Ordinance 2660-24: Bond Ordinance - Adopted 3/19/2024

Bid Title:Ordinance 2660-24: Bond Ordinance - Adopted 3/19/2024 Category:Township Committee NoticesStatus:Open Description: PUBLIC NOTICEORDINANCE NO. 2660-24 BOND ORDINANCE STATEMENT AND SUMMARYThe bond ordinance, the summary terms of which are included herein, has been finally adopted by the Township Committee of the Township of Millburn, in the County of Essex, State of New Jersey, on March 19, 2024, and the 20-day period of limitation within which a suit, action or proceeding questioning the validity of such ordinance can be commenced, as provided in the Local Bond Law, has begun to run from the date of the first publication of this statement. Copies of the full ordinance are available, at no cost and during regular business hours, at the Clerk's office for members of the general public who request the same. The summary of the terms of such bond ordinance follows:Title: BOND ORDINANCE TO AUTHORIZE THE MAKING OF VARIOUS PUBLIC IMPROVEMENTS IN, BY AND FOR THE TOWNSHIP OF MILLBURN,

IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY, TO APPROPRIATE THE SUM OF $3,510,000 TO PAY THE COST THEREOF, TO MAKE A DOWN PAYMENT, TO AUTHORIZE THE ISSUANCE OF BONDS TO FINANCE SUCH APPROPRIATION AND TO PROVIDE FOR THE ISSUANCE OF BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE OF SUCH BONDS.The purposes, appropriations and bonds/notes authorized in this multipurpose bond ordinance are as follows:SCHEDULE OF IMPROVEMENTS, PURPOSES AND AMOUNTSA. Undertaking of the 2024 Road Improvement Program consisting of the resurfacing, reconstruction, seal coating and/or micro-paving of various roads in the Township, as set forth on a list hereby approved and placed on file with the Township Clerk and available for public inspection during normal business hours. Additions to or deletions from said list may be made by resolutions adopted by the Township Committee and placed on file with the Township Clerk. It is hereby determined and stated that said roads being improved are of "Class B" or equivalent construction as defined in Section 22 of the Local Bond Law (Chapter 2 of Title 40A of the New Jersey Statutes Annotated, as amended; the "Local Bond Law").Appropriation and Estimated Cost $2,700,000Down Payment Appropriated $ 136,900 Bonds and Notes Authorized $2,563,100Period of Usefulness 10 yearsB. Resurfacing of the pools and the undertaking of other improvements at the Millburn Municipal Pool.Appropriation and Estimated Cost $ 640,000Down Payment Appropriated $ 30,500 Bonds and Notes Authorized $ 609,500Period of Usefulness 15 yearsC. Undertaking of various interior renovations at Police Headquarters. It is hereby determined and stated that said public building being improved is of "Class B" or equivalent construction as defined in Section 22 of the Local Bond Law.Appropriation and Estimated Cost $ 170,000Down Payment Appropriated $ 8,100 Bonds and Notes Authorized $ 161,900Period of Usefulness 15 years -------------------------------------------------------Aggregate Appropriation and Estimated Cost $3,510,000Aggregate Down Payment Appropriated $ 175,500Aggregate Amount of Bonds and Notes Authorized $3,334,500Grants (if any) Appropriated: -0-Section 20 Costs: $350,000Useful Life: 11.15 years BY ORDER OF THE TOWNSHIP COMMITTEE Christine A. Gatti, RMC Millburn Township Clerk Publication Date/Time: 3/19/2024 12:00 AM Closing Date/Time: 4/19/2024 11:30 PM Return To Main Public Notices Page