Ordinance Introduction 2018-007

NOTICE OF PENDING BOND ORDINANCE AND SUMMARY

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 Spring Lake, in the County of Monmouth, State of New Jersey, on September 25, 2018. 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 Municipal Building, in the Borough on October 9, 2018 at 7 o’clock p.m. During the week prior to and up to and including the date of such meeting, copies of the full bond ordinance will be available at no cost and during regular business hours at the 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 FOR VARIOUS WATER/SEWER CAPITAL IMPROVEMENTS IN AND BY THE BOROUGH OF SPRING LAKE, IN THE COUNTY OF MONMOUTH, NEW JERSEY, APPROPRIATING $4,000,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $3,800,000 BONDS OR NOTES OF THE BOROUGH TO FINANCE THE COST THEREOF

Purpose(s): Various water/sewer capital improvements, including, but not limited to, replacing/relining of water mains on York Avenue, Salem Avenue, Tuttle Avenue, Washington Avenue, Passaic Avenue and Vroom Avenue; replacing and rehabing of sanitary sewers in the Pitney Pump Station and Wagon Wheel drainage areas; and system-wide critical manhole and sewer improvements, including all work and materials necessary therefor and incidental thereto

Appropriation: $4,000,000

Bonds/Notes Authorized: $3,800,000

Grants (if any) Appropriated: N/A

Section 20 Costs: $800,000

Useful Life: 40 years

Dina M. Zahorsky, Clerk

This Notice is published pursuant to N.J.S.A. 40A:2-17.

  pdf Ordinance No. 2018-007 (65 KB)

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