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 City of Plainfield, in the County of Union, State of New Jersey (the “City”), on January 17, 2017. 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 Court- Council Chambers, 325 Watchung Avenue in said City on February 13, 2017 at 8:00 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, 515 Watchung Avenue, for members of the general public who shall request the same. The summary of the terms of such bond ordinance follows:
Title: BOND ORDINANCE PROVIDING FOR THE 2017 ROAD IMPROVEMENT PROGRAM IN AND BY THE CITY OF PLAINFIELD, IN THE COUNTY OF UNION, STATE OF NEW JERSEY; APPROPRIATING $5,600,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $5,333,000 BONDS OR NOTES OF THE CITY TO FINANCE PART OF THE COST THEREOF.
Purpose(s): The purpose of the bond ordinance is to authorize the appropriation of $5,600,000 and the authorization of bonds and/or notes in the amount not to exceed $5,333,000 to finance, as applicable, the milling, paving, surfacing, and resurfacing of, and the construction of curbs and sidewalks for, the entire lengths or portions of various streets located in the City.
Bonds/Notes Authorized: $5,333,000
Section 20 Costs: $600,000
Useful Life: 10 years
ABUBAKAR T. JALLOH, R.M.C.
Clerk of the City of Plainfield
Dated: January 19, 2017