bond prospectus

8/8/2019 Bond Prospectus

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RATING: Standard & Poors: AA(See Rating herein)

OFFICIAL STATEMENT DATED JULY 13, 2010

In the opinion of Nowell Amoroso Klein Bierman, P.A., Hackensack, New Jersey, Bond Counsel (Bond Counsel), under existing statutes, regulations,rulings and court decisions, and assuming continuing compliance with certain covenants described herein, interest on the Notes (as herein defined) (i) isnot includable in gross income for Federal income tax purposes pursuant to section 103 of the Internal Revenue Code of 1986, as amended and supplemented (the Code), and (i i) will not be treated as a preference item under section 57 of the Code for purposes of calculating the Federal alternative minimum

tax; such interest will, however, be included in the adjusted current earnings of a corporation for purposes of the Federal alternative minimum taximposed on corporations. Bond Counsel is further of the opinion that, under existing laws of the State of New Jersey, interest on the Bonds and any gainon the sale thereof is not includable in gross income under the New Jersey Gross Income Tax Act, as amended. See TAX EXEMPTION herein.

$8,530,000GENERAL IMPROVEMENT BONDS, SERIES 2010A

BOROUGH OF DUMONTCounty of Bergen, New Jersey

(Callable) (Bank-Qualified) (Book-Entry Only)

Dated: July 15, 2010 Due: July 15, as shown below

The $8,530,000 General Improvement Bonds, Series 2010A (the Bonds) of the Borough of Dumont, in the County of Bergen,New Jersey (the Borough), will be issued as fully registered bonds, one for each maturity, in the name of Cede & Co., as registered ownerand nominee for The Depository Trust Company, New York, New York (DTC), which will maintain a book-entry system for recordingownership interests of DTC Participants. Individual purchases of the beneficial ownership interests in the Bonds may be made in book-entryform only on the records of DTC and its Participants and only in the principal amount of $5,000 or any integral multiple thereof. BeneficialOwners of the Bonds will not receive certificates representing their interests in the Bonds. As long as Cede & Co is the registered owner, asnominee of DTC, references in this Official Statement to the registered owners shall mean Cede & Co., and not the Beneficial Owners of theBonds. See THE BONDS Book-Entry Only System herein.

Principal on the Bonds is payable on July 15 th in each of the years set forth below. Interest on the Bonds will be paid semiannually onthe fifteenth day of January and July in each year until maturity, commencing on January 15, 2011. As long as DTC or its nominee Cede &Co. is the registered owner of the Bonds, payment of the principal and interest on the Bonds will be made by the Borough directly to DTC orits nominee Cede & Co. Interest on the Bonds will be credited to the participants of DTC as listed on the records of DTC as of each nextpreceding March 15 th and September 15 th (the Record Dates for the payment of interest on the Bonds).

The Bonds are subject to redemption prior to maturity. See THE BONDS Prior Redemption herein.The Bonds are valid and legally binding obligations of the Borough of Dumont and, unless paid from other sources, are payable from

ad valorem taxes levied upon all the taxable real property within the Borough for the payment of the Bonds and the interest thereon withoutlimitation as to rate or amount.

Maturity ScheduleInterest Rates and Yields

Year Amount Rate Yield Year Amount Rate Yield2011 $100,000 1.500% 0.550% 2019 $800,000 2.750% 2.800%2012 100,000 1.500 0.750 2020 825,000 3.000 3.0002013 100,000 1.500 1.050 2021 840,000 3.125 3.1252014 100,000 2.000 1.350 2022 880,000 3.250 3.2502015 100,000 2.000 1.750 2023 890,000 3.500 3.3502016 100,000 2.000 2.100 2024 1,075,000 4.000 3.4002017 750,000 2.250 2.400 2025 1,095,000 4.000 3.5002018 775,000 2.500 2.600

The Bonds are offered when, as and if issued and delivered subject to the approval of the legality thereof by Nowell Amoroso Klein Bierman, P.A., Hackensack, New Jersey, Bond Counsel, and certain other conditions. It is anticipated that the Bonds will be available for delivery through DTC on or about July 22, 2010.

ROOSEVELT & CROSS, INC.& ASSOCIATES


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BOROUGH OF DUMONT

BERGEN COUNTY

STATE OF NEW JERSEY

MAYOR

Matthew P. McHale

BOROUGH COUNCIL

Carl MannaEllen Zamechansky

Marty CaspareHarry Stylianou

Matthew M. Carrick Kenneth Freeman

BUSINESS ADMINISTRATOR

John P. Perkins, CPM

BOROUGH CLERK

Susan Connelly

CHIEF FINANCIAL OFFICER/TREASURER

Rosemarie Giotis

BOROUGH ATTORNEY

Gregg F. Paster & AssociatesHackensack, New Jersey

AUDITOR

Lerch, Vinci & Higgins, LLPFair Lawn, New Jersey

BOND COUNSEL

Nowell Amoroso Klein Bierman, P.A.Hackensack, New Jersey


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No broker, dealer, salesperson or other person has been authorized by the Borough or theUnderwriter to give any information or to make any representations with respect to the Bonds other than thosecontained in this Official Statement, and, if given or made, such information or representations must not be reliedupon as having been authorized by any of the foregoing. The information contained herein has been provided by theBorough and other sources deemed reliable; however, no representation or warranty is made as to its accuracy orcompleteness and such information is not to be construed as a representation of accuracy or completeness and suchinformation is not to be construed as a representation or warranty by the Underwriter or, as to information fromsources other than itself, by the Borough. The information and expressions of opinion herein are subject to changewithout notice, and neither the delivery of this Official Statement nor any sale hereunder shall, under anycircumstances, create any implication that there has been no change in any of the information herein since the datehereof, or the date as of which such information is given, if earlier.

References in this Official Statement to laws, rules, regulations, resolutions, agreements, reports anddocuments do not purport to be comprehensive or definitive. All references to such documents are qualified in theirentirety by reference to the particular document, the full text of which may contain qualifications of and exceptionsto statements made herein, and copies of which may be inspected at the offices of the Borough during normalbusiness hours.

The Underwriter has reviewed the information in this official statement pursuant to itsresponsibilities to investors under the federal securities laws, but the Underwriter does not guarantee the accuracy orcompleteness of such information.

This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, norshall there be any sale of the Bonds in any jurisdiction in which it is unlawful for any person to make such an offer,solicitation or sale. No dealer, broker, salesman or other person has been authorized to give any information or tomake any representations other than as contained in this Official Statement. If given or made, such otherinformation or representations must not be relied upon as having been authorized by the Borough or the Underwriter.


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OFFICIAL STATEMENTOF THE BOROUGH OF DUMONT

IN THE COUNTY OF BERGEN, NEW JERSEYrelating to

$8,530,000 GENERAL IMPROVEMENT BONDS, SERIES 2010A

INTRODUCTION

This Official Statement (the "Official Statement") which includes the cover page and the appendicesattached hereto, has been prepared by the Borough of Dumont (the "Borough"), in the County of Bergen (the"County"), State of New Jersey (the "State") in connection with the sale and issuance of its $8,530,000 Bonds,Series 2010A (the Bonds). This Official Statement has been executed by and on behalf of the Borough bythe Chief Financial Officer.

This preliminary Official Statement is deemed final, as of its date, within the meaning of Rule15c2-12 of the Securities and Exchange Commission (Rule 15c2-12"), but is subject to (a) completion withcertain pricing and other information to be made available by the Underwriters and (b) amendment. This

preliminary Official Statement, as so revised, will constitute the final official statement within the meaningof Rule 15c2-12.

THE BONDS

General Description

The Bonds will be dated July 15, 2010 and bear interest from their date of delivery and will mature onJuly 15 in the years and in the principal amounts as set forth below. Interest on the Bonds is payable on eachJanuary 15 and July 15, commencing January 15, 2011 (each, an "Interest Payment Date"), at the respectiveinterest rates set forth on the cover page of this Official Statement. Principal of and interest on the Bonds willbe paid to The Depository Trust Company, New York, New York ("DTC") by the Chief Financial Officer,

acting as Bond Registrar/Paying Agent. Interest on the Bonds will be credited to the DTC Participants (ashereinafter defined) as listed on the records of DTC as of the last business day of the month preceding themonth in which such Interest Payment Date occurs (the "Record Dates" for the payment of interest on theBonds).

The Bonds are issuable as fully registered book-entry bonds in the form of one certificate for eachmaturity of each issue and in the principal amount of such maturity. The Bonds will be issued in book-entryform only. Purchases of the Bonds will be made in book-entry form, in the principal amount of $5,000 or anyintegral multiple thereof. Purchasers will not receive certificates representing their interest in Bondspurchased. So long as DTC or its nominee, Cede & Co. (or any successor or assign), is the registered ownerof the Bonds, payments of the principal of and interest on the Bonds will be made by the BondRegistrar/Paying Agent directly to Cede & Co. (or any successor or assign), as nominee for DTC, which will

remit such payments to the participants of DTC which will in turn remit such payments to the owners of beneficial interests in the Bonds. See "Book-Entry Only System" herein.

Book-Entry Only System

DTC will act as securities depository for the Bonds. The Bonds will be issued as fully-registeredsecurities registered in the name of Cede & Co. (DTC's partnership nominee) or such other name as may berequested by an authorized representative of DTC. One fully-registered Bond certificate will be issued foreach year of maturity of each issue of the Bonds, in the aggregate principal amount of each maturity of eachissue, and will be deposited with DTC.


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DTC, the worlds largest depository, is a limited-purpose trust company organized under the NewYork Banking Law, a banking organization within the meaning of the New York Banking Law, a memberof the Federal Reserve System, a clearing corporation within the meaning of the New York UniformCommercial Code, and a clearing agency registered pursuant to the provisions of Section 17A of theSecurities Exchange Act of 1934. 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 over100 countries) that DTCs participants (Direct Participants) deposit with DTC. DTC also facilitates thepost-trade settlement among Direct Participants of sales and other securities transactions in depositedsecurities, through electronic computerized book-entry transfers and pledges between Direct Participantsaccounts. This eliminates the need for physical movement of securities certificates. Direct Participantsinclude 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 & ClearingCorporation (DTCC). DTCC is the holding company for DTC, National Securities Clearing Corporationand Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by theusers of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. andnon-U.S. securities brokers and dealers, banks and trust companies, and clearing corporations that clearthrough or maintain a custodial relationship with a Direct Participant, either directly or indirectly (IndirectParticipants). DTC has Standard & Poors highest rating: AAA. The DTC Rules applicable to itsParticipants are on file with the Securities and Exchange Commission. More information about DTC can befound at www.dtcc.com and www.dtc.org.

Purchases of Bonds under the DTC system must be made by or through Direct Participants, whichwill receive a credit for the Bonds on DTC's records. The ownership interest of each actual purchaser of eachBond ("Beneficial Owner") is in turn to be recorded on the Direct 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 periodicstatements of their holdings, from the Direct or Indirect Participant through which the Beneficial Ownerentered into the transaction. Transfers of ownership interests in the Bonds are to be accomplished by entriesmade on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. BeneficialOwners will not receive certificates representing their ownership interests in the Bonds, except in the eventthat use of the book-entry system for the Bonds is discontinued.

To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are registeredin the name of DTC's partnership nominee, Cede & Co., or such other name as may be requested by anauthorized representative of DTC. The deposit of the 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 noknowledge of the actual Beneficial Owners of the Bonds; DTC's records reflect only the identity of the DirectParticipants to whose accounts such Bonds are credited, which may or may not be the Beneficial Owners.The Direct and 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 DirectParticipants to Indirect Participants and by Direct Participants and Indirect Participants to Beneficial Ownerswill be governed by arrangements among them, subject to any statutory or regulatory requirements as may bein effect from time to time.

Redemption notices shall be sent to DTC. If less than all of the Bonds within a maturity are beingredeemed, DTC's practice is to determine by lot the amount of the interest of each Direct Participant in suchmaturity to be redeemed.


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Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to theBonds unless authorized by a Direct Participant in accordance with DTC's MMI procedures. Under its usualprocedures, DTC mails an Omnibus Proxy to the Borough as soon as possible after the Record Date. TheOmnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whoseaccounts 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 tocredit Direct Participants' accounts upon DTC's receipt of funds and corresponding detail information fromthe Borough or the paying agent, if any, on the payable date in accordance with their respective holdingsshown on DTC's records. Payments by Participants to Beneficial Owners will be governed by standinginstructions and customary practices, as is the case with securities held for the accounts of customers in bearerform or registered in "street name", and will be the responsibility of such Participant and not of DTC, thepaying agent, if any, or the Borough, subject to any statutory or regulatory requirements as may be in effectfrom time to time. Payment of redemption proceeds and principal and interest to Cede & Co. (or such othernominee as may be requested by an authorized representative of DTC) is the responsibility of the Borough orthe paying agent, if any, disbursement of such payments to Direct Participants shall be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners shall be the responsibility of Direct andIndirect Participants.

DTC may discontinue providing its services as depository with respect to the Bonds at any time bygiving reasonable notice to the Borough or the paying agent, if any. Under such circumstances, in the eventthat a successor depository is not obtained, Bond certificates are required to be printed and delivered.

The Borough may decide to discontinue use of the system of book-entry only transfers through DTC(or a successor securities depository). In that event, Bond certificates will be printed and delivered to DTC.

The information in this section concerning DTC and DTC's book-entry system has been obtainedfrom sources that the Borough believes to be reliable, but the Borough takes no responsibility for the accuracythereof.

Prior Redemption

The Bonds maturing on or after July15, 2020 shall be redeemable at the option of the Borough inwhole on any date or in part on any interest payment date on or after July 15, 2019 at the respective pricesexpressed as percentages of principal amount set forth below (the redemption price), plus, in each case,accrued interest to the date fixed for redemption:

Redemption Period Redemption(Both dates inclusive) Price July 15, 2019 and thereafter 100%

Notice of Redemption shall be given by mailing by first class mail in a sealed envelope with postageprepaid to the registered owners of the Bonds not less than thirty (30) days, nor more than sixty (60) days prior tothe date fixed for redemption. Such mailing shall be to the owners of such Bonds at their respective addresses asthey last appear on the registration books kept for that purpose by the Borough or a duly appointed BondRegistrar. Any failure of the depository to advise any of its participants or any failure of any participant to notifyany beneficial owner of any Notice of Redemption shall not affect the validity of the redemption proceedings. If the Borough determines to redeem a portion of the Bonds prior to maturity, the Bonds to be redeemed shall beselected by the Borough; the Bonds to be redeemed having the same maturity shall be selected by the SecuritiesDepository in accordance with its regulations.


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If Notice of Redemption has been given as provided herein, the Bonds or the portion thereof calledfor redemption shall be due and payable on the date fixed for redemption at the Redemption Price, togetherwith accrued interest to the date fixed for redemption. Interest shall cease to accrue on the Bonds after thedate fixed for redemption and no further interest shall accrue beyond the redemption date. Payment shall bemade upon surrender of the Bonds redeemed.

SECURITY AND SOURCE OF PAYMENT

The Bonds are general obligations of the Borough, and the Borough has pledged its full faith andcredit for the payment of the principal of and the interest on the Bonds. The Bonds are direct obligations of the Borough and, unless paid from other sources, the Borough is required by law to levy ad valorem taxesupon all the real property taxable within the Borough for the payment of the principal of and the interest onthe Bonds without limitation as to rate or amount.

Enforcement of a claim for the payment of principal of or interest on bonds or notes of the Borough issubject to applicable provisions of Federal bankruptcy law and to the provisions of statutes, if any, hereafterenacted by the Congress of the United States or the Legislature of the State of New Jersey, providingextension with respect to the payment of principal of or interest on the Bonds or imposing other constraintsupon enforcement of such contracts insofar as any such constraints may be constitutionally applied. UnderState law, a county, municipality or other political subdivision may file a petition under Federal bankruptcylaws and a plan for readjustment of its debt, but only after first receiving the approval of the State MunicipalFinance Commission, whose powers have been vested in the Local Finance Board (hereinafter defined).

AUTHORIZATION AND PURPOSE OF THE GENERAL IMPROVEMENT BONDS

The Bonds are authorized and are to be issued pursuant to the Local Bond Law of the State of NewJersey, N.J.S.A. 40A:2-1 et seq., as amended (the "Local Bond Law"). The Bonds also are authorized byvarious bond ordinances of the Borough set forth below and in a resolution adopted by the Borough Councilof the Borough on June 15, 2010.

On June 9, 2010, the Borough received the approval of the Local Finance Board to issue Bonds with amaturity schedule that does not conform with N.J.S.A. 40A:2-26(b). Such statute requires that no annualprincipal installment exceed by more than 100% the amount of the smallest prior installment and that the firstprincipal payment be made no later than one year after the date of the Bonds. The Local Finance Boardpermitted the Borough to use a maturity schedule for each series of the Bonds with low principal installmentsin the early years in order to stabilize the Boroughs outstanding debt over the next several years.

The bond ordinances included in the sale of the Bonds were published in full or in summary formafter adoption along with the statement required by the Local Bond Law that the twenty day period of limitation within which a suit, action or proceeding questioning the validity of the authorizing bondordinances can 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 fullyauthorized and issued by all laws of the State, and any person shall be estopped from questioning the sale orthe execution or the delivery of the Bonds by the Borough.

The proceeds of the Bonds will be used (i) currently refund $8,372,415 aggregate principal amount of the Boroughs outstanding bond anticipation notes maturing on July 22, 2010 and (ii) to provide $157,585 of additional monies for the projects described below.


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The general improvement projects to be funded in the sale are listed below:

Ordinance Description Amount

1261 Acquisition of Real Property for Use as a Municipal Parking Lot,Acquisition of New or Replacement Equipment and Machinery and RoadImprovements

$105,996

1268 Improvements to Various Parks, Construction of New Bridge Culvert andVarious Road Improvements

183,511

1279 Acquisition of Fire Pumper 402,9321280 Acquisition of Fire Rescue Truck 80,089

1282 Sewer Improvements, Various Improvements to Hockey Rink, Sidewalks& Curbs and Roads, Borough Hall Improvements and Acquisition of Vehicles and Equipment for DPW, Police & Fire Departments

1,148,116

1288 Rehabilitation of Park Avenue 148,000

1292 Repaving of Roads 262,314

1299/1320 Acquisition of Equipment for Police, Fire, DPW, Administration andSenior Center, Sewer System Repairs, Road Improvements and Borough

Hall Improvements

900,237

1311 Various Park Improvements 210,966

1314 Rehabilitation of Park Avenue Phase II 84,444

1315 2005 Road Program 108,000

1321 Acquisition of a Street Sweeper 147,200

1323 Reconstruction of Pershing Avenue 214,000

1344 Sanitary Sewer System Improvements 553,000

1349 2007 Road Program 351,500

1353 Acquisition of a Fire Rescue Truck 475,000

1354 Supplemental Park Improvements 88,3501363/1378 Resurfacing of Howard Street 665,000

1364 Acquisition of Vehicles and Equipments for Police & Fire Departments,DPW and Administration and Library Improvements

616,095

1365 Supplemental Park Improvements 308,7501366 Acquisition of Property 570,0001380 Park Improvements 289,0001397 Acquisition of Vehicles and Equipments for Police & Fire Departments,

DPW and Administration and Library Improvements190,000

1400 Reconstruction of Short Street 142,500

1401 Reconstruction of Bussell Court 285,000

Total General Improvement $8,530,000


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NO DEFAULT

There is no report of any default in the payment of the principal of, redemption premium, if any, andinterest on any bonds, notes or other obligations of the Borough as of the date thereof.

PROVISIONS FOR THE PROTECTION OF GENERAL OBLIGATION DEBT

Local Bond Law (N.J.S.A. 40A:2-1 et seq.)

The Local Bond Law governs the issuance of bonds and notes to finance certain general municipaland utility capital expenditures. Among its provisions are requirements that bonds must mature within thestatutory period of usefulness of the projects bonded and that bonds be retired in serial installments. A 5%cash down payment is generally required toward the financing of expenditures for municipal purposes. Allbonds and notes issued by the Borough are general full faith and credit obligations.

Debt Limits

The net authorized bonded indebtedness of the Borough is limited by statute, subject to the exceptionsnoted below, to an amount equal to 3.50% of its average equalized valuation basis. The equalized valuationbasis of the Borough is set by statute as the average for the last 3 years of the equalized value of all taxablereal property and improvements and certain Class II railroad property within its boundaries, as annuallydetermined by the State Board of Taxation. Certain categories of debt are permitted by statute to be deductedfor purposes of computing the statutory debt limit.

The Borough has not exceeded its statutory debt limit. On December 31, 2009, the statutory net debtas a percentage of average equalized valuation was 0.91%. As noted above, the statutory limit is 3.50%.

Exceptions to Debt Limits - Extensions of Credit

The Borough may exceed its debt limit with the approval of the Local Finance Board. If all or anypart of a proposed debt authorization would exceed its debt limit, the Borough may apply to the LocalFinance Board for an extension of credit. If the Local Finance Board determines that a proposed debtauthorization would not materially impair the credit of the Borough or substantially reduce the ability of theBorough to meet its obligations or to provide essential public improvements and services, or make certainother statutory determinations, approval is granted. In addition, debt in excess of the statutory limit may beissued to fund certain notes, to provide for self-liquidating purposes, and, in each fiscal year, to provide forpurposes in an amount not exceeding 2/3 of the amount budgeted in such fiscal year for the retirement of outstanding obligations (exclusive of utility and assessment obligations).

Short-Term Financing

The Borough may sell short-term "bond anticipation notes" to temporarily finance a capitalimprovement or project in anticipation of the issuance of bonds, if the bond ordinance or subsequentresolution so provides. Bond anticipation notes for capital improvements may be issued in an aggregateamount not exceeding the amount specified in the ordinance, as may be amended and supplemented, creatingsuch capital expenditure. Bond anticipation notes may be issued for periods not greater than one year. Suchnotes shall mature and be paid not later than the first day of the fifth month following the close of the tenthfiscal year next following the date of the original notes. At the third and at each subsequent anniversary datefrom the original date of issuance, the amount of notes that may be issued must be decreased by the minimumamount required for the first year's principal payment for a bond issue.


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School Debt (N.J.S.A. 18A:24-1 et seq.)

New Jersey's school districts operate under the same comprehensive review and regulation as do itsmunicipalities. Certain exceptions and differences are provided, but the state supervision of school financeclosely parallels that of local governments.

School district bonds and temporary notes are issued in conformity with the cited statute, whichclosely parallels the Local Bond Law. Although school districts are exempted from the 5% down paymentprovision applicable to municipalities, they are subject to debt limits (which vary depending on the grades theschool system provides), and to state regulation of their borrowing.

The Local Finance Board and the Commissioner of Education must approve any proposedauthorization of debt which exceeds the statutory debt limit of a Type II district. A Type II school district hasan elected board of education; a Type I school district has an appointed board and issues debt without areferendum. All authorizations of debt in a Type II school district require an approving referendum of thevoters in the school district. The Boroughs school district is a Type II district.

All authorizations of debt must be reported to the Division of Local Government Services by meansof a Supplemental Debt Statement prior to final approval to ensure that the proposed authorization is withinall applicable debt limitations.

The School Bond Reserve Act, Chapter 72 of the Laws of 1980 of the State, as amended, devotes aportion of the Fund for the Support of Free Public Schools as security for payment of school bonds.

The Municipal Finance Commission (N.J.S. 52:27-1 et seq.)

The Municipal Finance Commission was created in 1931 to assist in the financial rehabilitation of municipalities which had defaulted in their obligations. The powers of such Commission are exercised todayby the Local Finance Board. Several elements of the local finance system are intended to prevent default onobligations or occurrence of severe fiscal difficulties in any local unit. Should extreme economic conditionsadversely affect any local unit, the statutory provisions are available to assist in restoring the stability of thelocal unit.

Any holder of bonds or notes which are in default for over sixty (60) days (for payment of principalor interest) may bring action against such municipality in the Superior Court of New Jersey. Anymunicipality may declare itself unable to meet its obligations and bring action in such court. In either case,the courts determination that the municipality is in default or unable to meet its obligations may place themunicipality under the jurisdiction of the Municipal Finance Commission.

The Municipal Finance Commission exercises direct supervision over the finances and accounts of any local unit under its jurisdiction. Such commission is authorized to appoint an auditor to examine andapprove all claims against the municipality and to serve as comptroller for that community. The Commissionis also directed to supervise tax collections and assessments, to approve the funding of municipal schooldistrict indebtedness, the adjustment or composition of the claims of creditors, and the readjustment of debtsunder the Federal Municipal Bankruptcy Act.

The Local Finance Board also serves as the funding commission to exercise supervision over thefunding or refunding of local government debt. Any county or municipality seeking to adjust its debt servicemust apply to and receive the approval of such funding commission for the proposed reorganization of itsdebt.


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The Local Budget Law (N.J.S.A. 40A:4-1 et seq.)

The foundation of the New Jersey local finance system is the annual cash basis budget. Every localunit must adopt a budget in the form required by the Division of Local Government Services, Department of Community Affairs, State of New Jersey (the "Division"). Items of revenue and appropriation are regulatedby law and must be certified by the Director of the Division ("Director") prior to final adoption of the budget.The Local Budget Law requires each local unit to appropriate sufficient funds for payment of current debtservice, and the Director is required to review the adequacy of such appropriations, among others, forcertification.

The Director has no authority over individual operating appropriations, unless a specific amount isrequired by law, but the review functions focusing on anticipated revenues serve to protect the solvency of alllocal units. Tax anticipation notes are limited in amount by law and must be paid in full within 120 days of the close of the fiscal year. The cash basis budgets of local units must be in balance, i.e., the total of anticipated revenues must equal the total of appropriations (N.J.S.A. 40A:4-22). If in any year a local unit'sexpenditures exceed its realized revenues for that year, then such excess must be raised in the succeedingyear's budget.

Limitations on Municipal Appropriations and Tax Levy

A statute passed in 1976, as amended and supplemented (N.J.S.A. 40A:4-45.1 et seq.), commonlyknown as the "Cap Law", imposed limitations on increases in municipal appropriations subject to variousexceptions. While the Cap Law restricts the ability of a municipality to increase its overall appropriations, thepayment of debt service is an exception from this limitation. The Cap formula is somewhat complex, butbasically, it permits a municipality to increase its overall appropriations by the lesser of 2.5% or the Cost-of-Living Adjustment ("COLA"). Increases up to 3.5% are allowed by adoption of an ordinance whenever theCOLA is less than 2.5%. If the COLA is greater than 2.5%, an increase in any amount above 2.5% will bepermitted by adoption of an ordinance to 3.5% and beyond 3.5% upon passage of a referendum. The COLAis the rate of annual percentage increase in the Implicit Price Deflator for State and Local Governmentpurchases of goods and services computed by the U.S. Department of Commerce. Exceptions to thelimitations imposed by the Cap Law also exist for other items including capital expenditures; extraordinaryexpenses approved by the Local Finance Board for implementation of an interlocal services agreement;expenditures mandated as a result of certain emergencies; and certain expenditures for services mandated bylaw. The Cap Law does not limit the obligation of the Borough to levy ad valorem taxes upon all taxable realproperty within the Borough to pay debt service.

Chapter 62 of the Pamphlet Laws of 2007 imposed restrictions upon the allowable annual increase inthe tax levy. In general, starting with the 2008 budgets for calendar year municipalities and 2009 budgets forfiscal year municipalities, municipalities have their tax levies limited to a four percent (4%) increase. The capcalculation is subject to various adjustments, such as the value of increased assessments, and allows for anincrease in the adjusted tax levy for various items, including amounts required to be added to the adjusted taxlevy for increases in debt service, amounts required to replace reductions in State formula aid, certainincreased pension contributions, increases greater than four percent (4%) in the reserve for uncollected taxes,and increases in health care costs in excess of four percent (4%) (but not in excess of the percentage increasein the State Health Benefits Program). The law also allows the Local Finance Board to grant waivers forextraordinary circumstances (some of which are defined in the Law) and authorizes a municipality to submit apublic question to the voters for approval (by an affirmative vote of at least sixty percent (60%)) to increasethe amount to be raised by taxation by more than the allowable adjusted tax levy.

For municipalities, the levy cap is in addition to the existing appropriation cap; both cap laws must bemet. Neither cap law limits the obligation of the Borough to levy ad valorem taxes upon all taxable realproperty within the Borough to pay debt service.


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The Boroughs appropriation and tax levy increases for 2010 was within the limits allowed under theCAP Law, taking into account applicable adjustments and without requesting any waivers from the LocalFinance Board.

Miscellaneous Revenues

The Local Budget Law (N.J.S.A. 40A:4-26) provides that: "No miscellaneous revenues from anysource shall be included as an anticipated revenue in the budget in an amount in excess of the amountactually realized in cash from the same source during the next preceding fiscal year, unless the Director shalldetermine upon application by the governing body that the facts clearly warrant the expectation that suchexcess amount will actually be realized in cash during the fiscal year and shall certify such determination, inwriting, to the local unit."

No budget or amendment thereof shall be adopted unless the Director shall have previously certifiedhis approval of such anticipated revenues except that categorical grants-in-aid contracts may be included fortheir face amount with an offsetting appropriation of like amount. The fiscal years for such grants rarelycoincide with the municipality's fiscal year. However, grant revenue is generally not realized until received incash.

Real Estate Taxes

The same general principle that revenue cannot be anticipated in a budget in excess of that realized inthe preceding year applies to property taxes. N.J.S.A. 40A:4-29 governs anticipation of delinquent taxcollections: "The maximum which may be anticipated is the sum produced by multiplication of the amount of delinquent taxes unpaid and owing to the local unit on the first day of the current fiscal year by the percentageof collection of delinquent taxes for the year immediately preceding the current fiscal year."

N.J.S.A. 40A:4-41 provides with regard to current taxes that: "Receipts from the collection of taxeslevied or to be levied in the municipality, or in the case of a county for general county purposes and payablein the fiscal year, shall be anticipated in an amount which is not in excess of the percentage of taxes leviedand payable during the next preceding fiscal year which was received in cash by the last day of the precedingfiscal year."

This provision and N.J.S.A. 40A:4-40 require that an additional amount (the "reserve for uncollectedtaxes") be added to the tax levy required to balance the budget so that when the percentage of the prior year'stax collection is applied to the combined total, the product will at least be equal to the tax levy required tobalance the budget.

The reserve requirement is calculated as follows:

Levy required to balance budget = Total Taxes to be LeviedPrior Year's Percentage of Current Tax Collection (or lesser %).

Chapter 28 of the Pamphlet Laws of 1997 of New Jersey amended Section 41 of the Local BudgetLaw to allow municipalities to reduce the reserve for uncollected taxes by taking into account prior year taxreductions resulting from tax appeal judgments awarded to property owners. Another statute, Chapter 99 of the Pamphlet Laws of 1997 of New Jersey, allows a municipality to (1) reduce the reserve for uncollected taxby deducting receipts anticipated during the fiscal year from the sale of unpaid taxes or municipal liens whensuch sale is concluded in the final month of the fiscal year or (2) not budget for the reserve for uncollectedtaxes if it sells its total property tax levy pursuant to such statute. See Assessment And Collection of Taxes -Tax Collection Procedure herein for a brief discussion of Chapter 99.


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Deferral of Current Expenses

Emergency appropriations (those made after the adoption of the budget and the determination of thetax rate) may be authorized by the governing body of the municipality. However, with minor exceptions,such appropriations must be included in full in the following year's budget.

The exceptions are certain enumerated quasi-capital projects ("special emergencies") such as ice,snow, and flood damage to streets, roads and bridges, which may be amortized over three years, and tax mappreparation, property revaluation programs, revision and codification of ordinances, master plan preparations,and drainage map preparation for flood control purposes which may be amortized over five years. Of course,emergency appropriations for capital projects may be financed through the adoption of a bond ordinance andamortized over the useful life of the project.

Budget Transfers

Budget transfers provide a degree of flexibility and afford a control mechanism. Transfers betweenappropriation accounts may be made only during the last two months of the year. Appropriation reserves maybe transferred during the first three (3) months of the year to the previous years' budget. Both types of transfers require a 2/3 vote of the full membership of the governing body, however, transfers cannot be madefrom either the down payment account or the capital improvement fund. Transfers may be made betweensub-account line items within the same account at any time during the year, subject to approval by thegoverning body.

Capital Budget

In accordance with the Local Budget Law, the Borough must adopt and may from time to time amendrules and regulations for capital budgets, which rules and regulations must require a statement of capitalundertakings underway or projected for a period of the next ensuing six years as a general improvementprogram. The capital budget, when adopted, does not constitute the approval or appropriation of funds, butsets forth a plan of the possible capital expenditures which the local unit may contemplate over the next sixyears. Expenditures for capital purposes may be made either by ordinances adopted by the governing bodysetting forth the items and the method of financing or from the annual operating budget if the items weredetailed.

ASSESSMENT AND COLLECTION OF TAXES

Tax Collection Procedure

Real property taxes are assessed locally, based upon an assessment at true value. The tax bill includesa levy for Borough, County and School purposes. Tax bills are mailed annually in June. Taxes are payable infour quarterly installments on February 1, May 1, August 1 and November 1. If unpaid on these dates, theamount due becomes delinquent and subject to interest at 8% per annum, or 18% on any delinquency amount

in excess of $1,500, and an additional penalty of 6% on delinquent taxes in excess of $10,000. The schoollevy is turned over to the Board of Education as expenditures are incurred, and the balance, if any, istransferred as of June 30 of each fiscal year. County taxes are paid quarterly on February 15, May 15, August15 and November 15 to the County by the Borough. Annually, all properties with unpaid taxes for theprevious year are placed in a tax sale in accordance with the New Jersey Statutes. Annual interim taxforeclosure proceedings are instituted to enforce the tax collection or acquisition of title to the property by theBorough.

Chapter 99 of the Pamphlet Laws of 1997 of New Jersey allows a municipality to sell its totalproperty tax levy to the highest bidder either by public sale with sealed bids or by public auction. Thepurchaser shall pay the total property tax levy bid amount in quarterly installments or in one annual


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installment. Property taxes will continue to be collected by the municipal tax collector and the purchaser willreceive as a credit against his payment obligation, the amount of taxes paid to the tax collector. The purchaseris required to secure his payment obligation to the municipality by an irrevocable letter of credit or a suretybond. The purchaser is entitled to receive delinquent taxes and other municipal charges collected by the taxcollector. The statute sets forth bidding procedures and minimum bidding terms and requires the review andapproval of the sale by the Division of Local Government Services.

Tax Appeals

New Jersey statutes provide a taxpayer with remedial procedures for appealing an assessment deemedexcessive. The taxpayer has a right to petition the Bergen County Tax Board on or before the first day of April of the current tax year for review. The Bergen County Tax Board has the authority after a hearing todecrease or reject the appeal petition. These adjustments are usually concluded within the current tax yearand reductions are shown as canceled or remitted taxes for that year. If the taxpayer feels his petition wasunsatisfactorily reviewed by the Bergen County Tax Board, appeal may be made to the State Department of Taxation, Division of Tax Appeal, for a further hearing. State tax appeals tend to take several years prior tosettlement, and any losses in tax collections from prior years are charged directly to operations or with thepermission of the Local Finance Board may be financed, generally, over a three to five year period.

The Local Fiscal Affairs Law (N.J.S.A. 40A:5-1 et seq.)

This law regulates the non-budgetary financial activities of local governments. The Chief FinancialOfficer of every local unit must file annually, with the Director, a verified statement of the financial conditionof the local unit and all constituent boards, agencies or commissions.

An independent examination of the Borough's accounts must be performed annually by a licensedregistered municipal accountant. The audit, conforming to the Division of Local Government Services'"Requirements of Audit", includes recommendations for improvement of the local units financial proceduresand must be filed with the Director within six months after the close of the fiscal year. A synopsis of the auditreport, together with all recommendations made, must be published in a local newspaper within 30 days of itscompletion.

Investment of Municipal Funds

Investment of funds by New Jersey municipalities is governed by State statute. Pursuant to N.J.S.A.40A:5-15.1, municipalities are limited to purchasing the following securities: (1) direct obligations of, orobligations guaranteed by, the United States of America ("Government Obligations"); (2) U.S. Governmentmoney market mutual funds; (3) obligations of Federal Government agencies or instrumentalities having amaturity of 397 days or less, provided such obligations bear a fixed rate of interest not dependent on anyindex or external factor; (4) bonds or other obligations of the particular municipality or a school districtencompassing the geographic area of the particular municipality; (5) bonds or other obligations having amaturity of 397 days or less approved by the Division of Investment of the State Department of the Treasury;(6) local government investment pools, rated in the highest rating category, investing in U.S. governmentsecurities and repurchase agreements fully collateralized by securities set forth in (1) and (3) above; (7)deposits with the New Jersey Cash Management Fund (created pursuant to N.J.S.A. 52:18A-90.4; the CashManagement Fund); and (8) repurchase agreements with a maximum 30 day maturity fully collateralized bysecurities set forth in (1) and (3) above. Municipalities are required to deposit their funds in interest-bearingbank accounts in banks satisfying certain security requirements set forth in N.J.S.A. 17:9-41 et seq., or investin permitted investments to the extent practicable, and may invest in bank certificates of deposit.


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The Cash Management Fund is governed by regulations of the State Investment Council, a non-partisan oversight body, and is not permitted to invest in derivatives. The Cash Management Fund ispermitted to invest in Government Obligations, Federal Government Agency Obligations, certain short-terminvestment-grade corporate obligations, commercial paper rated "prime", certificates of deposit, repurchaseagreements involving Government Obligations and Federal Government Agency Obligations and certainother types of instruments. The average maturity of the securities in the Cash Management Fund must be oneyear or less, and only a quarter of the securities are permitted to mature in as much as two years.

The Borough has no investments in derivatives.

LITIGATION

There is no litigation pending or threatened restraining or enjoining the issuance or the delivery of theBonds or the levy or the collection of taxes to pay the Bonds or in any manner questioning the authority or theproceedings for the issuance of the Bonds or for the levy or the collection of taxes. There is at present nosingle action pending or threatened against the Borough which would impose an undue financial burden onthe Borough. In New Jersey's courts of general jurisdiction, unliquidated money damages are pleadedgenerally without specifying a dollar amount. The Borough is a party-defendant in certain lawsuits, none of akind unusual for a Borough of its size, and none of which, in the opinion of the Director of Law, wouldadversely impair the Borough's ability to pay its bondholders. All of the Borough's tort actions are beingdefended by municipal joint insurance funds (which provide pooled private insurance coverage and self-insurance coverage to its members). The Borough is also insured for liability in excess of the limits providedby the municipal joint insurance funds. Pending municipal real estate appeals are limited in number and,based upon the Borough's prior experience in tax appeals, and assuming that such tax appeals are resolvedadversely to the interest of the Borough, such resolution would not in any way endanger the Borough's abilityto pay its bondholders.

TAX EXEMPTION

General

Applicable federal tax law provides that interest on obligations such as the Bonds is not included ingross income for federal income tax purposes only if certain requirements are met. In its Certificate as toArbitrage and use of proceeds, as to compliance with the Internal Revenue Code of 1986 (the TaxCertificate), which will be delivered in connection with the issuance of the Bonds, the Issuer will makecertain representations, certifications of fact, and statement of reasonable expectation in connection with theissuance of the Bonds and certain ongoing covenants to comply with applicable requirements of the Code toassure the exclusion of the interest on the Bonds from gross income under Section 103 of the Code.

In the opinion of the Nowell Amoroso Klein Bierman, P.A., under existing statutes, regulations,administrative pronouncements and judicial decisions, and in reliance on the representations, certifications of fact, and statements of reasonable expectation made by the Issuer in the Tax Certificate and assumingcompliance by the Issuer with its ongoing covenants in the Tax Certificate, interest on the Bonds is notincluded in the gross income of the owners thereof for federal income tax purposes pursuant to the Code andis not an item of tax preference to be included in calculating alternative minimum taxable income under theCode for purposes of the alternative minimum tax imposed with respect to individuals and corporations.Pursuant to the American Recovery and Reinvestment Act of 2009, interest on the Bonds held by corporatetaxpayers is not included in the relevant income computation for calculation of the federal alternativeminimum tax imposed on corporations as a result of interest on the Bonds not being included in adjustedcurrent earnings.


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Under Section 171(a)(2) of the Code, no deduction is allowed for the amortizable bond premium(determined in accordance with Section 171(a)(b) of the Code) on tax-exempt bonds. Under Section1016(a)(5) of the Code, however, an adjustment must be made to the owners basis in such bond to the extentof any amortizable bond premium that is disallowable as a deduction under Section 171(a)(2) of the Code.

Bank Qualification

The Bonds will be designated as qualified under Section 265 of the Code by the City for anexemption from the denial of deduction for interest paid by financial institutions to purchase or to carry tax-exempt obligations.

The Code denies the interest deduction for certain indebtedness incurred by banks, thrift institutionsand other financial institutions to purchase or to carry tax-exempt obligations. The denial to such institutionsof one hundred percent (100%) of the deduction for interest paid on funds allocable to tax-exempt obligationsapplies to those tax-exempt obligations acquired by such institutions after August 7, 1986. Pursuant to a deminimum safe harbor exception contained in the American Recovery and Reinvestment Act of 2009, certaintax-exempt obligations issued in 2009 and 2010 are not taken into account for purposes of this interestdisallowance provision, up to a maximum amount equal to 2% of the taxpayers average adjusted bases of allits assets.

For certain issues, which are eligible to be designated and which are designated by the issuer asqualified under Section 265 of the Code, eighty percent (80%) of such interest may be deducted as a businessexpense by such institutions.

Certain Federal Tax Consequences Relating to Bonds

Although interest on the Bonds is excluded from gross income for federal income tax purposes, theaccrual or receipt of interest on the Bonds may otherwise affect the federal income tax liability of therecipient. The nature and extent of these other tax consequences will depend upon the recipients particulartax status or other items of income or deduction. Bond Counsel expresses no opinion regarding any suchconsequences. Purchasers of the Bonds, particularly purchasers that are corporations (including Scorporations and foreign corporations operating branches in the United States), property or casualty insurancecompanies, banks, thrifts or other financial institutions and certain recipients of Social Security benefits, areadvised to consult their own tax advisors as to the tax consequences of purchasing or holding the Bonds.

There can be no assurance that legislation will not be introduced or enacted after the issuance anddelivery of the Bonds so as to affect adversely the exclusion from gross income for federal income taxpurposes of interest on the bonds. Each purchaser of the Bonds should consult his or her own advisorregarding any changes in the status of pending or proposed federal tax legislation.

New Jersey Gross Income Tax

In the opinion of the Nowell Amoroso Klein Bierman, P.A., Bond Counsel, to be deliveredsimultaneously with the delivery of the Bonds, under existing law, interest on the Bonds and any gain on thesale of the Bonds are not includable in gross income under the existing New Jersey Gross Income Tax Act.

ALL POTENTIAL PURCHASERS OF THE BONDS SHOULD CONSULT WITH THEIR TAXADVISORS IN ORDER TO UNDERSTAND THE TAX IMPLICATIONS OF OWNERSHP OF THEBONDS UNDER THE CODE.


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LEGALITY FOR INVESTMENT

The State and all public officers, municipalities, counties, political subdivisions and public bodies,and agencies thereof, all banks, bankers, trust companies, savings and loan associations, savings banks andinstitutions, building and loan associations, investment companies, and other persons carrying on bankingbusiness, all insurance companies, and all executors, administrators, guardians, trustees, and other fiduciariesmay legally invest any sinking funds, moneys or other funds belonging to them or within their control in anyobligations of the Borough, including the Bonds, and such Bonds are authorized security for any and allpublic deposits.

APPROVAL OF LEGAL PROCEEDINGS

All legal matters incident to the authorization, the issuance, the sale and the delivery of the Bonds aresubject to the approval of Nowell Amoroso Klein Bierman, P.A., Hackensack, New Jersey, Bond Counsel tothe Borough, whose approving legal opinion will be delivered with the Bonds substantially in the form setforth as Appendix C hereto.

RATING

Standard & Poors U.S. Public Finance Ratings ("Standard & Poors") has assigned a rating of AA tothe Bonds.

An explanation of the significance of such credit rating may be obtained from Standard & Poors, 55Water Street, New York, New York 10041. The Borough furnished Standard & Poors with certain informationand materials concerning the Bonds and the Borough. Generally, Standard & Poors bases its ratings on suchinformation and materials and also on such investigations, studies and assumptions that it may undertakeindependently. The rating is not a recommendation to buy, sell or hold the Bonds and there can be no assurancethat any such rating will be maintained for any given period of time or that such rating may not be raised,lowered or withdrawn entirely if, in Standard & Poors judgment, circumstances so warrant. Any downwardchange in or withdrawal of any such rating may have an adverse effect on the marketability or market price of the Bonds.

UNDERWRITING

The Bonds have been purchased at a public sale from the Borough for resale by Roosevelt & Cross,Inc. & Associates at a purchase price of $8,530,000 which represents the par amount of the Bonds.

SECONDARY MARKET DISCLOSURE

The Borough has agreed, pursuant to a resolution adopted on June 15, 2010, to undertake for thebenefit of the Bondholders and the beneficial owners of the Bonds to provide certain secondary marketdisclosure information pursuant to Rule 15c2-12. Specifically, the Borough will do the following for thebenefit of the holders of the Bonds and the beneficial owners thereof:

(A) Not later than seven months after the end of the Borough's fiscal year (presently December31), commencing with the report for the fiscal year ending December 31, 2010, provide or cause to beprovided to the Municipal Securities Rulemaking Board (the MSRB) in an electronic format, as prescribedby the MSRB, annual financial information with respect to the Borough consisting of (i) audited financialstatements (or unaudited financial statements if audited financial statements are not then available by the dateof filing, which audited financial statements will be delivered when and if available) of the Borough and (ii)


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APPROVAL OF OFFICIAL STATEMENT

Prior to the delivery of the Bonds, the Municipal Council of the Borough will have adopted aresolution approving this Official Statement, deeming it a "final official statement" for purposes of Rule 15c2-12 and directing the Chief Financial Officer to deliver a reasonable number of copies thereof in final form tothe Underwriter for its use in the sale, resale or distribution of the Bonds.

ADDITIONAL INFORMATION

Inquiries regarding this Official Statement, including requests for information additional to thatcontained herein, may be directed to the Borough of Dumont, 50 Washington Avenue, Dumont, New Jersey,Rosemarie Giotis, Chief Financial Officer, (201) 387-5052.

MISCELLANEOUS

This Official Statement is not to be construed as a contract or agreement between the Borough and thepurchasers or holders of any of the Bonds. Any statements made in this Official Statement involving mattersof opinion, whether or not expressly so stated, are intended merely as opinions and not as representations of fact. The information and expressions of opinion contained herein are subject to change without notice andneither the delivery of this Official Statement nor any sale of Bonds made hereunder shall, under anycircumstances, create any implication that there has been no change in the affairs of the Borough since thedate hereof. The information contained in the Official Statement is not guaranteed as to accuracy orcompleteness.

This Official Statement has been duly executed and delivered by the Chief Financial Officer on behalf of the Borough.

BOROUGH OF DUMONT

/s/ Rosemarie GiotisRosemarie GiotisChief Financial Officer

Dated: July 13, 2010


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APPENDIX A

CERTAIN INFORMATION OF THE BOROUGH OF DUMONT


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GENERAL INFORMATION REGARDING THE BOROUGH OF DUMONT

Size and Geographical Location

Dumont is situated in the eastern central portion of Bergen County approximately eight miles northwest of theGeorge Washington Bridge. The Borough, 1.8 square miles in area, is a mature community with little vacant land.Essentially a residential community, the Boroughs business district is centered along north to south WashingtonAvenue and east to west Madison Avenue. The small manufacturing area is situated in the western portion of theBorough on Alladin Avenue which connects with Madison Avenue. With a few exceptions, businesses are smallwith less than ten employees.

Form of Government

Dumont was organized in 1894 under the borough form of government. There is a Mayor and a Council composedof six members. The Mayor is elected to serve a four-year term and may succeed that term by re-election. He isempowered, amongst his legal powers as head of the municipal government, to: (i) provide for the properexecution of local and State laws; (ii) recommend to the Borough Council measures he deems in the best interest of the Borough Council; (iii) appoint most subordinate officers of the Borough; and (iv) maintain peace and order.Although he presides over meetings of the Borough Council, the Mayor votes only in case of a tie. State lawrequires that he be a member of the Planning Board and the Board of Trustees of the municipal Public Library.

The six Council members are elected at-large, two each year, for terms of three years. The Council exercisesgeneral legislative powers conferred upon it by State law to protect and promote the general welfare of theBorough. Among these are the right to enact ordinances, approve resolutions, approve mayoral appointments,adopt the annual budget and determine the tax levy. The Council, acting in committee, oversees the variousdepartments and functions of the Borough government.

Health Care Facilities

A volunteer First Aid Squad operates ambulances twenty four hours per day.

Emergency and acute medical care facilities are available at Englewood Hospital, Holy Name Hospital in Teaneck,the Hackensack University Medical Center in Hackensack, and Valley Hospital in Ridgewood.

Police Department

The Police Department consists of a Chief of Police, 2 Captains, 3 Lieutenants, 7 Sergeants, 19 Uniformed Officersand 6 civilian personnel.

Fire Department

The Fire Department operates fire apparatus consisting of five pumpers with capacity between 1,250 and 2,000gallons per minute, one ladder truck and two other vehicles.

Public Works Department

The Department of Public Works is responsible for maintenance of roads and municipal facilities.

Utilities

Gas and electricity is supplied by Public Service Electric and Gas Company. Water is provided by Hackensack Water Co., a division of United Water Resources. Wastewater treatment is provided by the Bergen County UtilitiesAuthority.


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Transportation Facilities

The New Jersey Department of Transportation Bus Operations provides local service to surrounding communitiesfrom some of which there is available rail and bus interstate services. The George Washington Bridge at Fort Leeprovides access to Manhattan by bus.

ECONOMIC AND DEMOGRAPHIC INFORMATION

Labor Force, Employment and Unemployment

For the years 2005 to 2009, the New Jersey Department of Labor reported the following annual average employmentinformation for the Borough of Dumont, the County of Bergen and the State of New Jersey:

Total Labor Employed Total UnemploymentForce Labor Force Unemployed Rate

Borough of Dumont

2009 9,621 9,031 591 6.1%2008 9,618 9,291 327 3.4%2007 9,574 9,325 249 2.6%2006 9,630 9,349 281 2.9%2005 10,013 9,739 274 2.7%

County of Bergen

2009 480,500 442,500 38,000 7.9%2008 477,000 455,600 21,400 4.5%2007 473,700 457,300 16,300 3.4%

2006 476,200 457,800 18,400 3.9%2005 470,000 452,400 17,600 3.7%

State of New Jersey

2009 4,536,700 4,118,400 418,300 9.2%2008 4,496,700 4,251,200 245,500 5.5%2007 4,462,300 4,271,700 190,600 4.3%2006 4,492,800 4,283,600 209,200 4.7%2005 4,431,600 4,232,800 198,700 4.5% _____________Source: Borough of Dumont.


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Population

Population trends for the Borough, County and the State of New Jersey since 1970 are shown below:

Area 1970 1980 1990 2000 2008

Borough of Dumont 20,155 18,334 17,187 17,503 16,968 County of Bergen 897,148 845,385 825,380 884,118 894,840

State of New Jersey 7,171,112 7,365,011 7,730,188 8,414,350 8,682,661

Income as of 1999

Median Household Median Family Per CapitaIncome Income Income

Borough of Dumont 65,490$ 73,880$ 26,489$County of Bergen 65,241 78,079 33,638 State of New Jersey 55,146 65,370 27,006

Source: State of New Jersey, Data Center, Money Income New Jersey & Counties: 1999

____________Source: U.S. Census Bureau.


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BUDGET INFORMATIONCurrent Fund(As Adopted)

2010 (1) 2009 2008 2007 2006Anticipated Revenues

Fund Balance 805,000$ 805,000$ 720,000$ 430,000$

Miscellaneous Revenues 2,293,208 2,740,916 2,816,685 3,275,023 3,667,89$Receipts from Delinquent Taxes 550,000 655,000 575,000 575,000 440,00 Amount to be Raised by Taxes for

Support of Municipal Budget 15,776,011 14,456,478 13,904,733 13,205,697 12,651,85

19,424,219$ 18,657,394$ 18,016,418$ 17,485,720$ 16,759,75$

AppropriationsSalaries and Wages 7,282,483$ 6,911,016$ 6,602,025$ 6,387,478$ 6,151,33$Other Expenses 8,276,994 7,842,153 7,674,097 7,576,842 7,140,70 Deferred Charges and Statutory

Expenditures 1,404,943 1,421,147 1,302,308 1,366,972 1,538,91 Capital Improvement Fund 80,000 175,202 179,714 25,000 75,00 Municipal Debt Service 1,328,400 1,301,655 1,293,274 1,196,965 1,120,83 Judgements 75,000 Reserve for Uncollected Taxes 1,051,399 1,006,221 965,000 932,463 657,97

19,424,219$ 18,657,394$ 18,016,418$ 17,485,720$ 16,759,75$

(1) Budget as introduced _______________

Source: Borough of Dumont.

FINANCIAL INFORMATION

Current Fund Balance and Amounts Utilized in Succeeding Year's Budget

Fund Balance Utilized in BudgetYear December 31 of Succeeding Year

2009 1,252,671$ 805,000$ (1)

2008 1,159,780 805,000 2007 1,154,971 720,000

2006 864,721 430,000 2005 362,176 -

(1) Budget as introduced_________________

Source: Borough of Dumont Annual Audit Reports.


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Current Tax Collections

Year Tax Levy Amount Percent

2009 49,817,451$ 49,193,855$ 98.75%2008 48,285,235 47,484,460 98.34%2007 46,540,968 45,872,682 98.56%2006 44,159,100 43,513,861 98.53%2005 40,454,718 39,894,835 98.62%

Collection During Year of Levy

___________Source: Borough of Dumont Annual Audit Reports.

Delinquent Taxes and Tax Title Liens

Tax Title Delinquent Total Percentage of

Year Liens Taxes Delinquent Levy

2009 2,401$ 572,736$ 575,137$ 1.13%2008 1,800 683,174 684,974 1.42%2007 1,218 636,228 637,446 1.37%2006 - 608,575 608,575 1.38%2005 - 448,854 448,854 1.11%

___________Source: Borough of Dumont Annual Audit Reports.

Assessed Valuation of Property Owned bythe Borough Acquired for Taxes

Year Amount

2009 79,526$2008 79,526 2007 79,526 2006 79,526

2005 79,526 __________Source: Borough of Dumont Annual Audit Reports.


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Largest Taxpayers

The largest taxpayers in the Borough and their 2010 assessed valuations are listed below:

Taxpayer Assessment

Dumont Terrace Apartments 18,031,000$Merritt Associates LLC 9,000,000

ETC Properties, LP 8,800,500 Verizon 5,973,980 Walfield Realty 3,816,500 Kent Apartments of Dumont 3,570,000

Withinvestors Dumont 3,422,100

Adamiak Family Ltd. 3,342,000 375 Franklin L.P. 3,289,400 Birchwood Gardens LLC 2,950,000 B.S.S. Associates LLC 2,800,300

___________Source: Tax Assessor.

Assessed ValuationLand Improvements by Class

Year Vacant Land Residential Farm Value Commercial Apartment Industrial Total

2010 1,091,400$ 1,910,771,200$ 10,500$ 100,789,900$ 65,245,700$ 6,762,200$ 2,084,670,900$

2009 1,141,800 1,910,674,700 10,500 99,463,500 65,295,700 6,762,200 2,083,348,400

2008 1,141,800 1,907,992,400 10,500 98,896,200 69,306,500 6,762,200 2,084,109,600

2007 1,141,800 1,903,953,900 10,500 99,752,100 69,306,500 6,762,200 2,080,927,000 2006 1,591,400 1,898,568,500 10,500 101,037,000 69,375,100 6,762,200 2,077,344,700

_____________Source: Tax Duplicate.

Assessed ValuationsNet Valuation Taxable

Ratio of Business Net Assessed Value Total True ValuePersonal Valuation to True Value of of Assessed

Year Real Property Property Taxable Real Property Property

2010 2,084,670,900$ 6,385,805$ 2,091,056,705$2009 2,083,348,400 2,943,172 2,086,291,572 88.20% 2,369,560,541 2008 2,084,109,600 2,943,172 2,087,052,772 91.55% 2,282,621,432 2007 2,080,927,000 3,195,878 2,084,122,878 95.16% 2,192,985,501 2006 2,077,344,700 3,279,421 2,080,624,121 106.18% 1,962,536,536

______________Source: Tax Duplicate and Abstract of Ratables of Bergen County


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Components of Real Estate Tax Rate(per $100 of Assessment)

LocalYear Total Municipal School County

2009 2.385$ 0.692$ 1.475$ 0.218$2008 2.311 0.667 1.441 0.203 2007 2.230 0.638 1.401 0.191 2006 2.120 0.612 1.331 0.177 2005 1.940 0.552 1.225 0.163

________________Source: Tax Collector

Apportionment of Tax Levy(Including School and County Purposes)

Year Total Municipal County Local School

2009 49,817,451$ 14,524,301$ 4,530,850$ 30,762,300$2008 48,285,235 13,981,374 4,225,573 30,078,288 2007 46,540,968 13,353,698 3,987,155 29,200,115 2006 44,159,100 12,804,973 3,665,303 27,688,824 2005 40,454,718 11,582,591 3,357,582 25,514,545

______________Source: Tax Collector


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DEBT INFORMATION

Debt Statements

The Borough must report all new authorizations of debt or changes in previously authorized debt to the Division of Local Government Services, Department of Community Affairs of the State of New Jersey (the Division). TheSupplemental Debt Statement, as this report is known, must be submitted to the Division before final passage of anydebt authorization. Before January 31 of each year the Borough 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 Borough as of the previousDecember 31. Through the Annual and Supplemental Debt Statements, the Division monitors all local borrowing.

Debt Incurring CapacityAs of December 31, 2009

MunicipalEqualized Valuation Basis (last 3 years average) 2,296,553,853$

3 1/2% Borrowing Margin 80,379,385 Net Debt Issued, Outstanding and Authorized 20,900,048 Remaining Municipal Borrowing Capacity 59,479,337

Local School3% Borrowing Margin 68,896,616 Debt, Issued, Outstanding and Authorized 20,295,000 Remaining School Borrowing Capacity 48,601,616

Gross and Statutory Net Debtas of December 31, 2009

Gross DebtYear Amount Amount Percentage

2009 42,120,048$ 20,900,048$ 0.91%2008 34,757,334 16,070,834 0.69%2007 38,580,412 14,793,135 0.73%2006 33,210,922 10,045,922 0.52%2005 37,927,396 10,147,997 0.59%

Statutory Net Debt

Source: Borough of Dumont Audit Reports.


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A-9

Statement of IndebtednessAs of December 31, 2009

GENERAL PURPOSESBonds Issued and Outstanding 3,898,000$Loans 4,252,060 Bond Anticipation Notes 8,428,206 Bonds and Notes Authorized But Not Issued 5,246,782

21,825,048$LOCAL SCHOOL

Bonds Issued and Outstanding 20,295,000

TOTAL GROSS DEBT 42,120,048

STATUTORY DEDUCTIONSMunicipal Purpose 925,000 Local School 20,295,000

21,220,000

TOTAL NET DEBT 20,900,048$

OVERLAPPING DEBTCounty of Bergen 8,613,629 BCUA - Water Pollution Control System 7,140,894

TOTAL OVERLAPPING DEBT 15,754,523$

GROSS DEBT

Per Capita (2008 Census - 16,968) 2,482$Percent of Net Valuation Taxable (2009 - $2,086,291,572) 2.02%Percent of Estimated True Value of Real Property (2009 - $2,369,560,541) 1.78%

NET MUNICIPAL DEBTPer Capita (2008 Census - 16,968) 1,232$Percent of Net Valuation Taxable (2009 - $2,086,291,572) 1.00%Percent of Estimated True Value of Real Property (2009 - $2,369,560,541) 0.88%

OVERALL DEBT (Gross and Overlapping Debt)Per Capita (2008 Census - 16,968) 3,411$Percent of Net Valuation Taxable (2009 - $2,086,291,572) 2.77%Percent of Estimated True Value of Real Property (2009 - $2,369,560,541) 2.44%

Note (1) Overlapping debt was computed based upon the real property ratio of equalized valuations of the municipality to all municipalities within the County asprovided in the 2008 Bergen County Abstract of Ratables published by the Bergen County Board of Taxation.

Note (2) Overlapping debt was computed based upon usage.Source: Borough of Dumont.


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APPENDIX B

FINANCIAL STATEMENTS


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37/102B-1

LERCH, VINCI & HIGGINS, LLP

CERTIFIED PUBLIC ACCOUNTANTS

REGISTERED MUNICIPAL ACCOUNTANTS

17-17 ROUTE 208

FAIR LAWN, NJ 07410

TELEPHONE (201) 791-7100

FACSIMILE (201)791-3035

WWW.LVHCPA.COM

DIETER P. LERCH, CPA, RMA, PSA ELIZABETH A. SHICK, CPA, RMA, PSA

GARY J. VINCI, CPA, RMA, PSA ANDREW PARENTE, CPA, RMA, PSA

GARY W. HIGGINS, CPA, RMA, PSA ROBERT W. HAAG, CPA, PSA

JEFFREY C. BLISS, CPA, RMA, PSA DEBORAH KOZAK, CPA, PSA

PAUL J. LERCH, CPA, RMA, PSA DEBRA GOLLE, CPA

DONNA L. JAPHET, CPA, PSA CINDY JANACEK, CPA, RMA

JULIUS B. CONSONI, CPA, PSA RALPH M. PICONE, CPA, RMA, PSA

INDEPENDENT AUDITORS' REPORT

Honorable Mayor and Membersof the Borough Council

Borough of DumontDumont, New Jersey

We have audited the accompanying financial statements - regulatory basis of the various funds and account group of theBorough of Dumont as of and for the years ended December 31, 2009 and 2008. These financial statements are theresponsibility of the Boroughs management. Our responsibility is to express an opinion on these financial statements basedon our audits.

Except as discussed in the following paragraphs of this report, we conducted our audits in accordance with auditing standardsgenerally accepted in the United States of America; the standards applicable to financial audits contained in GovernmentAuditing Standards, issued by the Comptroller General of the United States; and audit requirements prescribed by theDivision of Local Government Services, Department of Community Affairs, State of New Jersey. Those standards requirethat we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of materialmisstatement. An audit includes consideration of internal control over financial reporting as a basis for designing auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Borough of Dumonts internal control over financial reporting. Accordingly, we express no such opinion. An audit alsoincludes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An auditalso includes assessing the accounting principles used and significant estimates made by management, as well as evaluatingthe overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.


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As described more fully in Note 1, the Borough has prepared these financial statements using accounting practices thatdemonstrates compliance with the regulatory basis of accounting and budget laws prescribed or permitted by the Division of Local Government Services, Department of Community Affairs, State of New Jersey, which practices differ from accountingprinciples generally accepted in the United States of America. The effect on the financial statements of the variances betweenthese regulatory accounting practices and the accounting principles generally accepted in the United States of America,although not reasonably determinable, are presumed to be material. In addition, the financial statements of the Length of Service Awards Program (LOSAP) Trust Fund have not been audited, and we were not required by the Division of LocalGovernment Services to audit nor were we engaged to audit the LOSAP Trust Fund financial statements as part of our auditof the Boroughs financial statements. The LOSAP financial activities are included in the Boroughs Trust Fund, and

represent 52 percent and 57 percent of the assets and liabilities respectively, of the Boroughs Trust Funds as of December31, 2009 and 2008.

In our opinion, because of the effects of the Borough preparing its financial statements on the basis of accounting discussed inthe preceding paragraph, the financial statements referred to above do not present fairly, in conformity with accountingprinciples generally accepted in the United States of America, the financial position of the Borough of Dumont as of December 31, 2009 and 2008 or the results of its operations for the years then ended. Further, the Borough has not presenteda managements discussion and analysis that accounting principles generally accepted in the United States of America hasdetermined is necessary to supplement, although not required to be part of, the basic financial statements.

However, in our opinion, except for the effects of such adjustments, if any, as might have been determined to be necessaryhad the LOSAP Trust Fund financial statements been audited, the financial statements - regulatory basis referred to abovepresent fairly, in all material respects, the financial position - regulatory basis of the various funds and account group of the

Borough of Dumont as of December 31, 2009 and 2008 and the results of operations and changes in fund balance - regulatorybasis of such funds for the years then ended and the statement of revenues - regulatory basis and the statement of expenditures - regulatory basis of the Current Fund for the year ended December 31, 2009 on the basis of accountingdescribed in Note 1.

In accordance with Government Auditing Standards, we have also issued a report dated June 22, 2010 on our considerationof the Borough of Dumont's internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grants agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing and not to provide anopinion on the internal control over financial reporting or on compliance. That repor t is an integral part of our auditperformed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit.

By/s/ LERCH, VINCI & HIGGINS, LLPCertified Public AccountantsRegistered Municipal Accountants

Fair Lawn, New JerseyJune 22, 2010


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EXHIBIT APage 1

BOROUGH OF DUMONTCOMPARATIVE BALANCE SHEETS - REGULATORY BASIS

CURRENT FUND

ASSETS 2009 2008

Cash and Investments 2,759,309$ 2,909,367$Petty Cash 250 250 Change Fund 250 250 Grants Receivable 94,950 5,300 Due From State - Senior Citizens &

Veterans Deductions 10,809 10,059

2,865,568 2,925,226

Receivables and Other Assets With Full ReservesDelinquent Property Taxes Receivable 572,736 683,174 Tax Title Lien 2,401 1,800 Property Acquired for Taxes 79,526 79,526 Other Accounts Receivable 20,768 20,768 Revenue Accounts Receivable 12,235 Due from Other Trust Fund 8,494 8,071 Due from Animal Control Fund 6,576 1,579 Due from General Capital Fund 17 Due from Public Assistance Trust Fund 1 46 Due from Unemployment Trust Fund - 902

690,519 808,101 Deferred Charges

Emergency Authorizations 7,818 Special Emergency Authorizations 43,000 172,000

50,818 172,000

Total Assets 3,606,905$ 3,905,327$

AS OF DECEMBER 31, 2009 AND 2008

The Accompanying Notes are an Integral Part of these Financial StatementsB-3


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EXHIBIT APage 2

BOROUGH OF DUMONTCOMPARATIVE BALANCE SHEETS - REGULATORY BASIS

CURRENT FUND

(Continued)

LIABILITIES, RESERVES AND FUND BALANCE 2009 2008

LiabilitiesAppropriation Reserves 453,559$ 475,235$Encumbrances Payable 600,061 537,286 Accounts Payable 6,900 286 Special Emergency Notes Payable 172,000 Due to General Capital Fund 55,397 Due to Community Development Block Grant Fund 218 Other Liabilities 7,716 83,552

Miscellaneous Reserves 334,587 358,546 Prepaid Taxes 136,367 168,463 Tax Overpayments 250 123 Due to County for Added Taxes 5,415 4,695 School Taxes Payable 199 Appropriated Reserves for Grants 74,756 40,975 Unappropriated Reserves for Grants 44,104 40,471

1,663,715 1,937,446

Reserve for Receivables and Other Assets 690,519 808,101 Fund Balance 1,252,671 1,159,780

Total Liabilities, Reserves and Fund Balance 3,606,905$ 3,905,327$

AS OF DECEMBER 31, 2009 AND 2008



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EXHIBIT A-1BOROUGH OF DUMONT

COMPARATIVE STATEMENTS OF OPERATIONS AND CHANGES IN FUND BALANCE -REGULATORY BASIS - CURRENT FUND

FOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008

2009 2008REVENUE AND OTHER INCOME REALIZED

Surplus Anticipated 805,000$ 720,000$Miscellaneous Revenue Anticipated 2,734,500 2,891,380 Receipts from Delinquent Taxes 668,608 633,338 Receipts from Current Taxes 49,193,855 47,484,460 Non-Budget Revenues 180,501 189,676 Other Credits to Income

Reserve for Receivables 13,122 Interfunds Returned 2,554 10,034 Unexpended Balance of Appropriation Reserves 273,727 193,390 Statutory Excess - Animal Control Fund 6,579 1,352 Cancellations 761 -

Total Revenues 53,866,085 52,136,752

EXPENDITURESMunicipal Budget 17,662,951 17,062,414 County Taxes 4,530,850 4,225,573 Local District School Taxes 30,762,300 30,078,288 Interfund Advance 7,044 10,598 Refund of Prior Year Revenues 12,867 33,727 Other Receivables Cancelled - 1,343

Total Expenditures 52,976,012 51,411,943

Excess in Revenues 890,073 724,809

Expenditures Included Above Which are by StatuteDeferred Charges to Budget of Succeeding Year

Statutory Excess of Fund Balance 7,818 -

897,891 724,809

Fund Balance, January 1 1,159,780 1,154,971

2,057,671 1,879,780 Decreased by:

Utilization as Anticipated Revenue 805,000 720,000

Fund Balance, December 31 1,252,671$ 1,159,780$



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EXHIBIT A-2Page 1

BOROUGH OF DUMONTCOMPARATIVE STATEMENTS OF REVENUES - REGULATORY BASIS

CURRENT FUNDFOR THE YEARS ENDED DECEMBER 31, 2009 AND 2008

Budget After Budget AfterModification Actual Modification Actual

Fund Balance Utilized 805,000$ 805,000$ 720,000$ 720,000$

Miscellaneous RevenuesLicenses

Alcoholic Beverages 8,500 10,959 6,000 8,957 Other 6,000 3,805 4,000 6,567

Fees and PermitsConstruction Code Official 225,000 196,528 200,000 236,909 Recreation Fees 55,000 62,394 35,000 56,993 Other 55,000 53,788 50,000 58,564

Fines and Costs - Municipal Court 150,000 150,794 125,000 151,866 Interest on Costs on Taxes 140,000 136,849 110,000 150,451 Interest on Investments and Deposits 53,000 29,686 150,000 79,634 Fire Inspections - Additional 10,550 15,175 Consolidated Municipal Property Tax Relief Aid 422,061 422,061 542,749 542,749 Energy Receipts Tax 1,281,587 1,281,587 1,204,583 1,204,583 Interlocal Agreement - Court Administrator 25,600 25,600 25,600 25,600 CDBG - Veteran's Park 91,200 91,200 Office of Justice Programs/Police Body Armor 4,671 4,671 Drunk Driving Enforcement Fund 2,664 2,664 3,223 3,223 Clean Community 19,041 19,041 18,280 18,280 Stormwater Drainage Grant 3,007 3,007 3,007 3,007 Recycling Tonnage 7,588 7,588 5,509 5,509 Green Communities 3,000 3,000 ANJEC - Shade Tree Grant 25,000 25,000

Domestic Violence Training Program 500 500 Obey the Sign or Pay the Fine 4,000 4,000 Life Hazard Use Fees 11,263 11,851 12,461 11,263 Sale of Recyclables 15,000 7,540 20,000 15,004 PILOT - Senior Citizen Club 30,684 30,286 31,474 30,684 Homeland Security Aid 70,000 70,000 Interlocal Agreement - Court Administrator 2007 25,600 25,600 Alcohol Education Rehab Fund 395 395 Police Body Armor Grant 6,009 6,009 Municipal Recycling Grant 6,931 6,931 BC Prosecutor's Office- DWI 2,294 2,294 FEMA Reimbursements 65,864 65,905 Division of Highway Safety 4,000 4,000 200 Club- Bergen County 5,300 5,300

Cable Television Franchise Fees 95,000 134,926 95,000 95,103

Total Miscellaneous Revenues 2,744,916 2,734,500 2,828,279 2,891,380

Receipts from Delinquent Taxes 655,000 668,608 575,000 633,338

Amount to be Raised by Taxes for Supportof Municipal Budget 14,456,478 14,906,926 13,904,733 14,145,599

Total General Revenues 18,661,394$ 19,115,034$ 18,028,012$ 18,390,317$

2009 2008



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2009 STATEMENT OF EXPENDITURES

B-7


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EXHIBIT A-3aPage 1

AppropriatedBudget After Paid or

OPERATIONS WITHIN "CAPS" 2009 Budget Modification Charged Reserved Cancelled

GENERAL GOVERNMENT FUNCTIONSGeneral Administration

Salaries and Wages 295,700$ 286,602$ 286,602$Other Expenses 62,550 70,350 69,293 1,057$Postage 17,000 15,053 15,053 Ethics Board - Other Expenses 3,000 2,000 1,598 402

ElectionsOther Expenses 17,500 29,796 14,796 15,000

Financial AdministrationSalaries and Wages 13

bond prospectus

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