BOROUGH OF PROSPECT PARK, PASSAIC COUNTY, NEW JERSEY
BOND ORDINANCE STATEMENTS AND SUMMARIES
The bond ordinance, the summary terms of which are included herein, has been finally adopted by the Borough of Prospect Park, in the County of Passaic, State of New Jersey on April 16, 2020 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 Borough Clerk’s office for members of the general public who request the same. The summary of the terms of such bond ordinance follows:
Title: Bond Ordinance Providing An Appropriation Of $441,000 For Improvements To North 9th Street, North 10th Street And North 13th Street For And By The Borough Of Prospect Park, In The County Of Passaic, New Jersey And Authorizing The Issuance Of $147,213 Bonds Or Notes Of The Borough For Financing Part Of The Appropriation.
Purpose(s): For improvements to North 9th Street, North 10th Street and North 13th Street, including all work and materials necessary therefor and incidental thereto, all as shown on and in accordance with plans and specifications on file in the office of the Borough Clerk.
Bonds/Notes Authorized: $147,213
Grants (if any) Appropriated: $242,600 expected to be received as a grant from the New Jersey Department of Transportation and $48,187 expected to be received as a Community Development Block Grant from Passaic County.
Section 20 Costs: $180,000
Useful Life: 20 years