TOWNSHIP OF CLARK

BOND ORDINANCE STATEMENT AND SUMMARY

     The bond ordinance, the summary terms of which are included herein, has been finally adopted by the Township Council of the Township of Clark, in the County of Union, State of New Jersey on May 2, 2016 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:

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Title:  BOND ORDINANCE TO AUTHORIZE THE UNDERTAKING OF VARIOUS PUBLIC IMPROVEMENTS IN, BY AND FOR THE TOWNSHIP OF CLARK, IN THE COUNTY OF UNION, STATE OF NEW JERSEY, TO APPROPRIATE THE SUM OF $2,000,000 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.

Purpose(s): Undertaking of the following public improvements in, by and for the Township: (A) the Downtown Village Zone Sidewalk and Streetscape Improvements Project; and (B) the 2016 Capital Road Improvement Program at various locations, as set forth on a list on file or to be placed on file with the Township Clerk and hereby approved and incorporated herein by this reference thereto.  Depending upon the contract price and other exigent circumstances, and upon approval by the Township Council, there may be additions to or deletions from the list referred to in clause (B) of the preceding sentence.

Appropriation: $2,000,000

Bonds/Notes Authorized: $1,900,000

Grants (if any) Appropriated: $-0-

Section 20 Costs: $100,000

Useful Life: 10 years

                                                        

                             Edith L. Merkel, Township Clerk

                             Township of Clark

                             County of Union

                             State of New Jersey