Vernon council approves $1.3M bond notes
| 21 Oct 2014 | 03:19
VERNON — The Vernon Township Council on Thursday, Oct. 16, approved $1.3 million in bond anticipation notes to raise temporary funding for loal improvements to the township sewer system.
In November 2011, the council approved a bond ordinance to fund the increase in capadcity at the sanitary sewage treatment plant at the Sussex County Municipal Authority.
According to Mayor Victor Marotta, the township had to renegotiate 2 fee schedules.
“Everyone would be in one sewer district or we would create 2 separate sewer districts,” Marotta said. “We decided the best interest for everyone would be to be in 1 district.”
Bond anticipations notes are short term bonds often issued by municipalities needing to generate funding for projects.