BOROUGH OF RAMSEY NOTICE OF FINAL ORDINANCE 11-2026 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 April 22, 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: Ord. No. 11-2026 Title: BOND ORDINANCE TO AUTHORIZE THE MAKING OF VARIOUS PUBLIC IMPROVEMENTS IN, BY AND FOR THE BOROUGH OF RAMSEY, IN THE COUNTY OF BERGEN, STATE OF NEW JERSEY, TO APPROPRIATE THE SUM OF $1,460,000 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: -2- SCHEDULE OF IMPROVEMENTS, PURPOSES AND AMOUNTS A. Supplemental funding for the resurfacing of, and installation of lighting at, the basketball and pickleball courts at Finch Park. It is hereby determined and stated that the Borough has heretofore appropriated the sum of $950,000 for such improvement pursuant to Ord. No. 14-2025 adopted on August 27, 2025. Appropriation and Estimated Cost $ 320,000 Down Payment Appropriated $ 20,000 Bonds and Notes Authorized $ 300,000 Period of Usefulness 15 years B. Resurfacing of Shadyside Road. It is hereby determined and stated that said road being improved is of "Class B" or equivalent construction as defined in Section 22 of the Local Bond Law (Chapter 2 of Title 40A of the New Jersey Statutes Annotated, as amended; the "Local Bond Law"). Appropriation and Estimated Cost $ 515,000 Down Payment Appropriated $ 28,000 Bonds and Notes Authorized $ 487,000 Period of Usefulness 10 years C. Undertaking of safety improvements in the vicinity of Tisdale Elementary School, including sidewalk and curb replacement and installation of pedestrian crossing signals. Appropriation and Estimated Cost $ 335,000 Down Payment Appropriated $ 17,000 Bonds and Notes Authorized $ 318,000 Period of Usefulness 10 years D. Undertaking of the 2026 Road Resurfacing Program at various locations, as set forth on a list on file with the Borough Clerk and hereby approved and incorporated herein by this reference thereto. Depending upon the contract price and other exigent circumstances, and upon approval by the Borough Council, there may be additions to or deletions from the aforesaid list. It is hereby determined and stated that the roads being improved are of "Class B" or equivalent construction as defined in Section 22 of the Local Bond Law. Appropriation and Estimated Cost $ 290,000 Down Payment Appropriated $ 15,000 Bonds and Notes Authorized $ 275,000 Period of Usefulness 10 years -3- ------------------------------------------------------- Aggregate Appropriation and Estimated Cost $1,460,000 Aggregate Down Payment Appropriated $ 80,000 Aggregate Amount of Bonds and Notes Authorized $1,380,000 Grants (if any) Appropriated: $-0- Section 20 Costs: $90,000 Useful Life: 11.08 years Meredith Bendian, RMC Borough Clerk Borough of Ramsey County of Bergen State of New Jersey April 27 2026 LNYS0505633 $80.96