Slide 1

Original Bond to be Refunded2005$705,000 + 2017 (12 years)Various Street$200,000(20 years)Fire Equipment$15,000(5 years)Police SUV$25,000(5 years)Street Sweeper$165,000(15 years)Drainage Project$155,000(15 years)Skill Street Loader/Mower$35,000(5 years)Public Works Equipment$110,000(5 years)Closing/Section 20 costs$150,000Grant money$100,000Downpayment$30,250

Various Street$200,000(10 years)Finger Printing System$31,000(5 years)Improve to Boys/Girls Club$350,000(15 years)Closing/Section 20 costs$150,000Downpayment$29,050

2005$581,000 + 2017 (12 years)Original Bond to be Refunded

Original Bond to be RefundedVarious Streets$500,000(20 years)Fire Equipment$30,000(5 years)Police MDT$30,000(5 years)Auto Refuse System$1,200,000(15 years)Curbing & Sidewalks$15,000(10 years)Fire Truck$430,000(10 years)Public Works Equipment$35,000(5 years)Closing/Section 20 Costs$150,000Downpayment$112,000

2006$2,240,000 + 2020 (14 years)

Original Bond to be RefundedVarious Streets$500,000(10 years)Public Works Dump Truck$125,000(15 years)Police MDT$30,000(5 years)Auto Yard Waste$500,000(15 years)Various Improvements Norris$50,000(10 years)Public Works Tractor$35,000(5 years)Closing/Section 20 Costs$150,000Downpayment$62,000

2007$1,240,000 + 2019 (12 years)

Original Bond to be RefundedOpen Space$980,000(40 years)Lot 1 on Townships Official Tax MapBorders Heritage, Jackson, and Breakneck Roads Acquisition of 123 Acres of Property Part of the Townships Official Open Space and Recreation Program in Partnership with County of GloucesterClosing/Section 20 Costs$50,000Downpayment$50,000

2007$980,000 + 2047 (40 years)

40 Year Payout? why so long? Now is it 17 1/2 not our 2 Cent per 1,000.00 of assed values to be put aside to save this land. So why are we now bonding it?5Original Bond to be RefundedLighting System Chestnut Park$150,000(15 years)Closing/Section 20 Costs$30,000Downpayment$8,000

2007$150,000 + 2022 (15 years)

Refund Bond of 20082008 Bond $5,504,000

Refund Bond of 2008New Projects $91,300Issue Price $5,657,191.13

Bond Legislation

Taxes CollectedAlmost $45 million collected in taxes in 2009.

12Housing Units in MantuaAt the time of the last census survey, there were 5,411 total housing units in Mantua.

Source: AmericanTowns.com

Here is our solution!!!!!

13

8038-G

Form OMB No. 1545-0720

Department of the TreasuryInternal Revenue Service If Amended Return, check here Reporting Authority

2 Issuers employer identification number (EIN) 1 Issuers name

4 Report number (For IRS Use Only) 3 Number and street (or P.O. box if mail is not delivered to street address) 3

6 Date of issue 5 City, town, or post office, state, and ZIP code

8 CUSIP number 7 Name of issue

Part I

(Rev. May 2010)

Room/suite

10 Telephone number of officer or other person

9 Name and title of officer of the issuer or other person whom the IRS may call for more information

( )

Information Return for Tax-Exempt Governmental Obligations Under Internal Revenue Code section 149(e)

See separate instructions. Caution: If the issue price is under $100,000, use Form 8038-GC.

Type of Issue (enter the issue price) See instructions and attach schedule

If obligations are in the form of a lease or installment sale, check box

Education

11 Health and hospital

12 13 Transportation

Public safety

14 Environment (including sewage bonds)

15

Housing

16 Utilities

19

Other. Describe

20

Description of Obligations. Complete for the entire issue for which this form is being filed.

(e) Yield

(d) Weightedaverage maturity

(a) Final maturity date

(b) Issue price

(c) Stated redemptionprice at maturity

$ % years

Uses of Proceeds of Bond Issue (including underwriters discount) 22 Proceeds used for accrued interest

21

23 Issue price of entire issue (enter amount from line 21, column (b))

22

24 Proceeds used for bond issuance costs (including underwriters discount)

23

25 Proceeds used for credit enhancement

24

26 Proceeds allocated to reasonably required reserve or replacement fund

25

27 Proceeds used to currently refund prior issues

26

Total (add lines 24 through 28)

29 29 Nonrefunding proceeds of the issue (subtract line 29 from line 23 and enter amount here)

30 30

Description of Refunded Bonds (Complete this part only for refunding bonds.) years Enter the remaining weighted average maturity of the bonds to be currently refunded

31

33 Enter the last date on which the refunded bonds will be called (MM/DD/YYYY) Enter the date(s) the refunded bonds were issued (MM/DD/YYYY)

34 For Privacy Act and Paperwork Reduction Act Notice, see separate instructions. Form 8038-G (Rev. 5-2010)

Part III

Part V

Part IV

Part II

Cat. No. 63773S

11 12 13 14 15 16

28 Proceeds used to advance refund prior issues

28

years Enter the remaining weighted average maturity of the bonds to be advance refunded

32

17 18

17 18

$

27

If obligations are TANs or RANs, check only box 19a

If obligations are BANs, check only box 19b

SENATE, No. 70

STATE OF NEW JERSEY 214th LEGISLATURE

PRE-FILED FOR INTRODUCTION IN THE 2010 SESSION

Sponsored by: Senator MICHAEL J. DOHERTY District 23 (Warren and Hunterdon) Senator STEVEN V. OROHO District 24 (Sussex, Hunterdon and Morris) Co-Sponsored by: Senator Pennacchio SYNOPSIS Requires public referendum prior to issuance of general obligation bonds by local units. CURRENT VERSION OF TEXT Introduced Pending Technical Review by Legislative Counsel