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Good Question

A reader writes:

Mantoloking isn’t bonding for the FEMA money. This is from your APP post:
“Phoenix Advisors, the borough’s financial consultant, estimates the tax impact per home would be $302.29 a year. Mantoloking would bond $3 million for the project, and also use $1 million in federal FEMA grant funds, $427,000 from an account for beach replenishment, and $396,000 in money left over from a school account when the borough still had a school board, to pay for the project. Also included in the funding package would be $150,000 in insurance proceeds, $24,000 left over in an account to celebrate the borough’s centennial, and $3,000 in miscellaneous donations.”
So why do we have to bond for money we’re supposed to get from FEMA?  Anyone know?

One Comment

  1. Anonymous wrote:

    the “people tree” accepts offerings daily, maybe even nightly if one choses. bonding requires professionals, lending institutions, administrative personnel, etc, etc, etc. It’s for job creation which begets spending in beautiful downtown Belmar, don’t you know?

    Wednesday, July 8, 2015 at 1:37 pm | Permalink

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