This Day in History: 1908-06-10

The final division of assets between the Township of Hohokus and the new Borough of Ramsey was reached at a joint meeting. The total valuation of property in the Township was set at $1,101,767.50 while that of the Borough was $492, 572.50. Thus 31% of the assets and liabilities go to Ramsey, the other 69% to the Township. The question of the indebtedness for macadamizing the roads has not been decided. One side maintains that since more of the macadamized roads are in Ramsey the Borough should pay a larger proportion of the accumulated debt. Others say that the indebtedness was assumed by the whole Township and should be divided accordingly. It was finally resolved in the usual 31% and 69% formula. (Bristow)