2916-25 Bond. Ord. - Improvements to Rooney Circle- West Orange (4_25)(95207920.1).pdf

#95207920.1 168182.012 TOWNSHIP OF WEST ORANGE COUNTY OF ESSEX, STATE OF NEW JERSEY ORDINANCE NUMBER 2916-25 BOND ORDINANCE PROVIDING FOR BUILDINGS AND GROUNDS IMPROVEMENTS ALONG ROONEY CIRCLE, BY AND IN THE TOWNSHIP OF WEST ORANGE, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY; APPROPRIATING $2,170,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $2,066,840 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 $2,170,000, said amount being inclusive of a down payment in the amount of $103,160 (the “Down Payments”) for said improvements or purposes as required by the Local Bond Law of the State of New Jersey, as amended and supplemented (N.J.S.A. 40A:2-1 et seq.) (the “Local Bond Law”), which Down Payment is now available from the Township’s Capital Improvement Fund by virtue of a provision or provisions in a previously adopted budget or budgets of the Township for down payment or capital improvement purposes.

2 #95207920.1 168182.012 SECTION 2. For the financing of said improvements or purposes described in Section 3 hereof and to meet the part of said $2,170,000 appropriation not provided for by said Down Payment, negotiable bonds of the Township are hereby authorized to be issued in the principal amount not exceeding $2,066,840 pursuant to, and within the limitations prescribed by, the Local Bond Law. In anticipation of the issuance of said bonds and to temporarily finance said improvements or purposes, negotiable notes of the Township in the principal amount not exceeding $2,066,840 are hereby authorized to be issued pursuant to, and within the limitations prescribed by, said Local Bond Law. SECTION 3. (a) The improvements hereby authorized and purposes for the financing of which said obligations are to be issued are for exterior building and grounds improvements along Rooney Circle. The improvements shall also include, as applicable, all work, materials, equipment, labor and appurtenances as necessary therefor or incidental thereto. (b) The estimated maximum amount of bonds or notes to be issued for said improvements or purposes is $2,066,840. (c) The estimated cost of said improvements or purposes is $2,170,000, the excess amount thereof over the said estimated maximum amount of bonds or notes to be issued therefor is the amount of $103,160 appropriated for the down payment for said improvements or purposes from the Township’s Capital Improvement Fund. SECTION 4. In the event the United States of America, the State of New Jersey, and/or the County of Essex make a contribution or grant in aid to the Township for the improvements and purposes authorized hereby and the same shall be received by the Township prior to the issuance of the bonds or notes authorized in Section 2 hereof, then

3 #95207920.1 168182.012 the amount of such bonds or notes to be issued shall be reduced by the amount so received from the United States of America, the State of New Jersey, and/or the County of Essex. In the event, however, that any amount so contributed or granted by the United States of America, the State of New Jersey, and/or the County of Essex shall be received by the Township after the issuance of the bonds or notes authorized in Section 2 hereof, then such funds shall be applied to the payment of the bonds or notes so issued and shall be used for no other purpose. This Section 4 shall not apply, however, with respect to any contribution or grant in aid received by the Township as a result of using funds from this bond ordinance as “matching local funds” to receive such contribution or grant in aid. SECTION 5. All bond anticipation notes issued hereunder shall mature at such times as may be determined by the Chief Financial Officer of the Township (the “Chief Financial Officer”), provided that no note shall mature later than one (1) year from its date. The notes shall bear interest at such rate or rates and be in such form as may be determined by the Chief Financial Officer. The Chief Financial Officer shall determine all matters in connection with the notes issued pursuant to this bond ordinance, and the signature of the Chief Financial Officer upon the notes shall be conclusive evidence as to all such determinations. All notes issued hereunder may be renewed from time to time in accordance with the provisions of N.J.S.A. 40A:2-8.1 of the Local Bond Law. The Chief Financial Officer is hereby authorized to sell part or all of the notes from time to time at a public or private sale and to deliver them to the purchaser thereof upon receipt of payment of the purchase price and accrued interest thereon from their dates to the date of delivery thereof. The Chief Financial Officer is directed to report in writing to the governing body at the meeting next succeeding the date when any sale or delivery of the notes pursuant to

4 #95207920.1 168182.012 this bond ordinance is made. Such report must include the principal amount, the description, the interest rate, the maturity schedule of the notes so sold, the price obtained and the name of the purchaser. SECTION 6. The Township hereby certifies that it has adopted a capital budget or a temporary capital budget of the Township, as applicable. The capital budget or temporary capital budget, as applicable, 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, a revised capital or temporary capital budget 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 and purposes described in Section 3 of this bond ordinance are not current expenses and are improvements and purposes which the Township may lawfully undertake as general improvements and no part of the cost thereof has been or shall be specially assessed on property specially benefited thereby. (b) The period of usefulness of said improvements or purposes, computed on the basis of the amount of obligations authorized for the improvements set forth herein and the reasonable life thereof in accordance with the limitations set forth in the Local Bond Law, is 15 years. (c) 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

5 #95207920.1 168182.012 Local Government Services, Department of Community Affairs, State of New Jersey, 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 $2,066,840 and the said obligations authorized by this bond ordinance will be within all debt limitations prescribed by said Local Bond Law. (d) An amount not exceeding $170,000 for items of expense listed in and permitted under N.J.S.A. 40A:2-20 of the Local Bond Law is included in the estimated cost indicated herein for the purposes or improvements herein before described. SECTION 8. The full faith and credit of the Township are hereby pledged to the punctual payment of the principal of and the interest on the bonds or notes authorized by this bond ordinance. The bonds and notes authorized in this bond ordinance shall be direct, unlimited obligations of the Township and, unless paid from other sources, the Township shall be obligated to levy ad valorem taxes upon all the taxable property within the Township for the payment of the principal of the bonds or notes and the interest thereon without limitation as to rate or amount. SECTION 9. The Township reasonably expects to reimburse any expenditures toward the costs of the improvements or purposes described in Section 3 hereof and paid prior to the issuance of any bonds or notes authorized by this bond ordinance with the proceeds of such bonds or notes. This Section 9 is intended to be and hereby is a declaration of the Township's official intent to reimburse any expenditures toward the costs of the improvements or purposes described in Section 3 hereof to be incurred and paid prior to the issuance of bonds or notes authorized herein in accordance with Treasury Regulation Section 1.150-2.

6 #95207920.1 168182.012 SECTION 10. The Chief Financial Officer is hereby authorized to prepare and to update from time to time as necessary a financial disclosure document to be distributed in connection with the sale of the obligations of the Township authorized herein and to execute such disclosure document on behalf of the Township. The Chief Financial Officer is further authorized to enter into the appropriate undertaking to provide secondary market disclosure on behalf of the Township pursuant to Rule 15c2-12 of the Securities and Exchange Commission (the "Rule") for the benefit of holders and beneficial owners of the obligations of the Township, which are authorized herein, and to amend such undertaking from time to time in connection with any change in law, or interpretation thereof, provided 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.

7 #95207920.1 168182.012 ADOPTED ON FIRST READING DATED: APRIL 8, 2025 KAREN J. CARNEVALE, Clerk JOE KRAKOVIAK, Township of West Orange Council President Township of West Orange ADOPTED ON SECOND READING DATED: APRIL 22, 2025 KAREN J. CARNEVALE, Clerk JOE KRAKOVIAK, Township of West Orange Council President Township of West Orange APPROVAL BY THE MAYOR ON THIS _____ DAY OF ___________, 2025. SUSAN MCCARTNEY, Mayor Township of West Orange

#95207920.1 168182.012 TOWNSHIP COUNCIL OF THE TOWNSHIP OF WEST ORANGE IN THE COUNTY OF ESSEX, NEW JERSEY PUBLIC NOTICE NOTICE OF PENDING BOND ORDINANCE AND SUMMARY The bond ordinance, the summary terms of which are included herein, was introduced and passed upon first reading at a meeting of the Township Council of the Township of West Orange, in the County of Essex, State of New Jersey (the “Township”) on April 8, 2025. It will be further considered for final passage, after public hearing thereon, at a meeting of the governing body of the Township to be held at the Township Municipal Building, 66 Main Street, West Orange, New Jersey, in said County, on April 22, 2025 at 7:00 p.m. During the week prior to and up to and including the date of such meeting, copies of the full bond ordinance will be available at no cost and during regular business hours at the Clerk’s office for the members of the general public who shall request the same. The summary of the terms of such bond ordinance follows: Title: BOND ORDINANCE PROVIDING FOR BUILDINGS AND GROUNDS IMPROVEMENTS ALONG ROONEY CIRCLE, BY AND IN THE TOWNSHIP OF WEST ORANGE, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY; APPROPRIATING $2,170,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $2,066,840 BONDS OR NOTES OF THE TOWNSHIP TO FINANCE PART OF THE COSTS THEREOF Purpose(s): The bond ordinance provides for the exterior buildings and grounds improvements along Rooney Circle. Please refer to the full bond ordinance for a more complete description of the improvements and purposes of the bond ordinance. Appropriation: $2,170,000 Bonds/Notes Authorized: $2,066,840 Down Payment: $103,160 Section 20 Costs: $170,000 Useful Life: 15 years KAREN J. CARNEVALE, Clerk of the Township of West Orange

#95207920.1 168182.012 TOWNSHIP COUNCIL OF THE TOWNSHIP OF WEST ORANGE IN THE COUNTY OF ESSEX, NEW JERSEY PUBLIC NOTICE NOTICE OF BOND ORDINANCE ADOPTION AND SUMMARY The bond ordinance, the summary terms of which are included herein, has been finally adopted by the Township Council of the Township of West Orange, in the County of Essex, State of New Jersey (the “Township”) on April 22, 2025 and the twenty (20) day period of limitation within which a suit, action or proceeding questioning the validity of such bond ordinance can be commenced, as provided in the Local Bond Law, has begun to run from the date of the first publication of this statement. Copies of the full bond ordinance are available at no cost and during regular business hours at the Clerk’s office for members of the general public who request the same. The summary of the terms of such bond ordinance follows: Title: BOND ORDINANCE PROVIDING FOR BUILDINGS AND GROUNDS IMPROVEMENTS ALONG ROONEY CIRCLE, BY AND IN THE TOWNSHIP OF WEST ORANGE, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY; APPROPRIATING $2,170,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $2,066,840 BONDS OR NOTES OF THE TOWNSHIP TO FINANCE PART OF THE COSTS THEREOF Purpose(s): The bond ordinance provides for the exterior buildings and grounds improvements along Rooney Circle. Please refer to the full bond ordinance for a more complete description of the improvements and purposes of the bond ordinance. Appropriation: $2,170,000 Bonds/Notes Authorized: $2,066,840 Down Payment: $103,160 Section 20 Costs: $170,000 Useful Life: 15 years KAREN J. CARNEVALE, Clerk of the Township of West Orange

#95207920.1 168182.012 TOWNSHIP COUNCIL OF THE TOWNSHIP OF WEST ORANGE IN THE COUNTY OF ESSEX, NEW JERSEY CERTIFICATE OF INTRODUCTION OF BOND ORDINANCE I, the undersigned Clerk of the Township of West Orange, in the County of Essex, State of New Jersey (the “Township”), DO HEREBY CERTIFY that the foregoing is an extract from the Minutes of a regular meeting of the Township Council of the Township duly called and held on April 8, 2025 at 7:00 p.m. at the Township Municipal Building, 66 Main Street, West Orange, New Jersey and that the following was the roll call: Present: Absent: I FURTHER CERTIFY that the foregoing extract has been compared by me with the original minutes as officially recorded in my office in the Minute Book of the governing body of the Township and is a true, complete and correct copy thereof and of the whole of the original minutes so far as they relate to the subject matters referred to in the extract. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the Township as of this _____ day of ______________, 2025. (SEAL) KAREN J. CARNEVALE, Clerk of the Township of West Orange