Township Council Meeting — Packet

SECTION 2. For the financing of said improvements or purposes described in Section 3 hereof and to meet the part of said $2,170,000 appropriation not provided for by said Down Payment, negotiable bonds of the Township are hereby authorized to be issued in the principal amount not exceeding $2,066,840 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 the principal amount not exceeding $2,066,840 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 are for exterior building and grounds improvements along Rooney Circle. The improvements shall also include, as applicable, all work, materials, equipment, labor and appurtenances as necessary therefor or incidental thereto. (b) The estimated maximum amount of bonds or notes to be issued for said improvements or purposes is $2,066,840. (c) The estimated cost of said improvements or purposes is $2,170,000, the excess amount thereof over the said estimated maximum amount of bonds or notes to be issued therefor is the amount of $103,160 appropriated for the down payment for said improvements or purposes from the Township’s Capital Improvement Fund. SECTION 4. 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 2 #95207920.1 168182.012