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Council approves cap-bank ordinance and $4.09 million bond ordinance
Summary
Tenafly council adopted Ordinance 26-15 to exceed municipal budget appropriation limits and create a cap bank and adopted Bond Ordinance 26-16 authorizing $4,089,950 for public improvements and equipment.
The council passed two budget-related ordinances on April 21. Ordinance No. 26-15 authorizes exceeding the municipal budget appropriation limits and establishes a cap bank under N.J.S.A. 40A:4-45.14; the motion passed with Councilmembers Corsair, Michaels, Jackson and Roglieri recorded as "aye," while Dayton and O'Connor were absent for the roll call.
The council also adopted Bond Ordinance No. 26-16 to authorize various public improvements and equipment purchases and to appropriate $4,089,950 for those purposes. The motion to adopt the bond ordinance was approved unanimously. Both ordinances move forward routine municipal financing and capital-improvement authorization for 2026.
