FLEMINGTON, N.J. (Hunterdon County) — The Hunterdon County Board of Commissioners has approved an ordinance establishing the Hunterdon County Improvement Authority, a move officials say will provide cost-effective financing options for local projects and infrastructure needs.
The ordinance was adopted at the commissioners’ Aug. 19 meeting following its introduction and first reading earlier this month.
Authorized under the New Jersey County Improvement Authorities Law, the plan creates a public body corporate and politic that will allow the county and its municipalities to access pooled bond, lease and note financing programs. Officials said the approach is designed to reduce borrowing costs and streamline funding for capital projects.
“The establishment of the Hunterdon County Improvement Authority provides us with a modern and flexible tool to support public projects in a way that is fiscally responsible,” Commissioner Director John E. Lanza said in a statement. “By offering access to low-interest pooled financing, we are enabling municipalities and local agencies to meet infrastructure and capital needs while minimizing the financial burden on taxpayers.”
The authority will be governed by five county residents appointed by the commissioners. The ordinance also authorizes county officials, working with bond counsel, a municipal advisor and an auditor, to complete all steps needed to formalize and operationalize the plan.
Lanza said the commissioners evaluated alternative financing options before concluding that forming an improvement authority was the most practical and efficient approach. “This action reflects a proactive and responsible approach to long-term financial planning,” he said.
Certified copies of the ordinance will be filed with the state Office of the Secretary of State and the Division of Local Government Services in the Department of Community Affairs. The ordinance will take effect once published and filed.
