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Sayreville agency approves $4 million first tranche of non-recourse waterfront bonds
Summary
The Sayreville Economic and Redevelopment Agency voted unanimously March 12 to authorize up to $4 million in non-recourse redevelopment-area bonds for Riverton waterfront infrastructure, with staff and bond counsel saying bondholders would be repaid from developer special assessments and not the agency's general funds.
The Sayreville Economic and Redevelopment Agency voted unanimously March 12 to approve Resolution 2026.03.08, authorizing the issuance of redevelopment-area bonds of up to $4 million to fund initial waterfront infrastructure work at the Riverton site.
Agency staff and bond counsel told commissioners the bonds are non-recourse: repayment will come from special assessments levied against developer parcels, not the agency's general fund. "The per non-recourse right ... means that the bond holders cannot…
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