BOND ORDINANCE STATEMENT AND SUMMARY The bond ordinance, the summary terms of which are included herein, has been finally adopted by the Borough Council of the Borough of Ramsey, in the County of Bergen, State of New Jersey on August 27, 2025 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. 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: Ord. No. 15-2025 Title: BOND ORDINANCE TO AUTHORIZE THE MAKING OF VARIOUS PUBLIC IMPROVEMENTS IN, BY AND FOR THE WATER-SEWER UTILITY OF THE BOROUGH OF RAMSEY, IN THE COUNTY OF BERGEN, STATE OF NEW JERSEY, TO APPROPRIATE THE SUM OF $2,400,000 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. The purposes, appropriations and bonds/notes authorized in this multipurpose bond ordinance are as follows: SCHEDULE OF IMPROVEMENTS, PURPOSES AND AMOUNTS A. Undertaking of the replacement of the Snyder Avenue water main and related improvements. Appropriation and Estimated Cost $ 725,000 Down Payment Appropriated $ 34,525 Bonds and Notes Authorized $ 690,475 Period of Usefulness 40 years B. Undertaking of Phase III of the Water Service Line Replacement Project. Appropriation and Estimated Cost $ 900,000 Down Payment Appropriated $ 42,860 Bonds and Notes Authorized $ 857,140 Period of Usefulness 30 years C. Undertaking of the preliminary engineering, design and permitting phases for the installation of water treatment systems at the Darlington, Brookfield, North Central and Spring wells. Appropriation and Estimated Cost $ 775,000 Down Payment Appropriated $ 42,615 Bonds and Notes Authorized $ 732,385 Period of Usefulness 20 years ------------------------------------------------------- Aggregate Appropriation and Estimated Cost $2,400,000 Aggregate Down Payment Appropriated $ 120,000 Aggregate Amount of Bonds and Notes Authorized $2,280,000 Grants (if any) Appropriated: $-0- Section 20 Costs: $875,000 Useful Life: 29.81 years Meredith Bendian, RMC Borough Clerk Borough of Ramsey County of Bergen State of New Jersey September 2 2025 LNYS0361279 $78.32