2564-19 Bond Ordinance - Acquisition of Real Property - Rock Spring Country Club (2_19).pdf

#10423072.2(168182.001) TOWNSHIP OF WEST ORANGE BOND ORDINANCE NUMBER 2564-19 BOND ORDINANCE PROVIDING FOR THE ACQUISITION OF REAL PROPERTY COMMONLY KNOWN AS THE ROCK SPRING GOLF COURSE, BY AND IN THE TOWNSHIP OF WEST ORANGE, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY; APPROPRIATING $12,050,340 THEREFOR AND AUTHORIZING THE ISSUANCE OF $12,050,340 BONDS OR NOTES OF THE TOWNSHIP TO FINANCE THE COST THEREOF BE IT ORDAINED AND ENACTED BY THE TOWNSHIP COUNCIL OF THE TOWNSHIP OF WEST ORANGE, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurring) AS FOLLOWS: SECTION 1. The improvement or purpose described in Section 3 of this bond ordinance is hereby authorized as a general improvement or purpose to be undertaken by the Township of West Orange, in the County of Essex, State of New Jersey (the “Township”). For the said improvement or purpose stated in Section 3, there is hereby appropriated the amount of $12,050,340. Pursuant to the provisions of N.J.S.A. 40A:2- 11(c) of the Local Bond Law, N.J.S.A. 40A:2-1 et seq., as amended and supplemented (the “Local Bond Law”), no down payment is required as this bond ordinance authorizes obligations solely for purposes described in N.J.S.A. 40A:2-7(d). SECTION 2. For the financing of said improvement or purpose described in Section 3 hereof and to meet the $12,050,340 appropriation, negotiable bonds of the Township are hereby authorized to be issued in the principal amount of $12,050,340 pursuant to and within the limitations prescribed by the Local Bond Law. In anticipation of