NOTICE OF PENDING BOND ORDINANCE
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 March 16, 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 Borough Council, Municipal Building, 106 Brown Avenue, Prospect Park, New Jersey, in said Borough, on April 16, 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 $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
This Notice is published pursuant to N.J.S.A. 40A:2-17.