2872-24 Bond. Ord. - Road Sewer Improvements - West Orange 7.2024 (14581359.1).pdf

#14581359.1 168182.010 TOWNSHIP OF WEST ORANGE COUNTY OF ESSEX, STATE OF NEW JERSEY ORDINANCE NUMBER 2872-24 BOND ORDINANCE PROVIDING FOR ROAD, SIDEWALK AND SEWER IMPROVEMENTS, BY AND IN THE TOWNSHIP OF WEST ORANGE, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY; APPROPRIATING $2,000,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $1,904,000 BONDS OR NOTES OF THE TOWNSHIP TO FINANCE PART OF THE COSTS THEREOF BE IT ORDAINED AND ENACTED BY THE TOWNSHIP COUNCIL OF THE TOWNSHIP OF WEST ORANGE, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY (not less than two-thirds of all the members thereof affirmatively concurring), AS FOLLOWS: SECTION 1. The improvements or purposes described in Section 3 of this bond ordinance are hereby authorized as general improvements or purposes to be undertaken by the Township of West Orange, in the County of Essex, State of New Jersey (the “Township”). For the said improvements or purposes stated in Section 3, there is hereby appropriated the amount of $2,000,000, said amount being inclusive of $96,000 as the amount of down payment for said improvements or purposes as required by the Local Bond Law, N.J.S.A. §40A:2-1 et seq. (the “Local Bond Law”). The down payment is now available by virtue of a provision or provisions in a previously adopted budget or budgets of the Township for down payment or for capital improvement purposes. SECTION 2. For the financing of said improvements or purposes described in Section 3 hereof and to meet the part of said $2,000,000 appropriation not provided for by application hereunder of said down payment, negotiable bonds of the Township are hereby authorized to be issued in the principal amount not exceeding $1,904,000 pursuant