2700-22 - Amending and Restating Mellon Ave - West Orange.pdf

SECTION 6. The Township hereby certifies that it has adopted a capital budget or a temporary capital budget, as applicable, for the Township. The capital or temporary capital budget of the Township is hereby amended to conform with the provisions of this bond ordinance to the extent of any inconsistency herewith. To the extent that the purposes authorized herein are inconsistent with the adopted capital or temporary capital budget of the Township, a revised capital or temporary capital budget for the Township has been filed with the Division of Local Government Services. SECTION 7. The following additional matters are hereby determined, declared, recited and stated: (a) The improvements described in Section 3 of this bond ordinance are not a current expense and are improvements or purposes which the Township may lawfully undertake as local improvements, the cost of which has been or shall be specially assessed on the Assessed Properties, which Assessed Properties shall be specially benefited thereby. (b) The Township will contribute $114,000 to the cost of the improvement or purpose described in Section 3 hereof, and the Assessed Properties will contribute $171,000 to the cost of the improvement or purpose described in Section 3 hereof. (c) The number of annual installments in which the special assessments may be paid is twenty (20) years. (d) The estimated maximum amount of special assessments shall be $171,000. (e) At least seven (7) days prior to such time fixed for further consideration for final passage of this bond ordinance, a copy of this bond ordinance, together with a notice of the introduction hereof, and the time and place, when and where this bond 5 #13472599.1 168182/002