NOTICE OF PENDING BOND ORDINANCE NO. 660-2012 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 the Borough of Avalon, in the County of Cape May, State of New Jersey, on August 8, 2012. It will be further considered for final passage, after public hearing thereon, at a meeting of the governing body to be held at the Borough Hall, 3100 Dune Drive, Avalon, NJ 08202, in the Borough on August 22, 2012 at 7:15 o'clock p.m. During the week prior to and up to and including the date of such meeting, 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: "Bond Ordinance Providing for the Acquisition of Property for Shore Protection in and by the Borough of Avalon, in the County of Cape May, New Jersey, Appropriating $325,000 Therefor and Authorizing the Issuance of $292,500 Bonds or Notes of the Borough to Finance Part of the Cost Thereof." Purpose: The funding of the retroactive payment for the Borough's prior acquisition of Block 55.02, Lots 53 and 55, Block 59.02, Lot 94 and Block 75.02, Lots 61 and 63 on the tax maps of the Borough, located east of the dune line for shore protection resulting from the March 1962 storm, such acquisition price being based on value of such real property in 1962 together with interest from such acquisition to the present day, including all costs and expenses in connection therewith. Appropriation: $325,000 Bonds/Notes Authorized: $292,500 Grant Appropriated: N/A Section 20 Costs: $32,500 Useful Life: 40 years Amy W. Kleuskens, Clerk This Notice is published pursuant to N.J.S.A. 40A:2-17. Printer Fee: $34.77 #0090730319 Pub Date: August 14, 2012

Posted in legal on Tuesday, November 20, 2012 11:48 am.

Listing ID: e4344fbe-c01c-5b61-ac53-fc8a724988e3