Fanwood council approves $10.699 million bond sale to refinance short-term notes

The Mayor and Council of the Borough of Fanwood voted to adopt a resolution authorizing a consolidated bond sale of $10,699,000 to refinance short-term notes and cover a series of capital improvements.

Finance staff member Jesse told the council the sale is scheduled for Feb. 25 and will fold several short-term notes into a longer-term bond issue to finance projects including work on the carriage house and the new library. "This resolution authorizes the borough to conduct a bond sale on February 25, in the amount of $10,000,000 10,000,000, $699,000," Jesse said during the meeting.

The chair read the formal title of the resolution and called for a motion; the motion was seconded and the council took a roll call. The clerk recorded members as present and the resolution was approved by voice/roll call without any recorded "nay" votes in the public record.

Nut graf: The sale will replace short-term notes that must be paid within ten years with longer-term bonds, spreading costs over a longer period. Council members did not raise substantive objections during the discussion; staff said the municipality last conducted a bond sale in April 2021.

Council members did not debate specific financing terms (interest rate, underwriter, or final maturity) during the public meeting; Jesse said those details will be finalized as part of the sale process. The resolution’s title and the council’s reading of the motion appear in the official minutes. The council also approved a package of consent agenda resolutions during the same session.

The council’s next administrative step is to complete the bond‑sale process and return to the council with final sale results and the formal bond documents. No additional public hearings on this resolution were scheduled on the record at the meeting.