In recent flurry critical decisions, the Cresskill Borough Council approved the issuance of nearly $12 million in bonds to finance various municipal projects. The approval was part of an intense meeting attended by members of the council, Mayor Romeo, Attorney Diktas, Administrator Lavin, and Chief Domville.
The General Improvement Bonds, totalling a substantial $11,849,000, will fund numerous local initiatives ranging from road improvements to the acquisition of essential equipment for the Department of Public Works and Emergency Medical Services. The bonds, with a tenure of 10.75 years, will finance projects that have been previously authorized between 2018 and 2021.
The bond issue, designed to consolidate several individual authorizations into a single issuance, will cover major infrastructure projects including a community parking facility on Allen Street ($1,242,000), improvements at Margie Avenue Athletic Field ($779,655), and a comprehensive plan for streetscape improvements and road resurfacing projects ($1,123,500).
Additionally, the bonds will finance the acquisition of various equipment for the Department of Public Works and Emergency Medical Services, with allocations of $860,110 and $753,825, respectively. The improvement of Piermont Road ($47,054) and the upgrading of the DPW Yard fueling station ($210,647) were also included in the projects to be funded.
The bonds are expected to be paid annually starting February 2024, with final payments wrapping up in 2033. The interest rate will be determined when the bonds are sold, with the Borough confirming that payments of this interest would occur semiannually starting from 2024.
It was also determined that the bonds would be issued in a fully registered form by means of a book-entry system with one bond certificate for each maturity to be issued to The Depository Trust Company (DTC). The Borough also decided that the bonds could be redeemed at the borough’s discretion, with restrictions applying to bonds maturing on or before February 15, 2030.
In addition to bond decisions, the council made another key financial decision. The council unanimously approved the 2023 “CAP” Ordinance to exceed the municipal budget appropriation limits and establish a CAP bank, without any public comments being made during the hearing.