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Pitman council approves $9.54 million bond package to replace short‑term notes
Summary
Council voted July 14 to convert short‑term bond anticipation notes into a not‑to‑exceed $9,539,000 general obligation bond series to secure lower interest rates; the package includes $2.998 million for water and sewer projects.
Councilman Mazzola presented Resolution No. 124 on July 14, explaining the measure would consolidate short‑term bond anticipation notes into a long‑term offering to obtain a better interest rate. "Resolution No. 124, 2025 – Providing for the Combination of Certain Issues and Determining the Form and Other Details of the Offering of Not to Exceed $9,539,000 General Obligation Bonds, Series 2025," the council minutes record as the formal description of the issuance.
The bond package was described in the meeting as consisting of up to $6,541,000 in general improvement bonds and up to $2,998,000 in water and sewer utility bonds. Council members approved the resolution by roll call (motion Mazzola; second Uyehara). The vote was recorded in the minutes as all in favor by the sitting members present.
