2544-18 Bond Ordinance - Multipurpose 5.22.18-Council Copy.pdf

to be issued in the principal amount of $9,184,902.86 pursuant to the Local Bond Law. In anticipation of the issuance of the bonds, negotiable bond anticipation notes are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law. Section 3. The several improvements hereby authorized and the several purposes for which the bonds are to be issued, the estimated cost of each improvement and the appropriation therefor, the estimated maximum amount of bonds or notes to be issued for each improvement and the period of usefulness of each improvement are as follows: Purpose Appropriation & Estimated Cost Estimated Maximum Amount of Bonds & Notes Period of Usefulness a) Improvement of the West Orange High School Stadium Field and Track to be undertaken jointly with the Board of Education under a Shared Services Agreement (50% of the cost to be received from the Board of Education) $800,000.00 $761,904.76 15 years b) Acquisition of police, fire and DPW equipment including personal protective equipment, breathing air compressor recharging system/fill station, portable light tower/generator, motor cycle racks and other DPW equipment $224,825.00 $214,119.05 5 years c) Improvement of indoor facilities including major capital repair of municipal $850,000.00 $809,523.81 20 years