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Morristown Council approves $7.5 million guarantee for Parking Authority bonds after debate
Summary
The Town Council adopted Ordinance O-22-2025 to guarantee up to $7.5 million in revenue bonds for the Parking Authority despite calls to delay action until the authority’s financials and revised project plans are presented.
Morristown Town Council on Tuesday adopted Ordinance O-22-2025, authorizing the town to guarantee payment of up to $7.5 million in revenue bonds and notes issued by the Parking Authority of the Town of Morristown.
The ordinance authorizes the town to provide “additional security” for bonds not to exceed $7,500,000. Council members debated whether to table the measure and request a fuller financial presentation from the Parking Authority before committing the town’s credit.
The question of tabling the ordinance failed for lack of a second, and a subsequent roll-call vote adopted the ordinance. The…
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