NEWS RELEASE

FOR IMMEDIATE RELEASE

Eight Municipalities Participate in the 2007 Capital Equipment Lease Program

May 24, 2007 -- Eight municipalities and the County of Middlesex will save tens of thousands of dollars this year as participants of the Middlesex County Improvement Authority's Capital Equipment Lease Program, which offers pooled, low-cost financing for equipment and vehicles.

The Middlesex County Improvement Authority (MCIA) will complete a $5.8 million bond to help participants acquire public works, office and emergency equipment and vehicles at the lowest possible interest rates. The program, now in its 16th year, has saved the County and municipal participants more than $3.3 million since its inception in 1992.

The bonds are tax exempt and guaranteed by Middlesex County, which enjoys an excellent, AAA credit rating from Standard and Poor’s.

"We encourage all of our municipalities to use this cost-saving measure to pay for necessary equipment," said Richard Pucci, MCIA executive director.

Items in the 2007 bond include police cars, dump trucks, computer and radio equipment and 12 hybrid vehicles – a first for this program. In its first 15 years, the MCIA financed a total of more than $145 million in equipment.

The 2007 participants are Carteret, Edison, Monroe, Old Bridge, Sayreville, South Plainfield, South River, Spotswood and Middlesex County.

Another advantage to the program is that municipalities can lease-purchase needed items without affecting their budget cap – the limit on how much a municipality is allowed to increase its budget each year.

In order to qualify for the program, lease-purchase equipment must have a useful life of at least five years (three years for items such as police cars and inspection vehicles).

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