FINANCING: IMPROVING MIDDLESEX COUNTY AND SAVING MONEY FOR MUNICIPALITIES
The MCIA’s pooled financings provide municipalities and the County with low-cost bonds to secure much-needed equipment and public facilities.  The advantages of these pooled financing programs have included:

Some examples of MCIA financings:

New Brunswick Apartments Project
In December 2002, the MCIA issue $15 million in tax-exempt revenue bonds to pay a portion of the cots of renovation and construction of the New Brunswick Project, located adjacent to Rte. 18.  Silver Street Development Corporation purchased and remodeled the 206 units that comprise the complex. The renovations include rehabilitating and modernizing the property and making needed repairs and other improvements that will keep the property in the marketplace as affordable housing. The apartments are reserved for families with income at or below 60% of the local median family income.

Proceeds from the bond issue were used to acquire and renovate the apartments, paid for a portion of interest on the bond during renovation, fund various required reserve accounts and paid a portion of the costs of issuing the bonds.

Capital Equipment and Improvement Revenue Bonds, Series 2009
Six municipalities and the County of Middlesex took advantage of the County's Triple A bond rating to finance computers, dump trucks, a garbage truck, an ambulance, emergency management equipment, a road reconstruction and many other items. This 2nd series of the Capital Equipment and Improvement Revenue Bonds totals $14,425,000 and closed in late September.

Carteret, Highland Park, Monroe, Sayreville, South Amboy and Spotswood benefited from the low-cost, flexible, county-guaranteed financing.

To date, the 17 years of issuing Capital Equipment Lease Revenue Bonds and this second year of the Capital Equipment and Improvement Revenue Bonds have financed more than $179 million in equipment purchases. These financings have saved participants over $3 million in equipment costs and debt service as a result of being able to finance equipment at tax-exempt interest rates and the County's excellent bond rating.