30-26 Attachment - CY 2026 Debt Plan.pdf

2025 13,450,810 13,450,810 139,022,466 13,450,810 Outstanding Debt (12/31/2024): Bonds Loans Notes SENs Total 2026 8,169,835 3,517,226 2,018,554 5,535,780 13,705,615 149,540,083 13,705,615 1.9% (per Annual Debt Statement) $60,349,000 $832,023 $66,078,464 $5,027,000 $132,286,487 2027 7,736,739 3,589,000 2,649,660 6,238,660 13,975,399 145,300,174 13,975,399 2.0% *Authorized But Not Issued as of 12/31/24 is $39,961,258 2028 7,668,173 3,455,500 3,122,973 6,578,473 14,246,646 123,910,799 14,246,646 1.9% 2029 5,457,648 2,960,000 3,694,200 6,654,200 12,111,848 119,815,525 2,375,000 14,486,848 1.7% 2025 Total Debt Service: Bonds Loans Notes SENs Total 2030 5,413,373 3,060,000 3,698,125 6,758,125 12,171,498 115,339,251 2,550,000 14,721,498 1.6% (estimated) $8,116,594 $213,268 $3,194,332 $1,926,616 $13,450,810 2031 4,605,778 3,718,000 3,703,563 7,421,563 12,027,341 110,460,977 2,950,000 14,977,341 1.7% *Excludes approximately $350,000 of Special Assessment Bonds debt service. 2032 4,569,078 3,939,000 3,678,168 7,617,168 12,186,246 105,160,702 3,050,000 15,236,246 1.7% 2033 3,906,417 4,159,000 3,648,515 7,807,515 11,713,932 99,436,351 3,775,000 15,488,932 1.7% Expected New Debt: 1) $6.7 million of new debt authorized/issued in 2025 2034 3,896,292 4,370,000 3,585,105 7,955,105 11,851,397 93,261,000 3,900,000 15,751,397 1.7% 2) Authorized But Not Issued debt of $22.8 million issued in 2025 and 2026 2035 3,803,254 4,583,000 3,469,080 8,052,080 11,855,334 86,598,000 4,150,000 16,005,334 1.6% 3) Annual capital program of $5 million per year (mix of debt and pay-go) 2036 3,738,032 4,781,000 3,332,583 8,113,583 11,851,614 79,437,000 4,400,000 16,251,614 1.5% 4) $800,000 of new special emergency notes in 2025 and $500,000 annually thereafter 2037 2,879,335 5,450,000 3,176,313 8,626,313 11,505,648 71,760,000 5,000,000 16,505,648 1.6% 5) Includes $6.3 million of grants funds to pay down ordinance #2564-19 from 2026-28 2038 310,520 5,230,000 3,109,125 8,339,125 8,649,645 66,315,000 5,500,000 14,149,645 -14.3% 6) Includes $10.8 million of sale proceeds to pay down ordinance #2651-21 in 2028 2039 315,020 5,335,000 2,869,913 8,204,913 8,519,933 60,755,000 5,500,000 14,019,933 -0.9% 2040 319,270 5,455,000 2,627,550 8,082,550 8,401,820 55,065,000 5,500,000 13,901,820 -0.8% Borrowing Analysis Scenario: 1) Roll existing notes to 2028 2041 318,273 5,585,000 2,381,338 7,966,338 8,284,610

0 319,270 5,455,000 2,627,550 8,082,550 8,401,820 55,065,000 5,500,000 13,901,820 -0.8% Borrowing Analysis Scenario: 1) Roll existing notes to 2028 2041 318,273 5,585,000 2,381,338 7,966,338 8,284,610 49,240,000 5,500,000 13,784,610 -0.8% 2) Issue new notes in 2025-2036 to finance "Expected New Debt" 2042 321,775 5,720,000 2,130,850 7,850,850 8,172,625 43,270,000 5,500,000 13,672,625 -0.8% 3) Issue $81.4 million bonds between 2026-2028 to finance all outstanding notes 2043 324,763 5,855,000 1,875,875 7,730,875 8,055,638 37,155,000 5,500,000 13,555,638 -0.9% 4) Roll new notes to 2037 2044 327,475 5,905,000 1,616,350 7,521,350 7,848,825 30,980,000 5,500,000 13,348,825 -1.5% 5) Issue $14.6 million bonds in 2037 to finance all outstanding notes 2045 324,981 5,955,000 1,354,075 7,309,075 7,634,056 24,750,000 5,500,000 13,134,056 -1.6% 6) Roll SENs with mandatory pay downs and annual new money as shown above 2046 326,925 6,005,000 1,089,050 7,094,050 7,420,975 18,460,000 5,500,000 12,920,975 -1.6% 7) Full migration to pay-go capital funding beginning 2038 2047 328,225 6,060,000 821,275 6,881,275 7,209,500 12,105,000 5,500,000 12,709,500 -1.6% 2048 334,150 6,120,000 550,475 6,670,475 7,004,625 5,675,000 5,500,000 12,504,625 -1.6% Interest Rate Assumptions: Based on "AA" S&P credit rating (last affirmed in October 2025) 2049 334,700 1,180,000 276,375 1,456,375 1,791,075 4,175,000 5,500,000 7,291,075 -41.7% Initial bond rate of 3.50% and initial note rate of 2.50% 2050 334,950 1,245,000 211,475 1,456,475 1,791,425 2,600,000 5,500,000 7,291,425 0.0% Note rates assumed to increase 0.25% per year 2051 1,300,000 143,000 1,443,000 1,443,000 1,300,000 5,500,000 6,943,000 -4.8% Bond rates assumed to increase 0.25% per year 2052 1,300,000 71,500 1,371,500 1,371,500 5,500,000 6,871,500 -1.0% Assumes 15-year useful life on new ordinances Total: $79,515,791 $115,831,726 $60,905,062 $176,736,788 $256,252,579 $114,650,000 $370,902,579 Tax Base Assumptions: Total Assessed Valuation: $10,001,287,802 $14,246,646 Average Home Value: $615,472 $8,992,658 (3) Annual pay-go capital funded as a combination of debt and cash as described herein. New Bonds, Notes & Deferred Charges Pay-go Capital + Annual Debt Service Township of West Orange PROJECTED AGGREGATE DEBT SERVICE & CAPITAL Essex County, New Jersey Aggregate Debt Service (1) Includes all Current Fund debt including: General

o Capital + Annual Debt Service Township of West Orange PROJECTED AGGREGATE DEBT SERVICE & CAPITAL Essex County, New Jersey Aggregate Debt Service (1) Includes all Current Fund debt including: General Improvement bonds, NJIB loans, debt service on BANs for 2025 and deferred charges (SENs) for 2025. Excludes special assessment bonds debt service. (2) Borrowing rate assumed to increase 0.25% for notes and 0.25% for bonds each year. Includes voluntary principal pay downs on notes that are subject to change. INCLUDES EXISTING BONDS, LOANS & NOTES AND $5.5M ANNUAL CAPITAL PROGRAM CURRENT DEBT PROFILE & ASSUMPTIONS Percentage Increase Annual Pay-Go Capital Max Annual Debt Service: Avg Annual Debt Service: Outstanding Principal AmountDebt Plan - $5.5M Annual Capital Program Principal Interest Total Debt Service FY Ending 12/31 Existing Debt Service

Fiscal Year Ending Incremental 12/31 Principal Interest Total P+I Principal Interest Total P+I Principal Interest Total P+I Principal Interest Total P+I Principal Interest Total P+I Principal Total P+I Principal Interest Total P+I Tax Impact3 2025 6,941,236 4,818,972 11,760,208 1,690,602 1,690,602 8,631,838 4,818,972 13,450,810 2026 6,414,157 1,755,678 8,169,835 1,810,828 1,853,098 3,663,926 1,706,398 165,456 1,871,854 9,931,383 3,774,232 13,705,615 15.68 2027 6,150,909 1,585,830 7,736,739 2,339,000 2,525,135 4,864,135 1,250,000 124,525 1,374,525 9,739,909 4,235,490 13,975,399 16.60 2028 6,300,274 1,367,899 7,668,173 2,295,500 3,024,873 5,320,373 1,160,000 98,100 1,258,100 9,755,774 4,490,872 14,246,646 16.69 2029 4,260,274 1,197,374 5,457,648 162,500 162,500 460,000 72,200 532,200 2,500,000 3,459,500 5,959,500 2,375,000 2,375,000 9,595,274 4,891,574 14,486,848 14.78 2030 4,366,274 1,047,099 5,413,373 266,875 266,875 560,000 78,000 638,000 2,500,000 3,353,250 5,853,250 2,550,000 2,550,000 9,976,274 4,745,224 14,721,498 14.44 2031 3,710,274 895,504 4,605,778 173,000 377,813 550,813 500,000 78,750 578,750 3,045,000 3,247,000 6,292,000 2,950,000 2,950,000 10,378,274 4,599,066 14,977,341 15.74 2032 3,811,274 757,804 4,569,078 264,000 478,080 742,080 500,000 82,500 582,500 3,175,000 3,117,588 6,292,588 3,050,000 3,050,000 10,800,274 4,435,971 15,236,246 15.93 2033 3,290,351 616,066 3,906,417 349,000 579,615 928,615 500,000 86,250 586,250 3,310,000 2,982,650 6,292,650 3,775,000 3,775,000 11,224,351 4,264,581 15,488,932 15.55 2034 3,405,351 490,941 3,896,292 420,000 653,130 1,073,130 500,000 90,000 590,000 3,450,000 2,841,975 6,291,975 3,900,000 3,900,000 11,675,351 4,076,046 15,751,397 16.15 2035 3,430,000 373,254 3,803,254 488,000 683,730 1,171,730 500,000 90,000 590,000 3,595,000 2,695,350 6,290,350 4,150,000 4,150,000 12,163,000 3,842,334 16,005,334 15.63 2036 3,480,000 258,032 3,738,032 531,000 700,020 1,231,020 500,000 90,000 590,000 3,750,000 2,542,563 6,292,563 4,400,000 4,400,000 12,661,000 3,590,614 16,251,614 15.16 2037 2,727,000 152,335 2,879,335 1,045,000 703,125 1,748,125 500,000 90,000 590,000 3,905,000 2,383,188 6,288,188 5,000,000 5,000,000 13,177,000 3,328,648 16,505,648 15.63 2038 215,000 95,520 310,520 500,000 90,000 590,000 4,075,000 2,217,225 6,292,225 655,000 801,900 1,456,900 5,500,000 5,500,000 10,945,000 3,204,645 14,149,645 2039 225,000

0 3,328,648 16,505,648 15.63 2038 215,000 95,520 310,520 500,000 90,000 590,000 4,075,000 2,217,225 6,292,225 655,000 801,900 1,456,900 5,500,000 5,500,000 10,945,000 3,204,645 14,149,645 2039 225,000 90,020 315,020 400,000 60,000 460,000 4,245,000 2,044,038 6,289,038 690,000 765,875 1,455,875 5,500,000 5,500,000 11,060,000 2,959,933 14,019,933 2040 235,000 84,270 319,270 300,000 36,000 336,000 4,425,000 1,863,625 6,288,625 730,000 727,925 1,457,925 5,500,000 5,500,000 11,190,000 2,711,820 13,901,820 2041 240,000 78,273 318,273 200,000 18,000 218,000 4,615,000 1,675,563 6,290,563 770,000 687,775 1,457,775 5,500,000 5,500,000 11,325,000 2,459,610 13,784,610 2042 250,000 71,775 321,775 100,000 6,000 106,000 4,810,000 1,479,425 6,289,425 810,000 645,425 1,455,425 5,500,000 5,500,000 11,470,000 2,202,625 13,672,625 2043 260,000 64,763 324,763 5,000,000 1,275,000 6,275,000 855,000 600,875 1,455,875 5,500,000 5,500,000 11,615,000 1,940,638 13,555,638 2044 270,000 57,475 327,475 5,000,000 1,062,500 6,062,500 905,000 553,850 1,458,850 5,500,000 5,500,000 11,675,000 1,673,825 13,348,825 2045 275,000 49,981 324,981 5,000,000 850,000 5,850,000 955,000 504,075 1,459,075 5,500,000 5,500,000 11,730,000 1,404,056 13,134,056 2046 285,000 41,925 326,925 5,000,000 637,500 5,637,500 1,005,000 451,550 1,456,550 5,500,000 5,500,000 11,790,000 1,130,975 12,920,975 2047 295,000 33,225 328,225 5,000,000 425,000 5,425,000 1,060,000 396,275 1,456,275 5,500,000 5,500,000 11,855,000 854,500 12,709,500 2048 310,000 24,150 334,150 5,000,000 212,500 5,212,500 1,120,000 337,975 1,457,975 5,500,000 5,500,000 11,930,000 574,625 12,504,625 2049 320,000 14,700 334,700 1,180,000 276,375 1,456,375 5,500,000 5,500,000 7,000,000 291,075 7,291,075 2050 330,000 4,950 334,950 1,245,000 211,475 1,456,475 5,500,000 5,500,000 7,075,000 216,425 7,291,425 2051 1,300,000 143,000 1,443,000 5,500,000 5,500,000 6,800,000 143,000 6,943,000 2052 1,300,000 71,500 1,371,500 5,500,000 5,500,000 6,800,000 71,500 6,871,500 2053 2054 2055 2056 2057 2058 2059 Total: 61,797,375 16,027,814 77,825,189 9,715,328 12,007,994 21,723,322 11,827,000 1,355,781 13,182,781 81,400,000 40,365,438 121,765,438 14,580,000 7,175,850 21,755,850 114,650,000 114,650,000 293,969,703 76,932,876 370,902,579 ASSUMPTIONS Issue Date: 11/05/25 Issue Date: 11/05/25 Issue Date: 11/01/28 Issue Date: 11/01/37 First Interest Date: 11/05/26 First

1,755,850 114,650,000 114,650,000 293,969,703 76,932,876 370,902,579 ASSUMPTIONS Issue Date: 11/05/25 Issue Date: 11/05/25 Issue Date: 11/01/28 Issue Date: 11/01/37 First Interest Date: 11/05/26 First Interest Date: 11/05/26 First Interest Date: 05/01/29 First Interest Date: 05/01/38 First Maturity Date: 11/05/26 First Maturity Date: 11/05/26 First Maturity Date: 11/01/29 First Maturity Date: 11/01/38 Final Maturity Date: 11/05/37 Final Maturity Date: 11/05/42 Final Maturity Date: 11/01/48 Final Maturity Date: 11/01/52 Initial Interest Rate: 2.50% Borrowing Rate: 4.50% Borrowing Rate: 4.25% Borrowing Rate: 5.50% Initial Par Amount: 74,123,928$ Par Amount: 5,027,000$ Par Amount: 81,400,000$ Par Amount: 14,580,000$ Structure: BAN Structure: SEN Structure: Structure: Max Useful Life: n/a Max Useful Life: n/a Max Useful Life: 20.10 Years Max Useful Life: 15.00 Years INCLUDES EXISTING BONDS, LOANS & NOTES AND $5.5M ANNUAL CAPITAL PROGRAM Township of West Orange Essex County, New Jersey GENERAL IMPROVEMENT - PRELIMINARY BORROWING ANALYSIS PRIOR TO NEW ISSUES **PROPOSED NEW ISSUES** AFTER NEW ISSUES Pay Go Capital (2029-2052) Aggregate Debt Service Existing Debt Service1 Projected BANs (2025-2037)2 Projected SENs (2025-2042)2 2028 Bonds 2037 Bonds (1) Includes all Current Fund debt including: General Improvement bonds, NJIB loans, debt service on BANs for 2025 and deferred charges (SENs) for 2025. Excludes special assessment bonds debt service. (2) Borrowing rate assumed to increase 0.25% each year. 2025 BAN payments and SEN interest are included in Existing Debt Service. Assumes 2651-21 is reduced by $10.8 million from sale proceeds in 2028 (55 Lakeside) and 2564-19 is reduced by $6.3 million from green acres grant funds in 2028 (Rock Spring). (3) Represents the annual tax impact to the average residential home assessed at $615,472. Calculation based on Total Taxable Valuation of $10,001,287,802. No tax impact assumed for 2025 as budget is already adopted. Reflects tax increases versus highest previous year. No change in tax rate shown for years with debt service declines. Projected BANs (2025-2037) Projected SENs (2025-2042) 2028 Bonds 2037 Bonds Conforming/Level Conforming/Level

2025 170,571,638 6,700,000 800,000 - (15,468,335) (8,631,838) 153,971,466 1.96% 13,450,810 12.5% 2026 153,971,466 5,000,000 500,000 - - (9,931,383) 149,540,083 1.87% 13,705,615 12.5% 2027 149,540,083 5,000,000 500,000 - - (9,739,909) 145,300,174 1.78% 13,975,399 12.5% 2028 145,300,174 5,000,000 500,000 - (17,133,600) (9,755,774) 123,910,799 1.49% 14,246,646 12.5% 2029 123,910,799 2,625,000 500,000 2,375,000 - (7,220,274) 119,815,525 1.41% 12,111,848 10.4% 2030 119,815,525 2,450,000 500,000 2,550,000 - (7,426,274) 115,339,251 1.33% 12,171,498 10.2% 2031 115,339,251 2,050,000 500,000 2,950,000 - (7,428,274) 110,460,977 1.25% 12,027,341 9.9% 2032 110,460,977 1,950,000 500,000 3,050,000 - (7,750,274) 105,160,702 1.16% 12,186,246 9.8% 2033 105,160,702 1,225,000 500,000 3,775,000 - (7,449,351) 99,436,351 1.08% 11,713,932 9.3% 2034 99,436,351 1,100,000 500,000 3,900,000 - (7,775,351) 93,261,000 0.99% 11,851,397 9.2% 2035 93,261,000 850,000 500,000 4,150,000 - (8,013,000) 86,598,000 0.90% 11,855,334 9.0% 2036 86,598,000 600,000 500,000 4,400,000 - (8,261,000) 79,437,000 0.81% 11,851,614 8.8% 2037 79,437,000 - 500,000 5,000,000 - (8,177,000) 71,760,000 0.72% 11,505,648 8.4% 2038 71,760,000 - - 5,500,000 - (5,445,000) 66,315,000 0.65% 8,649,645 6.2% 2039 66,315,000 - - 5,500,000 - (5,560,000) 60,755,000 0.59% 8,519,933 6.0% 2040 60,755,000 - - 5,500,000 - (5,690,000) 55,065,000 0.52% 8,401,820 5.8% 2041 55,065,000 - - 5,500,000 - (5,825,000) 49,240,000 0.46% 8,284,610 5.6% 2042 49,240,000 - - 5,500,000 - (5,970,000) 43,270,000 0.39% 8,172,625 5.4% 2043 43,270,000 - - 5,500,000 - (6,115,000) 37,155,000 0.33% 8,055,638 5.2% 2044 37,155,000 - - 5,500,000 - (6,175,000) 30,980,000 0.27% 7,848,825 5.0% 2045 30,980,000 - - 5,500,000 - (6,230,000) 24,750,000 0.21% 7,634,056 4.8% 2046 24,750,000 - - 5,500,000 - (6,290,000) 18,460,000 0.15% 7,420,975 4.5% 2047 18,460,000 - - 5,500,000 - (6,355,000) 12,105,000 0.10% 7,209,500 4.3% 2048 12,105,000 - - 5,500,000 - (6,430,000) 5,675,000 0.05% 7,004,625 4.1% 2049 5,675,000 - - 5,500,000 - (1,500,000) 4,175,000 0.03% 1,791,075 1.0% 2050 4,175,000 - - 5,500,000 - (1,575,000) 2,600,000 0.02% 1,791,425 1.0% 2051 2,600,000 - - 5,500,000 - (1,300,000) 1,300,000 0.01% 1,443,000 0.8% 2052 1,300,000 - - 5,500,000 - (1,300,000) 0 0.00% 1,371,500 0.7% (1) Adjustments include: (i) the removal of $15.5 million of authorized but not issued debt

(1,300,000) 1,300,000 0.01% 1,443,000 0.8% 2052 1,300,000 - - 5,500,000 - (1,300,000) 0 0.00% 1,371,500 0.7% (1) Adjustments include: (i) the removal of $15.5 million of authorized but not issued debt in 2025 to better reflect the Township’s actual debt profile; and (ii) assume ordinance 2651-21 is reduced by $10.8 million from sale proceeds in 2028 (55 Lakeside) and ordinance 2564-19 is reduced by $6.3 million from green acres grant funds in 2028 (Rock Spring). Year Starting Net Debt Debt Service Carrying Charge DEBT & CAPITAL AMORTIZATION SUMMARY New SEN Authorization Annual Pay-Go Capital Principal AmortizationAdjustments Ending Net Debt Net Debt Percentage Debt Service + Deferred Charges New BAN Authorization