2018 Annual Debt Statement.pdf

FILED 1/31/2019 State of New Jersey Department of Community Affairs Annual Debt Statement West Orange Township - 2018 Date Prepared: 1/31/2019 Budget Year Ending December 31 (Month D-D) 2018 (Year) Name: John Gross Phone: Title: Email: jgross@westorange.org Address: 66 Main Street West Orange, NJ 07052 US CFO Cert #: N-0451 John Gross, being duly sworn, deposes and says: Deponent is the Chief Financial Officer of West Orange Township - County of Essex here and in the statement hereinafter mentioned called the local unit. This Annual Debt Statement is a true statement of the debt condition of the local unit as of the date therein stated above and is computed as provided by the Local Bond Law of New Jersey. Gross Debt Deduction Net Debt Total Bonds and Notes for Local School Purposes $27,405,000.00 $27,405,000.00 $0.00 Total Bonds and Notes for Regional School Purposes $ $ $0.00 Total Bonds and Notes for all Utilities $ $ $0.00 Municipal/County General Obligations $79,895,285.85 $0.00 $79,895,285.85 Total $107,300,285.85 $27,405,000.00 $79,895,285.85 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 (1) 2016 Equalized Valuation Real Property with Improvements plus assessed valuation of Class II RR Property $6,043,723,568.00 (2) 2017 Equalized Valuation Real Property with Improvements plus assessed valuation of Class II RR Property $6,215,620,287.00 (3) 2018 Equalized Valuation Real Property with Improvements plus assessed valuation of Class II RR Property $6,364,242,854.00 Equalized Valuation Basis - Average of (1), (2) and (3)………………………………………… $6,207,862,236.33 Net Debt expressed as a percentage of such equalized valuation basis is: % 1.287%

Page 2 of 11 BONDS AND NOTES FOR LOCAL SCHOOL PURPOSES Local School District Type (select one): Type II 1. Term Bonds $ 2. Serial Bonds (a) Issued $27,405,000.00 (b) Authorized but not issued $ 3. Temporary Notes (a) Issued $ (b) Authorized but not issued $ 4. Total Bonds and Notes $27,405,000.00 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. 5. Sinking funds on hand for bonds shown as Line 1 but not in excess of such bonds. $ 6. Funds on hand in those cases where such funds cannot be diverted to purposes other than the payment of bonds and notes included in Line 4. $ 7. 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. $ 8. % of average of equalized valuations $6,207,862,236.33 4.00% $248,314,489.45 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 (N.J.S.A. 18A:58-33.4(d)) $ 10. Total Potential Deduction $248,314,489.45 Total Allowable Deduction $27,405,000.00

Page 3 of 11 BONDS AND NOTES FOR REGIONAL SCHOOL PURPOSES Regional School District 1. TERM BONDS $ 2. SERIAL BONDS (a) Issued $ (b) Authorized but not issued $ 3. TEMPORARY BONDS AND NOTES (a) Issued $ (b) Authorized but not issued $ 4. TOTAL OF REGIONAL SCHOOL BONDS AND NOTES $ 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 application 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 APPORTIONMENT OF DEBT – Dec. 31, Municipality Average Equalized Valuations % Serial Bonds Issued Temp. Bond – Notes Issued Authorized But not Issued % $ $ $ Totals % $ $ $

Page 4 of 11 BONDS AND NOTES FOR UTILITY FUND Utility 1. Term bonds $ 2. Serial bonds (a) Issued $ (b) Authorized but not issued $ 3. Bond Anticipation Notes (a) Issued $ (b) 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 $ 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 (a) Interest $ (b) Notes $ (c) Serial Bonds $ (d) Sinking Fund Requirements $ 4. Debt Service per Current Budget (N.J.S.A. 40A:2-52) (a) Interest on Refunding Bonds $ (b) Refunding Bonds $ 5. Anticipated Deficit in Dedicated Assessment Budget $ 6. Total Debt Service $ 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) $ If Excess in Revenues (Line 8) all Utility Debt is Deductible (a) Gross System Debt $ (b) Less: Deficit (Capitalized at 5%), (Line 9 or line 11) $ $- times 20 (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 $ Total Allowable Deduction $

Page 5 of 11 OTHER BONDS, NOTES AND LOANS 1. Term Bonds $ Total Term Bonds $ 2. Serial Bonds (state purposes separately) (a) Issued Refunding Bonds - 2003 $780,000.00 General Improvement Bonds - 2016 $14,871,000.00 Refunding Bond - 2016 $3,805,000.00 General Improvement Bonds - 2017 $8,685,000.00 NJEPA LOAN (2017-05) $1,005,505.26 NJEPA LOAN (2014-09) $334,635.25 NJEPA LOAN (2050-05) $355,859.66 NJEPA LOAN (1823-02) $229,648.44 NJEPA LOAN (2425-14) $885,618.68 General Improvement Bonds - 2011 $6,650,000.00 Total Serial Bonds Issued $37,602,267.29 (b) Bonds Authorized but not Issued ORD#2354-11 Redevelopment Ordinance $6,300,000.00 ORD#2536-18 Green Acres Revelopment $136,575.00 ORD#2544-18 Capital Improvements $8,465,257.56 ORD#2556-18 Capital Improvements $1,570,000.00 Total Serial Bonds Authorized but not Issued $16,471,832.56 3. Total Serial Bonds Issued and Authorized but not Issued $54,074,099.85

Page 6 of 11 OTHER BONDS, NOTES AND LOANS BOND ANTICIPATION NOTES (state purposes separately) 4. Bond Anticipation Notes (a) Issued ORD#2450-15 Various Capital Improvements $5,998,280.00 ORD#2463-15 Renovations to Public Library $123,500.00 ORD#2475-16 Various Capital Improvements $1,500,000.00 ORD#2475-16 Various Capital Improvements $5,527,266.00 ORD#2474-16 Parking Improvements Gregory $357,140.00 ORD#2487-16 Various Capital Improvements $807,500.00 ORD#2429-17 Tax Appeal Refunding $2,400,000.00 ORD#2507-17 Various Capital Improvements $8,560,000.00 ORD#2526-17 Various Capital Improvements $547,500.00 Total Bond Anticipation Notes Issued $25,821,186.00 (b) Authorized but not Issued $ Total Bond Anticipation Notes Authorized but not Issued $0.00 5. Total Bond Anticipation Notes Issued and Authorized but not Issued $25,821,186.00

Page 7 of 11 OTHER BONDS, NOTES AND LOANS MISCELLANEOUS BONDS, NOTES AND LOANS (not including Tax Anticipation Notes, Emergency Notes, Special Emergency Notes and Utility Revenue Notes) 6. Miscellaneous Bonds, Notes and Loans (a) Issued $ Miscellaneous Bonds, Notes and Loans Issued $ (b) Authorized but not Issued $ Miscellaneous Bonds and Notes Authorized but not Issued $ Total Miscellaneous Bonds, Notes and Loans Issued and Authorized but not Issued $0.00 Total of all Miscellaneous Bonds, Notes and Loans Issued and Authorized but not Issued $79,895,285.85

Page 8 of 11 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 $ $ (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 $ $ (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 $ $ (d) Accounts receivable from other public authorities applicable only to the payment of any part of the gross debt not otherwise deductible $ $ 2. Bonds authorized by another Public Body to be guaranteed by the municipality $ 3. Bonds issued and bonds authorized by not issued 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)] $ 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) $ $ Total Deductions Applicable to Other Bonds and Notes $0.00

Page 9 of 11 BONDS AUTHORIZED/ISSUED BY ANOTHER PUBLIC BODY TO BE GUARANTEED BY THE MUNICIPALITY $ Total Bonds and Notes authorized/issued by another Public Body to be guaranteed by the municipality $

Page 10 of 11 SPECIAL DEBT STATEMENT BORROWING POWER AVAILABLE UNDER N.J.S.A. 40A:2-7(f) 1. Balance of debt incurring capacity December 31, 2017 (N.J.S.A. 40:1-16(d)) $ 2. Obligations heretofore authorized during 2018 in excess of debt limitation and pursuant to: (a) N.J.S.A. 40A:2-7, paragraph (d) $ (b) N.J.S.A. 40A:2-7, paragraph (f) $ (c) N.J.S.A. 40A:2-7, paragraph (g) $ Total $0.00 3. Less 2017 authorizations repealed during 2018 $ 4. Net authorizations during 2018 $ 5. Balance of debt incurring capacity December 31, 2018 (N.J.S.A. 40:1-16(d)) $0.00