BOND ORDINANCE TO AUTHORIZE THE BROADWAY SIDEWALK IMPROVEMENT PROJECT IN, BY AND FOR THE BOROUGH OF HILLSDALE, IN THE COUNTY OF BERGEN, STATE OF NEW JERSEY, A SIDEWALK IMPROVEMENT, TO APPROPRIATE THE SUM OF $87,500 TO PAY THE COST THEREOF, TO MAKE A DOWN PAYMENT, TO AUTHORIZE THE ISSUANCE OF BONDS TO FINANCE SUCH APPROPRIATION AND TO PROVIDE FOR THE ISSUANCE OF BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE OF SUCH BONDS.

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BE IT ORDAINED by the Borough Council of the Borough of Hillsdale, in the County of Bergen, State of New Jersey, as follows:

Section l. The Borough of Hillsdale, in the County of Bergen, State of New Jersey (the "Borough") is hereby authorized to undertake the Broadway Sidewalk Improvement Project consisting of re-setting decorative pavers and reconstructing concrete sidewalks on the east side of Broadway (from Washington Avenue to Cross Street, including intersecting portions of (a) the north side of Washington Avenue (including curb reconstruction, where necessary), (b) the north and south sides of Hillsdale Avenue, (c) the north and south sides of Park Avenue and (d) the south side of Cross Street), including all work, materials and appurtenances necessary and suitable therefor. The improvement shall be undertaken along and in front of the following described property locations as shown on the Tax Assessment Map of the Borough:

Street Address (all on Broadway) Block Lot

84-88 1309 16

90-96 1309 15

98 1309 14

100 1309 13

102-114 1409 7

116-124 1409 6

126 1408 7

128-132A 1408 6

134-138 1408 5

140-142 1408 4

144-146 1408 3

148-150 1408 2

Said improvement shall be undertaken in accordance with plans and specifications prepared or to be prepared by the Borough Engineer, which plans and specifications are hereby approved and directed to be placed on file in the office of the Borough Clerk and made available for public inspection during regular business hours.

Section 2. The sum of $87,500 is hereby appropriated to the payment of the cost of the improvement described in Section 1 of this ordinance. Said sum so appropriated shall be met from the proceeds of the sale of the bonds authorized and the down payment made by this ordinance.

Section 3. The improvement shall be undertaken as a sidewalk improvement and the cost thereof not borne by the Borough shall be assessed in the following manner: an accurate account of the cost of the improvement shall be kept by an officer of the Borough and such cost shall be assessed upon the several properties fronting on the improvement in proportion to their respective frontage thereon pursuant to and in accordance with the provisions of Chapter 65 of Title 40 of the Revised Statutes of New Jersey. The portion of such cost which shall not be so assessed shall be paid by the Borough as in the case of a general improvement which is to be paid for by general taxation.

Section 4. Before making said sidewalk improvement or awarding any contract for such sidewalk improvement, the Borough Clerk shall cause notice of the proposed sidewalk improvement to be given to the owner or owners of all real estate affected thereby. Such notice shall be served in accordance with the provisions of Chapter 65 of Title 40 of the Revised Statutes of New Jersey, in particular Section 40:65-2 to Section 40:65-6, and the proof of service shall be filed with the officer of the Borough in charge of the records of tax liens of the Borough within 10 days after service thereof.

Section 5. It is hereby determined and stated that (1) the Borough will contribute twenty-five percent (25%) to the cost of the improvement, and (2) seventy-five percent (75%) of the cost of the improvement shall be assessed against the owners of the properties fronting on the improvement, and (3) the estimated maximum amount of the sidewalk assessments is $65,625 (plus applicable interest charges), and (4) no sidewalk assessments for such improvement have been levied or confirmed, and (5) such sidewalk assessments may be paid in ten (10) annual installments.

Section 6. It is hereby determined and stated that (1) the making of such improvement (hereinafter referred to as "purpose") is not a current expense of said Borough, and (2) it is necessary to finance said purpose by the issuance of obligations of said Borough pursuant to the Local Bond Law (Chapter 2 of Title 40A of the New Jersey Statutes, as amended; the "Local Bond Law"), and (3) the estimated cost of said purpose is $87,500, and (4) $4,375 of said sum is to be provided by the down payment hereinafter appropriated to finance said purpose, and (5) the estimated maximum amount of bonds or notes necessary to be issued for said purpose is $83,125, and (6) the cost of such purpose, as hereinbefore stated, includes the aggregate amount of $3,125, which is estimated to be necessary to finance the cost of such purpose, including architect's fees, accounting, engineering and inspection costs, legal expenses and other expenses permitted by Section 20 of the Local Bond Law.

Section 7. It is hereby determined and stated that moneys exceeding $4,375, appropriated for down payments on capital improvements or for the capital improvement fund in budgets heretofore adopted for said Borough, are now available to finance said purpose. The sum of $4,375 is hereby appropriated from such moneys to the payment of the cost of said purpose.

Section 8. To finance said purpose, bonds of the Borough of an aggregate principal amount not exceeding $83,125 are hereby authorized to be issued pursuant to the Local Bond Law. Said bonds shall bear interest at a rate per annum as may be hereafter determined within the limitations prescribed by law. All matters with respect to said bonds not determined by this ordinance shall be determined by resolutions to be hereafter adopted.

Section 9. To finance said purpose, bond anticipation notes of said Borough of an aggregate principal amount not exceeding $83,125 are hereby authorized to be issued pursuant to the Local Bond Law in anticipation of the issuance of said bonds. In the event that bonds are issued pursuant to this 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 ordinance shall at any time exceed the sum first mentioned in this section, 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.

Section 10. Each bond anticipation note issued pursuant to this ordinance shall be dated on or about the date of its issuance and shall be payable not more than one year from its date, shall bear interest at a rate per annum as may be hereafter determined within the limitations prescribed by law and may be renewed from time to time pursuant to and within limitations prescribed by the Local Bond Law. Each of said bond anticipation notes shall be signed by the Mayor and by a financial officer and shall be under the seal of said Borough and attested by the Borough Clerk or Deputy Borough Clerk. Said officers are hereby authorized to execute said notes in such form as they may adopt in conformity with law. The power to determine any matters with respect to said notes not determined by this ordinance and also the power to sell said notes, is hereby delegated to the Chief Financial Officer who is hereby authorized to sell said notes either at one time or from time to time in the manner provided by law.

Section 11. It is hereby determined and declared that the period of usefulness of said purpose, according to its reasonable life, is a period of 10 years computed from the date of said bonds.

Section 12. It is hereby determined and stated that the Supplemental Debt Statement required by the Local Bond Law has been duly made and filed in the office of the Borough Clerk of said Borough, and that such statement so filed shows that the gross debt of said Borough, as defined in Section 43 of the Local Bond Law, is increased by this ordinance by $83,125 and that the issuance of the bonds and notes authorized by this ordinance will be within all debt limitations prescribed by said Local Bond Law.

Section 13. Any funds received from the County of Bergen, the State of New Jersey or any of their agencies or any funds received from the United States of America or any of its agencies in aid of such purpose, shall be applied to the payment of the cost of such purpose, or, if bond anticipation notes have been issued, to the payment of the bond anticipation notes, and the amount of bonds authorized for such purpose shall be reduced accordingly.

Section 14. The capital budget is hereby amended to conform with the provisions of this ordinance to the extent of any inconsistency therewith and the resolutions promulgated by the Local Finance Board showing full detail of the amended capital budget and capital program as approved by the Director, Division of Local Government Services, is on file with the

Borough Clerk and is available for public inspection.

Section 15. The Borough intends to issue the bonds or notes to finance the cost of the improvement described in Section 1 of this bond ordinance. If the Borough incurs such costs prior to the issuance of the bonds or notes, the Borough hereby states its reasonable expectation to reimburse itself for such expenditures with the proceeds of such bonds and notes in the maximum principal amount of bonds or notes authorized by this bond ordinance.

Section 16. The full faith and credit of the Borough are hereby pledged to the punctual payment of the principal of and the interest on the obligations authorized by this ordinance. Said obligations shall be direct, unlimited and general obligations of the Borough, and the Borough shall levy ad valorem taxes upon all the taxable real property within the Borough for the payment of the principal of and interest on such bonds and notes, without limitation as to rate or amount.

Section 17. This ordinance shall take effect twenty days after the first publication thereof after final passage.