2704-22 Bond Ordinance.pdf

such undertaking is and continues to be, in the opinion of a nationally recognized bond counsel, consistent with the requirements of the Rule. In the event that the Township fails to comply with its undertaking, the Township shall not be liable for any monetary damages, and the remedy shall be limited to specific performance of the undertaking. SECTION 11. The Township covenants to maintain the exclusion from gross income under Section 103(a) of the Internal Revenue Code of 1986, as amended, of the interest on all bonds and notes issued on a tax-exempt basis under this bond ordinance. SECTION 12. This bond ordinance shall take effect twenty (20) days after the first publication hereof after final adoption, as provided by the Local Bond Law. ADOPTED ON FIRST READING DATED: December 6, 2022 KAREN J. CARNEVALE, Clerk SUSAN MCCARTNEY, Township of West Orange Council President Township of West Orange ADOPTED ON SECOND READING DATED: December 20, 2022 KAREN J. CARNEVALE, Clerk SUSAN MCCARTNEY, Township of West Orange Council President Township of West Orange APPROVAL BY THE MAYOR ON THIS _____ DAY OF ___________, 2022.