Bond - in finance, an interest bearing certificate issued by a government or business promising to pay the holder a specified sum on a specified date; it is a common means of raising capital.
Debt - an obligation or liability to pay or return something.
Taken from Webster's Unabridged Dictionary
Matawan Borough Council worked diligently through the Workshop Agenda last night and completed the entire Agenda.
The following items will be on the Agenda for the next Council meeting:
Recreation - Parks - It appears there is an ordinance on the books in Matawan regarding the Parks. It will be amended to read more than 15 persons require a permit. Permits are available at the Matawan Borough Community Center, 201 Broad S. Matawan Police Dept. will be enforcing these rules. Park hours will be from 6am to 8pm.
Memorial Day Parade - Will be held on Monday at 11am.
Stipends - Various charities requesting stipends will be on agenda for Council Meeting vote.
Interlocal Services Agreement - Board of Education - Payment for bus services for Summer Camp Program.
Police Department - Chief Alston presented the Council with data showing a cost savings in hiring Special Class II Officers. This will most likely take place in Oct.
Police Cars - A request of 3 new Police Cars. One Police Car was recently totalled in an accident and will be replaced when insurance payment are received. Two police cars requiring a list of specs, once received, will be ordered.
Towing Ordinance - Councilman Mendes had to step down from the dias. Key Auto Body, who has been providing towing services to Matawan is owned by Councilman Mendes' family. In order to avoid any conflict of interest Key Auto Body will no longer be providing towing services to Matawan. Other Matawan firms will be contacted to provide towing services.
Resident Request - Various locations will be tied in to Matawan's sewer system. The cost will be added to the 2007/2008 Road Program.
Fire Department - The Fire Department has requested more time to provide information. Item was taken off agenda.
General - Fire Alarm System will be awarded at Tues. meeting.
Habitat for Humanities - Borough fees will be waived following a Council vote on Tues.
Road Program 2007-2008 - Will be discussed further when Councilman Cannon returns to discuss funding.
State Wide Development fees - Mandated by NJ State Gov. Corzine, Matawan is to collect fees for the State. Ordinance will be presented to Council on Tues for vote.
COAH Administrative Agent - There are 5 proposals. The lowest bid was from Piazzo & Associates, Princeton, NJ. Ordiance will be presented to Council on Tues for vote.
Health Insurance - It was decided to move forward with a new Administrative Agent for the Medical Plan for Borough employees.
During the Public Comment a resident raised the question of why the insurance wasn't handled thoroughly in the past and why wasn't the Council informed of a potential savings of $150,000. It appears loss runs were not provided to prospective Insurance Agents and it was reported that if loss runs were provided a fee of$100. was requested by the previous Agent.
Comment - The purpose of definitions of Bond and Debt, the way the Council intends to pay for all these items is to use Bonding. While all of these items are needed, how much additional is it going to cost taxpayers? We have yet to hear of any cutbacks, only additions. Excluding the Police Dept. which has requested the use of Special Class II Officers in lieu of Police Officers there have only been additions. Since the Budget cannot be changed due to the Discretionary Aid from NJS, bonding is the only way the Council can pass their agenda.
Hope to see you at the next Borough Council meeting......