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Council adopts $2.35 million bond ordinance; council authorizes short-term borrowing in consent agenda
Summary
The Township Council adopted ordinance 25-10 authorizing $2,352,000 in appropriations and authorized bond anticipation notes not to exceed $9,920,189 in a consent resolution; the council also appointed bond counsel.
The Township Council on May 19 adopted Ordinance 25-10, a bond ordinance appropriating $2,352,000 and authorizing the issuance of $2,239,000 in bonds or notes for various improvements. The adoption occurred at second reading, and the roll call showed council members voting in favor.
The meeting’s consent agenda included Resolution 25-235, authorizing the issuance of bond anticipation notes not to exceed $9,920,189. That resolution was approved as part of the consent agenda by unanimous roll call.
Mayor Peter Calamari announced appointments related to municipal finance: the council acknowledged a bond counsel relationship with Hawkins Delafield & Wood LLP and appointed Robert (first name in the meeting varied) from that firm as bond counsel. The mayor also announced the appointment of Raymond R. Wiss, Esq., of Wiss Law, PC, as special labor counsel. The council accepted the mayor’s appointments during the public meeting.
No ordinance text changes or project-level budgets beyond the appropriation totals were discussed on the floor; council members moved to adopt and the motions passed by roll call. The consent agenda also included tax refund and escrow refund authorizations that were approved without separate discussion.
The council did not attach specific project schedules or contractor awards to the ordinance in the public remarks. Bond counsel and the municipal chief financial officer participated remotely for agenda items related to financing.
The adopted bond ordinance and the BAN authorization enable the township to proceed with short- and long-term borrowing for capital improvements; the council did not yet announce bond sale dates or debt-service details at the meeting.
