Passaic County, NJ – June 16, 2014 – The Passaic County Improvement Authority announced today that
Ringwood Board of Education has taken advantage of the competitive interest rates provided by Passaic
County Banc Program.
This is the first time the Ringwood school district has participated in the program. “We invite the Ringwood Board of Education to continue to utilize the Passaic County Banc Program” said Passaic County Improvement Authority Chairman Dennis Marco.
The Passaic County Banc Program, backed by the Guarantee of the County, is a lease purchase program 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.
“The county is helping local governments save money that can be passed along to taxpayers. The savings come from the tax advantages inherent in financing through the Passaic county Banc Program. This program is focused on helping local governments by offering them cost efficient financing alternatives,” said Freeholder Bruce James, Chair of the Finance & Administration Committee.
According to Business Administrator, Warren Mitchell, the district will use the financing, that otherwise would have received taxable financing, to purchase two school buses. “The district received a very competitive interest rate through the program. The application process was simple and we receive quick responses to our questions. The district will definitely use the program in the future for equipment purchasing and capital projects” said Mitchell.
Passaic County Banc funding remains available to governmental entities within Passaic County on a first come first serve basis through the end of this year. For more information on the program, please contact the Passaic County Improvement Authority at (973) 881 – 4550.