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THE OBSERVER | WEDNESDAY, AUGUST 14, 2013

Borough bond sales draws low interest rate The Borough of North Arlington sold more than $7.63 million in bonds this week, at an extremely competitive 2.75 percent interest rate, which, officials say, will save taxpayers approximately $375,000 in interest costs over the life of the bonds. The bond sale represents a consolidation of outstanding debt, which was approved by the council majority last month. At the time Council President and Finance Committee Chairman Al  Granell said the borough needed to act quickly to take advantage of historically low interest rates and avoid the costs associated with rolling over two temporary notes that are due to expire this month. The $7.63 million bond sale rep-

resents no new borrowing, but merely consolidates existing debt of some 25 different purchase and improvement projects into one low interest, 14 year bond. “I am extremely pleased by the interest rate we were able to get in the bond market and excited that we can pass along even more savings to the taxpayers than anticipated, said Granell. The council president said besides the savings over the life of the bonds, the borough will be spared the cost of rolling over  temporary notes to finance debt. The good financial news comes on the heels of an A+ e rating of the borough’s finances by Wall Street. Mayor Peter Massa said the favorable interest rate on the bonds demonstrates

the confidence investors have in the borough’s finances. “My administration has worked very hard through some lean recession years to control spending and debt levels and now we are reaping the reward of that management plan,” said Massa. The mayor said the bond sale allows the borough to  more effectively manage debt in the coming years and limit the impact on taxpayers. Councilman Peter Norcia, who has been assigned to work on a redevelopment plan for the borough with the New Jersey Meadowlands Commission, noted that with the debt plan in place, the borough can move aggressively to market the community and attract developers to town.

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Educational Department chair and several members and are then selected on the basis of interest, community service and participation in school activities. Amaral is president of SAAD, vice president of the class of 2014, is active with the Student Government Association, REACH (Responsible Educated Adolescents Can Help), the Student Board, and ERASE (Ending Racism and Sexism Everywhere.) She is also on the crew and soccer teams. Gonzalez is the Student Government’s recording secretary, a

member of SAAD, Municipal Alliance Junior Representative, Student Board, National Honor Society, Fishing Club and is also on the crew team. GCI offers a “mini college experience” at Douglass College on the campus of the University of Rutgers. Delegates experience a sample of college life by living in a dorm, eating in a cafeteria, attending lectures and workshops. They learn about career choices from volunteer professional speakers and how to network with other delegates from all over the state. 

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KHS students attend Girls Career Institute Arlington Woman’s Club recently sponsored Kearny High School students Cati Amaral and Tiffany Gonzalez to attend Girls Career Institute at Douglass College, New Brunswick. Girls’ Career Institute is an annual program held at Douglass College and sponsored by the NJSFWC for high school junior girls to explore women’s issues and encourage awareness to contemporary problems.   Prospective delegates are recommended by the Kearny High School Guidance Department and interviewed by the Arlington Woman’s Club

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31

Aug. 14, 2013 Edition of The Observer  

Serving Kearny, Harrison, East Newark, North Arlington, Lyndhurst, Belleville, Nutley and Bloomfield in our 126th year.

Aug. 14, 2013 Edition of The Observer  

Serving Kearny, Harrison, East Newark, North Arlington, Lyndhurst, Belleville, Nutley and Bloomfield in our 126th year.