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WHEREAS, the Township Committee now desires to reappropriate the Excess proceeds to undertake a portion of the cost of the various 2002 capital improvements or purposes for which bonds may be issued; and

WHEREAS, the Township Committee also now desires to appropriate additional monies and authorize the issuance of bonds or bond anticipation notes to undertake the portion of the cost of the various 2002 capital improvements or purposes which are not provided for by the reappropriation of the Excess Proceeds; and

BE IT ORDAINED AND ENACTED BY THE TOWNSHIP COMMITTEE OF THE TOWNSHIP OF JACKSON, IN THE COUNTY OF OCEAN, STATE OF NEW JERSEY (not less than two-thirds of all the members thereof affirmatively concurring), AS FOLLOWS:

SECTION 1. The following amounts of Excess Proceeds of the Ordinances are no longer necessary for the purposes for which they were authorized and issued:

$419,363.35

SECTION 2. The total amount of $419,363.35 in Excess Proceeds is hereby reappropriated pursuant to N.J.S.A. 40A:2-39, and shall be used to finance a portion of the cost of the undertaking by the Township of general capital improvements or purposes for which bonds may be issued and, which general improvements or purposes are set forth in Section 5 of this bond ordinance.

SECTION 3. The improvements or purposes described in Section 5 of this bond ordinance are hereby authorized as general improvements or purposes to be undertaken by the Township. For the said improvements or purposes stated in Section 5, there is hereby appropriated and reappropriated, as applicable, the aggregate sum of $1,145,140.35, said sum being inclusive of the reappropriation of Exceed Proceeds in the amount of $419,363.35 and the aggregate amount of down payment in the amount of $34,577.00 for said improvements or purposes required by the Local Bond Law, N.J.S.A. 40A:2-1 et seq. (the “Local Bond Law”).