Monmouth County Open Space Acquisition Trust Fund
MCIA financing enabled the county to enact its 1989, $36 million, voter-approved open space preservation program in half the time, setting aside approximately 2,000 acres of land, and allowing the county to reduce its budget by $1.8 million. The NJ Association of Counties recognized Monmouth County with its Innovative Financing Award for this financing.
Pooled Capital Equipment Lease Program
The MCIA has offered a Pooled Capital Equipment Lease financing program to local governments in Monmouth County every other year since 1991. A total of $223.89 million in bonds have been issued on behalf of 53 Monmouth County governmental entities; 40 municipalities, 10 Boards of Education, 2 Fire Districts and 1 Sewer Authority. Under this program the economies of scale of a joint financing reduces financing costs and the County guarantees these MCIA bonds, creating a AAA credit with lower debt service costs. Aggregate municipal debt service savings realized by participants over the 16 programs is $4,225,202.22
Pooled BANs Program
The MCIA has offered a fixed rate Pooled Government Loan Program to Monmouth County municipalities on an annual basis since 1993. Each transaction permanently finances outstanding Bond Anticipation Notes ("BANs") and unfunded ordinances. With the completion of the 2021B transaction, MCIA has funded $1.1475 billion in loans benefitting 45 municipalities, 8 local authorities, 6 school districts and 2 Fire Districts in 34 transactions under this program. These transactions have generated more than $53.05 million in debt service savings for the participants. Additionally, MCIA has executed refunding of 19 previously issued Governmental Pooled Loan financings through 9 transactions generating interest cost savings of $28.9 million.