NEWS RELEASE

FOR IMMEDIATE RELEASE

Middlesex County Improvement Authority
Completes $6.28 Million Bond Sale

September 17, 2007 -- The Middlesex County Improvement Authority (MCIA) sold $6,285,000 in County Guaranteed Capital Equipment Lease Revenue Bonds to fund the 16th series of its highly successful pooled, low-cost financing program. The Sept. 6 sale yielded 3.89 percent.

The bonds were sold to support the capital equipment needs of the County and eight municipalities. These entities save taxpayer dollars when purchasing large equipment because of the tax-exempt status of the bonds coupled with the guarantee of Middlesex County, which enjoys an excellent AAA bond rating from Standard and Poor's.

MCIA Chairman Leonard J. Roseman said the program is an attractive financing alternative for the County's municipal participants because "it affords them the opportunity to obtain lower interest rates in the marketplace by leveraging the strong bond rating and payment guarantee of the County in a single financing."

Items lease purchased through the program include fire trucks, ambulances, police cars, computer equipment, and for a first time this year, hybrid vehicles.

To date, the MCIA has financed more than $150 million in equipment needs during the 16 years of the Capital Equipment Lease Program providing millions of dollars of financing savings to its participants.

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

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