Bergen County adopts ordinance to guarantee up to $250 million for county improvement authority note program

The Bergen County Board of Commissioners adopted Ordinance 25-38 on second reading, a guarantee ordinance enabling the county to back the Bergen County Improvement Authority’s Guaranteed Pool Note Program, in an aggregate principal amount not to exceed $250,000,000.

The ordinance was introduced at the board’s August 6 meeting and advertised as required by law. The clerk read the ordinance by title at the meeting; a public hearing was opened and closed with no public speakers on the ordinance. Following a roll call vote, the commissioners recorded six yes votes and the ordinance passed second reading and was adopted.

At a brief statement before the public hearing, a meeting official said the ordinance would enable Bergen County to secure affordable financing for public works and infrastructure projects by providing the county’s backing and leveraging a triple-A rating.

Ending: With the ordinance adopted, the county may provide a county guarantee for the Improvement Authority’s pooled note program up to the stated aggregate principal ceiling; the meeting did not specify which individual projects will use the program or a schedule for issuance.