The Borough applied to the New Jersey Infrastructure Bank for a low interest loan to reduce the debt service costs for money borrowed to building this treatment system. This application was approved. The [package includes $1 million in principal forgiveness as well as lowinterest borrowing.
The Borough Council on 12/1/2021 approved Resolution R-164-21 which authorized the hiring of Litigation Counsel to bring legal action against the manufacturers of PFOA and PFOS to recover all or a portion of the cost of the treatment process. This litigation is ongoing.
Any residual cost of the treatment system - whatever is not covered by the low-interest loans or recovery from the lawsuit - will be funded by the issuance of bonds.
The Borough has adopted a rate increase of 13% for 2023 and anotehr 13% increase for 2024 as the first step toward covering the project costs. It is expected that another substantial rate increase wil be required in 2025 to pay for the debt service on the loans as well as the operating costs of this system.