Millburn Township, NJ Board of Education

CUSIP: 600225LB0

NAME: Millburn Township, NJ Board of Education, (the “District”)

COUPON: 4.00%

MATURITY: 8/1/2039

BONDHOLDER SECURITY: The district's full-faith-and-credit pledge of ad valorem taxes levied on real property within the district, without limitation as to rate or amount, secures the bonds. The New Jersey Fund for the Support of Free Public Schools program also supports the bonds.

USE OF BOND PROCEEDS: to finance school improvements for the next 2-3 years.

RATINGS: AAA (S&P)

OBLIGOR PROFILE: The District, covering pre-K to 12th grades, is co-terminus with the Township of Millburn, NJ which is located 21 miles west of New York City.  Local property taxes from an affluent residential base comprise 85% of the District’s revenues; state aid is only 14%. . With a population of 20,296, the District’s wealth and income indicators are approx. 200% of the national averages. Approx. 12% of the District’s assessed valuation is derived from the top 10 leading taxpayers. 66% of the District’s direct debt is scheduled to mature in 10 years.

(Source: Standard & Poor’s Report dated Oct. 10, 2016)

 

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