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Monroe Council adopts $2.56 million bond ordinance to fund 2026 road program and equipment
Summary
Council unanimously adopted Ordinance 03-20260006, a bond ordinance appropriating $2,556,000 for 2026 road paving, a street sweeper, plow/salting equipment and soft‑design costs; officials discussed using bond anticipation notes and estimated short‑term rates around 2.3%.
The Monroe Township Council voted unanimously April 6 to adopt Ordinance 03‑20260006, a bond ordinance appropriating $2,556,000 for various capital improvements including the 2026 road paving program, a street sweeper, and equipment for a plow truck.
During the public hearing on the ordinance, Business Administrator Kevin McGawan and the township finance team outlined the largest entries: the 2026 road‑paving project, soft‑design costs (approximately $245,000 for the Heritage Chase design and $245,000 for the 2026 roads design), a street sweeper and additional hydraulics/brine/salting equipment for a plow truck. McGawan said the ordinance authorizes issuing $2,433,800 in bonds or notes to finance part of the costs.
Officials explained the financing approach: the township expects to use bond anticipation notes (BANs) in the short term and may permanently finance the projects later. Staff estimated current short‑term BAN market rates around 2.3% and long‑term financing in the 3.2–3.6% range, while noting that market conditions can change. McGawan said the average useful life for permanent financing would be about 10.19 years.
Roll call on adoption showed unanimous approval (Councilwoman Miriam Cohen; Councilman Charles Diro; Councilman Terren Vanzora; Council Vice President Michael Markell; Council President Rupa P. Seagull).
Votes at a glance: the council also approved routine matters by roll call earlier in the meeting, including the consent agenda (resolutions R4‑2026‑076 through R4‑2026‑103, with R4‑2026‑092 considered separately and adopted), routine minutes and claims payments.
What happens next: staff said design contracts will be finalized and the road projects will be put out to bid, with award expected at the May council meeting; the township anticipates a BAN sale in the coming months to finance the work until permanent financing is set.
Sources and attribution: Clerk reading of the ordinance, BA Kevin McGawan, and the roll‑call vote are recorded in the April 6 council transcript.
