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Hampton Township council approves $1.5 million tax-and-revenue anticipation note
Summary
Council adopted Resolution No. 1111 to finalize an annual $1.5 million tax-and-revenue anticipation note, authorized by the township solicitor and awarded to First National Bank as the lowest bidder; roll-call vote was 4 in favor, 1 abstention.
Hampton Township Council on Wednesday adopted Resolution No. 1111 to complete the township’s annual tax-and-revenue anticipation note process, approving a $1.5 million short-term borrowing to cover debt-service costs expected in January.
The finance director (name not specified) told council the resolution is the final administrative step required by state law and bank procedures and that the solicitor had issued an opinion authorizing the borrowing. The township previously accepted First National Bank’s proposal as the lowest bidder for interest on the note.
Council President (name not specified) called for a motion to adopt Resolution No. 1111; a motion and second were recorded without named sponsors. The roll-call vote was: Councilmember Miss Blackburn—yes; Councilmember Miss Fritsch—yes; Councilmember Mr. Midgley—yes; Councilmember Mr. Scholey—abstain; Councilmember Dr. Johnson—yes. The resolution passed.
The finance director described the borrowing as a routine fiscal measure used annually to meet short-term cash needs and to pay debt service in January. The solicitor’s written opinion was presented to council as part of the packet, confirming the township’s eligibility to borrow the stated amount.
No additional conditions or amendments to the resolution were recorded in the meeting. Council moved immediately afterward to the regular meeting agenda.
