Sandy Cost Spurs N.J. Shore Borrowing at ’60s Yield: Muni Credit
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Brick Township, on the New Jersey Shore, estimates its costs to clean up from Hurricane Sandy equal more than half its $87 million annual budget.
The town of about 75,000 authorized $18 million in short-term borrowing to help pay bills as it awaits federal aid. Its southern neighbor, Toms River, approved a $35 million emergency appropriation Nov. 16 to cover Sandy-related costs after the storm damaged about 30 percent of its tax base.