Ordinance #2024-34 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 Princeton, in the County of Mercer, State of New Jersey, on September 9, 2024. It will be further considered for final passage, after public hearing thereon, at a meeting of the governing body to be held at the Witherspoon Hall Municipal Building, 400 Witherspoon Street, Main Meeting Room, in the Princeton on September 23, 2024 at 7:00 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 THE ACQUISITION OF PROPERTY AND VARIOUS CAPITAL IMPROVEMENTS TO SUCH PROPERTY IN AND BY PRINCETON, IN THE COUNTY OF MERCER, NEW JERSEY, APPROPRIATING $50,000,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $49,500,000 BONDS OR NOTES OF PRINCETON TO FINANCE PART OF THE COST THEREOF Purposes: Purpose Appropriation & Estimated Cost Estimated Maximum Amount of Bonds & Notes Period of Usefulness a) The acquisition of property located at 101 Walnut Lane and more specifically known as Block 31.01, Lot 1.05, and Block 7301, Lot 1, on the official tax maps of Princeton, including all related costs and expenditures incidental thereto. $42,000,000 $41,500,000 40 years b) Various capital improvements, including, but not limited to, costs associated with work of the architect, engineer and other professionals in order to identify improvements needed to the above referenced property, including all work and materials necessary therefor and incidental thereto and further including all related costs and expenditures incidental thereto. $8,000,000 $8,000,000 10 years Total $50,000,000 $49,500,000 Appropriation: $50,000,000 Bonds/Notes Authorized: $49,500,000 Grant Appropriated: N/A Section 20 Costs: $8,000,000 Useful Life: 35.15 years This Notice is published pursuant to N.J.S.A. 40A:2-17. Rayna E. Harris Municipal Clerk 1x, PP, 9/13/24, Fee:$52.10 Affidavit Fee:$15.00
