available by virtue of provision in one or more previously adopted budgets for down payments for capital improvement purposes.

In order to finance the cost of the Improvements not covered by application of the Down Payment, negotiable bonds of the Borough are hereby authorized to be issued in the principal amount of $700,000 pursuant to the provisions of the Local Bond Law (the “Bonds”). In anticipation of the issuance of the Bonds and to temporarily finance said improvements or purposes, negotiable bond anticipation notes of the Borough are hereby authorized to be issued in the principal amount not exceeding $700,000 pursuant to the provisions of the Local Bond Law (the “Bond Anticipation Notes” or “Notes”).

(a)    The Improvements authorized and the purposes for which obligations are to be issued is for the design and resurfacing of South Middaugh Street and Washington Place, including all work and materials necessary therefor and incidental thereto, all as shown on and in accordance with the plans and specifications on file in the Office of the Clerk.

(b)    The estimated maximum amount of Bonds or Notes to be issued for the purpose of financing a portion of the cost of the Improvements is $700,000.

(c)    The estimated cost of the Improvements is $850,000 which amount represents the initial appropriation made by the Borough.

All Bond Anticipation Notes issued hereunder shall mature at such times as may be determined by the Chief Financial Officer of the Borough (the “Chief Financial Officer”); provided that no Note shall mature later than one year from its date. The Notes shall bear interest at such rate or rates and be in such form as may be determined by the Chief Financial Officer. The Chief Financial Officer shall determine all matters in connection with Notes issued pursuant to this ordinance, and the signature of the Chief Financial Officer upon the Notes shall be conclusive evidence as to all such determinations. All Notes issued hereunder may be renewed from time to time subject to the provisions of Section 8(a) of the Local Bond Law. The Chief Financial Officer is hereby authorized to sell part or all of the Notes from time to time at public or private sale and to deliver them to the purchasers thereof upon receipt of payment of the purchase price plus accrued interest from their dates to the date of delivery thereof. The Chief Financial Officer is directed to report in writing to the Borough Council of the Borough at the meeting next succeeding the date when any sale or delivery of the Notes pursuant to this ordinance is made. Such report must include the amount, the description, the interest rate and the maturity schedule of the Notes sold, the price obtained and the name of the purchaser.