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Stockton council accepts $483,537 bond note, cancels two capital balances and authorizes $288,505 in payments
Summary
At its Sept. 15 meeting, Stockton Borough Council approved three resolutions: acceptance of a $483,537 bond anticipation note, cancellation of two unexpended capital balances, and payment authorization of $288,505.27 in municipal obligations.
Stockton Borough Council on Sept. 15 approved three financial measures, accepting a Bond Anticipation Note, canceling small capital balances and authorizing payment of municipal obligations.
The council voted to accept Resolution 2025-73, which ratified a Certification of Determination and Award for Bond Anticipation Note Series 2025A-1 in the principal amount of $483,537. The certificate in the record, signed by Chief Financial Officer Diane Soriero McDaniel, lists the note as maturing Sept. 4, 2026, with an interest rate of 4.75% per annum payable at maturity. The award was recorded to Northfield Bank. Councilperson Folz moved the resolution and Councilperson Meltzer seconded; the roll call recorded four ayes (Brown, Fisher, Folz and Meltzer); Councilperson Hunt’s connection was lost during the roll call and Council President Michael Mann was excused.
Council also approved Resolution 2025-74, authorizing the cancellation of unexpended General Capital Improvement appropriation balances tied to completed or no-longer-needed projects. The resolution lists $125,000 being canceled for Ordinance 20-07 (Sewer Repairs) and $416.53 for Ordinance 15-01 (Utility Equipment). The motion was made by Councilperson Folz and seconded by Councilperson Brown and carried on the same 4–0 roll call.
Finally, Resolution 2025-75 authorized payment of municipal obligations itemized in attached schedules, totaling $288,505.27, as recommended by the CFO and treasurer. That motion passed on a 4–0 roll call with the same members recorded as voting "aye."
Votes at a glance
• Resolution 2025-73 — Accept Bond Anticipation Note Series 2025A-1, $483,537; mover: Folz; seconder: Meltzer; vote: Brown, Fisher, Folz, Meltzer — ayes; Hunt — connection lost during roll call; Mann — excused.
• Resolution 2025-74 — Cancel capital appropriation balances (Ordinance 20-07: $125,000; Ordinance 15-01: $416.53); mover: Folz; seconder: Brown; vote: Brown, Fisher, Folz, Meltzer — ayes; Hunt — connection lost; Mann — excused.
• Resolution 2025-75 — Authorize payment of municipal obligations $288,505.27; mover: Brown; seconder: Folz; vote: Brown, Fisher, Folz, Meltzer — ayes; Hunt — connection lost; Mann — excused.
What the actions mean
The bond-note acceptance enables short-term borrowing tied to previously authorized bond ordinances; the certificate in the meeting packet notes the financing mechanics and the award to Northfield Bank. The canceled capital balances free previously appropriated funds for reallocation or return to fund balance. The payments resolution authorized disbursement of specified municipal bills.
Council minutes record no additional conditions or amendments attached to the resolutions. The meeting returned from an executive session later in the evening with no public action taken.
