Conference/Public Meeting Agendas/Documents — Packet

BOND ORDINANCE #2358-12 BOND ORDINANCE PROVIDING AN APPROPRIATION OF $4,184,305 FOR RECONSTRUCTION OF THE SANITARY AND STORM SEWERAGE SYSTEMS AND ASSOCIATED RECONSTRUCTION AND REPAVING OF THE ROADWAYS WITHIN THE LLEWELYN PARK SECTION OF THE TOWNSHIP OF WEST ORANGE, IN THE COUNTY OF ESSEX, NEW JERSEY, DIRECTING A SPECIAL ASSESSMENT OF THE COST THEREOF IN THE AMOUNT OF $3,684,305 AND AUTHORIZING THE ISSUANCE OF $3,684,305 BONDS OR NOTES OF THE TOWNSHIP TO FINANCE PART OF THE COST THEREOF. BE IT ORDAINED, BY THE TOWNSHIP COUNCIL OF THE TOWNSHIP OF WEST ORANGE, IN THE COUNTY OF ESSEX, NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurring) AS FOLLOWS: SECTION 1: The improvements described in Section 3(a) of this bond ordinance (the “Improvements”) are hereby authorized to be undertaken by the Township of West Orange, New Jersey (the “Township”) as general and local improvements. For the said Improvements there is hereby appropriated the amount of $4,184,305, such sum includes the sum of $500,000 as the down payment (the “Down Payment”) required by the Local Bond Law of the State of New Jersey Statutes, constituting Chapter 2 of Title 30A of the New Jersey Statutes, as amended and supplemented (the “Local Bond Law”). The Down Payment is now available by virtue of provision in one or more previously adopted budgets for down payments or capital improvement purposes. SECTION 2: In order to finance the additional cost of the Improvements not covered by application of the Down Payment, negotiable bonds of the Township are hereby authorized to be issued in the principal amount of $3,684,305 pursuant to the provisions of the Local Bond Law (the “Bonds”). In anticipation of the issuance of the Bonds, negotiable bond anticipation notes of the Township are hereby authorized to be issued in the principal amount of $3,684,305 pursuant to the provisions of the Local Bond Law (the “Bond Anticipation Notes” or “Notes”). SECTION 3: (a) The Improvements authorized and the purpose for the financing of which said obligations are to be issued is for the sanitary and storm sewerage systems and associated reconstruction and repaving

(a) The Improvements authorized and the purpose for the financing of which said obligations are to be issued is for the sanitary and storm sewerage systems and associated reconstruction and repaving of the roadways, over, about and alongside of said systems, within the Llewelyn Park section of the Township, as described in Schedule A attached, including all work and materials necessary therefor and incidental thereto, and as shown on and in accordance