The Borough has applied to the State of New Jersey for a low interest loan to reduce the debt service costs for money borrowed to building this treatment system.
The Borough Council on 12/1/2021 approved Resolution R-164-21 which authorized the hiring of Litigation Counsel to bring legal action against the manufacturers of PFOA and PFOS to recover all or a portion of the cost of the treatment process.
Any residual cost of the treatment system - whatever is not covered by the low-interest loans or recovery from the lawsuit - will be funded by the issuance of bonds.
The Borough will need to raise its water rates, as soon as 2023, to repay any bonds or low-interest loans used for the construction of the treatment system, as well as the operating costs of this system. The amount of that rate increase won't be known until after the final construction costs are known along with the interest rates for any borrowed funds.