Eatontown mayor seeks council authorization to draw down $47 million for infrastructure upgrades

Mayor Anthony Talerico asked the Borough Council on March 25 to allow the Borough Attorney to add a resolution to the council’s April 8 meeting authorizing the borough to draw down $47,000,000 to fund a series of capital needs, including downtown upgrades, sewer and spillway work and school facility improvements.

Talerico said that drawing the funds would permit the borough to earn interest while projects are being staged and that financing logistics will be addressed in the resolution he asked Attorney Bayer to prepare. Councilmembers asked follow-up questions about whether the full $47 million would be used, how much interest the borough could legally retain, and any timelines for spending the funds. Attorney Bayer told the council that the money would have to be placed into a specific trust or restricted account consistent with state requirements.

Councilmember Maria Escalante asked whether the borough is limited in the interest it may earn and whether the funds must be spent within a defined timeframe; Councilmember Meir Araman suggested consulting the borough’s financial adviser before final action. Administrator William P. Lucia and Mayor Talerico joined the discussion on administrative details and timing. No members of the public spoke during the workshop comment period about the item.

The mayor asked the attorney to prepare a resolution for April 8 so the council can vote on whether to proceed with the drawdown. The council did not vote on the request at the March 25 meeting; the item was scheduled for consideration at the April 8 council meeting.