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

ordinance will be further considered for final passage shall be mailed to the person whose land may be affected by this bond ordinance or any assessments which may be made in pursuance thereof, so far as the same may be ascertained, to his/her last known post office address. (f) The period of usefulness of the improvements within the limitations of the Local Bond Law, according to the reasonable life thereof computed from the date of the bonds authorized by this bond ordinance, is forty (40) years. (g) The supplemental debt statement required by the Local Bond Law has been duly made and filed in the Office of the Clerk of the Township and a complete executed duplicate thereof has been filed in the Office of the Director of the Division of Local Government Services in the New Jersey Department of Community Affairs, and such statement shows that the gross debt of the Township as defined in the Local Bond Law is increased by the authorization of the bonds or notes provided for in this bond ordinance by $271,400 and the said obligations authorized by this bond ordinance will be within all debt limitations prescribed by said Local Bond Law. (h) An aggregate amount not exceeding $25,000 for items of expense listed in and permitted under Section 20 of the Local Bond Law is included in the estimated cost indicated herein for the improvements or purposes described herein. (i) If the amount of the assessments on the Assessed Properties is greater than $171,000, then the Township will contribute the difference of such increased assessment and the increased cost of the improvement or purpose, such difference to be financed by the issuance of general improvement bonds or notes of the Township. If the amount of the assessments on the Assessed Properties are less than $171,000, then the 6 #13472599.1 168182/002