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Township Borrows $1 Million for Hurricane Sandy Expenses

The township got a .95 percent maturity interest rate

As of Dec. 21, Lacey Township borrowed $1 million for hurricane-related assessment and damage, Township Administrator and Municipal Clerk Veronica Laureigh said at Thursday’s Committee meeting.

The emergency appropriation was approved unanimously at the Dec. 13 Committee meeting.

The township got a .95 percent maturity interest rate, Laureigh said.

The township will have to pay back a fifth of the money in each year’s budget for the next five years, Laureigh previously said. The township will have to pay back $200,000 in next year’s budget, she said.

As of Dec. 13, $343,000 was spent on debris management pickup, not including the final collection date, and approximately $400,000 on overtime. Those costs don’t include the tree contractor, a fence maintenance repairer, equipment repair costs and other expenses, Laureigh had said.

All hurricane-related expenses will be submitted to FEMA, which will then determine what costs are reimbursable, Laureigh said. The township doesn't expect to see any reimbursement until the summer at the earliest.

Funds from the emergency appropriation can only be used for hurricane sandy-related expenses. Leftover money will be canceled, she said.

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