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North Haledon moves to advance certification to meet NJ I-Bank loan-forgiveness deadline
Summary
Council discussed reactivating a project and authorizing Boswell Engineering to obtain certification so the borough can meet a June 30, 2021 NJ I-Bank deadline to have $100,000 forgiven; the borough needs a certified project of at least $250,000 and a closed IBank loan by that date.
Mayor Randy George told the council the Borough would review Boswell Engineering's recommendations and that he intended to authorize Boswell Engineering to move forward to obtain certification as quickly as possible so the Borough can meet NJ I-Bank requirements and be reimbursed for the Asset Management Plan.
Bond counsel asked if the Borough could meet a June 30, 2021 deadline to have $100,000 forgiven by the NJ I-Bank; meeting that deadline would require a certified project of at least $250,000 and closing the IBank loan by June 30, 2021. The Borough Administrator asked NJDEP to assign the Asset Management Plan an old borough-initiated project number to expedite certification.
Councilwoman Donna Puglisi said she had outstanding questions to the NJIIF that she would follow up on; the minutes record that the NJIIF had answered some questions but not all.
