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Riverside authorizes up to $4.78 million in bonds to finance prior and new capital projects
Summary
The Riverside Township Committee voted Dec. 16 to authorize issuance and sale of up to $4,782,000 in general obligation bonds (Series 2025) to finance previously authorized capital improvements, repay bond anticipation notes and fund new projects; the resolution sets maturities and authorizes staff to handle sale and disclosure obligations.
Riverside Township — The Riverside Township Committee voted unanimously on Dec. 16 to authorize issuance and sale of up to $4,782,000 in general obligation bonds, Series 2025, to finance previously authorized capital projects, repay bond anticipation notes and fund certain new improvements.
The resolution, adopted by roll call, directs that bond proceeds be used to (1) permanently finance costs previously covered by the Township’s May 2024 bond anticipation notes; (2) finance additional improvements authorized by ordinance 2024‑12; and (3) pay issuance costs. The bond schedule in the resolution lists maturities from 2026 through 2035 and sets semiannual interest payments beginning Aug. 1, 2025. The resolution also authorizes issuing the bonds in book‑entry form through The Depository Trust Company and delegates to the chief financial officer and municipal advisers responsibility for the competitive sale process, disclosure materials and related contracts.
Why it matters: the bonds will convert short‑term notes into long‑term debt and provide funding for multiple capital ordinances the committee previously adopted (2020‑6, 2021‑4, 2022‑11, 2023‑6, 2023‑9 and 2024‑12). The resolution includes a formal pledge of the township’s full faith and credit and authorizes the township to seek ratings and bond‑insurance if appropriate.
The resolution authorizes town staff to finalize sale logistics, including engaging a paying agent, municipal advisor, bond printer and electronic bidding services. It also requires the township to comply with federal tax rules for tax‑exempt bonds; the resolution designates the bonds as “qualified tax‑exempt obligations” for bank qualification purposes and includes standard covenants about arbitrage and rebate compliance.
Next steps: the chief financial officer will conduct the competitive sale and report the winning bid, final interest rates, maturity schedule and purchaser to the township committee at the next meeting. The resolution calls for ratification of any ministerial sale decisions and for the township to file required continuing disclosures in the secondary market.
