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 Borough Council of the Borough of Wallington, in the County of Bergen, State of New Jersey, on October 2, 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: ORDINANCE # 2025-020 Title: BOND ORDINANCE TO AUTHORIZE THE MAKING OF VARIOUS PUBLIC IMPROVEMENTS IN, BY AND FOR THE BOROUGH OF WALLINGTON, IN THE COUNTY OF BERGEN, STATE OF NEW JERSEY, TO APPROPRIATE THE SUM OF $435,000 TO PAY THE COST THEREOF, TO APPROPRIATE CAPITAL FUND BALANCE AND A FEDERAL GRANT, 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, bonds/notes authorized and grants appropriated in this multipurpose bond ordinance are as follows: SCHEDULE OF IMPROVEMENTS, PURPOSES AND AMOUNTS A. Resurfacing of Reservoir Avenue, including curb, sidewalk and drainage improvements, where necessary. 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 $355,000 Capital Fund Balance Appropriated $ 2,250 Federal Grant Appropriated $135,000 Down Payment Appropriated $ 17,750 Bonds and Notes Authorized $200,000 Period of Usefulness 10 years B. Undertaking of site improvements and repaving of Borough-owned property at 125 Main Avenue. Appropriation and Estimated Cost $ 80,000 Capital Fund Balance Appropriated $ 80,000 Period of Usefulness 10 years ----------------------------------------------------- Aggregate Appropriation and Estimated Cost $435,000 Aggregate Capital Fund Balance Appropriated $ 82,250 Federal Grant Appropriated $135,000 Down Payment Appropriated $ 17,750 Amount of Bonds and Notes Authorized $200,000 Section 20 Costs: $55,500 Useful Life of Project Funded by Debt: 10 years Casey Kimmel, RMC Borough Clerk Borough of Wallington County of Bergen State of New Jersey October 8 2025 LNYS0382997 $72.16