316-22 RESO AUTHORIZING CONSTRUCTION LOAN NOTE - PHASE I (RESIZE) - JMEUC.pdf

#13513026.1 appropriation or emergency appropriation, as applicable, for each Member’s allocable share of the funds needed to enable the Joint Meeting to accept the lowest responsible construction bid for the Joint Meeting Project; and WHEREAS, thereafter, Local Unit adopted a bond ordinance to finance its emergency appropriation to fund the balance of its Project (“Phase IB of the Project”); and WHEREAS, the Local Unit now desires to cancel the 2020 Note and borrow $5,130,000 through a “Note Relating to the Water Bank Construction Financing Program of the New Jersey Infrastructure Bank” (the “2023 Note”) to finance both Phase IA of the Project and Phase IB of the Project; and WHEREAS, the United States Federal Emergency Management Agency (“FEMA”) has approved the scope of the Joint Meeting Project and, consequently, has agreed to fund up to 90% of the costs of planning and constructing the Joint Meeting Project; and WHEREAS, after receipt of the FEMA reimbursements, the Local Unit will finance the remaining approximately 10% percent of the costs of the Project via (i) the issuance of long-term bonds, (ii) the payment of cash, or (iii) a combination thereof; and WHEREAS, Section 28 of the Local Bond Law of the State of New Jersey, constituting Chapter 2 of Title 40A of the Revised Statutes of the State of New Jersey (the “Local Bond Law”) allows for the sale of the Note to the I-Bank, without any public offering, and N.J.S.A. 58:11B-9 allows for the sale of the Note to the I- Bank without any public offering, all under the terms and conditions set forth therein; and WHEREAS, in connection with its participation in the Joint Meeting and the issuance of its Note for the purpose of financing the costs of the Project, the Local Unit desires, if required and necessary, to enter into that certain Project Financing Agreement (the “Agreement”), by and between the Joint Meeting and the Local Unit, and acknowledged and agreed to by the I-Bank, in substantially the form attached hereto as Exhibit B. NOW, THEREFORE, BE IT RESOLVED by the governing body of the Local Unit as follows: Section 1. In accordance with Section 28 of the Local Bond Law and N.J.S.A. 58:11B-9, the Local Unit hereby authorizes the issuance, sale and award of the Note in accordance with the provisions hereof. The $2,405,000 portion of the obligation represented by the Note has been appropriated and

cal Unit hereby authorizes the issuance, sale and award of the Note in accordance with the provisions hereof. The $2,405,000 portion of the obligation represented by the Note has been appropriated and authorized by Bond Ordinance Number 2604-20 of the Local Unit, which bond ordinance is entitled “BOND ORDINANCE PROVIDING FOR THE LOCAL UNIT’S ALLOCABLE SHARE OF THE FLOOD MITIGATION FACILITIES PROJECT OF THE JOINT MEETING OF ESSEX AND UNION COUNTIES, BY AND IN THE TOWNSHIP OF WEST ORANGE, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY (THE “LOCAL UNIT”); APPROPRIATING $3,170,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $3,170,000 BONDS OR NOTES TO FINANCE THE COST THEREOF” finally adopted by the Local Unit at a meeting duly called and held on June 23, 2020, and the remaining $2,725,000 portion of the obligation represented by the Note has been appropriated and authorized by Bond Ordinance Number 2698-22 of the Local Unit, which bond ordinance is entitled “BOND ORDINANCE FUNDING AN EMERGENCY APPROPRIATION PROVIDING FOR THE LOCAL UNIT’S ALLOCABLE SHARE OF THE UNFUNDED PORTION OF PHASE I OF THE FLOOD MITIGATION FACILITIES PROJECT OF THE JOINT MEETING OF ESSEX AND UNION COUNTIES, BY AND IN THE TOWNSHIP OF WEST ORANGE, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY (THE “LOCAL UNIT”); APPROPRIATING $2,725,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $2,725,000 BONDS OR NOTES TO FINANCE THE COST THEREOF”, and was finally adopted by the Local Unit at a meeting duly called and held on November 22, 2022, at which times quorums were present and acted throughout, all pursuant to the terms of the Local Bond Law and other applicable law.