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The program offers competitive interest rates to help municipalities and school districts save money on finance fees.
“Through our conservative budgeting practices, Passaic County has achieved the highest bond rating in our history,” said Freeholder Director TJ Best. “We are able to use our high credit rating to get reduced interest rates for our municipalities and school districts, which helps them save money.”
Both Hawthorne and West Milford Township utilized the program for the first time to pay for equipment necessary for school operations. Hawthorne needed quick financing to install new boilers while school is closed for summer. West Milford purchased four new 25-passenger school buses.
Ringwood and Wayne, already familiar with the benefits of the program, utilized it again this year. Ringwood schools purchased a new school bus, replacing a 2005 bus that is no longer operational. Wayne also used the program to acquire buses, as well as furniture, ADA chair lifts, technology equipment and athletic equipment.
The Passaic County Banc Program, backed by the guarantee of Passaic County, is a lease-purchase program for government entities designed to save tax dollars. It is an alternative method of paying for capital equipment usually financed at taxable rates or purchased through a town or school district budget. Individual leases are placed with US Bank Corp.
“The Passaic County Banc Program is growing and it’s great to see new entities taking advantage of the program,” said Passaic County Improvement Authority Chairman Dennis Marco. “We are also proud of our quick turnaround, most of these fundings were closed within 2 weeks.”
The program still is accepting applicants. Application forms can be found here. For more information on the program, please contact the Passaic County Improvement Authority at (973) 881-4550.
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