Introduction Ordinance 2026-03

BOND ORDINANCE AUTHORIZING THE CONSTRUCTION OF REPAIRS AND RESTORATION

OF SOUTH COVE ROAD BULKHEAD DAMAGE

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 special meeting of the Township Committee held on February 9, 2026, at the Downe Township Municipal Complex.  It will be further considered for final passage, after public hearing thereon, at a regular meeting of the Township Committee to be held on March 9, 2026, at 6:30 o’clock P.M. at the Downe Township Municipal Complex.  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 located in the Downe Township Municipal Complex, 288 Main Street, Newport, New Jersey, 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 CONSTRUCTION OF REPAIRS AND RESTORATION OF GANDY’S BEACH SOUTH COVE ROAD BULKHEAD DAMAGE, AND APPROPRIATING ONE MILLION ONE HUNDRED THOUSAND DOLLARS ($1,100,000) TO PAY THE COST THEREOF, TO AUTHORIZE THE ISSUANCE OF ONE MILLION ONE HUNDRED THOUSAND DOLLARS ($1,100,000) OF BONDS TO FINANCE THE APPROPRIATION, AND TO PROVIDE FOR THE ISSUANCE OF BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE OF BONDS”

Purpose: Repair and Restoration of the Gandy’s Beach South Cove Road Bulkhead Damage, Township of Downe, Cumberland County, New Jersey.

Appropriation: $1,100,000

Bonds/Notes Authorized: $1,100,000

Grants (if any) Appropriated: $2,877,807.76 FEMA Grant

Section 20 Costs: $100,000

Useful Life: 15 years

NADINE E. LOCKLEY, RMC/CMR, MUNICIPAL CLERK

This Notice is published pursuant to N.J.S.A. 40A:2-17.