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Clifton council approves renewal of $10 million anticipation note amid calls for bond committee meeting
Summary
Clifton Municipal Council voted to renew a $10,000,000 anticipation note due in May after debate over timing, costs and the absence of a bond committee meeting; members urged scheduling a bond committee session with bond counsel and Phoenix Advisors before future actions.
Clifton Municipal Council voted to renew an anticipation note that covers $10,000,000 and is due in May, a move council members said was necessary to prevent an immediate cash shortfall.
The vote came after several council members criticized the appearance of the item on the agenda without a prior bond committee meeting in which bond counsel and Phoenix Advisors could present options. Council members said renewal is a stopgap until a planned bond sale this summer could be completed.
Council members…
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