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Treasury Regulation Section 1.150-1(e)). The bonds or notes authorized herein to reimburse the Township for any expenditures toward the costs of the improvements or purposes described in Section 5 hereof will be issued in an amount not to exceed $691,200.00. The costs to be reimbursed with the proceeds of the bonds or notes authorized herein will be “capital expenditures” in accordance with the meaning of section 150 of the Code and Treasury Regulation Section 1.150-1. This provision will take effect immediately, but will be of no effect with regard to expenditures for costs paid outside the permitted reimbursement period set forth in Treasury Regulation Section 1.150-2(d)(2).
SECTION 12. The Township covenants to maintain the exclusion from gross income under section 103(a) of the Code, of the interest on all bonds and notes issued under this ordinance.
SECTION 13. This bond ordinance shall take effect twenty (20) days after the first publication thereof after final adoption as provided by the Local Bond Law.
ADOPTED ON FIRST READING DATED: August 26, 2002
ANN MARIE EDEN, Clerk of the Township of Jackson
ADOPTED ON SECOND READING DATED: September 9, 2002
ANN MARIE EDEN, Clerk of the Township of Jackson
The bond ordinance published herewith was introduced and adopted upon first reading at a meeting of the Township Committee of the Township of Jackson, in the County of Ocean, State of New Jersey, held on August 26, 2002, and will be further considered for final passage, after public hearing thereon, at a meeting of said Township Committee to be held at the Township Municipal Building, Jackson, in said County, on September 9th, 2002.