Paterson preparing to borrow $14.48 million for various projects
By Jayed Rahman
Published: November 9, 2016
Mayor Jose “Joey” Torres’ administration is seeking City Council approval to borrow $14.48 million to pay for sewer repairs, road resurfacing, communications system upgrade, building demolitions, lawsuit settlement, and workers compensation claims, according to city records.
Half of the money being borrowed will go towards repairs to the city’s antiquated sewer system which discharges sewage into the Passaic River in downpours and snowmelts. The second biggest amount being borrowed will be used to settle the lawsuit that stemmed from Torres’ alleged retaliation against police officer Jeffrey Heffernan and pay for 34 workers compensation claims, according to city records.
The council was presented with the bond ordinances last week:
- $3 million will be used to pay the settlement in the Heffernan case and pay out 34 workers compensation claims
- $438,108 will be borrowed for road repairs
- $7.72 million will be used to handle sewer repairs
- $1.98 million for building demolitions
- $1.33 million for public safety communications system upgrades.
This latest round of borrowing will push the city’s debt to $129.19 million. Paterson has a debt capacity of $228.51 million, according to city records.
Council members have not yet acted on the five new bond ordinances.
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