Red Bank officials adopt bond ordinance for improvements in borough
Red Bank officials adopt bond ordinance for improvements in borough
RED BANK – Members of the Red Bank Borough Council have adopted a bond ordinance that appropriates $3.32 million for capital improvements in the community.
In addition to the appropriation of funds, the bond ordinance authorizes the issuance of bonds or notes in that amount to finance the costs.
According to the bond ordinance, borough officials expect to receive state financing for the improvements through a $220,000 grant from the New Jersey Department of Transportation (DOT); a $150,000 grant from the New Jersey Library Construction Bond Act; and a $30,000 grant from the New Jersey Department of Environmental Protection (DEP) Urban and Community Forestry Program.