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Irvington council approves $22.8 million General Improvement Bonds, Series 2024
Summary
The Irvington Municipal Council voted to combine prior bond ordinances into a single $22,819,000 General Improvement Bonds, Series 2024 issue, set maturities through 2039 and authorized officials to sell the bonds via PARITY and comply with SEC/EMMA disclosure rules.
The Irvington Municipal Council on Oct. 15 approved resolutions combining several prior bond ordinances into a single General Improvement Bonds, Series 2024 issue aggregating $22,819,000 and set the debt service schedule and sale process.Hosting documents filed with the Municipal Clerk show the combined issue will mature on staggered dates through Aug. 15, 2039, with principal amounts specified by year and provisions allowing the Director of Revenue and Finance to adjust principal amounts within statutory limits.
The council authorized sale of the Bonds via the PARITY electronic bid system, designated the Director of Revenue and Finance to complete the sale in consultation with the township's municipal advisor Acacia Financial Group and bond counsel McManimon, Scotland & Baumann, and directed the municipal clerk and bond counsel to arrange required publication notices and an Official Statement. The resolution requires annual filing of audited or unaudited financial information with the Municipal Securities Rulemaking Board (EMMA) beginning Sept. 30, 2025, and lists events that would require timely notice under Rule 15c2-12.
Council documents also state the combined issue's average period of usefulness exceeds 15 years and permit the Township to use original issue premium for limited authorized purposes, including paying interest until project completion. The bonds will be issued in fully registered form with Cede & Co. named as registered owner while in depository book-entry form.
The resolution took effect immediately upon adoption. The minutes record the measure as adopted with Council Members Evans and Dr. Frederic absent from the roll call.
