2953-26 Bond Ord. - Various Imp. to OSPAC - 1 Mil. DCA Grant -(2_10_26 Intro)(95856979.1).pdf

3 #95856979.1 168182.012 (b) The estimated maximum amount of bonds or notes to be issued for said improvements or purposes is $238,000. (c) The estimated cost of said improvements or purposes is $1,250,000, the excess amount thereof over the estimated maximum amount of bonds or notes to be issued therefor is the Grant in the amount of $1,000,000 and the down payment in the amount of $12,000, which are available for said improvements or purposes. SECTION 4. Except for the Grant, 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 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. Except for the Grant, 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, provided that no note shall mature later than one (1) year from its date or otherwise authorized by