Kay retires from authority
John Kay, a Monmouth County Improvement Authority (MCIA) commissioner since 1993, has retired from that position.

Kay served as the MCIA chairman for 10 years, relinquishing that role to current Chairman Al Rosenthal last year, according to a press release from the authority.

"Jack has done a lot for this authority and a lot for the people of Monmouth County," Rosenthal said in announcing Kay's decision at the Nov. 30 MCIA meeting. "It has been a pleasure to serve with you."

Kay, a U.S. Navy veteran, brought a strong finance background to the improvement authority, according to the press release. He had worked his way from bank teller to president of the Shrewsbury State Bank (now Valley National Bank), from which he retired shortly after the Monmouth County Board of Freeholders appointed him to the MCIA. Improvement authority commissioners are volunteers who serve without compensation.

"It has been a pleasure to serve with all of you," Kay said. "The people of Monmouth County should be very pleased that they have the Monmouth County Improvement Authority because you have done a lot of great things for them and I am sure this authority will continue to serve them well."

Over the past 21 years the MCIA has provided more than $1 billion in financing and refunding of debt issued by municipal and county government entities, school districts and regional and local authorities, fire districts and first aid squads since its creation by the Monmouth County Board of Freeholders. Forty-nine of the county's 53 municipalities have participated in MCIA pooled and individual financings over the years, according to the press release.