Ordinance #2024-15 NOTICE OF PENDING BOND ORDINANCE 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 Princeton, in the County of Mercer, State of New Jersey, on March 25, 2024. It will be further considered for final passage, after public hearing thereon, at a meeting of the governing body to be held at the Witherspoon Hall Municipal Building, 400 Witherspoon Street, Main Meeting Room, in Princeton on April 8, 2024 at 7:00 o'clock p.m. During the week prior to and up to and including the date of such meeting, copies of the full bond 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 VARIOUS IMPROVEMENTS TO THE PARKING UTILITY IN AND BY PRINCETON, IN THE COUNTY OF MERCER, NEW JERSEY, APPROPRIATING $511,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $511,000 BONDS OR NOTES OF THE TO FINANCE THE COST THEREOF Purposes: Purpose Appropriation & Estimated Cost Estimated Maximum Amount of Bonds & Notes Period of Usefulness a) The installation of fencing at the top deck of the Spring Street Parking Garage, including all work and materials necessary therefor and incidental thereto. $238,500 $238,500 10 years b) Meter upgrades, including all work and materials necessary therefor and incidental thereto and further including all related costs and expenditures incidental thereto. $91,000 $91,000 15 years c) The replacement of cameras in the Spring Street Parking Garage, including all related costs and expenditures incidental thereto. $81,000 $81,000 10 years d) The acquisition of a vehicle for Parking Enforcement and a pickup truck for Meter Staff, including all related costs and expenditures incidental thereto. $100,500 $100,500 5 years Total: $511,000 $511,000 Appropriation: $511,000 Bonds/Notes Authorized: $511,000 Grant Appropriated: $0 Section 20 Costs: $6,000 Useful Life: 9.90 years Rayna E. Harris Municipal Clerk 1x, PP, 3/29/24, Fee:$60.10 Affidavit Fee:$15.00