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Keansburg council approves bond measures for roadwork and park improvements
Summary
At its Oct. 16 meeting the council adopted Bond Ordinance #1729 to fund Beachway (West) and Beaconlight Avenue reconstruction ($1.35M appropriation; $962,809 bonds expected) and Bond Ordinance #1732 to fund Friendship Park improvements ($190,000 appropriation; $104,761 bonds expected), with grant support noted in both texts.
The Keansburg Borough Council on Oct. 16 adopted two bond ordinances to finance local infrastructure projects.
Bond Ordinance #1729 authorizes $1,350,000 in appropriations for the Beachway (West) Road Reconstruction Project and the Beaconlight Avenue drainage and road reconstruction project. The ordinance anticipates $191,000 in NJDOT grant funds for the Beachway project and $167,000 in Monmouth County Community Development Block Grant (CDBG) funds for the Beaconlight Avenue project and authorizes up to $962,809 in bonds and notes to finance the remainder. The ordinance describes debt issuance procedures, bond anticipation note rules and reporting requirements under the Local Bond Law (N.J.S.A. 40A:2-1 et seq.).
Bond Ordinance #1732 provides $190,000 for improvements to Friendship Park, anticipating an $80,000 Monmouth County Municipal Open Space Grant Program contribution and authorizing up to $104,761 in bonds and notes. The ordinance sets financing, reporting, down-payment and budget amendment provisions consistent with the Local Bond Law.
Council opened both ordinances for public comment; no members of the public spoke. The council recorded roll-call adoptions for both bond ordinances during the meeting minutes.
