MS&B Attorneys Close $53.6 Million Hudson County Improvement Authority Pooled Notes Transaction
McManimon, Scotland & Baumann, LLC is pleased to announce that attorneys Bakari G. Lee, Victoria Borriello, and Christopher Langhart, with the support of paralegal Natercia Lopes, recently served as counsel in connection with the successful closing of the Hudson County Improvement Authority’s $53,624,000 County-Guaranteed Pooled Notes, Series 2026 A, on March 2, 2026.
This financing included a borrower with a unique legal structure. North Hudson Regional Fire and Rescue (NHRFR), a joint meeting entity formed by five municipalities: West New York, Weehawken, North Bergen, Union City, and Guttenberg, utilizes this structure to deliver coordinated fire and rescue services across the region. Approximately $6 million of the proceeds will fund capital improvements and equipment acquisitions for NHRFR.
The remaining $47.6 million in proceeds was allocated among three additional municipal borrowers, including the City of Bayonne, the Township of Weehawken, and the City of Union City, supporting a range of local infrastructure and capital needs.
Since its inception in 2009, the HCIA Local Unit Loan Program has provided participating municipalities with an estimated $37 million in interest rate and pooled cost savings, underscoring the continued value of pooled financing structures for local governments and regional entities.
For more information on pooled financing programs and their application to municipalities and joint meeting entities, please contact Bakari G. Lee.