2915-25 Bond Ord.-2025 Various Roadway Improvements - West Orange (DOT Grant - No DP) (CDBG- down payments)(3_25)-(95204340.1).pdf

#95204340.1 168182.012 TOWNSHIP OF WEST ORANGE COUNTY OF ESSEX, STATE OF NEW JERSEY BOND ORDINANCE NUMBER 2915-25 BOND ORDINANCE PROVIDING FOR VARIOUS ROADWAY IMPROVEMENTS, BY AND IN THE TOWNSHIP OF WEST ORANGE, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY, APPROPRIATING $10,030,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $6,714,669 BONDS OR NOTES OF THE TOWNSHIP TO FINANCE PART OF THE COST 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 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 hereof, there is hereby appropriated the amount of $10,030,000, which sum includes (i) a $300,000 grant expected to be received from the Community Development Block Grant Program (the “CDBG Grant”), (ii) $2,966,891 grants expected to be received from the Department of Transportation of the State of New Jersey (the “DOT Grants” and together with the CDBG Grant, the “Grants”), and (iii) down payments in the aggregate amount of $48,440 (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 Payments are now available from the Township’s Capital Improvement Fund by virtue of a provision or provisions in a previously adopted budget or