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Merchantville authorizes up to $4.813 million in general obligation bonds
Summary
Council adopted R26-61 authorizing issuance and sale of up to $4,813,000 in general obligation bonds (Series 2026) to finance prior bond anticipation notes and new capital improvements; the issuance includes $4,680,000 general capital and $133,000 sewer utility bonds.
On May 11 the Borough Council adopted Resolution R26-61 to authorize the issuance and sale of up to $4,813,000 of general obligation bonds (Series 2026). The resolution divides the amount into $4,680,000 for general capital improvement bonds and $133,000 for sewer utility bonds, and cites the intent to repay prior bond anticipation notes maturing July 21, 2026, and to finance additional authorized capital improvements.
The resolution includes a detailed maturity schedule (annual principal amounts through 2039), optional redemption provisions beginning May 15, 2033, and instructions to issue bonds in fully registered book-entry-only form through The Depository Trust Company with Cede & Co. as nominee. The Chief Financial Officer is authorized to engage municipal advisors (Phoenix Advisors), a printer, paying/dissemination agents, and to sell the bonds in accordance with the Local Bond Law. Council approved the measure as part of the consent agenda.
