal year by the local unit for the payment of
bonds or notes of any school district
$
5 Amount equal to 2/3 of the sum of item 3 and item 4
$
(a) Amount of obligations heretofore authorized under NJSA
6 40A:2-7(g) in current fiscal year
$
(b) Amount of authorizations included in 6(a) which were
heretofore repealed
(c) Excess of item 6(a) over item 6(b)
$
$
7 Excess of item 5 over item 6(c)
8 Obligations about to be authorized
$
$
9 Borrowing capacity still remaining after proposed authorization
$
(item 7 less item 8) (If item 7 equals or exceeds item 8, obligations may be authorized)
Computation of Regional School Indebtedness
1
2
Average Equalized Valuations 40A:2-43
3
4
5
Total apportionment of
previous bonds issued or
athorized plus
apportionment proposed
bond issue Column 3 plus 4
Apportionment of Previous
Amount Apportionment of
Municipality
Amount
Percentage
bonds Issued or Authorized
proposed bond issue
$
0% $
$
$
$
0% $
$
$
$
0% $
$
$
$
0% $
$
$
$
0% $
$
$
$
0% $
$
$
$
0% $
$
$
$
0% $
$
$
$
0% $
$
$
$
0% $
$
$
$
0% $
$
$
$
0% $
$
$
$
0% $
$
$
$
0% $
$
$
$
0% $
$
$
$
$
0% $
0% $
$
$
$
$
$
0% $
$
$
$
0% $
$
$
Totals
0.00%
$
$
)
COMPUTATION OF SCHOOL INDEBTEDNESS AND DEDUCTIONS UNDER PROVISIONS OF NJSA 18A: 24-17
NISA 18A:24-19 (Lines 1 to 7)
1 Average of equalized valuations (page 1, line 3)
$
139,343,493.00
2 Gross School District Debt outstanding and authorized but not issued (not including proposed issue)
$
3 Less: Sinking funds held for payment of School Debt, by Sinking Fund Commission
$
4 Net debt for school purposes (line 2, minus line 3)
$
5 Debt deduction for school purposes' % (as per line_below)
0.00% $
(a) 22% Kindergarten or Grade 1 through Grade 6
(b) 3% Kindergarten or Grade 1 through Grade 8
(c) 32% Kindergarten or Grade 1 through Grade 9
(d) 4% Kindergarten or Grade 1 through Grade 12
6 Available debt deduction (excess, if any, of line 5 over line 4)
7 School Bonds about to be authorized
Note: Omit lines 8 to 13, if line 6 equals or exceeds line 7. or if shown on line 17
NJSA 18A:24-22 (Lines 8 to 13)
8 Excess of line 7 over line 6
9 Municipal Debt Limit (32% of line 1 above)
10 Net Debt
11 Available Municipal Borrowing Margin (excess, if any, of line 9 over line 10)
12 Use of Municipal Borrowing Margin (line 8 not exceeding line 11)
Remaining Municipal Borrowing Margin after authorization of proposed School
13 Bonds (line 11 minus line 12)
Note: Omit lines 14 to 16, if line 11 equals or exceeds line 8, or if shown on line 17
NJSA 18A:24-24 (lines 14 to 16)
14 Amount of line 7
15 Amount of Deduction:
16 Excess of line 14 over line 15
$
$
$
$
4,877,022.26
$
940,000.00
$
3,937,022.26
$
$
3,937,022.26
$
(a) Amount of line 6
$
(b) Amount of line 11
Total
$
3,937,022.26
$
3,937,022.26
$