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Posted on: July 14, 2016

PASSAIC COUNTY AIDS LOCAL SCHOOLS TO REDUCE SPENDING

Passaic County, NJ – July 14, 2016 – The Passaic County Improvement Authority announced today that the school districts of Hawthorne, Ringwood, Wayne, and West Milford utilized the Passaic County Banc Program to fund school improvements. The Passaic Banc Program offers competitive interest rates to help municipalities and school districts save money on finance fees.

“Through our conservative budgeting practices, Passaic County’s has achieved the highest bond rating in our history,” said Freeholder Director TJ Best. “We are able to use our high credit rating to get reduced interest rates for our municipalities and school districts, which helps them save money.”

Both Hawthorne and West Milford Township utilized the Passaic County Banc Program for the first time to fund equipment necessary for school operations. Hawthorne needed quick financing to install new boilers while school is closed for summer. West Milford purchased four new 25-passenger school buses.

Ringwood and Wayne, already familiar with the benefits of the Passaic County Banc Program, utilized the program again this year. Ringwood schools used the program to purchase a new school bus, replacing a 2005 bus that is no longer operational. Wayne also used the program to acquire buses, as well as furniture, ADA chair lifts, technology equipment and athletic equipment.

The Passaic County Banc Program, backed by the guarantee of Passaic County, is a lease purchase program for government entities designed to save tax dollars. It is an alternative method of funding capital equipment that is usually financed at taxable rates or funded entirely through a town or school district budget. Individual leases are placed with US Bank Corp.

“The Passaic County Banc Program is growing and it’s great to see new entities taking advantage of the program,” said Passaic County Improvement Authority Chairman Dennis Marco. “We are also proud of our quick turnaround, most of these fundings were closed within 2 weeks.”

The BANC program is still accepting applicants. Application forms can be found on our website passaiccountynj.org/banc. For more information on the program, please contact the Passaic County Improvement Authority at (973) 881-4550.

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