Township Council Meeting — Packet

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: Down Description Appropriation Authorization Payment Useful Life (i) Replacement of sewer pumps at the Short $ 2,000,000 $ 1,900,000 $ 100,000 30 years Hills and Haggerty Pump Stations; (ii) Sanitary sewer repairs along various $ 213,500 $ 202,825 $ 10,675 20 years 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; (iii) Roadway improvements, including, but $ 215,000 $ 204,250 $ 10,750 10 years not limited to, milling and paving along Elliot Place in the Township; (iv) Repairs to a retaining wall located on $ 250,000 $ 237,500 $ 12,500 20 years Pleasant Valley Way in the Township; and (v) Section 20 Expenses. $ 535,700 $ 508,915 $ 26,785 TOTALS: $ 3,214,200 $ 3,053,490 $ 160,710 2 #95204632.2 168182.012