Description

Down Useful Appropriation Authorization Payment Life TOTALS $1,145,140.35 $691,200 $34,577.00

Page 23

  • The above improvements and purposes set forth in Section 5(a) shall also include the following, as applicable, surveying, construction planning, engineering and design work, preparation of plans and specifications, permits, bid documents, construction inspection and contract administration and also all work, materials, equipment, labor and appurtenances as necessary therefore or incidental thereto.
  • The aggregate estimated maximum amount of bonds or notes to be issued for said purposes is $691,200.00.
  • The aggregate estimated cost of said purposes is $1,145,140.35, the excess amount thereof over the said estimated maximum amount of bonds or notes to be issued therefore being the aggregate amount of $453,940.35, is the Excess Proceeds in the amount of $419,363.35 and aggregate down payments for said improvements or purposes in the amount of $34,577.00.

SECTION 6. In the event the United States of America, the State of New Jersey and/or the County of Ocean 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 4 hereof, then the amount of such bonds or notes to be issued shall be reduced by the amount so received from the United States of America, the State of New Jersey and/or the County of Ocean. In the event, however, that any amount so contributed or granted by the United States of America, the State of New Jersey and/or the County of Ocean shall be received by the Township after the issuance of the bonds or notes authorized in Section 4 hereof, then such funds shall be applied to the payment of the bonds or notes so issued and shall be used for no other purpose.

SECTION 7. All bond anticipation notes issued hereunder shall mature at such times as may be determined by the Chief Financial Officer of the Township (the “Chief Financial Officer”), provided that no note shall mature later than one (1) year from its date. The notes shall bear interest at such rate or rates and be in such form as may be determined by the Chief Financial Officer. The Chief Financial Officer shall determine all matters in connection with the notes issued