The Lakewood Township Committee has approved a bond ordinance authorizing $4.6 million for various capital improvements and the acquisition of essential equipment. The ordinance allows the township to issue $4.39 million in bonds and notes to finance these projects.
The bond ordinance will support several initiatives in Lakewood, including upgrades to the township’s IT infrastructure, new vehicles and equipment for the police department, and the acquisition of emergency services vehicles. The ordinance outlines the township’s plans to improve local services and maintain vital infrastructure.
Breakdown of Allocations:
IT Department Upgrades: $973,500 has been allocated to modernize the township’s computer systems, including the purchase of new laptops, monitors, servers, and storage systems. The township will issue $924,825 in bonds to cover these costs.
Police Department Equipment and Vehicles: The largest portion of the bond, $2.84 million, will fund the acquisition of police vehicles, including Ford Explorers, Chevy Tahoes, and Ford F-150 trucks, all outfitted with full police packages. Additionally, funds will be used to upgrade the department’s server and security systems. Bonds worth $2.70 million will be issued to finance this initiative.
Township Vehicles: The ordinance sets aside $44,000 for a new vehicle for the Tax Assessor’s office, along with $96,000 for pickup trucks for the Inspections Department.
EMS Vehicles: Lakewood’s Emergency Medical Services (EMS) will benefit from $665,500 allocated for a new first responder vehicle, an ambulance remount, and a new ambulance. Bonds totaling $632,225 will be issued to finance these purchases.
The ordinance also establishes provisions for the issuance of bond anticipation notes (BANs), which will temporarily finance the improvements while bonds are prepared and sold. The BANs will mature within one year of issuance, with the option to renew them, subject to state regulations.
The township’s capital budget has been amended to reflect the new projects authorized by this ordinance. The township will incur an increase in its gross debt of $4.39 million, which remains within state debt limits. The bond ordinance also provides for up to $400,000 to cover interest payments, engineering costs, legal fees, and other expenses associated with the projects.
The full faith and credit of the township are pledged to ensure the timely repayment of the bonds and notes. The township will levy ad valorem taxes on all taxable property if necessary to meet its obligations. However, the township may also apply any grants or external funds received toward the repayment of these debts.