Notice of Pending Bond Ordinance
Posted June 3, 2021
NOTICE OF PENDING BOND ORDINANCE AND SUMMARY
The bond ordinance, the summary terms of which are included herein, was introduced and passed upon first reading at a meeting of the Township Committee of the Township of Millburn, in the County of Essex, State of New Jersey, on June 1, 2021. It will be further considered for final passage, after public hearing thereon, at a meeting of the Township Committee to be held at its meeting room in the Town Hall, 375 Millburn Avenue, Millburn, New Jersey, on June 15, 2021 at 7:00 P.M. During the week prior to and up to and including the date of such meeting copies of the full ordinance will be available, at no cost and during regular business hours, at the Clerk's office for the members of the general public who shall request the same. Millburn Town Hall will open for this meeting beginning at 6:30PM and all attendees shall wear a mask and shall maintain the appropriate social distance from other attendees. Members of the public who wish to participate remotely at the meeting may do so by calling or joining remotely or over the phone with the below information at 7:00 pm. Individuals calling into this number will be able to fully participate in the meeting during the appropriate public comment periods.
Please click the link below to join the webinar:
Or iPhone one-tap : US: +13126266799,,99787687448# or +16468769923,,99787687448#
Or Telephone: Dial(for higher quality, dial a number based on your current location):
US: +1 312 626 6799 or +1 646 876 9923 or +1 301 715 8592 or +1 253 215 8782 or +1 346 248 7799 or +1 408 638 0968 or +1 669 900 6833
Webinar ID: 997 8768 7448
International numbers available: https://zoom.us/u/adeAqdgQJw
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 $855,000 TO PAY THE COST THEREOF, TO MAKE A DOWN PAYMENT OR FULLY FUND AN APPROPRIATION FROM THE CAPITAL IMPROVEMENT FUND, 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 AMOUNTS
A. Installation of a 9-11 memorial at Crescent Park.
Appropriation and Estimated Cost $50,000
Capital Improvement Fund Appropriated $50,000
Period of Usefulness 15 years
B. Reconstruction of Short Hills Avenue (from the Springfield border to Hobart Avenue). It is hereby determined and stated that said road being improved is 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 $330,000
Down Payment Appropriated $16,500
Bonds and Notes Authorized $313,500
Period of Usefulness 10 years
C. Removal of flex parking along Millburn Avenue.
Appropriation and Estimated Cost $475,000
Down Payment Appropriated $23,750
Bonds and Notes Authorized $451,250
Period of Usefulness 10 years
Aggregate Appropriation and Estimated Cost $855,000
Aggregate Capital Improvement Fund
Appropriated either as a Down Payment or
to Fully Fund an Appropriation $90,250
Aggregate Amount of Bonds and Notes
Grants (if any) Appropriated: -0-
Section 20 Costs: $110,000
Useful Life of Projects Funded by Debt: 10 years
This Notice is published pursuant to N.J.S.A. 40A:2-17.