In AR's report on the resolution passed last night approving more than $16 Million in Tax Anticipation Notes, we assigned the role of bond counsel to the only firm named in the resolution, Powell Capital Markets, of Roseland. However, after checking with McManimon and Scotland, Newark, the bond counsel usually used by the city, we learned that the firm is acting as bond counsel. Powell will serve as financial advisor. The total amount approved in the resolution is $16,173, 737.40.
Neither the city CFO or the attorney representing the city in the financing for the law firm were immediately available today to clarify the fee structure for the law firm or the advisor. We will post this information when we receive it.
McManimon and Scotland also provide the city's redevelopment attorney, Tom Hastie.