Public Notice of Pending Bond Ordinance and Summary – Borough of Glassboro NJ
ORDINANCE #25-09
The bond ordinance, the summary terms of which are included herein, was introduced and passed upon first reading at a meeting of the Borough Council of the Borough of Glassboro, County of Gloucester, State of New Jersey, held on March 25, 2025 It will be further considered for final passage, after public hearing thereon, at a meeting of the Borough Council to be held at 1 South Main Street, Glassboro, New Jersey 08028, New Jersey on April 8, 2025 at 7 o’clock PM. 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 Borough 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 AUTHORIZING THE ACQUISITION OF VARIOUS CAPITAL EQUIPMENT AND THE COMPLETION OF VARIOUS CAPITAL IMPROVEMENTS IN AND FOR THE BOROUGH OF GLASSBORO, COUNTY OF GLOUCESTER, NEW JERSEY; APPROPRIATING THE SUM OF $2,737,000 THEREFOR; AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OR BOND ANTICIPATION NOTES OF THE BOROUGH OF GLASSBORO, COUNTY OF GLOUCESTER, NEW JERSEY, IN THE AGGREGATE PRINCIPAL AMOUNT OF UP TO $2,600,150; MAKING CERTAIN DETERMINATIONS AND COVENANTS; AND AUTHORIZING CERTAIN RELATED ACTIONS IN CONNECTION WITH THE FOREGOING Estimated Down Amount of Period of Purpose/Improvement Total Cost Payment Obligations Usefulness A. Acquisition of Various Equipment for the Fire $53,000 $2,650 $50,350 5 years Department including, but not limited to, Turnout Gear, Rescue Tools, Key FOBs, and Communications Equipment, together with the acquisition of all materials and equipment and completion of all work necessary therefor or related thereto B. Reconstruction and/or Resurfacing of Various Borough 250,000 12,500 237,500 10 years Roadways and Streets, together with the acquisition of all materials and equipment and completion of all work necessary therefor or related thereto C. Various Improvements to the Town Square within the 50,000 2,500 47,500 15 years Borough, together with the acquisition of all materials and equipment and completion of all work necessary therefor or related thereto D. Various Improvements to the Highway Department 300,000 15,00285,000 15 years Building and Salt Barn Roof, together with the acquisition of all materials and equipment and completion of all work necessary therefor or related thereto Estimated Down Amount of Period of Purpose/Improvement Total Cost Payment Obligations Usefulness E. Acquisition of Various Equipment for the Highway 99,000 4,950 94,050 5 years Department including, but not limited to, Trash/Recycling Containers, Gator Utility Vehicle, Fertilizer Spreader and Seeder , together with the acquisition of all materials and equipment and completion of all work necessary therefor or related thereto F. Acquisition of Heavy Equipment for the Highway 80,000 4,000 76,000 15 years Department including, but not limited to, Mowers and Shop Equipment, together with the acquisition of all materials and equipment and completion of all work necessary therefor or related thereto G. Acquisition of Various Vehicles for the Highway 1,010,000 50,500 959,500 10 years Department including, but not limited to, One-Arm Trash Truck, Dump Truck with Plow, and Pickup Truck with Plow, together with the acquisition of all materials and equipment and completion of all work necessary therefor or related thereto H. Various Improvements to Borough Parks and Fields 140,000 7,000 133,000 15 years including, but not limited to, Field Lights Repairs, Field Backstops, ADA Swing Sets, and Park Walking Paths Replacement, together with the acquisition of all materials and equipment and completion of all work necessary therefor or related thereto I. Renovations and Improvements to Various Borough 255,000 12,750 242,250 15 years Facilities for the Buildings and Grounds Department, together with the acquisition of all materials and equipment and completion of all work necessary therefor or related thereto J. Various Improvements to Glassboro Public School 500,000 25,000 475,000 15 years District Buildings and Grounds, together with the acquisition of all materials and equipment and completion of all work necessary therefor or related thereto Appropriation: $2,737,000 Bonds/Notes Authorized: $2,600,150 Grants (if any) Appropriated: $0 Section 20 Costs: $550,000 Useful Life: 12.14 years
KAREN COSGROVE , Borough Clerk
This Notice is published pursuant to N.J.S.A. 40A:2-17.
(Published in The Sentinel of Gloucester County Weekly Newspaper Printed Edition Week of 3/27/2025)