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North Haledon council adopts $1.4 million bond for storm-related projects
Summary
The Borough Council unanimously adopted Bond Ordinance #22-2021 to appropriate $1.4 million for storm-related capital improvements, including streambank stabilization at Squaw Brook and Butter Milk Falls and a wet-weather pumping station at 42 Linda Vista Avenue.
The Borough of North Haledon on Nov. 17 adopted Bond Ordinance #22-2021, authorizing $1,400,000 in storm-related capital improvements and the issuance of up to $1,330,000 in bonds or notes to finance part of the cost.
Mayor Randy George called the meeting to order and the council moved immediately to consider the bond ordinance. The ordinance lists projects including acquisition of police vehicles and equipment, streambank stabilization on Squaw Brook Bank and Butter Milk Falls Bank, and the acquisition and installation of a wet-weather pumping station and related equipment to control stormwater runoff at a UNICO building located at 42 Linda Vista Avenue. The ordinance also authorizes related planning, permitting, and construction administration work.
According to the ordinance text, the borough will provide a $70,000 down payment as required by the Local Bond Law (N.J.S.A. 40A:2-1 et seq.) and authorize bonds or notes not to exceed $1,330,000 to finance the remainder. The ordinance directs the chief financial officer to manage issuance details, bond anticipation notes and any sale of notes, and to report sales to the governing body following each transaction.
Council Member Pomianek moved to adopt the ordinance on second and final reading; Council Member Luisi seconded. With Mayor Randy George and Council Members Jacqueline Roscio, Rocco Luisi, George Pomianek, Bruce O. Iacobelli and Vince Parmese present, the measure passed by unanimous roll call.
The ordinance says any grants or contributions from the state, county or federal government received before issuance of bonds would reduce the amount of debt issued; funds received after issuance would be applied to debt service. The ordinance becomes effective 20 days after final publication as provided by law.
Next steps include administrative actions by the chief financial officer to set note maturities and interest rates and to report bond or note sales to the council.
