2984-26 Various Sewer Capital Improvements - West Orange (8_4_26 - Intro)(96154467.1).pdf

2 #95204632.2 168182.012 SECTION 2. For the financing of said improvements or purposes described in Section 3 hereof and to meet part of said $3,214,200 appropriation not provided for by said Down Payments, negotiable bonds of the Township are hereby authorized to be issued in the aggregate principal amount of not exceeding $3,053,490 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 an aggregate principal amount of not exceeding $3,053,490 are hereby authorized to be issued pursuant to, and within the limitations prescribed by, the Local Bond Law. SECTION 3. (a) The improvements hereby authorized and purposes for the financing of which said obligations are to be issued include, but are not limited to, the following: Description Appropriation Authorization Down Payment Useful Life (i) Replacement of sewer pumps at the Short Hills and Haggerty Pump Stations; $ 2,000,000 $ 1,900,000 $ 100,000 30 years (ii) Sanitary sewer repairs along various roads, including, but not limited to, Old Short Hills Road, Woodhull Avenue, the Municipal Plaza inlet, Park Terrace, Franklin Avenue, and Main Street in the Township; $ 213,500 $ 202,825 $ 10,675 20 years (iii) Roadway improvements, including, but not limited to, milling and paving along Elliot Place in the Township; $ 215,000 $ 204,250 $ 10,750 10 years (iv) Repairs to a retaining wall located on Pleasant Valley Way in the Township; and $ 250,000 $ 237,500 $ 12,500 20 years (v) Section 20 Expenses. $ 535,700 $ 508,915 $ 26,785 TOTALS: $ 3,214,200 $ 3,053,490 $ 160,710