2375-13 500,000 Bond Ordinance - Development of Park on Ridgeway Avenue (2).pdf

#1929915 v1 100181-33129 ORDINANCE 2375-13 BOND ORDINANCE AUTHORIZING THE DEVELOPMENT OF A PARK AT RIDGEWAY AVENUE IN AND FOR THE TOWNSHIP OF WEST ORANGE, IN THE COUNTY OF ESSEX, NEW JERSEY, APPROPRIATING $500,000 THEREFORE AN AUTHORIZING THE ISSUANCE OF $475,000 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 $500,000, such sum includes the sum of $25,000 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 the Open Space and Recreation Trust Fund. 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 $475,000 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 $475,000 pursuant to the provisions of the Local Bond Law (the “Bond Anticipation Notes” or “Notes”). SECTION 3: (a) The Improvements authorized and the purposes for which obligations are to be issued are set by Ordinance No. 1816-02, adopted by the Township Council on April 23, 2002 and approved by the voters of the Township in the General Election of November 6, 2001, are limited to the acquisition of land for recreation and conservation purposes; (b) development of lands acquired for recreation and conservation purposes; (c) maintenance of lands acquired for recreation and conservation purposes; and (d) payment of debt service on indebtedness issued or incurred by the Township for any of the purposes set forth

rposes; (c) maintenance of lands acquired for recreation and conservation purposes; and (d) payment of debt service on indebtedness issued or incurred by the Township for any of the purposes set forth above, in accordance with Chapter 30 of the Public Laws of 1989 and as amended, and in particular is the development of a park at Ridgeway Avenue in the Township, located on a portion of Block 158, Lot 39 and known as 55- 57 Ridgeway Avenue, all as shown on and in accordance with the plans and specifications