Township Council Meeting — Packet

budgets of the Township for down payment or capital improvement purposes. Pursuant to N.J.S.A. 40A:2-11(c) of the Local Bond Law, no down payment is required for the improvements or purposes set forth in Section 3(a)(ii), (iii), (iv), and (v) hereof, as such projects are being funded by the DOT Grants, which are grants provided by the State of New Jersey. SECTION 2. For the financing of said improvements or purposes described in Section 3 hereof and to meet part of said $10,030,000 appropriation not provided for by said Down Payments and the Grants referred to in Section 1 hereof, negotiable bonds of the Township are hereby authorized to be issued in the aggregate principal amount of $6,714,669 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 not exceeding $6,714,669 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 include, but are not limited to, as follows: Description Appropriation Authorization Down Payment Useful Life (i) Improvements and repairs to the entire lengths or portions of, as applicable Franklin Avenue from Main Street to Chestnut Street and Oxford Place from Cherry Street to Chestnut Street, including, but not limited to, as applicable, milling, paving, storm drain installation, curbs, sidewalks, ADA complaint ramps, and driveway aprons; $ 530,000 (including the $300,000 CDBG Grant) $ 219,000 $ 11,000 10 years (ii) Improvements and repairs to the entire lengths or portions of, as applicable, $ 2,510,000 (including the $ 1,510,000 $ 0 10 years 2 #95204340.1 168182.012