River Edge Secures Competitive Rate for $9 Million Bond Sale
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Meeting Type:
City Council
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Meeting Date:
06/24/2024
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Recording Published:
06/25/2024
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Duration:
55 Minutes
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State:
New Jersey
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County:
Bergen County
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Towns:
River Edge
- Meeting Overview:
In a recent River Edge Borough Council meeting, the most discussion centered on the sale of a $9 million Bond Anticipation Note (BAN) which is set to finance several borough projects. The Chief Financial Officer detailed the bond sale as a short-term financing measure, crucial for the improvement of borough hall, drainage, and road infrastructure. The competitive interest rate of around 4%, plus or minus 30 basis points, reflects River Edge’s strong financial standing, underscored by its double A plus rating. Council members commended the conservative fiscal policies that have contributed to this high credit rating.
During the meeting, the CFO’s report emphasized that River Edge’s sound fiscal management practices have enabled the town to secure favorable terms for its borrowing needs. The discussion revealed that the $9 million has already been spent on completed projects, with the breakdown of expenditures available for public review in the relevant ordinances. The council’s responsible financial planning and the BAN sale’s importance were evident in the ensuing discussion.
Another topic that garnered council attention was the introduction and passage on first reading of two ordinances related to parking. One set of ordinances focused on the Grove Street commercial parking lot, while another addressed non-resident commuter parking at the River Edge Road train station.
The meeting was not solely focused on financial and regulatory matters. Community engagement and environmental stewardship were also on the agenda. The River Edge Environmental Protection Commission co-chair brought forth the storm drain art contest, which aimed to educate students about the environmental impact of stormwater. Alexis Wong from Cherry Hill and Mateline Doss from Roosevelt emerged as contest winners, and Mayor Thomas Papaleo honored them with certificates of awards.
Additionally, a resident presented a Girl Scout Gold Award project to the council, which sought to reduce plastic bottle waste by promoting the use of reusable bottles. The council encouraged the resident to collaborate with the Green Team and the Environmental Commission to further the project’s objectives.
The River Edge Fire Department’s request to place a clothing collection bin at the train parking lot was also approved. The president of the fire department articulated the benefits of the bin and its association with the New York New Jersey Firemen’s Association.
Recognition was also given to the River Edge Girls Athletic League 34 softball team for their triumph in the Kindri KAC Softball League Division Championship. The council presented certificates to the coaches and players, celebrating the team’s accomplishment and the positive impact of youth sports on community spirit.
Lastly, the chair of the beautification committee expressed gratitude towards the Department of Public Works for their efforts in enhancing the borough’s aesthetic appeal. Such collaborative efforts between committees and borough departments highlight the ongoing dedication to maintaining and improving the town’s environment.
Thomas Papaleo
City Council Officials:
Michelle Kaufman, Barry Benson, David Glass, Klodiana Malellari, Lissa Montisano-Koen, Indira Kinsella
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Meeting Type:
City Council
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Meeting Date:
06/24/2024
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Recording Published:
06/25/2024
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Duration:
55 Minutes
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Notability Score:
Routine
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State:
New Jersey
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County:
Bergen County
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Towns:
River Edge
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