Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Capital Improvements topic
No spam. Unsubscribe anytime.
Hazlet approves $2.95 million bond ordinance for 2026 road improvements
Summary
The Township Committee adopted Ordinance 1795-26 authorizing a $2,950,000 appropriation for various 2026 road improvements and authorizing issuance of up to $2,546,416 in bonds and notes; the measure includes an expected $253,584 NJDOT grant and a $150,000 down payment.
The Hazlet Township Committee adopted Ordinance 1795-26 on April 28, authorizing a $2,950,000 appropriation for various 2026 road improvements and the issuance of up to $2,546,416 in bonds or bond anticipation notes to finance part of the work.
The improvements listed in the ordinance include work on Florence Avenue, Gerald Terrace, Ridge Drive, Hazel Place, Central Avenue and Third Street, and the text specifies an average period of usefulness of 20 years. The ordinance anticipates receiving a $253,584 grant from the New Jersey Department of Transportation toward the Florence Avenue work and identifies a $150,000 down payment as required under the Local Bond Law.
The Chief Financial Officer is authorized to issue and manage bond anticipation notes, determine interest rates and maturities, sell notes at public or private sale, and report sale details to the governing body. The ordinance also directs the Township to prepare disclosure documents and states the Township’s intent to reimburse prior expenditures with bond proceeds under Treasury Regulation Section 1.150-2. The measure takes effect 20 days after first publication following final adoption.
The committee closed the public hearing by voice vote and recorded a roll call showing committee concurrence with adoption in the meeting minutes.
