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Sandy-struck NJ town may borrow for new town hall

11-27-13

MANTOLOKING, N.J. (AP) — One of the towns hardest hit by last year’s Superstorm Sandy is trying to figure out how to pay for a new borough hall.

Mantoloking may do something the town government in the well-off New Jersey shore community has never done before: Borrow morning.

Town officials tell the Asbury Park Press (http://on.app.com/195ANpK ) that they would prefer not to issue bonds. But they say building a new borough hall may require it.

The building took on 4 feet of water during the storm, and officials say rebuilding may be less expensive than repairing it.

The borough has $347,000 from an insurance fund and $3,000 in federal aid for the damage, but that will not cover the costs of a new structure.

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Information from: Asbury Park (N.J.) Press, http://www.app.com