BOND ORDINANCE STATEMENT AND SUMMARY

BOND ORDINANCE STATEMENT AND SUMMARY The bond ordinance, the summary terms of which are included herein, has been finally adopted by the governing body the Borough of Seaside Park, in the County of Ocean, State of New Jersey, on the 4th day of September, 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 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: AN ORDINANCE OF THE BOROUGH OF SEASIDE PARK, IN THE COUNTY OF OCEAN, NEW JERSEY, PROVIDING FOR THE REPLACEMENT OF THE STORMWATER SYSTEM ON A PORTION OF K STREET AND APPROPRIATING $875,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $875,000 IN BONDS OR NOTES OF THE BOROUGH OF SEASIDE PARK TO FINANCE THE COST THEREOF Appropriation: $875,000 Bonds/Notes Authorized: $875,000 Grants (if any) Appropriated: $0.00 Section 20 Costs: $169,763 Useful Life: 10 Years (provided that bonds issued to the New Jersey Infrastructure Bank pursuant to this bond ordinance may mature not later than 31 years from the effective date thereof) JENNA JANKOWSKI, Borough Clerk September 10 2025 LNYS0365250 $31.68