Township Council Meeting — Packet

30-26 February 10, 2026 RESOLUTION WHEREAS, the Township’s powers include the authorization to issue capital and bond ordinances for the purposes of acquiring capital assets; and WHEREAS, the Township seeks to achieve and maintain bond ratings commensurate with demonstrating a long-term commitment to sound financial planning; and WHEREAS, the Township recognizes that annual debt service costs meet or exceed 12.50% of the operating budget; and WHEREAS, the Township recognizes that not actively managing capital needs and debt issuance will have an adverse impact on the tax rate and the ability to provide services; and WHEREAS, the Township desires to memorialize and establish many of the existing principles, practices, and metrics associated with the management of its existing and future debt portfolio; and WHEREAS, the Township finds and determines that adoption of the attached Debt Management Policy (the “Debt Management Policy”) will help ensure that the debt is issued and managed prudently in order to maintain sound fiscal policy; and NOW, BE IT HEREBY RESOLVED, by the Township Council of the Township of West Orange that the attached policy shall serve to guide the decisions and actions of the Township of West Orange’s existing and future debt related activities. Karen J. Carnevale, R.M.C. Municipal Clerk Adopted: February 10, 2026 Susan Scarpa Council President