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Keansburg introduces $1.997 million bond ordinance for vehicles and equipment
Summary
Council introduced Bond Ordinance #1726, authorizing $1,997,000 for vehicles and capital equipment with up to $1,897,150 in bonds/notes and a $99,850 down payment; the ordinance was set for public hearing Sept. 18.
The Keansburg Borough Council on Aug. 21 introduced Bond Ordinance #1726, a financing measure that would appropriate $1,997,000 to acquire vehicles and capital equipment and authorize issuance of up to $1,897,150 in bonds and notes to finance a portion of that cost.
The ordinance lists equipment to be purchased or replaced, including a fire truck, an ambulance, a power stretcher, a pickup truck with plow, an SUV for the Department of Public Works, an SUV for the Water/Sewer Department and two SUVs plus communications equipment for the Police Department. The ordinance specifies a $99,850 down payment and states that bond anticipation notes may be issued in anticipation of bond sales under the Local Bond Law.
Section 5 of the ordinance estimates an average useful life of 12.59 years for the improvements and authorizes up to $40,000 to cover interest, issuance costs and related expenses. The ordinance requires the chief financial officer to report any sale or delivery of notes at the next governing-body meeting and directs that the capital budget be amended to conform to the ordinance.
The council recorded a roll-call vote to introduce the ordinance and set a public hearing and final adoption for Sept. 18, 2024. Final adoption will require compliance with the Local Bond Law, statutory notices and the required two-thirds concurrence at final vote if applicable.
