The Westfield Leader Newspaper
The Times of Scotch Plains-Fanwood

A WATCHUNG COMMUNICATIONS, INC. PUBLICATION The Westfield Leader The Westfield Leader and THE TIMES of Scotch Plains – Fanwood Thursday, April 16, 1998 Page 19

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PUBLIC NOTICE

BOROUGH OF FANWOOD

The Bond Ordinance published herewith (Ordinance No. 98- 06- S) has been finally adopted on April 9, 1998 by the Borough Council of the Borough of Fanwood and the 20 day period of limitation within which a suit, action or proceeding questioning the validity of such ordinance can be commenced, as provided in the Local Bond Law, has begun to run from the date of the publication of this statement.

Eleanor McGovern Borough Clerk

ORDINANCE NO. 98- 06- S BOND ORDINANCE APPROPRIATING $485,000 AND AUTHORIZING ISSUANCE OF $460,750 BONDS FOR VARIOUS GENERAL IMPROVEMENTS OF THE BOROUGH INCLUDING ROAD RECONSTRUCTION, RESURFACING OF MUNICIPAL PARKING LOT, CURB REPAIR AND REPLACEMENT, SIDEWALK REPAIR AND REPLACEMENT, VARIOUS IMPROVEMENTS TO BOROUGH BUILDINGS AND PROPERTY, CONSTRUCTION OF A VEST POCKET PARK, MISCELLANEOUS EQUIPMENT, DRAINAGE IMPROVEMENTS, SANITARY SEWER AND STORMWATER IMPROVEMENTS, A UTILITY VEHICLE, PLOW, POWER MOWER, FURNISHINGS, FIXTURES, AND COMPUTER EQUIPMENT. BE IT ORDAINED by the Mayor and Council of the Borough of Fanwood, in the County of Union, New Jersey (not less than two- thirds of all members thereof affirmatively concurring) as follows:

SECTION I. For the various improvements or purposes described in Section III of this bond ordinance, there are hereby appropriated the respective sums of money therein stated as the appropriations made for improvements or purposes, such sums amounting in the aggregate to $485,000 including the aggregate sum of $24,250 as the various down payments for the improvements or purposes required by the Local Bond Law. The down payments have been made available by virtue of provision for down payment for capital improvement purposes in one or more previously adopted budgets.

SECTION II. In order to finance the cost of the improvements or purposes not covered by application of the down payments, negotiable bonds are hereby authorized to be issued in the principal amount of $460,750 pursuant to the Local Bond Law. In anticipation of the issuance of the bonds, negotiable bond anticipation notes are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law.

SECTION III. The purposes for which the bonds are to be issued, the estimated cost of each improvement and the appropriation therefor, the estimated maximum amount of bonds or notes to be issued for each improvement, the down payment available for each improvement and the period of usefulness of each improvement are respectively as follows:

Estimated Appropri- Maximum ation and Amount Period Estimated Of Bonds Down Of UsePurpose Cost Or Notes Payment fulness

a) Reconstruction of North Avenue $116,000 $110,200 $5,800 15 years b) Vest Pocket Park 30,000 28,500 1,500 15 years c) Improvements to

Borough Buildings Including Carriage House and Municipal Building 66,100 62,795 3,305 15 years d) Resurfacing of

Municipal Parking Lot 50,000 47,500 2,500 15 years e) Slurry seal of

various streets 23,000 21,850 1,150 5 years f) Rehabilitation and

improvement of various sanitary and storm sewers 14,000 13,300 700 40 years g) Bikeway Path 1,000 950 50 15 years h) Curb and sidewalk

repair and replacement 27,500 26,125 1,375 10 years i) Drainage Reconstruction and

Improvements 58,000 55,100 2,900 15 years j) Miscellaneous

Equipment Including Exhaust Fan, Plow, and Power Mower 35,000 33,250 1,750 15 years k) Utility Vehicle 20,000 19,000 1,000 5 years l) Computer equipment 44,400 42,180 2,220 15 years

TOTAL $485,000 $460,750 $24,500

SECTION IV. All bond anticipation notes issued hereunder shall mature at such times as may be determined by the chief financial officer; provided that no note shall mature later than one year from its date. The notes shall bear interest at such rate or rates and be in such form as may be determined by the chief financial officer. The chief financial officer shall determine all matters in connection with notes issued pursuant to this ordinance, and the chief financial officer’s signature upon the notes shall be conclusive evidence as to all such determinations. All notes issued hereunder may be renewed from time to time subject to the provisions of N. J. S. A. 40A: 2- 8( a). The chief financial officer is hereby authorized to sell part or all of the notes from time to time at public or private sale and to deliver the same to the purchasers thereof upon receipt of payment of the purchase price plus accrued interest from their dates to the date of delivery thereof. The chief financial officer is directed to report in writing to the governing body at the meeting next succeeding the date when any sale or delivery of the notes pursuant to this ordinance is made. Such report must include the amount, the description, the interest rate and the maturity schedule of the notes sold, the price obtained and the name of the purchaser.

SECTION V. The following additional matters are hereby determined, declared, recited and stated: (a) The purposes described in Section III of this bond ordinance are not current expenses. They are improvements that the Borough may lawfully acquire or make as general improvements, and not part of the cost thereof has been or shall be specially assessed on property specially benefited thereby. (b) The average period of usefulness of the improvements or purposes computed on the basis of the respective amounts of obligations authorized herein for each purpose and the reasonable lives thereof within the limitations of the Local Bond Law is 15 years. (c) The Supplemental Debt Statement required by the Local Bond Law has been duly prepared and filed in the office of the Clerk, and a complete executed duplicate thereof has been filed in the office of the Director of the Division of Local Government Services in the Department of Community Affairs of the State of New Jersey. This statement shows that the gross debt of the Borough as defined in the Local Bond Law will not be increased by the authorization of the bonds and notes provided in this bond ordinance, and the obligations authorized herein will be within all debt limitations prescribed by that Law. (d) An aggregate amount not exceeding $95,000 for items of expense listed in and permitted under N. J. S. A. 40A: 2- 20 may be included as part of the costs of the purposes of improvements authorized herein and is included in the foregoing estimates thereof.

SECTION VI. The full faith and credit of the Borough are hereby pledged to the punctual payment of the principal of and interest on the obligations authorized by this bond ordinance. The obligations shall be direct, unlimited obligations of the

Borough, and the Borough shall be obligated to levy ad valorem taxes upon all the taxable property within the Borough for the payment of the obligations and interest thereon without limitation of rate or amount.

SECTION VII. The capital budget of the Borough of Fanwood is hereby amended to conform with the provisions of this ordinance to the extent of any inconsistency herewith. The resolution in the form promulgated by the Local Finance Board showing full detail of the amended capital program as approved by the Director of the Division of Local Government Services is on file with the Clerk and is available there for public inspection.

SECTION VIII. This bond ordinance shall take effect 20 days after the first publication thereof after final adoption, as provided by the Local Bond Law.

Maryanne Connolly, Mayor Attested: Eleanor McGovern, Borough Clerk 1 T — 4/ 16/ 98, The Times Fee: $266.22

ARROW OF LIGHT… The Cub Scouts of Pack No. 98 in Scotch Plains and their families recently came together for the Arrow of Light, which is the highest award that can be earned by a Cub Scout and is presented at a ceremony which marks the passage to Boy Scouts. Webelo scouts and their leaders, pictured left to right, are: Sera Scalfaro, James Scalfaro, Trevor Rowbotham, Alex Gerveshi, Jason Livingston, Michael Leighton, Yogan Cheng, Brendan Weber and Barbara Leighton.

Two Westfield Students Named to Dean’s List At Brandeis University

Westfield residents Susanna Chilnick and Philip Robinson were recently named to the Dean’s List at Brandeis University in Waltham, Massachusetts for the Fall 1997 semester.

Qualifying students must have grade- point averages of 3.5 or higher.

Susanna is the daughter of Janet and Larry Chilnick and is a member of the Class of 1999 at the school.

Philip is the son of Marie Friedman and Benjamin Robinson, and is a member of the Class of 1998.