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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 recorded votes on adoption included: Councilman Foster — yes; Councilwoman Ayanna Cohn — no; Councilwoman Lindsey — yes; Councilman Russo — yes; Council President Umbriack — yes.
Council members opposing immediate adoption said they wanted more complete financial information from the Parking Authority, including recent financial statements and analysis of the authority’s ability to service debt. One council member noted the authority’s finances were “weak because of COVID” when last presented and said the town should review the authority’s financials and any amended development plan before approving bonding.
Council members also raised specific project concerns tied to the borrowing request. The Parking Authority is pursuing acquisition of properties referenced as Dumont and Pine to advance a garage project; council members asked how traffic patterns might change and whether outbound traffic would shift onto neighborhood streets. A council member suggested bringing a prepared presentation from the authority and finance staff, including potential impacts on the town’s credit rating and outreach to nearby residents before any further approvals.
The ordinance follows material submitted with the meeting packet and a short public hearing in which no members of the public spoke on the ordinance. The council vote adopted the ordinance after the failed motion to table.
The council did not receive a supplemental financial presentation at the meeting; members asked that the Parking Authority and town finance staff appear with updated financials and a clear description of any change from previously presented plans before future related actions.
What’s next: The ordinance is adopted; council members requested follow-up briefings and public outreach related to the Parking Authority’s project plan and property acquisitions.
