2474-16 Bond Ordinance 375000 for parking improvements at Gregory School (2).pdf

#2271948 v1 100181-33129 2474-16 BOND ORDINANCE AUTHORIZING PARKING IMPROVEMENTS AT GREGORY SCHOOL IN AND FOR THE TOWNSHIP OF WEST ORANGE, IN THE COUNTY OF ESSEX, NEW JERSEY, APPROPRIATING $375,000 THEREFORE AND AUTHORIZING THE ISSUANCE OF $ 357,140 BONDS OR NOTES TO FINANCE PART OF THE COST THEREOF BE IT ORDAINED, BY THE TOWNSHIP COUNCIL OF THE TOWNSHIP OF WEST ORANGE, IN THE COUNTY OF ESSEX, NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurring) AS FOLLOWS: SECTION 1: The improvements described in Section 3 of this bond ordinance (the “Improvements”) are hereby authorized to be undertaken by the Township of West Orange, New Jersey (the “Township”) as general improvements. For the said Improvements there is hereby appropriated the amount of $ 375,000 , such sum includes the sum of $17,860 as the down payment (the “Down Payment”) required by the Local Bond Law of the State of New Jersey, constituting Chapter 2 of Title 40A of the New Jersey Statutes, as amended and supplemented (the “Local Bond Law”). The Down Payment is now available by virtue of provision in one or more previously adopted budgets for down payments or capital improvement purposes. SECTION 2: In order to finance the additional cost of the Improvements not covered by application of the Down Payment, negotiable bonds of the Township are hereby authorized to be issued in the principal amount of $357,140 pursuant to the provisions of the Local Bond Law (the “Bonds”). In anticipation of the issuance of the Bonds and to temporarily finance said improvements or purposes, negotiable bond anticipation notes of the Township are hereby authorized to be issued in the principal amount not exceeding $357,140 pursuant to the provisions of the Local Bond Law (the “Bond Anticipation Notes” or “Notes”). SECTION 3: (a) The Improvements hereby authorized and the purposes for the financing of which said obligations are to be issued is for parking improvements at Gregory School, including all work and materials necessary therefor and incidental thereto. (b) The estimated maximum amount of Bonds or Notes to be issued for the purpose of financing a portion of the cost of the Improvements is $357,140. (c) The estimated cost of the Improvements is $375,000 which amount represents the initial appropriation made by the Township. The excess of the appropriations made for each of the

ements is $357,140. (c) The estimated cost of the Improvements is $375,000 which amount represents the initial appropriation made by the Township. The excess of the appropriations made for each of the Improvements over the estimated maximum amount of Bonds or Notes authorized to be issued therefor is the amount of the Down Payment for each purpose.