Lakewood BOE Attorney Michael Inzelbuch on State’s grant rejection: When was the last time a bank provided a $28 million dollar loan on faulty paperwork?

TLS spoke with Lakewood BOE General Counsel Michael Inzelbuch in regards the State’s rejection letter, indicating they would only loan the School District the $28 million it needed to cover the budget deficit – but not grant the funds.

“On the one hand, I thank the State for agreeing with the Superintendent and Administration as to the $28 million plus dollar number that is needed to provide a T & E Budget (Thorough and Efficient Budget),” said Inzelbuch. “This is much needed relief to our public students, staff, and community as a whole.”

He added, “Thank you to the Board, the Administration, Rabbi Kotler, Senator Singer, and all those who I personally know petitioned the State on behalf of our public schools.”

“However,” says Inzelbuch, “while a loan, not a grant, this confirms in a big way, and for the first time to such a significant monetary level, that the State is aware that there is a funding and revenue problem in Lakewood.

1- This is clearly by no means a long term solution;

2- This is akin to someone who appears in the Emergency Room at the Hospital bleeding profusely. The ER at first world to stop the bleeding with gauze pads until much needed surgery can occur. Hopefully, this is just the beginning of the recognition that the Lakewood mosaic is unique and requires equity for all its students;

3- Hopefully, fundamental fairness and the known need for a funding formula fix will now occur. No loans. No gifts. But – equity.”

Inzelbuch concluded, “As to the naysayers -and the negative aspersions cast – I ask: “When was the last time a bank provided a $28 million dollar loan on faulty paperwork?? C’mon, who you kidding?

“Thank you State.”

The cancelled budget meeting will be taking place on Wednesday, when the Administration and Board will discuss the recent developments, while attempting to work with the State on ensuring a grant is still feasible, provided the District provide the documentation they’re seeking.

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  1. To Mr Inzelbuch,

    I really appreciate all that you do for the community. However I don’t understand your reasoning, the schools wouldn’t be backing up the loan, the city would, which is pretty reliable. I believe many banks would be willing to loan the Lakewood Township the money it needs, unless the state is loaning it interest free

  2. I’m very confused? Who is saying the truth? Was the doucuments in order or not?If they weren’t whose head is going to roll? If it’s not true, we need to expose this immediately.

  3. Didn’t governor Murphy campaign that the main thing on his agenda is the public school system, And that is his main priority besides making New Jersey a sanctuary state???

  4. The town is not backing the loan and there is no interest . So it’s just a game to give them money ,but call it a loan .

  5. Moshe, the state of NJ, isn’t a charity that gives someone money and calls it a loan to make them more comfortable.

    It is called a loan, because it is a loan, and if Murphy lifts the property tax cap, Lakewood taxpayers are going to be in a lot of pain.

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