Board of Directors Regular Meeting Agenda


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Meeting Date: 06/26/2019  

SUBJECT MATTER:
Receive, consider and act upon a resolution regarding the Annual Report on Financial Information and Operating Data for the disclosure filing pertaining to Sales Tax and Hotel Occupancy Tax Bonds, Series 2010; Sales Tax and Hotel Occupancy Tax Refunding Bonds, Series 2010; and Unlimited Tax Bonds, Series 2010, 2011 and 2012;
FISCAL IMPACT:
Not applicable
BACKGROUND:
The Township had the following bond issuances outstanding on December 31, 2018:
  • $12,175,000 Sales Tax and Hotel Occupancy Tax Bonds, Series 2010
  • $40,800,000 Sales Tax and Hotel Occupancy Tax Refunding Bonds, Series 2010
  • $34,800,000 Unlimited Tax Bonds, Series 2010
  • $9,900,000 Unlimited Tax Bonds, Series 2011
  • $4,205,000 Unlimited Tax Bonds, Series 2012
In order for the Township to meet its contractual obligations with bondholders and pursuant to Rule 15c2-12 of the Securities and Exchange Commission, an Annual Report on Financial Information and Operating Data is prepared to provide interested parties with continuing disclosure on the Township’s financial condition.  The report was prepared by staff and reviewed by the Township’s bond disclosure counsel, McCall, Parkhurst & Horton L.L.P., and financial consultant, Masterson Advisors L.L.C.   
 
McCall, Parkhurst & Horton prepared a letter of transmittal and Board Resolution related to the approval of the Annual Report on Financial Information and Operating Data for the year ended December 31, 2018.  These documents are attached for the Board’s review. 
 
RECOMMENDATION:
Adopt Resolution 010-19 approving the Annual Report on Financial Information and Operating Data for the year ended December 31, 2018 and authorize the report to be filed with the Municipal Securities Rulemaking Board.
Attachments
Annual Report on Financial Information and Operating Data for year ended December 31, 2018 and draft Resolution 010-19


    

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