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Legislation Details
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Type:
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Resolution
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Status:
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Passed
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On agenda:
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1/7/2026
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Final action:
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1/7/2026
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Enactment date:
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1/7/2026
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Enactment #:
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R-26-0007
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Title:
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RESOLUTION AUTHORIZING DEBT SERVICE APPROPRIATIONS FOR THE PERIOD BETWEEN JANUARY 1, 2026 AND THE ADOPTION OF THE COUNTY OF PASSAIC'S 2026 BUDGET, PURSUANT TO N.J.S.A. 40A:4-19
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Attachments:
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1. Cover Page
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title
RESOLUTION AUTHORIZING DEBT SERVICE APPROPRIATIONS FOR THE PERIOD BETWEEN JANUARY 1, 2026 AND THE ADOPTION OF THE COUNTY OF PASSAIC’S 2026 BUDGET, PURSUANT TO N.J.S.A. 40A:4-19
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WHEREAS the County of Passaic (“County”) is a body politic and corporate pursuant to N.J.S.A. 40:18-1, et seq. and vested with all rights contained therein; and
WHEREAS, pursuant to N.J.S.A. 40:20-1 the Board of County Commissioners for the County of Passaic (“Board”) is vested with managing the property, finances, and affairs of the County; and
WHEREAS, pursuant to N.J.S.A. 40A:4-19, the Board may, if any contracts, commitments, or payments are to be made prior to the adoption of the budget, by resolution adopted within the first thirty days of the beginning of the fiscal year, make appropriations to provide for the period between the beginning of the fiscal year and the adoption of the budget; and
NOW, THEREFORE, LET IT BE RESOLVED, pursuant to N.J.S.A. 40A:4-19, the Board of County Commissioners of the County of Passaic authorizes the following temporary debt service appropriations for the period between January 1, 2026 and the adoption of the County of Passaic’s 2026 Budget:
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PAYMENT BOND PRINCIPAL |
45-920 |
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COUNTY COLLEGE BONDS |
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4,100,000.00 |
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STATE AID COLLEGE BONDS |
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2,200,000.00 |
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VOCATIONAL SCHOOL BONDS |
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3,200,000.00 |
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OTHER BONDS |
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21,000,000.00 |
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Total Payment Bond Principal: |
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30,500,000.00 |
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INTEREST ON BONDS |
45-930 |
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COUNTY COLLEGE BONDS |
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600,000.00 |
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STATE AID COLLEGE BONDS |
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400,000.00 |
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VOCATIONAL SCHOOL BONDS |
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1,050,000.00 |
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OTHER BONDS |
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3,900,000.00 |
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Total Interest On Bonds: |
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5,950,000.00 |
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INTEREST ON NOTES |
45-935 |
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1,468,000.00 |
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PASSAIC COUNTY UTILITIES AUTHORITY |
45-936 |
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4,115,000.00 |
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PCIA LOANS |
45-939 |
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Loan Repayment for Principal and Interest |
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Preakness Healthcare Center |
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5,400,000.00 |
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Nike Base (DPW Facility) |
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1,375,000.00 |
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Total PCIA Loans: |
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6,775,000.00 |
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TOTAL DEBT SERVICE BUDGET |
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48,808,000.00 |
LET IT BE FURTHER RESOLVED that the Chief Financial Officer, County Administrator, County Counsel, and County Treasurer are authorized to take any and all action to carry out the purposes of this resolution.
January 7, 2026
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