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Mountainside council previews $6.355M note designation, approves bill payments and budget insertions
Summary
At an Aug. 6 work session, Mountainside officials reviewed designating a $6,355,000 bond anticipation note as a qualified tax-exempt obligation, agreed to add $16,632.21 from the Drunk Driving Enforcement Fund to the 2024 budget, and approved bills totaling $324,524.49 pending signatures.
Mountainside Mayor Paul N. Mirabelli called the borough work session to order on Aug. 6, 2024, where council members reviewed several finance items that will return as formal resolutions at the next meeting.
Officials discussed preparing a resolution covenanting compliance with the Internal Revenue Code of 1986 and designating a $6,355,000 Bond Anticipation Note as a “qualified tax-exempt obligation.” Borough staff were directed to prepare the resolution for council consideration at the subsequent meeting.
The Finance Officer requested a Chapter 159 resolution to insert $16,632.21 from the Drunk Driving Enforcement Fund into the 2024 municipal budget; council members agreed that the proper resolution would be prepared.
During the session the council introduced and approved a bills-and-claims resolution to pay audited invoices totaling $324,524.49. Councilman Dierkes introduced the resolution and Council President Pacifico seconded; roll call recorded ayes from Dierkes, Matejek, Pacifico and Wass and no nays. The resolution authorized the mayor, council president, administrator and treasurer to sign warrants for payment when funds are available.
No public comment was recorded on these items. The council adjourned at 6:32 p.m.
