Welcome to the Morris County Improvement Authority website.
||Benedict A. Cucinella
By financing through the
MCIA, the board saved
between $75,000 and
Since the Improvement Authority was established in 2002 by the Morris County Board of Chosen Freeholders (now County Commissioners), it has been providing municipalities, school districts and the county itself with innovative and cost-effective methods of funding projects and saving tax dollars at the same time.
By using the MCIA and the county’s AAA Bond rating to finance such projects as equipment and vehicle purchases or leasing and even school and municipal construction, local officials may be able to spend fewer dollars and thereby reduce the property tax burden on their residents.
In its first 10 years, the Improvement Authority transacted more than $204 million worth of construction and refinancing loans for school districts and local governments in the county, saving them approximately $15.4 million in debt service as a result of pooling transactions. Of that, one-third, or nearly $5.3 million can be directly attributed to leveraging Morris County’s AAA bond rating to enhance the savings.
The MCIA has also helped towns and school districts borrow money at low-interest rates to finance needed equipment through its Guaranteed Capital Equipment Lease Program. Under this program, since 2004, low-interest loans totaling $32 million have been facilitated by the MCIA for 24 school districts and five municipalities enabling them to secure funding for equipment ranging from school buses, vans, and public works vehicles to computers.
Now, as Shakespeare advised, neither a borrower nor lender be, but if you if have to borrow the Morris County Improvement Authority should be strongly considered.
I invite you to browse our website and learn more about how the Morris County Improvement Authority is helping communities meet the needs of their citizens.
Thomas J. Mastrangelo