NEW ISSUE Book Entry Only RATED: S&P Global Ratings: AAA Moody s Investors Service: Aaa

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1 NEW ISSUE Book Entry Only RATED: S&P Global Ratings: AAA Moody s Investors Service: Aaa In the opinion of Bond Counsel to the County, assuming continuing compliance by the County with certain tax covenants described herein, under existing law, interest on the Bonds is excluded from the gross income of the owners of the Bonds for federal income tax purposes pursuant to Section 103 of the Internal Revenue Code of 1986, as amended (the "Code") and interest on the Bonds is not an item of tax preference under Section 57 of the Code for purposes of computing alternative minimum tax. In the case of certain corporate holders of the Bonds, interest on the Bonds will be included in the calculation of the alternative minimum tax as a result of the inclusion of interest on the Bonds in "adjusted current earnings" of certain corporations. Under existing law, interest on the Bonds and net gains from the sale of the Bonds are exempt from the tax imposed by the New Jersey Gross Income Tax Act. See "TAX MATTERS" herein. $8,420,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2016 COUNTY OF SOMERSET, NEW JERSEY Dated: Date of Delivery Due: August 1, as shown below The $8,420,000 General Obligation Refunding Bonds, Series 2016 (the Bonds ), will be issued by the County of Somerset, New Jersey (the "County") in fully registered form and, when issued, the Bonds will be registered in the name of Cede & Co., as nominee for The Depository Trust Company, New York, New York ("DTC"), an automated depository for securities and clearinghouse transactions, which will act as securities depository for the Bonds. Individual purchases will be made in book-entry form (without certificates) through DTC Participants, as hereinafter defined, in the principal amount of $1,000 or any integral multiple thereof. Provided DTC or its nominee Cede is the registered owner of the Bonds, principal of, redemption premium, if any, and interest (payable semi-annually on August 1, 2016 and on each February 1 and August 1 thereafter until maturity or prior optional redemption), on the Bonds will be paid to DTC or its nominee which is obligated to remit such principal, redemption premium, if any, and interest to DTC Participants, as defined herein. DTC Participants and Indirect Participants, as defined herein, will be responsible for remitting such payments to the Beneficial Owners of the Bonds. See "DESCRIPTION OF THE BONDS--DTC Book-Entry-Only System." The Bonds are being issued pursuant to the Local Bond Law of New Jersey, constituting Chapter 2 of Title 40A of the New Jersey Statutes, as amended, an ordinance and a resolution of the County, to refund certain County bonds and to pay the costs of issuance of the Bonds. The full faith and credit of the County are irrevocably pledged for the payment of the principal of, redemption premium, if any, and interest on the Bonds. The Bonds will be valid and binding general obligations of the County, payable as to principal, redemption premium, if any, and interest from the levy of ad valorem taxes upon all taxable property within the County, without limitation as to rate or amount. The Bonds are not subject to redemption prior to maturity. Maturities, Interest Rates and Yields Year Amount Interest Rate Yield Year Amount Interest Rate Yield 2016 $ 100, % 0.65% 2021 $1,685, % 1.17% ,680, ,655, ,685, ,615, The issuance of the Bonds is subject to the approving legal opinion of Gibbons P.C., Newark, New Jersey, Bond Counsel to the County, and certain other conditions described herein. Certain legal matters will be passed upon for the underwriter by GluckWalrath LLP, Trenton, New Jersey. Phoenix Advisors, LLC, Bordentown, New Jersey served as Financial Advisor to the County in connection with the Bonds. It is anticipated that the Bonds will be available for delivery to DTC on or about July 7, 2016 in New York, New York, or at such other place and time as may be agreed to by the County. Dated: June 15, 2016

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3 This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale. The information and expressions of opinion herein are subject to change without notice and neither the delivery of this Official Statement nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the County since the date hereof. This Official Statement is submitted in connection with the sale of securities referred to herein and may not be reproduced or used, in whole or in part, for any other purpose. The Underwriter has reviewed the information in this Official Statement in accordance with and as part of its responsibilities to investors under the Federal Securities laws as applied to the facts and circumstances of this transaction, but the Underwriter does not guarantee the accuracy or completeness of such information. i

4 TABLE OF CONTENTS Page Officials in Office... iii Description of Bonds... 1 Purposes of Authorized Issue... 1 The DTC Book-Entry Only System Authorization... 3 Security and Payment of Bonds... 3 Short-Term Financing... 4 Rating of the Bonds... 4 County Indebtedness and Debt Limits... 4 Debt Limits... 4 Exceptions to Debt Limits -- Extensions of Credit... 4 Debt Statements... 4 Purposes of County Debt... 5 Bonded Indebtedness -- December 31, Debt History and Bonded Debt Ratios... 5 History of Bonded Debt Ratios... 5 Debt History... 6 Schedule of Comparative Debt... 6 Default... 7 Statutory Debt as of December 31, Bonded Debt Service Requirements... 8 Other County Obligations Market Protection Capital Improvement Program Narrative for Capital Improvement Program Capital Budget Six-Year Capital Program Anticipated Project Schedule and Funding Requirements Six-Year Capital Program Anticipated Funding Sources and Amounts Underlying Indebtedness of Municipalities Within Somerset County Schedule of Gross Debt, Municipalities in Somerset County Authority Debt Municipalities in Somerset County Debt Service Ratios Tax Rates of Municipalities Net Valuations Taxable Highest Taxpayers (Assessments) Comparison Assessed Valuation and Exempt Property Tax Collection Record Page Tax Collection Process and Collection of Delinquent Taxes County Budget and Statements of Revenue and Expenditures Pension System Pension Benefits Contributions to Retirement Systems Somerset County: An Overview Somerset County Government Financial Management Somerset County Summaries-County Tax Data-Equalized Values 10 Years Plus Population Population Growth Rate (%) Increase Population Data Residential Building Permits Utilities Economic Development Employment and Income Labor Force Estimates Private Sector Employment Home of the Blue Chips Agriculture Education Homes Transportation Recreation Major Industries Employing 250 or more Industrial Pollution Control Financing Authority of Somerset County Bankruptcy Litigation Documents Accompanying Delivery of the Bonds. 47 Absence of Litigation Legal Matters Certificates of County Tax Matters Secondary Market Disclosure Financial Advisor Independent Verification of Mathematical Accuracy 50 Underwriting Miscellaneous Appendix A - County of Somerset Financial Statements... A-1 Appendix B - Continuing Disclosure Agreement. B-1 Appendix C - Form of Bond Counsel Opinion.. C-1 ii

5 COUNTY OF SOMERSET OFFICIALS IN OFFICE Expiration Name Title of Term PATRICIA WALSH... Director 2016 PETER S. PALMER... Deputy Director 2017 PATRICK SCAGLIONE.. Freeholder 2018 MARK CALIGUIRE... Freeholder 2018 BRIAN D. LEVINE... Freeholder 2017 WILLIAM T. COOPER III... MICHAEL AMOROSA... KATHRYN QUICK... NICOLA TRASENTE... YVONNE CHILDRESS... MATTHEW D. LOPER... GIBBONS P.C.... SUPLEE, CLOONEY & COMPANY... PHOENIX ADVISORS, LLC... County Counsel County Administrator/Clerk Deputy Clerk of the Board Director of Finance & Administration and Chief Financial Officer Director of Fiscal Operations County Engineer Bond Counsel County Auditor Financial Advisor iii

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7 OFFICIAL STATEMENT OF COUNTY OF SOMERSET, NEW JERSEY RESPECTING $8,420,000 GENERAL OBLIGATION REFUNDING BONDS, SERIES 2016 This Official Statement (the Official Statement ), which includes the cover page and the appendices, has been prepared by the County of Somerset, New Jersey (the County ) and provides certain information relating to the County in connection with the sale of $8,420,000 aggregate principal amount of the County s General Obligation Refunding Bonds, Series 2016, dated the date of delivery (the Bonds ), to be issued by the County. This Official Statement has been executed on behalf of the County by the Chief Financial Officer in accordance with the approval and authority of the Board of Chosen Freeholders. Details DESCRIPTION OF BONDS The Bonds are dated the date of delivery, are issued in fully registered form, and are of the denomination of $1,000 each, or integral multiple thereof. Interest is payable from the date of the Bonds semiannually until maturity on August 1 and February 1 in each year, commencing August 1, The Bonds mature on August 1 of each year, and in the principal amounts set forth on the front cover page. Redemption Provisions The Bonds shall not be subject to redemption prior to their respective maturity dates. PURPOSES OF AUTHORIZED ISSUE The proceeds of the Bonds will be used to advance refund certain general obligation bonds of the County, as authorized by an ordinance of the Board of Chosen Freeholders of the County and adopted on the date as set forth in the table below. In particular, a portion of the proceeds of the Bonds is anticipated to be used to advance refund on August 1, 2018 (the Redemption Date ) the County s General Improvement Bonds, Series 2008A dated September 18, 2008, and maturing on August 1 in each of the years 2019 to 2023 (the Refunded Bonds ). A portion of the proceeds of the Refunding Bonds will be deposited to the credit of an escrow fund (the Escrow Fund ) created pursuant to an escrow deposit agreement between the County and U.S. Bank National Association, New Jersey, as escrow agent (the Escrow Agent ) to be invested in direct non-callable obligations of the United States (the Escrow Securities ) which, together with investment earnings thereon, will be sufficient to pay the principal of, and redemption premium, if any, on the Redemption Date, and interest on the Refunded Bonds up to and including the Redemption Date. Project Refunding of Certain General Improvement Bonds of the County (Ord. No ) Amount of Bonds Authorized Amount of Bonds Issued Adoption Date $9,000,000 $8,420,000 May 10,

8 The DTC Book-Entry-Only System The following description of the procedures and record keeping with respect to beneficial ownership interests in the Bonds, payment of principal and interest, and other payments on the Bonds to DTC Participants or Beneficial Owners defined below, confirmation and transfer of beneficial ownership interests in the Bonds and other related transactions by and between DTC, DTC Participants and Beneficial Owners, is based on certain information furnished by DTC to the County. Accordingly, the County does not make any representations concerning these matters. The Depository Trust Company ( DTC ), Jersey City, New Jersey will act as securities depository for the Bonds. The Bonds will be issued as fully-registered securities registered in the name of Cede & Co. (DTC's partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Bond certificate will be issued for each maturity of each series of the Bonds, each in the aggregate principal amount of such maturity, and will be deposited with DTC. DTC, the world s largest depository, is a limited-purpose trust company organized under the New York Banking Law, a banking organization within the meaning of the New York Banking Law, a member of the Federal Reserve System, a clearing corporation within the meaning of the New York Uniform Commercial Code, and a clearing agency registered pursuant to the provisions of Section 17A of the Securities Exchange Act of DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-u.s. equity issues, corporate and municipal debt issues, and money market instruments from over 100 countries that DTC s participants ( Direct Participants ) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities through electronic computerized book-entry transfers and pledges between Direct Participants accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-u.s. securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation ( DTCC ). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-u.s. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly ( Indirect Participants and, together with Direct Participants, Participants ). DTC has a Standard & Poor s rating of AA+. The DTC rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at and Purchases of the Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the Bonds on DTC's records. The ownership interest of each actual purchaser of each Bond ( Beneficial Owner ) is in turn to be recorded on the Direct Participants and Indirect Participants records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct Participant or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interest in the Bonds are to be accomplished by entries made on the books of Direct Participants and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in the Bonds, except in the event that use of the book-entry system for the Bonds is discontinued. To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are registered in the name of DTC s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Bonds; DTC s records reflect only the identity of the Direct Participants to whose accounts such Bonds are credited, which may or may not be the Beneficial Owners. The Direct Participants or Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of the Bonds may wish to take certain steps to augment transmission to them of notices of significant events with respect to the Bonds, such as redemptions, tenders, defaults, and proposed amendments to the 2

9 Bond documents. For example, Beneficial Owners of the Bonds may wish to ascertain that the nominee holding the Bonds for their benefit has agreed to obtain and transmit notices to the Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of the notices be provided directly to them. Redemption notice shall be sent to DTC. If less than all of the Bonds within an issue are being redeemed, DTC s practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Bonds unless authorized by a Direct Participant in accordance with DTC s MMI procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the County as Paying Agent as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co. s consenting or voting rights to those Direct Participants to whose accounts the Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy). Redemption proceeds and principal and interest payments on the Bonds will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC s practice is to credit Direct Participants accounts upon DTC s receipt of funds and in accordance with their respective holdings shown on DTC s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as in the case with securities held for the accounts of customers in bearer form or registered in street name, and will be the responsibility of such Participant and not of DTC or the County, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds and principal and interest payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the County as Paying Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct Participants and Indirect Participants. DTC may discontinue providing its services as depository with respect to the Bonds at any time by giving reasonable notice to the County. Under such circumstances, in the event that a successor depository is not obtained, Bond certificates are required to be printed and delivered. The County may decide to discontinue use of the system of book-entry transfers through DTC (or a successor securities depository). In that event, Bond certificates will be printed and delivered. The information in this section concerning DTC and DTC s book-entry only system has been obtained from sources that the County believes to be reliable, but the County takes no responsibility for the accuracy thereof. Authorization The Bonds have been authorized and are to be issued pursuant to the Laws of the State of New Jersey (the State ), including the Local Bond Law, constituting Chapter 2 of Title 40A of New Jersey Statutes. The Bonds are authorized by an ordinance adopted by the Board of Chosen Freeholders of Somerset County. The ordinance was published in full, or in summary form, after its adoption along with the statement that the twenty (20) day period of limitation within which a suit, action or proceeding questioning the validity of the authorizing ordinance could be commenced began to run from the date of the first publication of such estoppel statement. The Local Bond Law provides that, after issuance, all obligations shall be conclusively presumed to be fully authorized and issued by all Laws of the State, and all persons shall be estopped from questioning their sale, execution or delivery by the County. Security and Payment of Bonds The Bonds are general obligations of the County for which the full faith and credit of the County will be pledged. The County is authorized and required by law to levy ad valorem taxes on all taxable property within the County for the payment of principal and interest on Bonds without limitation as to rate or amount. 3

10 Short-Term Financing When a bond ordinance so provides, a governmental entity may issue negotiable notes to temporarily finance a capital improvement or project in anticipation of the issuance of bonds. Any such note is designated a bond anticipation note. Bond anticipation notes, which are full faith and credit obligations of the issuer, may be issued for a period not exceeding one year and may be renewed from time to time, for a period of not exceeding one year, but all such notes, including renewals, shall mature and be paid not later than the tenth anniversary of the date of the original note. However, no such notes shall be renewed beyond the third anniversary date of the original notes unless an amount of such notes, at least equal to the first legally payable installment of the bonds in anticipation of which said notes are issued, is paid and retired on or before said third anniversary date and, if such notes are renewed beyond the fourth anniversary date of the original notes, a like amount is paid or retired on or before said fourth anniversary date from funds other than the proceeds of obligations,... together with certain other exceptions and provisions as set forth in R.S. 40A:2-8, as amended. Rating of the Bonds S&P Global Ratings, acting through Standard & Poor s Financial Services LLC, and Moody s Investors Service (collectively, the Rating Agencies ) have assigned the Bonds the ratings of AAA and Aaa, respectively. Any explanation of the significance of any rating may only be obtained from the Rating Agencies. There is no assurance that such ratings will remain for any given period of time or that they may not be lowered or withdrawn entirely by the Rating Agencies if, in their judgment, circumstances so warrant. COUNTY INDEBTEDNESS AND DEBT LIMITS Debt Limits The County debt is limited by the Local Bond Law to an amount equal to two (2%) percent of its equalized valuation basis. The equalized valuation basis of the County is set by statute as the average value of all taxable real property within its boundaries as annually determined by the New Jersey State Board of Taxation for each of the three (3) most recent years. Certain categories of debt are permitted by statute to be deducted for purposes of computing the statutory debt limit. Exceptions to Debt Limits -- Extensions of Credit The debt limit of the County may be exceeded only with the approval of the Local Finance Board (the Board ), a State regulatory agency. If all or any part of a proposed debt authorization would exceed its debt limit, the County must apply to the Board for an extension of credit. The Board considers the request, concentrating its review on the effect of the proposed authorization on outstanding obligations. If the Board determines, pursuant to statute and regulation, that a proposed debt authorization would materially impair the ability of the County to meet its obligations or to provide essential services, approval is denied. Debt Statements The County must report all new authorizations of debt or changes in previously authorized debt to the Division of Local Government Services. The Supplemental Debt Statement, as this report is known, must be submitted to the Division of Local Government Services (the Division ) before final passage of any debt authorizations. Before January 31 of each year the County must file an Annual Debt Statement with the Division. This Report is made under oath and states the authorized, issued and unissued debt of the County as of the previous December 31. Through the Annual and Supplemental Debt Statements, the Division monitors all local borrowing. Even though the County s authorizations are well within its debt limits, the Division is able to enforce state regulations of the amounts and purposes of local borrowing. 4

11 Purposes of County Debt The following table shows the purposes for which all direct general obligation bonded indebtedness for the payment of the principal and interest on which the County has pledged its full faith and credit was contracted as of December 31, COUNTY OF SOMERSET BONDED INDEBTEDNESS DECEMBER 31, 2015 Purpose Amount General County Purposes... $ 92,337,000 Community (County) College... 12,243,000 Vocational Schools... 0 County Parks... 0 Open Space/Farmland Preservation... 50,450,000 Total.... $155,030,000 Debt History and Bonded Debt Ratios The following table shows certain ratios relating to the County s gross and net direct general obligation bonded indebtedness as of December 31, and the principal of all bonds outstanding at the end of each of the last five (5) fiscal years. Calendar Year Average Equalized Valuation COUNTY OF SOMERSET HISTORY OF BONDED DEBT RATIOS Gross Bonded Debt December 31, Percentage Gross Bonded Debt to Full Value Net Debt December 31, Percentage Net Debt to Full Value 2011 $61,240,223,823 $153,573, % $174,753, % ,553,919, ,633, ,095, ,102,769, ,488, ,013, ,456,568, ,103, ,821, ,628,175, ,030, ,467,

12 Debt History The table below shows the principal of all direct general obligation bonded indebtedness and bond anticipation note indebtedness for the last five (5) fiscal years. The County has pledged its full faith and credit for the payment of principal and interest on these obligations. In addition, the table shows the amount of general obligation bonds and bond anticipation notes authorized but not issued and comparative ratios of indebtedness. COUNTY OF SOMERSET SCHEDULE OF COMPARATIVE DEBT Bonds and Notes Issued and Outstanding Bonds $ 155,030,000 $ 152,103,000 $ 171,488,000 $ 173,633,000 $ 153,573,000 Green Trust Load... 1,356,633 1,611,686 1,861,714 2,106,815 2,347,087 Notes ,400, Total Issued $ 176,786,633 $ 153,714,686 $ 173,349,714 $ 175,739,815 $ 155,920,087 Bonds and Notes Authorized but not Issued... 48,418,857 80,881,132 58,360,500 59,251,000 73,601,000 Total Issued and Authorized but not Issued. $ 225,205,490 $ 234,595,818 $ 231,710,214 $ 234,990,815 $ 229,521,087 Average Equalized Valuations of Real Property(1).. $ 57,628,175,103 $ 57,456,568,954 $ 58,102,769,755 $ 59,553,919,537 $ 61,240,223,823 Ratio of Total Bonds and Notes Issued and Authorized but not Issued to Equalized Evaluation 0.39% 0.41% 0.40% 0.39% 0.37% Population(2). 333, , , , ,893 Debt Per Capita... $ $ $ $ $ (1) Annual Debt Statement (2) Somerset County Planning Board Estimates. U.S. Bureau of Census As of December 31, 6

13 Default There is no record of past or present default in the payment of principal or interest on any bonds or notes issued by the County. COUNTY OF SOMERSET STATUTORY DEBT AS OF DECEMBER 31, 2015 Gross Debt: Issued and Outstanding Bonds... $ 155,030,000 Bond Anticipation Notes 20,400,000 Green Trust Loan... 1,356,633 Bonds Guaranteed by County ,182,084 $ 317,968,717 Authorized But Not Issued: Bonds and Notes... 48,418,857 Total Gross Debt... $ 366,387,574 Statutory Deductions ,920,217 Net Debt... $ 185,467,357 Equalized Valuation of Real Property: Year $ 56,847,484,202 Year $ 57,748,736,911 Year $ ,294,197 Average Equalized Valuation... $ 57,628,175,103 Net Debt as a Percentage of Average Equalized Valuations % Gross Debt per Capita Population (332,568)... $ 1,102 Net Debt per Capita Population (332,568)... $ 503 Gross Debt as a Percentage of 2015 Equalized Valuations....63% Net Debt as a Percentage of 2015 Equalized Valuations....32% Borrowing Power: 2% of Average Equalized Valuation... $ 1,152,563,502 Net Debt ,467,357 Remaining Borrowing Power... $ 967,096,145 7

14 Bonded Debt Service Requirements The following table shows the debt service requirements of bonds of the County outstanding. COUNTY OF SOMERSET BONDED DEBT SERVICE REQUIREMENTS (Including State Share 2006C, 2008C, 2009D, 2012B, 2013C and 2015C College Bonds(2)) Existing Debt(1) Principal Interest Total Adjustment Total Adjustment Total Principal + Year Principal Interest Total this Issue Principal this Issue Interest Interest $ 17,650, $ 4,434, $ 22,084, $ 100, $ 17,750, $ (146,840.00) $ 4,287, $ 22,037, ,865, ,054, ,919, ,865, (49,350.00) 4,005, ,870, ,490, ,651, ,141, ,490, (49,350.00) 3,601, ,091, ,523, ,238, ,761, (20,000.00) 13,503, (49,350.00) 3,189, ,692, ,595, ,838, ,433, (15,000.00) 12,580, (52,800.00) 2,785, ,365, ,585, ,472, ,057, (15,000.00) 12,570, (56,450.00) 2,415, ,985, ,585, ,121, ,706, (45,000.00) 12,540, (22,150.00) 2,099, ,639, ,545, ,763, ,308, (85,000.00) 12,460, , ,776, ,236, ,775, ,349, ,124, ,775, ,349, ,124, ,175, ,035, ,210, ,175, ,035, ,210, ,420, , ,218, ,420, , ,218, ,055, , ,624, ,055, , ,624, ,655, , ,039, ,655, , ,039, ,555, , ,783, ,555, , ,783, ,057, , ,163, ,057, , ,163, , , , , , , , , , , , , $ 155,030, $ 29,115, $ 184,145, $ (80,000.00) $ 154,950, $ (413,540.00) $ 28,701, $ 183,651, (Excluding State Share 2006C, 2008C, 2009D, 2012B, 2013C and 2015C College Bonds (2)) $ 16,630, $ 4,284, $ 20,914, $ 100, $ 16,730, $ (146,840.00) $ 4,138, $ 20,868, ,165, ,929, ,094, ,165, (49,350.00) 3,880, ,045, ,790, ,541, ,331, ,790, (49,350.00) 3,492, ,282, ,951, ,146, ,097, (20,000.00) 12,931, (49,350.00) 3,096, ,028, ,120, ,759, ,879, (15,000.00) 12,105, (52,800.00) 2,707, ,812, ,110, ,404, ,514, (15,000.00) 12,095, (56,450.00) 2,348, ,443, ,110, ,064, ,174, (45,000.00) 12,065, (22,150.00) 2,042, ,107, ,070, ,716, ,786, (85,000.00) 11,985, , ,729, ,714, ,375, ,316, ,691, ,375, ,316, ,691, ,775, ,015, ,790, ,775, ,015, ,790, ,180, , ,969, ,180, , ,969, ,865, , ,431, ,865, , ,431, ,655, , ,039, ,655, , ,039, ,555, , ,783, ,555, , ,783, ,057, , ,163, ,057, , ,163, , , , , , , , , , , , , $ 148,908, $ 28,323, $ 177,232, $ (80,000.00) $ 148,828, $ (413,540.00) $ 27,910, $ 176,738, (1) Includes the Refunded Bonds. (2) The State share constitutes a deduction from the gross debt of the County and is not considered in determining the County s net debt for debt incurring purposes. See N.J. Stat. Ann. Section 18A:6A

15 Other County Obligations The Somerset County Improvement Authority (the Authority ) issued $10,000,000 of its County Guaranteed Lease Revenue Bonds (Somerset County Educational Services Commission Project), Series 2006 (the Series 2006A Bonds ), the proceeds of which financed the acquisition and renovation of a school facility in Bridgewater, New Jersey to be owned by the Somerset County Educational Services Commission (the Commission ). The Series 2006A Bonds are secured by a pledge of lease payments made by the Commission, which payments are subject to annual appropriation by the Commission. In addition, payment of principal and interest on the Series 2006A Bonds is secured by an unconditional and irrevocable guaranty by the County. As of June 1, 2016, $475,000 of the Series 2006A Bonds were outstanding. The Authority issued $3,830,000 of its County Guaranteed Governmental Loan Revenue Bonds, Series 2006B (the Series 2006B Bonds ), the proceeds of which financed various improvements for the Borough of Somerville, New Jersey (the Borough ). The Series 2006B Bonds are secured by a pledge of loan payments made by the Borough pursuant to the terms of a certain agreement between the Authority and the Borough. Payment of principal and interest on the Series 2006B Bonds are a general obligation of the Borough with respect to its payments. In addition, payment of principal and interest on the Series 2006B Bonds is secured by an unconditional and irrevocable guaranty by the County. As of June 1, 2016, $300,000 of the Series 2006B Bonds were outstanding. The Authority issued $10,700,000 of its County Guaranteed Lease Revenue Bonds (Bridgewater, Hillsborough and Bernards Property Acquisition Projects), Series 2009 (the 2009A Bonds ), the proceeds of which financed the acquisition of property in the Townships of Bridgewater, Hillsborough and Bernards, New Jersey, which will be leased by the Authority to the County. The Series 2009A Bonds are secured by a pledge of lease payments made by the County, which payments are subject to annual appropriation by the County. In addition, payment of principal and interest on the Series 2009A Bonds is secured by an unconditional and irrevocable guaranty by the County. As of June 1, 2016, $7,490,000 of the Series 2009A Bonds were outstanding. The Authority issued $7,000,000 of its County Guaranteed Governmental Loan Revenue Bonds, Series 2009B and 2009C (the Series 2009B and 2009C Bonds ), the proceeds of which financed various improvements for the Borough of Somerville, New Jersey (the Borough ). The Series 2009B and 2009C Bonds are secured by a pledge of loan payments made by the Borough pursuant to the terms of a certain agreement between the Authority and the Borough. Payment of principal and interest on the Series 2009B and 2009CBonds are a general obligation of the Borough with respect to its payments. In addition, payment of principal and interest on the Series 2009B and 2009C Bonds is secured by an unconditional and irrevocable guaranty by the County. As of June 1, 2016, $4,750,000 of the Series 2009B and 2009C Bonds were outstanding. The Authority issued $22,500,000 of its County Guaranteed Governmental Loan Revenue Bonds, Series 2010 (Bridgewater Project) (the Series 2010A Bonds ), the proceeds of which financed various improvements for the Township of Bridgewater, New Jersey (the Township ). The Series 2010A Bonds are secured by a pledge of loan payments made by the Township pursuant to the terms of a certain agreement between the Authority and the Township. Payment of principal and interest on the Series 2010A Bonds are a general obligation of the Township with respect to its payments. In addition, payment of principal and interest on the Series 2010A bonds is secured by an unconditional and irrevocable guaranty by the County. As of June 1, 2016, $19,425,000 of the Series 2010A Bonds were outstanding. The Authority issued $40,750,000 of its County of Somerset Guaranteed Renewable Energy Program Lease Revenue Bonds, Series 2010B [Federally Taxable] (the Series 2010B Bonds ) the proceeds of which financed renewable energy projects and capital improvements for various municipalities, school boards in the County and Raritan Valley Community College. The Series 2010B Bonds are secured by a pledge of the Trust Estate to the trustee under the bond resolution adopted in connection with the issuance of the Series 2010B Bonds. In addition, payment of principal and interest on the Series 2010B Bonds is secured by an unconditional and irrevocable guaranty by the County. As of June 1, 2016, $14,465,000 of the Series 2010B Bonds were outstanding. The Authority issued $23,980,000 of its County of Somerset Guaranteed Renewable Energy Program Lease Revenue Bonds, Series 2011A [Federally Taxable] (the Series 2011 Bonds ) the proceeds of which financed renewable energy projects and capital improvements for the County, and various municipalities and school boards in the County. The Series 2011 Bonds are secured by a pledge of the Trust Estate to the trustee under the bond resolution adopted in connection with the issuance of the Series 2011 Bonds. In addition, payment of principal and 9

16 interest on the Series 2011 Bonds is secured by an unconditional and irrevocable guaranty by the County. As of June 1, 2016, $18,190,000 of the Series 2011 Bonds were outstanding. Proceeds from the sale and issuance of the Series 2011 Bonds are being used to implement planned renewable energy projects (the Projects ), for various public entities located within the County, including school districts, municipalities and the County. A dispute between the developer and its contractor for the Projects resulted in various pieces of litigation (the Litigation Matters ). On March 3, 2015, the Authority and the County entered into a settlement agreement with the other parties to the Litigation Matters pursuant to which the Litigation Matters were subsequently dismissed on May 18, As a result of the Litigation Matters, pursuant to the County Guaranty issued in connection with the Series 2011 Bonds, on February 12, 2015 and on February 11, 2016, the County deposited funds with the Trustee sufficient, together with funds then on deposit in the Aged Revenue Fund under the Bond Resolution, to pay all of the principal of, and interest on, the Series 2011 Bonds due on February 15, 2015 and February 15, The County, pursuant to its obligation to guaranty the timely payment of the principal of and interest due on the Series 2011 Bonds, is prepared to take all actions necessary, including appropriation, budget and related action, to make all required payments on the Series 2011 Bonds pursuant to the County Guaranty when due. The Series 2011 Bonds are not in default. The County anticipates making one or more debt service payments on the Series 2011 Bonds under the County Guaranty due to insufficient revenues from the Projects or payments from the developer. The Authority issued $5,340,000 of its County Guaranteed Governmental Loan Revenue Bonds (Somerville Project) (the Series 2012A Bonds ), the proceeds of which will finance the making of a loan to the Borough of Somerville, New Jersey (the Borough ) for the Borough providing a capital grant to Saker Shoprites, Inc. to finance a portion of the cost of the construction of a supermarket located in the West Main Street Redevelopment Area in the Borough. The Series 2012A Bonds will be secured by a pledge of loan payments made by the Borough pursuant to the terms of a certain agreement between the Authority and the Borough. Payment of principal and interest on the Series 2012A Bonds will be a general obligation of the Borough with respect to its payments. In addition, payment of principal and interest on the Series 2012A Bonds will be secured by an unconditional and irrevocable guaranty by the County. As of June 1, 2016, $4,485,000 of the Series 2012A Bonds were outstanding. The Authority issued $3,260,000 of its County Guaranteed Governmental Loan Revenue Refunding Bonds, Series 2012 (the Series 2012B Bonds ), the proceeds of which were used to refund a portion of the Authority s County Guaranteed Governmental Loan Revenue Bonds Series 2003B, the proceeds of which financed the improvements for a certain municipality in the County. The Series 2012B Bonds are secured by a pledge of a lease or loan payments made by said municipalities pursuant to the terms of certain agreements between the Authority and said municipalities. Payment of principal and interest on the Series 2012B Bonds are a general obligation of the municipalities with respect to their respective payments. In addition, payment of principal and interest on the Series 2012B Bonds is secured by an unconditional and irrevocable guaranty by the County. As of June 1, 2016, $1,365,000 of the Series 2012B Bonds were outstanding. The Authority issued $8,000,000 of its County Guaranteed Lease Revenue Bonds (Somerset County Educational Services Commission Project), Series 2013 (the Series 2013A Bonds ), the proceeds of which will finance the renovation of a warehouse building to be utilized for vocational classes in Bridgewater, New Jersey to be owned by the Somerset County Educational Services Commission (the Commission ). The Series 2013A Bonds are secured by a pledge of lease payments made by the Commission, which payments are subject to annual appropriation by the Commission. In addition, payment of principal and interest on the Series 2013A Bonds are secured by an unconditional and irrevocable guaranty by the County. As of June 1, 2016, $7,640,000 of the Series 2013A Bonds were outstanding. The Authority issued $19,115,000 of its County Guaranteed Lease Revenue Bonds (Somerset County Board of Social Services Project) (the Series 2014 Bonds ), the proceeds of which financed the acquisition of property and the construction of a building thereon in the Borough of Somerville. The Series 2014 Bonds are secured by a pledge of loan payments made by the County pursuant to the terms of a certain agreement between the Authority and the County. Payment of the principal and interest on the Series 2014 Bonds will be a general obligation of the County with respect to its payments. In addition, payment of principal and interest on the Series 2014 Bonds are secured by an unconditional and irrevocable guaranty by the County. As of June 1, 2016, $18,245,000 of the Series 2014 Bonds were outstanding. 10

17 The Authority issued $5,715,000 of its County Guaranteed Lease Revenue Refunding Bonds (Somerset County Educational Services Commission Project), Series 2014A (the Series 2014A Bonds ), the proceeds of which were used to refund a portion of the Series 2006A Bonds, the proceeds of which financed the acquisition and renovation of a school facility in Bridgewater, New Jersey to be owned by the Somerset County Educational Services Commission (the Commission ). The Series 2014A Bonds are secured by a pledge of lease payments made by the Commission, which payments are subject to annual appropriation by the Commission. In addition, payment of principal and interest on the Series 2006A Bonds is secured by an unconditional and irrevocable guaranty by the County. As of June 1, 2016, $5,630,000 of the Series 2014A Bonds were outstanding. The Authority issued $1,465,000 of its County Guaranteed Governmental Loan Revenue Refunding Bonds, Series 2014B (the Series 2014B Bonds ), the proceeds of which were used to refund a portion of the Series 2006B Bonds, the proceeds of which financed various improvements for the Borough of Somerville, New Jersey (the Borough ). The Series 2014B Bonds are secured by a pledge of loan payments made by the Borough pursuant to the terms of a certain agreement between the Authority and the Borough. Payment of principal and interest on the Series 2014B Bonds are a general obligation of the Borough with respect to its payments. In addition, payment of principal and interest on the Series 2014B Bonds is secured by an unconditional and irrevocable guaranty by the County. As of June 1, 2016, $1,445,000 of the Series 2014B Bonds were outstanding. The Authority issued $8,400,000 of its County of Somerset Guaranteed Renewable Energy Program Lease Revenue Bonds, Series 2015 (the Series 2015 Bonds ) the proceeds of which financed or refinanced renewable energy projects and capital improvements for the County, and various municipalities and school boards in the County. The Series 2015 Bonds are secured by a pledge of the Trust Estate to the trustee under the bond resolution adopted in connection with the issuance of the Series 2015 Bonds. In addition, payment of principal and interest on the Series 2015 Bonds is secured by an unconditional and irrevocable guaranty by the County. As of June 1, 2016, $8,400,000 of the Series 2015 Bonds were outstanding. Market Protection Other than the Bonds, the County anticipates issuing not-to-exceed $23,316,000 of General Obligation Bonds and not-to-exceed $22,000,000 of Bond Anticipation Notes in CAPITAL IMPROVEMENT PROGRAM This section is included with the Annual Budget pursuant to N.J.A.C. 5:30-4. It does not in itself confer any authorization to raise or expend funds. Rather, it is a document used as part of the local unit s planning and management program. Specific authorization to expend funds for purposes described in this section must be granted elsewhere, by a separate bond ordinance, by inclusion of a line item in the Capital Improvement Section of this budget, by an ordinance taking the money from the Capital Improvement Fund, or other lawful means. NARRATIVE FOR CAPITAL IMPROVEMENT PROGRAM N.J.S.A. 40A:4-43 et.seq requires counties to include a capital budget for the current year and a six-year capital plan for the current year plus five additional years. These are planning documents only and no obligation on the part of the County takes place until an ordinance or other appropriation is made by the Board of Chosen Freeholders. Justification for each project contained in the Capital Improvement Program will be presented to the Board and the public before ordinances are introduced or appropriations made. The figures presented for each program area represent a proportionate amount of the funding anticipated to be available for each year in accordance with the year 2016 six-year capital funding plan. However, all capital budgets are determined in the year in which the County budget is made and all figures presented here are subject to change. 11

18 COUNTY OF SOMERSET CAPITAL BUDGET 2016 Local Unit Somerset County Estimated Capital Grants in Aid Total Improvement Capital and Other Debt Project Title Cost Fund Surplus Funds Authorized Public Works... $17,984,564 $ 5,277,364 $ -- $ -- $12,707,200 Public Safety , , ,000 Vocational Technical School , , Park Commission... 1,300,000 1,300, Finance & Administration , , ,000 Green Brook Flood Control... 3,150,000 3,150, Raritan Valley Community College.. 620, , Human Services , , ,000 Energy Efficiencies Constitutional , , ,000 Public Health & Safety , , ,000 TOTALS - ALL PROJECTS... $25,280,064 $ 12,022,864 $ -- $ -- $13,257,200 COUNTY OF SOMERSET 6-YEAR CAPITAL PROGRAM ANTICIPATED PROJECT SCHEDULE AND FUNDING REQUIREMENTS Estimated Total Project Title Cost Public Works... $101,984,564 $17,984,564 $16,750,000 $16,750,000 $16,750,000 $16,750,000 $17,000,000 Public Safety... 1,725, , , , , , ,000 Vocational Technical School... 3,000, , , , , , ,000 Park Commission... 8,550,000 1,300,000 1,350,000 1,400,000 1,450,000 1,500,000 1,550,000 Finance & Administration... 4,500, , , , , , ,000 Green Brook Flood Control... 6,734,000 3,150, , , , , ,000 Raritan Valley Comm. College... 3,723, , , , , , ,500 Human Services... 1,200, , , , , , ,000 Constitutional , , , , , , ,000 Public Health & Safety... 2,100, , , , , , ,000 TOTAL - ALL PROJECTS... $134,416,564 $25,280,064 $21,650,500 $21,705,500 $21,760,500 $21,815,500 $22,204,500 COUNTY OF SOMERSET 6-YEAR CAPITAL PROGRAM SUMMARY OF ANTICIPATED FUNDING SOURCES AND AMOUNTS Budget Appropriations Estimated Capital Grants in Aid Total Improvement Capital and Other Debt Project Title Cost Fund Surplus Funds Authorized Public Works... $101,984,564 $ 29,926,200 $ -- $ -- $ 72,058,364 Public Safety... 1,725,000 1,411, ,636 Vocational Technical School... 3,000,000 3,000, Park Commission... 8,550,000 8,550, Finance & Administration... 4,500,000 3,000, ,500,000 Green Brook Flood Control... 6,734,000 6,734, Raritan Valley Community College... 3,723,000 3,723, Human Services... 1,200, , ,000 Constitutional , , ,000 Public Health & Safety... 2,100,000 1,200, ,000 TOTALS - ALL PROJECTS $134,416,564 $ 59,044,564 $ -- $ -- $ 75,372,000 12

19 Underlying Indebtedness of Municipalities within Somerset County The estimated gross outstanding indebtedness of Municipalities within the County is described below and on the following pages. The figures are shown for each of the last five (5) fiscal years and are as of December 31, except for the Township of Franklin, whose fiscal year ended as of June 30 in the years 2011 through The tables are included for informational purposes only. No actual or contingent liability for the indebtedness exists on the part of the County. MUNICIPALITIES IN SOMERSET COUNTY SCHEDULE OF GROSS DEBT Township of Bedminster Municipal Government $ 3,496,069 $ 4,212,724 $ 5,013,455 $ 5,834,448 $ 5,805,480 School Districts 2,510,000 3,275,000 4,010,000 4,720,000 5,400,000 Total Gross Debt Township of Bedminster $ 6,006,069 $ 7,487,724 $ 9,023,455 $ 10,554,448 $ 11,205,480 Township of Bernards Municipal Government $ 5,535,000 $ 8,295,000 $ 11,065,000 $ 13,840,000 $ 16,620,000 School Districts 69,910,000 73,010,000 75,770,000 80,830,000 82,065,000 Total Gross Debt Township of Bernards. $ 75,445,000 $ 81,305,000 $ 86,835,000 $ 94,670,000 $ 98,685,000 Borough of Bernardsville Municipal Government $ 15,433,200 $ 10,012,300 $ 8,007,300 $ 7,801,300 $ 8,002,800 Sewer Utility 1,658,000 1,455,000 1,590,000 1,060, ,000 School Districts 27,260,000 29,355,000 21,489,895 22,359,173 24,634,662 Total Gross Debt Borough of Bernardsville $ 44,351,200 $ 40,822,300 $ 31,087,195 $ 31,220,473 $ 33,062,462 Borough of Bound Brook Municipal Government $ 24,768,568 $ 25,215,920 $ 24,421,233 $ 23,621,198 $ 22,816,793 School Districts 28,010,000 1,140,000 1,640,000 1,870,000 2,095,000 Total Gross Debt Borough of Bound Brook $ 52,778,568 $ 26,355,920 $ 26,061,233 $ 25,491,198 $ 24,911,793 Township of Branchburg Municipal Government $ 18,129,356 $ 19,054,608 $ 22,049,704 $ 22,741,321 $ 22,796,321 Sewer Utility 530, ,000 1,170,000 1,277,800 2,377,800 School Districts 25,355,000 26,570,000 27,735,000 28,850,000 29,930,000 Total Gross Debt Township of Branchburg $ 44,014,356 $ 46,424,608 $ 50,954,704 $ 52,869,121 $ 55,104,121 Township of Bridgewater Municipal Government $ 66,490,396 $ 63,395,358 $ 60,264,281 $ 59,853,467 $ 58,984,441 Utilities 7,439,399 6,036,797 3,749,196 2,732,594 2,229,992 School Districts 32,103,505 35,572,787 38,535,781 47,420,000 47,203,289 Total Gross Debt Township of Bridgewater $ 106,033,299 $ 105,004,943 $ 102,549,257 $ 110,006,061 $ 108,417,722 Borough of Far Hills Municipal Government $ 344,570 $ 415,691 $ 619,584 $ 665,244 $ 1,021,420 School Districts 3,440,538 3,670,850 3,957,128 4,168,977 4,668,292 Total Gross Debt Borough of Far Hills $ 3,785,108 $ 4,086,541 $ 4,576,712 $ 4,834,221 $ 5,689,712 Township of Franklin Municipal Government $ 42,700,700 $ 46,244,919 $ 50,827,598 $ 51,524,498 $ 49,507,446 Water Utility 15,777,949 15,973,736 12,910,002 12,865,670 13,202,316 School Districts 108,140,257 32,216,274 36,240,733 36,435,000 39,730,000 Total Gross Debt Township of Franklin $ 166,618,907 $ 94,434,929 $ 99,978,333 $ 100,825,168 $ 102,439,762 13

20 MUNICIPALITIES IN SOMERSET COUNTY SCHEDULE OF GROSS DEBT CONTINUED Township of Greenbrook Municipal Government $ 685,000 $ 695,000 $ 754,479 $ 914,479 $ 1,349,478 Sewer Utility 55, , ,035 School Districts 14,975,000 15,835,000 16,665,000 17,465,000 18,282,000 Total Gross Debt Township of Greenbrook $ 15,660,000 $ 16,530,000 $ 17,474,479 $ 18,545,313 $ 19,858,513 Township of Hillsborough Municipal Government $ 19,431,134 $ 20,811,897 $ 19,446,158 $ 20,102,479 $ 21,661,677 School Districts 15,040,000 17,555,000 20,040,000 22,490,000 25,745,000 Total Gross Debt Township of Hillsborough $ 34,471,134 $ 38,366,897 $ 39,486,158 $ 42,592,479 $ 47,406,677 Borough of Manville Municipal Government $ 8,153,079 $ 8,345,199 $ 8,745,199 $ 8,405,554 $ 9,324,845 School Districts 346, , , , ,000 Total Gross Debt Borough of Manville $ 8,499,079 $ 8,801,199 $ 9,306,199 $ 9,144,554 $ 10,238,845 Borough of Millstone Municipal Government $ 0 $ 75,663 $ 75,663 $ 75,663 $ 75,663 Total Gross Debt Borough of Millstone $ 0 $ 75,663 $ 75,663 $ 75,663 $ 75,663 Township of Montgomery Municipal Government $ 28,637,135 $ 27,893,473 $ 29,724,012 $ 31,986,736 $ 47,605,556 Sewer Utility 41,259,995 36,294,743 38,117,982 41,101,512 42,203,200 School Districts 61,130,090 64,863,424 68,542,787 71,655,000 77,058,476 Total Gross Debt Township of Montgomery $ 131,027,220 $ 129,051,640 $ 136,384,781 $ 144,743,248 $ 166,867,232 Borough of North Plainfield Municipal Government $ 14,429,945 $ 13,543,005 $ 12,732,855 $ 13,143,105 $ 11,458,555 Utilities 2,118,938 1,776,118 1,704,787 1,805,221 1,228,558 School Districts 11,425,000 12,225,000 13,025,000 13,795,000 14,573,000 Total Gross Debt Borough of North Plainfield $ 27,973,883 $ 27,544,123 $ 27,462,642 $ 28,743,326 $ 27,260,113 Borough of Peapack-Gladstone Municipal Government $ 5,285,239 $ 5,402,969 $ 5,329,853 $ 5,322,501 $ 5,435,624 Water and Sewer Utilities 270, , ,000 School Districts 5,606,496 5,968,468 6,372,360 6,901,850 7,879,045 Total Gross Debt Borough of Peapack-Gladstone $ 10,891,735 $ 11,371,437 $ 11,972,213 $ 12,769,351 $ 14,139,669 Borough of Raritan Municipal Government $ 4,819,547 $ 4,487,152 $ 4,339,292 $ 4,400,846 $ 64,354 School Districts 4,151,495 4,537,213 5,214,220 5,769,716 6,231,710 Total Gross Debt Borough of Raritan $ 8,971,043 $ 9,024,365 $ 9,553,512 $ 10,170,562 $ 6,296,064 Borough of Rocky Hill Municipal Government $ 420,458 $ 528,143 $ 670,998 $ 660,846 $ 737,527 Water and Sewer Utilities 24,168 24,168 24,168 24,168 24,167 School Districts 1,837,826 1,784, , , ,512 Total Gross Debt Borough of Rocky Hill $ 2,282,452 $ 2,336,552 $ 1,020,972 $ 1,028,317 $ 1,128,206 Borough of Somerville Municipal Government $ 25,700,225 $ 22,018,595 $ 23,175,000 $ 23,291,629 $ 23,934,141 Sewer Utilities. 408, , , , ,527 School Districts 20,130,000 21,630,000 22,343,645 24,017,000 26,002,000 Total Gross Debt Borough of Somerville.. $ 46,238,753 $ 44,132,122 $ 45,938,172 $ 47,803,156 $ 50,505,668 14

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