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Paterson borrows $8.68 million for sewer repairs, capital improvements | Paterson Times

Paterson borrows $8.68 million for sewer repairs, capital improvements

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Mayor Andre Sayegh’s administration secured approval from the City Council to borrow $8.68 million for sewer repairs and capital improvement projects.

Council members approved the borrowing measures in a special meeting on Monday night. Below is a breakdown of the bond measures:

  • $4,088,342 for sewer improvements
  • $1,904,761 for sewer improvement tied to the city’s road resurfacing program
  • And $2,691,428 for capital improvements, including improvements to Buckley Park.

Council members had to delay approving another $7 million in borrowing measures on Monday night. They were told the measures had to be approved by the state local finance board. Both measures will be considered next month.

In all, the city is looking to borrow $16 million.

The latest borrowing binge reduces the city’s debt capacity to $72.36 million, according to municipal records. The city had a total debt capacity of $222.54 million or 3.5-percent of its total equalized property valuation of $6.35 billion.

The city will have $150.17 million in outstanding debt after all the measures are passed. Currently, the city spends almost $18 million a year on debt service.

Email: jay@patersontimes.com

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  • Unc

    Keep swiping the Credit Card baby!!!

  • Plumber

    why in the fuck does the city have to borrow money for sewer repair, where does the fucking money that each property owner pays in sewer tax every year / each quarter, unfucking believable, same old bullshit crook motherfuckers, Sayegh and Torres are the same shit the only difference is their fucking height, I'm sick of this shit.

  • Miss jamaica

    Why is Paterson always borrowing. We are one of the transition city that does the most borrowing.
    Why cant we generate revenue in other area to offset some of these cost that is associated with maintaining of the city.
    With most tax payers here only getting a 3 percent increase in pay raises from their employers .
    How will we be able to afford the tax increases when Paterson is borrowing at this rate.
    I strongly believe that the city should find/ hire a very good City Comptroller maybe they will be able to find some area to explore for more revenue.

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