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The bond ordinance, the summary terms of which are included herein, was introduced and passed upon first reading at a meeting of the governing body of the Borough of Prospect Park, in the County of Passaic, State of New Jersey, on June 15, 2020. It will be further considered for final passage, after public hearing thereon, at a meeting of the governing body to be held at the Municipal Building, 106 Brown Avenue, Prospect Park, New Jersey, in said Borough, on July 20, 2020 at 6:30 o’clock PM. 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 Borough Clerk’s office for the members of the general public who shall request the same. The summary of the terms of such bond ordinance follows:

Title: Bond Ordinance Providing An Appropriation Of $1,766,750 For Construction Of A Soccer Field At Hofstra Park For And By The Borough Of Prospect Park, In The County Of Passaic, New Jersey And Authorizing The Issuance Of $1,289,000 Bonds Or Notes Of The Borough For Financing Part Of The Appropriation.

Purpose(s): For construction of a soccer field at Hofstra Park, 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

Appropriation: $1,766,750

Bonds/Notes Authorized: $1,289,000

Grants (if any) Appropriated: (a) $50,000 expected to be received from a 2019 Passaic County Open Space Grant; (b) $50,000 expected to be received from a 2018 Passaic County Open Space Grant and (c) $333,750 expected to be received from a Green Acres Grant.

Section 20 Costs: $411,750

Useful Life: 15 years