Upper Township Committee adopts bond ordinance and authorizes bond sale

Upper Township Committee on July 5 adopted Ordinance No. 12-2024, a bond ordinance to finance various capital improvements and equipment, and approved a companion resolution authorizing the issuance and sale of general-obligation bonds.

The reading of Ordinance No. 12-2024 described the appropriation for capital projects and authorized the issuance of general-obligation bonds or bond anticipation notes; committee members were reminded the ordinance’s final adoption requires a four-vote supermajority. After a public hearing on the ordinance, the committee called the question and recorded a roll-call vote: Mr. Corson, Mrs. Hayes, Mr. Panos and Mayor Newman voted yes; the motion carried for final adoption.

During the meeting the clerk also presented a resolution authorizing the issuance and sale of up to $8,000,000 of general-obligation bonds (Series 2024) and related actions to preserve the tax-exempt status of interest on the bonds. The resolution was adopted by roll call with the same four yes votes.

Resident comments at the public hearing raised concerns about the township’s use of bonds and long-term debt. Bob Durio said the township has passed multiple bond ordinances in recent years and framed the new ordinance as another addition to outstanding debt; Durio cited prior measures he summarized as roughly $3.5 million and characterized the current ordinance as about $3.7 million. Committee members did not alter votes after the public comment period.

Clerks and finance staff told the committee that approving the bond ordinance allows the township to spend allocated funds, but that actual expenditures will return to the committee for individual approvals and bidding as required by procurement rules. Committee members and staff also explained that some appropriations (for example, senior-center work) are eligible for grant reimbursements and may be reappropriated within capital accounts.

The committee’s action concludes the ordinance’s final-adoption step and authorizes the finance officers and bond counsel to proceed with the financing steps outlined in the ordinance and the bond-resolution language.