BOND ORDINANCE PROVIDING FOR ROAD IMPROVEMENTS FOR THE CITY OFPLAINFIELD, APPROPRIATING THE SUM OF $8,252,000 THEREFOR ANDAUTHORIZING THE ISSUANCE OF $7,857,000 OF BONDS AND/OR NOTES OF THECITY FOR FINANCING THE COST THEREOF AND MAKING THE DOWNPAYMENT FOR SAID IMPROVEMENTS AUTHORIZED TO BE UNDERTAKEN INAND BY THE CITY OF PLAINFIELD, IN THE COUNTY OF UNION, NEW JERSEY
NOW THEREFORE BE ENACTED BY THE CITY COUNCIL OF THE CITY OFPLAINFIELD, COUNTY OF UNION, STATE OF NEW JERSEY
(not lessthan two-thirdsof all the members thereof affirmatively concurring)
, AS FOLLOWS:
SECTION 1. The improvement and purpose described in Section 3 of this BondOrdinance is hereby authorized as a capital improvement to be made or acquired by the City of Plainfield, County of Union, State of New Jersey. For said improvement or purpose stated inSection 3 hereof, there is hereby appropriated the sum of $8,252,000, including the sum of $395,000 which is herein appropriated as the down-payment from the CapitalImprovementFund. Said $395,000 for down-payment purposes is hereby appropriated and is now available byvirtue of a provision in the currently adopted budget or in a previously adopted budget of theCity and is currently available for down-payment for capital improvement purposes.SECTION 2. For the financing of said improvement or purpose and to meet the part of the $8,252,000 appropriation not otherwise provided for hereunder, negotiable bonds of the Cityare hereby authorized to be issued in a principal amount not to exceed $7,857,000 pursuant to theLocal Bond Law. In anticipation of the issuance of said bonds, negotiable notes of the City in a principal amount not exceeding $7,857,000 are hereby authorized to be issued pursuant to andwithinthe limitations prescribed by said Law. In the event that bonds are issued pursuant to thisBond Ordinance, the aggregate amount of notes hereby authorized to be issued shall be reduced by an amount equal to the principal amount of the bonds so issued. If the aggregate amount of outstanding bonds and notes issued pursuant to this bond ordinance shall at any time exceed$7,857,000, the moneys raised by the issuance of said bonds shall, to not less than the amount of such excess, be applied to the payment of such notes then outstanding, at maturity. Each bondanticipation note issued pursuant to this bond ordinance shall be dated on or about the date of itsissuance and shall be payable not more than one year from its date, shall bear interest at a rate perannum as may be hereafter determined within the limitations prescribed by law and may berenewed from time to time pursuant to and within the limitations prescribed by the Local BondLaw. Each of said notes shall be signed and shall be under the seal of said City and attested as permitted by law. The appropriate City officers are hereby authorized to execute said notes andto issue said notes in such form as they may adopt in conformity with the law. The power todetermine all matters in connection withthis Ordinance and also the power to sell the notes, ishereby delegated to the Chief Financial Officer of the City (the “Financial Officer”), who ishereby authorized to sell said notes either at one time or from time to time in the manner provided by lawand the Financial Officer's signature upon the notes shall be conclusiveevidence as to all such determinations. The Financial Officer is authorized and directed to reportin writing to the governing body at the meeting next succeeding the date when anysale or delivery of notes pursuant to this Bond Ordinance is made, such report to include the principalamount, description, interest rate and maturity of the notes sold, the price obtained and the nameof the purchaser.