Municipality of Princeton, NJ - File #: R-26-317

• File #: R-26-317
• Version: 1
• Type: Resolution
• Status: Agenda Ready
• File created: 10/6/2026
• In control: Mayor and Council of Princeton
• On agenda: 10/12/2026
• Title: Resolution Providing for the Combination of Certain Issues of General Improvement Bonds of Princeton, in the County of Mercer, New Jersey, into a Single Issue of Bonds Aggregating $26,600,000 in Principal Amount

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Resolution Providing for the Combination of Certain Issues of General Improvement Bonds of Princeton, in the County of Mercer, New Jersey, into a Single Issue of Bonds Aggregating $26,600,000 in Principal Amount

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BE IT RESOLVED BY THE COUNCIL OF PRINCETON, IN THE COUNTY OF MERCER, NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurring), AS FOLLOWS:

Section 1.                     Pursuant to the provisions of N.J.S.A. 40A:2-26(f), the bonds of Princeton, in the County of Mercer, New Jersey ("Princeton"), authorized pursuant to the bond ordinances of Princeton heretofore adopted and described in Section 2 hereof shall be combined into a single and combined issue of general improvement bonds in the aggregate principal amount of $26,600,000 (the "Bonds").

Section 2.                     The principal amount of Bonds authorized by each bond ordinance to be combined into a single issue as above provided, the bond ordinances authorizing the Bonds described by reference to number, improvement description and date of adoption, and the period or average period of usefulness determined in each of the bond ordinances are respectively as follows:

Bond Ordinance Number	Principal Amount of Bonds	Description of Improvement and Date of Adoption of Ordinance	Useful Life
18-07	$900,000	Various capital improvements, finally adopted April 9, 2018.	16.77 years
19-21	$160,000	Various capital improvements, finally adopted May 6, 2019.	13.13 years
21-21	$1,535,000	Various capital improvements, finally adopted July 12, 2021.	11 years
22-19	$925,000	Various capital improvements, finally adopted, June 27, 2022.	10.79 years
23-20	$1,400,000	Various open space improvements, finally adopted June 12, 2023.	34.95 years
23-21	$1,750,000	Various capital improvements, finally adopted June 12, 2023.	10.07 years
24-14	$6,000,000	Various capital improvements, finally adopted April 8, 2024.	10.65 years
24-16	$500,000	Various capital improvements for open space purposes, finally adopted April 8, 2024.	19.76 years
24-33	$780,000	Replacement of HVAC system at the municipal building, finally adopted September 9, 2024.	15 years
25-06	$200,000	Various capital improvements for open space purposes, finally adopted March 24, 2025.	13.13 years
25-07	$6,800,000	Various capital improvements, finally adopted March 24, 2025.	10.87 years
26-23	$5,000,000	Various capital improvements, finally adopted June 22, 2026.	15.56 years
26-26	$650,000	Various capital improvements for open space purposes, finally adopted June 22, 2026.	10.88 years

Section 3.                     The following matters are hereby determined with respect to the combined issue of Bonds:

(a)                     The average period of usefulness, computed on the basis of the respective amounts of Bonds presently authorized to be issued pursuant to each of the bond ordinances and the respective periods or average period of usefulness therein determined, is not less than 13.44 years.

(b)                     The Bonds of the combined issue shall be designated "General Improvement Bonds, Series 2026A" and shall mature within the average period of usefulness herein determined.

(c)                     The Bonds of the combined issue shall be sold and issued in accordance with the provisions of the Local Bond Law applicable to the sale and issuance of bonds authorized by a single bond ordinance and, accordingly, may be sold with other issues of bonds.

Section 4.                     The following additional matters are hereby determined, declared, recited and stated:

(a)                     None of the Bonds described in Section 2 hereof have been sold or issued heretofore, and the several bond ordinances described in Section 2 hereof have not been rescinded and now remain in full force and effect as authorizations for the respective amounts of Bonds set opposite the descriptions of the bond ordinances in Section 2 hereof.

(b)                     The several purposes or improvements authorized by the respective bond ordinances described in Section 2 hereof are purposes for which bonds may be issued lawfully pursuant to the Local Bond Law and are all purposes for which no deduction may be taken in any annual or supplemental debt statement.

Section 5.                     This resolution shall take effect immediately.