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Stanhope introduces $125,000 bond ordinance to rebuild New Street; NJDOT grant expected
Summary
Council introduced a bond ordinance to reconstruct New Street with an estimated cost of $125,000, including an anticipated NJDOT grant-in-aid of $81,768 and $41,170 in bonds or notes to finance the remainder.
Council introduced Ordinance 2026-14, a bond ordinance authorizing reconstruction and resurfacing of New Street at an estimated total cost of $125,000. The ordinance includes a $2,062 down payment and anticipates an $81,768 New Jersey Department of Transportation grant-in-aid; bonds or notes up to $41,170 are authorized to finance the balance.
The ordinance sets a 10-year period of usefulness for the improvement and allows up to $50,000 for interest, issuance costs and other permitted expenses. The ordinance was introduced and will be the subject of a public hearing on July 28, 2026; the Chief Financial Officer will report any subsequent sale details of notes or bonds to the governing body.
