In 2001, the Township of Little Falls embarked on replacing its 80-year-old municipal building with a brand new, state-of-the-art municipal facility located on Main Street in the Township. McManimon, Scotland & Baumann, LLC worked with the Township from 2001 through the groundbreaking in 2004, on financing all aspects of this project, from site work to construction to acquisition of furnishings. Our firm worked with the Township and its professionals to draft multiple bond ordinances and issue several series of bond anticipation notes to “ladder” the construction fund in an effort to minimize the interest expense on the Township’s budgets.
We acted as bond counsel when the Township issued its General Improvement Bonds in 2001 and 2003 to permanently finance the project and lock in long-term tax exempt interest rates. The General Improvement Bonds are secured by the ad valorem taxing power of the Township. The Township expanded the facility, with the addition of a Justice Center Complex, funded with government-subsidized “Build America Bonds” authorized by the American Recovery and Reinvestment Act of 2009.
For more information on this project, please contact Matthew D. Jessup, Member, at (973) 622-1800.