Township Council Meeting — Packet

(c) The estimated maximum amount of bonds or notes to be issued by the Township for said improvements and purposes is $6,714,669. (d) The estimated cost of said improvements and purposes to the Township is $10,030,000, the excess amount thereof over the estimated maximum amount of bonds or notes to be issued therefor are the Grants and the Down Payments in the amount of $48,440 now available for said improvements and purposes from the Township’s Capital Improvement Fund and the Grants. SECTION 4. Except for the Grants, 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 Grants, in the event 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 (the “Chief Financial Officer”), provided that no note shall mature later than one (1) year from its date. 4 #95204340.1 168182.012