Franklin plans to borrow $1.6M for road project


Make text smaller Make text larger




"This is one of those hard decisions people elect us to make."
Franklin Councilman Nick Giordano

FRANKLIN — Franklin is already a year behind on last year’s proposed 11-year plan to repair all borough roads and Administrator Jim Kilduff said it’s going to take a $1.6 million loan to help the borough catch up.

The council voted unanimously to adopt a motion and turn it into an ordinance to authorize borrowing the money.

The borough received a grant from the New Jersey Department of Transportation to start the project, but Franklin's contribution also needs to be substantial. The project failed to get off the ground when only $275,000 of the necessary $400,000 was budgeted for the first year.

The $1.6 million will get the borough back on track with the plan and take it through 2016, when enough of the debt will be paid off so the borough can borrow more in order to complete the project without raising its debt ceiling.

“We have a lot of ability to borrow,” Chief Financial Officer Monica Miebach said, noting that Franklin is well below the allowable debt limit. While she said she doesn’t condone borrowing up to that limit, this bond will still leave the borough plenty of head room.

Council members were hesitant to commit to the loan, but weighed it against the necessity of new roads, many of which have already outlived their 10 to 15-year lifespan.

“Whenever we have this conversation about debt it’s a hard pill to swallow,” Councilman Joe Limon said.

“There are times you have to take out a mortgage, Mayor Paul Crowley said. “This is one of them. We can’t just keep fixing potholes.”

Councilman Dave Fanale echoed the sentiment.

“This all needs to get done," he said. If there’s no money in the account, we need to go out and borrow.”

There will be a public hearing before the ordinances final reading at a future council meeting.

Make text smaller Make text larger

Comments

Pool Rules



MUST READ NEWS

Sussex County Prosecutor's Office
Dec. 4
John I. Phalon, 33, of Sussex pleaded guilty to third-degree Uttering a Forged Instrument.
Sentencing is presently scheduled for Jan. 26, 2018.
The defendant...

Read more »

Crystal Springs offers Christmas menu
Crystal Tavern’s three-course Christmas menu ($69, $98 with wine pairing) features starters such as the creamy Pheasant...
Read more »

Anzelone named top producer
Kevin Colman, President of BHHS Gross and Jansen Realtors is proud to announce
Peter “Pete” Anzelone is...

Read more »
Image

Church plans annual Christmas cantata
The Holy Counselor Lutheran Church in Vernon, is presenting their tenth Annual Christmas Cantata on Saturday afternoon, Dec. 16,...
Read more »

VIDEOS



E-NEWSLETTER

Sign up to get our newsletter emailed to you every week!

  • Enter your email address in the box below.
  • Select the newsletters you would like to subscribe to.
  • Click the 'SUBSCRIBE' button.

* indicates required
Community Newspapers


MOST READ

Entertainment
Capitol Steps to perform in Morristown
  • Dec 8, 2017
Entertainment
Rick Springfield to perform solo
  • Dec 8, 2017
Local News
Anzelone named top producer
  • Dec 11, 2017
Entertainment
Church plans annual Christmas cantata
  • Dec 11, 2017

MOST COMMENTED



Weather in Lafayette, NJ