Capital Lease Bonds Guaranteed for Red Bank, Shrewsbury

The Monmouth County Board of Chosen Freeholders approved guarantees on capital lease equipment revenue bonds for 15 local government entities during its regular meeting Thursday, July 28 at Rumson Borough Hall.

The local governing bodies participating in the Monmouth County Improvement Authority’s (MCIA) pooled capital equipment lease program include: Asbury Park, Atlantic Highlands, Bradley Beach, Freehold Borough, Freehold Borough Board of Education, Holmdel, Holmdel Board of Education, Howell, Manalapan, Marlboro, Neptune, Red Bank, Shore Regional Board of Education, Shrewsbury, and West Long Branch.

The program, which is offered by the MCIA every two years, allows local entities to pool their equipment needs to reduce costs.

The resolutions passed by the freeholders will afford the participating governments the county’s AAA bond rating, according to Freeholder Director Robert Clifton. The municipalities will be able to obtain more favorable financing as a result, Clifton said.

The county is in effect co-signing on any bonds local entities obtain through the pooled capital equipment lease program, said Craig Marshall, Monmouth County director of finance.

Notes From the Freeholders' Meeting

• The Monmouth County Board of Chosen Freeholders approved plans for the reconstruction of the bridge on Route 18 over Shark River in Wall. Cherry Webber & Associates prepared the specifications, and the resolution allows the project to go out for bid.

The work will consist of complete replacement of a 32 foot-wide, 20-foot long timber structure, according to Monmouth County Engineer Joseph M. Ettore. The estimated cost for replacing the bridge is $1.5 million, which will be paid through the New Jersey 2011 Local Bridge Initiative and through the New Jersey Transportation Trust Fund.

• Monmouth County will partner with Tinton Falls on roadway improvements for Asbury Avenue, Essex Road and Pine Street.

The municipality requested additional pedestrian access along Asbury Avenue, a county road.

Ettore said the town approached the county to add sidewalks to the county’s roadway and drainage improvement project because of the area’s proximity to Seabrook Village.

The estimated cost for additional engineering and design work is $75,000, which would be paid by the borough. Construction of the sidewalks is also estimated to cost $75,000, which would be paid by the county.