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Boonton approves short‑term borrowing for TAP/Main Street work and a water bond sale to NJIB; remediation grant noted as 100% reimbursable
Summary
Council authorized up to $4.5 million in bond anticipation notes to provide cash flow for TAP/Main Street improvements, approved a $1.725 million water bond sale to the New Jersey Infrastructure Bank, and confirmed a $300,000 Jersey Plating remediation grant is expected to be 100% reimbursed.
The Boonton Town Council on May 4 approved several financing measures to support capital and remediation projects.
Resolution 26-124 authorizes issuance of not‑to‑exceed $4,500,000 bond anticipation notes (short‑term borrowing) to provide cash flow for town projects, including Main Street improvements tied to the TAP grant. Council members said the action is not intended to create new long‑term debt but to roll and increase short‑term notes to have cash on hand while grant reimbursements arrive. Officials said a sizable portion of those upfront costs will be reimbursed by grants and county participation.
Council also adopted Resolution 26-125, approving up to $1,725,000 in water bonds to be sold to the New Jersey Infrastructure Bank; that motion passed by roll call with no extended discussion.
During consent‑agenda discussion, the council confirmed that the grant application for remediation at the Jersey Plating site is about $300,000 and is expected to be 100% reimbursed, meaning the town would front the cost and seek full reimbursement through the grant program.
All related resolutions passed on roll call votes during the meeting.
What happens next: the town will proceed with BAN issuance and NJIB financing paperwork and will advance TAP/Main Street project procurement as reimbursements and county contributions are finalized.
