The Morris County Improvement Authority is urging towns and school districts in the county to look into its Capital Equipment Leasing Program before they purchase equipment.
The “guaranteed leasing program,” designed to save tax dollars, is an alternative method of funding capital equipment that is usually financed at taxable rates or funded entirely through a town or school district budget.
Under the MCIA’s program, local governmental entities, including the Morris County government, are able to purchase cars, trucks, fire trucks, school buses, computers and office equipment and other items through the Authority at attractive, tax-exempt rates.
The Improvement Authority issues the bonds, which are guaranteed by the county. This enables the participants to take advantage of the county’s Triple-A bond rating to obtain the lowest possible interest rate and realize direct budget relief.
More information about the Pooled Capital Equipment Leasing Program may be obtained by contacting the Morris County Improvement Authority at 973-285-6020, or by visiting the authority’s Web site, www.morriscountyimprovementauthority.org.
The Morris County Improvement Authority was established by the freeholders in 2002 to give towns and school boards an innovative method of funding needed public projects and saving tax dollars.
Since then, it is estimated nearly $10 million in tax savings has been realized for the entities that have used the authority, including the communities of Butler, Denville, Morris Plains, Morris Township, Morristown and the County of Morris as well as the Boonton, Chester Township, Denville, Jefferson, Morris Hills Regional, Mount Olive, Parsippany, Roxbury and Washington Township school districts.