BOND ORDINANCE STATEMENT AND SUMMARY

ORDINANCE 26-05

The bond ordinance, the summary terms of which are included herein, has been finally adopted by the Borough Council of the Borough of Elmwood Park, in the County of Bergen, State of New Jersey, on March 19, 2026, 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 first publication of this statement by its posting on the Borough's official Internet website. Copies of the full ordinance are available, at no cost and during regular business hours, at the Clerk's office for members of the general public who request the same. The summary of the terms of such bond ordinance follows:
Title: BOND ORDINANCE TO AUTHORIZE THE IMPROVEMENT OF GARDEN DRIVE IN, BY AND FOR THE BOROUGH OF ELMWOOD PARK, IN THE COUNTY OF BERGEN, NEW JERSEY, TO APPROPRIATE THE SUM OF $340,000 TO PAY THE COST THEREOF, TO MAKE A DOWN PAYMENT, TO APPROPRIATE A FEDERAL GRANT, 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.

Purpose(s): Improvement of Garden Drive, including road resurfacing, construction of ADA compliant sidewalk ramps and drainage, curb and sidewalk improvements, where necessary, in, by and for the Borough.

Appropriation: $340,000
Bonds/Notes Authorized: $191,600
Grants (if any) Appropriated: $138,790
Section 20 Costs: $60,000
Useful Life: 10 years

 Borough of Elmwood Park
Shanee Morris, RMC, CMR
Borough Clerk