business

Bond Refinancing Helps MUA Users

SWAINTON - A refinancing of two previous bond issues covering all phases of construction of the Cape May County Municipal Utilities Authority's four regional wastewater treatment plants will save users 10 percent on their rates by the time the full issue takes effect in 1996. According to MUA Executive Director George Marinakis, the MUA had two bond issues out last year: the first, for nearly $71 million, was set at a fixed rate of nearly 9 percent, and the second, for $92.7 million, was on a variable rate schedule. CCC Slates 11 Courses In Evening VINELAND — At Cumberland County College, learning doesn't stop when the sun goes down. Eleven evening courses will be featured during the first summer session, May 19 through June 30. Evening courses offered include Small Business Management, Personnel Management, Introduction to Microcomputers with BASIC, Applications on the Microcomputer, Principles of Economics. English Fundamentals, Short Story , Calculus I , Microbiology, Principles of Science and Introduction to Sociology. First summer session registration will be held in the college Records Office 9 a.m. to 4 p.m. until May 2. In addition to these times, students may also register 4 to 7 p.m. May 1. For further information, call 691-8600, ext. 223.

"BECAUSE OF very favorable market conditions, the interest rate on tax exempt bonds has come down very quickly,'" Marinakis explained. "The decision was made to take advantage of the currently available low interest rates and fix the rates on both previous bond issues now." After daily negotiations for nearly a week, the authority managed to lock in at a net interest rate of 7.30 percent for the 30-year life of the two issues, including\ the cost of refinancing. Catherine Eschbach, vice president of PublicResources Advisory Group, the authority's financial consultants, said the $92.7 million refinancing will save the MUA more than $40 million in net value interest costs, while the $71 million issue will save over $1 million. '•THERE'LL BE an average annual saving to the authority of approxCedar Lane Open Under New Owners 1 CLERMONT - Cedar Lane Enterprises, on Route 9 here, has been purchased from John Young by Rosalie and Julian Busgang of Burleigh, and is now open for business. Cedar Lane Enterprises operates the Cedar Lane Agway gas station, selfstorage units and three public tennis courts. An outdoor flea market is being readied for a May opening and a used furniture store and fishing shop will open April 21. Busgang said. Workshops On Profits AVALON — An informational workshop entitled "Controlling for Profit", sponsored by the county Chamber of Commerce, will be held 9-11:30 a.m. Monday, May 19, at the Whitebrier Inn, 260 20th St. Guesti speakers at the seminar will be representatives |»f Automatic Date Processing; Tracey Heun Brennan and Sherrick. and First Jersey Bank. For further information, contact Bob Patterson, chamber executive director, at 465-7181. Penny Party GOSHEN ! - Crescent Council 61, Daughters of America,. will host a penny party at its hall on Route 47 7 p.m. Monday, April 28. All are invited.

imately $2.47 million after 1996," Eschbach said, "and the overall reduction in the gross debt service will be $55.2 million over the life of the bonds." Under a complicated financing arrangement, the original $92.7 million variable rate bond issue will be retired in 1989, which will produce an 8 percent reduction in the projected user charges at that point, while the $71 million fixed rate issue will

be retired in 1996 for an additional 2 percent savings. "THIS WILL mean a saving of $17 per household annually when the fic^t issue is retired," said Herbert A. VandePol. vice chairman of the MUA, "and an additional saving of $2.60 per household when the second issue is retired in 1996." This translates into a overall saving of 10 percent once last Friday's refunding bond issues takes full effect, VandePol said.

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