Middlesex Cty. sells bond notes, obligation bonds

Middlesex County Freeholder Director David B. Crabiel, chair of the county's Administration and Finance Committee, announced Middlesex County sold $34.85 million in bond anticipation notes and $20.69 million in general obligation bonds.

The profits from the notes will be used to temporarily finance a loan made to the Sayreville Economic and Redevelopment Agency (SERA) for the redevelopment of the National Lead site in Sayreville, which the county will recover from SERA.

The bonds are paid from monies in the county's Open Space Trust Fund that are generated by the county's 3-cent Open Space Tax, which voters approved in two separate votes. The county took advantage of recent market conditions and refinanced these bonds. The county is expected to save $2.2 million in interest over the life of the bonds.