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Keansburg council authorizes participation in MCIA pooled note issuance for up to $8.567 million
Summary
The council approved Resolution 25-009 authorizing issuance and sale of up to $8,567,000 in bond anticipation notes to the Monmouth County Improvement Authority and authorized borough officers to execute required sale documents.
The Borough of Keansburg authorized participation in the Monmouth County Improvement Authority’s pooled governmental note financing on Jan. 29, approving the issuance and sale of up to $8,567,000 in bond anticipation notes to the MCIA.
Resolution 25-009 authorizes the Chief Financial Officer to cause all or a portion of the borough’s bond anticipation notes to be issued and sold to the MCIA under the Program, permits use of borough information in the MCIA’s official statements, and authorizes execution of a Note Purchase Agreement and any Continuing Disclosure Agreement by an authorized officer at pricing.
The resolution notes the MCIA’s pooled notes will be secured by payments from participating governmental entities and a guaranty from the County of Monmouth; it also authorizes borough officers and staff to take all actions necessary to effectuate the sale and to pay issuance-related costs, which may include the borough’s allocable share of issuance expenses.
Next steps: the CFO will proceed with the sale under terms to be set in the Note Purchase Agreement; the resolution took effect immediately upon passage.
