Stanhope authorizes up to $2.6M in bond‑anticipation notes to cover multiple capital projects

The Stanhope Borough Council on March 10 adopted Resolution 061‑26 authorizing issuance of bond anticipation notes (BANs) in a principal amount not exceeding $2,600,000 to temporarily finance a series of capital projects previously authorized by separate bond ordinances. The resolution lists per‑ordinance maximum BAN amounts (for example: $282,475; $161,065; $66,946; and additional amounts tied to later ordinances and water/road projects, culminating in an aggregate cap of $2,600,000).

The Chief Financial Officer is authorized to set maturities (no note may mature later than one year from issuance), interest rates, and to sell notes at public or private sale. The CFO was also authorized to prepare required offering documents, execute continuing disclosure undertakings under SEC Rule 15c2‑12, and certify arbitrage/use‑of‑proceeds matters.

The motion to adopt the resolution passed by roll call (motion by Councilman Wachterhauser; second by Councilman Simpson; unanimous among present members; Councilman Thornton absent). The resolution directs the CFO to report back to the governing body with sale details after any issuance.

Why it matters: the authorization provides short‑term cash for capital projects already authorized by earlier bond ordinances and preserves the borough’s ability to renew or sell BANs to fund improvements including road work, water and sewer utility improvements, and equipment purchases. The resolution pledges the borough’s faith and credit for repayment and imposes compliance steps for tax and disclosure rules.