Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Municipal Finance topic
No spam. Unsubscribe anytime.
Irvington council authorizes $2.605M I‑Bank financing, $10.5M tax anticipation notes and settles tax appeals
Summary
The council authorized issuance/sale of up to $2.605 million in bonds to the New Jersey Infrastructure Bank to finance wastewater capital projects, approved tax anticipation notes up to $10.5 million for 2025 cash flow, and ratified a multi‑year tax appeal settlement for Fleet Holdings, LLC covering 2018–2023 assessments.
At its April 14 meeting the Irvington Municipal Council adopted several fiscal resolutions that affect the township’s financing and tax status.
I‑Bank financing and bonds
The council adopted a resolution determining the form and details for bonds in an aggregate principal amount not to exceed $2,605,000 to be sold to the New Jersey Infrastructure Bank and the State under the New Jersey Water Bank program. The bond ordinance and accompanying loan agreements are intended to finance the township’s allocable share of 2025 capital projects undertaken by the Joint Meeting of Essex and Union Counties, including digester and plant equipment upgrades and co‑generation facility safety access platforms (resolution text and bond ordinance language SEG 220–247; ordinance text SEG 379–496).
Tax Anticipation Notes (TANs)
The council authorized issuance of tax anticipation notes (TANs) in an amount not to exceed $10,500,000 for calendar year 2025 to be used in anticipation of tax collections. Chief Financial Officer Faheem J. Ra’Oof filed a certificate showing net borrowing power and procedural delegation for note maturities and sales. The resolution directs the CFO to report details of any sale to the council (SEG 251–257).
Tax appeal settlement
Council authorized a settlement of property tax appeals brought by Fleet Holdings, LLC involving 25 Fleetwood Place (Block 361, Lot 4 and qualifier T01) covering tax years 2018–2023. The settlement revises assessed values and withdrawals of certain years’ appeals; the council authorized municipal officials to implement the settlement and effect required tax court paperwork (SEG 258–280).
Other fiscal items
The council also approved the transfer of a 2019 tax sale premium of $4,300 to municipal revenue and authorized cancellation and refund of a tax sale certificate for a billboard parcel (detailed in resolutions), as well as approvals for various tax refunds and tax‑exempt billing cancellations.
Provenance: bond and loan resolution (SEG 220–248), bond ordinance text (SEG 379–496), TAN resolution and CFO certificate (SEG 251–257), Fleet Holdings settlement (SEG 258–280).
