County OKs renewable energy bonds

NEWTON — The Sussex County Board of Chosen Freeholders unanimously indtroduced a $3.2 million bond ordinance regarding renewable energy projects, with the renewable energy program of the Morris County Improvement Authority. Around $3 million of bonds or notes will be issued.
Freeholder Richard Vohden was absent.
Freeholder Jonathan M. Rose later said it was widely reported incorrectly the freeholder board took around $6.9 million in debt last year to bail out the solar project. Actually, the freeholder board took on $10 million in additional debt: $6.9 million from the Homestead sale money, along with a $3.1 million loan from Power Partners Mastech, at 0 percent interest. Rose added, had the “build out” of the solar project occurred on schedule last year, which it did not, the Mastech loan would have been offset by a federal grant.
Rose further explained as of June 1,the $3.1 million Mastech loan would begin to accrue 1 percent interest per month. Rose added the county is taking the $3.2 million bond to pay Mastech back; the new bond will cost the county roughly a 2 percent yearly interest rate. The federal grant can be applied for after the solar project is completed, but the revenue offset will probably be a percentage of the total amount.
In response to several Sussex County residents asking for answers regarding the solar project, Sussex County Attorney John D. Williams suggested residents read the arbitrator's decision, before the findings of fact, on the website for a good overview.
Williams also said the Independent Prosecutor A. Matthew Boxer asked for documents from the county. Next, there will be interviews with county personnel regarding the solar project.
Sandyston resident Glen Hull asked to see the revenues that have been generated from the working solar projects.
Freeholder Deputy Director Carl F. Lazarro agreed residents should see the school solar revenues returned to them in school budgets, because the taxpayers funded the projects.
Graham said when he became a freeholder in 2013, talk about solar, which began in 2011, was about using the finances and credit ratings of others, not panels, electrical, and pylons. He added the county should build out as much of the project as possible, to have revenue to put against the bonds.
Rose said the ground mounts are in process at Hardyston Middle School; and the Sussex County Technical School ground mounts should be completed by mid-to-late June, along with Kittatinny High School and Sparta Board of Education inter-connector agreements. He added, the racking has to be redone at the Sussex County Community College, because they were installed improperly.
Rose continued, Hardyston Elementary School decided to pull out, a loss of an additional 186 kilowatts. Now the county is down 700 kilowatts, including the 500 kilowatts lost from Sparta High School.
Other bonds unanimously approved were: the final adoption of $3 million for 2016 capital improvements at certain facilities of Sussex County Community College, with the principal and interest being entitled to state aid; around $6.3 million for various 2016 capital improvements by and in the county of Sussex, authorizing around $6.0 million in bonds or notes; around $2.4 million for 2016 general capital improvements for the Sussex County Technical School, including a $976,000 grant from the state of N.J., authorizing the issuance of under $1.5 million bonds or notes.