City of Margate AgendaPacket Regular Commission Meeting 2026-05-07
Margate Seeks NJ I-Bank Construction Loan
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Description
Margate plans to obtain up to $2.5 million in short-term construction financing from the New Jersey Infrastructure Bank for Phase 2 of its lead water service line replacement project. Resolutions #100-2026 and #101-2026 authorize the application, issuance, and sale of a construction loan note under the New Jersey Water Bank Construction Financing Program.
Contract Details
Contract Amount
Up to $2,500,000
Vendor
NEW JERSEY INFRASTRUCTURE BANK
Agency
City of Margate, NJ
Contract Type
FINANCIAL_SERVICES
Document Date
May 7, 2026
Contract Term
Construction loan note under Construction Financing Program; maturity of notes no later than two years after date of issuance
Renewal Info
Short-term construction loan notes to be issued under the New Jersey Water Bank Construction Financing Program, with maturities not later than two years from issuance; future permanent financing bonds anticipated.
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