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Hampton Township authorizes RFP for $1.5 million tax anticipation note
Summary
Council authorized the manager to advertise RFPs for a $1.5 million tax and revenue anticipation note to cover a large debt-service payment in January and directed staff to solicit proposals from multiple financial institutions.
Hampton Township council on Nov. 19 authorized the manager to advertise requests for proposals for a $1.5 million tax and revenue anticipation note to fund a large debt-service payment due in January. The measure was described by staff as an annual financing exercise and was approved by roll call.
Manager (unnamed) told the council the RFP will be sent to about seven financial institutions and said, “This is used to fund our large debt service payment that occurs in January.” The manager said finalized RFPs would be distributed the next morning.
The motion to authorize the manager to request RFPs was moved, seconded and carried by unanimous roll call of those present. Staff said they would return with finalized responses and a recommendation once proposals are received.
The action does not itself incur debt; it simply authorizes solicitation of proposals for a tax anticipation note the township could use if needed to manage cash flow around the January payment.
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