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Council adopts $2.43M bond ordinance to fund 2026 road paving, equipment
Summary
The Monroe Township Council adopted Ordinance 03-2026-0006 to authorize $2,433,800 in bonds or notes for the 2026 road paving program and associated equipment and design costs; council vote carried unanimously.
The Monroe Township Council voted to adopt Ordinance 03-2026-0006 on April 6, 2026, authorizing bonds or notes totaling $2,433,800 to finance parts of various capital improvements. Business Administrator Kevin McGawan and township finance staff told the public the ordinance funds the 2026 road‑paving program, a street sweeper, design soft costs (each soft‑design line item listed at $245,000 for Heritage Chase and the 2026 roads), and additional equipment such as plow‑truck hydraulics and a brine/salting machine.
During the public hearing the administration discussed financing strategy: the township expects to issue bond anticipation notes (BANs) in the near term at short‑term market rates (one‑year notes recently in the ~2.3% range) and may permanently finance with a 10‑year structure; the administration estimated a rough $285,000 annual debt‑service payment under a 10‑year permanent financing scenario.
The council opened the ordinance to public comment, answered residents' technical questions about bid timelines and financing, and then adopted the ordinance by roll call vote (Council recorded: Cohen yes; Diro yes; Vanzora yes; Markell yes; Seagull yes). The BA said design contracts will be issued and projects will go out to bid after adoption with awards expected in upcoming meetings.
