2690-22 Bond Ord. Providing for Capital Improvements and Equipment Acq. - 4,500,000 - Signature.pdf

Township are hereby authorized to be issued in the aggregate principal amount of $4,285,714 pursuant to, and within the limitations prescribed by, the Local Bond Law. In anticipation of the issuance of said bonds and to temporarily finance said improvements or purposes, negotiable notes of the Township in an aggregate principal amount not exceeding $4,285,714 are hereby authorized to be issued pursuant to, and within the limitations prescribed by, said Local Bond Law. SECTION 3. (a) The improvements hereby authorized and purposes for the financing of which said obligations are to be issued are for capital improvements and equipment acquisitions for various parks within the Township, including, but not limited, the replacement of the turf field and the acquisition and installation of lighting at O’Connor Park. (b) The improvements and purposes set forth in Section 3(a) above shall also include, as applicable, all engineering and design work, surveying, construction management services, construction planning, preparation of plans and specifications, permits, bid documents, construction inspection and contract administration, environmental testing and remediation, and all work, materials, equipment, labor and appurtenances necessary therefor or incidental thereto. (c) The estimated maximum amount of bonds or notes to be issued by the Township for said improvements and purposes is $4,285,714. (d) The estimated cost of said improvements and purposes to the Township is $4,500,000, the excess amount thereof over the estimated maximum amount of bonds or notes to be issued therefor is the down payment in the amount of $214,286 now available for said improvements and purposes from the Township’s Open Space Trust Fund.