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ORDINANCE 1989-21ORDINANCE 89 -21 BOND ORDINANCE APPROPRIATING $385,200.00 AND AUTHORIZING THE ISSUANCE OF $364,000.00 BONDS OR NOTES OF THE TOWNSHIP FOR VARIOUS IMPROVEMENTS OR PURPOSES AUTHORIZED TO BE UNDERTAKEN BY THE TOWNSHIP OF CHERRY HILL IN THE COUNTY OF CAMDEN, NEW JERSEY BE IT ORDAINED, by the Township Council of the Township of Cherry Hill, in the County of Camden, New Jersey (not less than two - thirds Of all the members thereof affirmatively concurring), as follows: Section 1. The improvements or purposes described in Section 3 Of this bond ordinance are hereby authorized as general improvements to be made or acquired by the Township of Cherry Hill, in the County Of Camden, New Jersey. For the said improvements or purposes described in said Section 3, there is hereby appropriated the sum Of $385,200.00 including the aggregate sum of $21,200.00 as the down payment for said improvements or purposes required by law and now available therefore by virtue of provisions in a previously adopted budget or budgets of the Township for down payment or for capital improvement purposes. Section 2. For the financing of said improvements or purposes, and to meet the part of said $385,200.00 appropriation not provided for by application hereunder of said down payment, negotiable bonds Of the Township are hereby authorized to be issued in the principal amount of $364,000.00 pursuant to the Local Bond Law of New Jersey. In anticipation of the issuance of said bonds and to temporarily finance said improvements or purposes, negotiable notes of the Township in a principal amount not exceeding $364,000.00 are hereby authorized to be issued pursuant to and within the limitations Prescribed by said Law. Section 3. The improvements hereby authorized and the several purposes for financing of which said obligations are to be issued, appropriation made for and estimated cost of each such purpose, a nd the estimated maximum amount of bonds or notes to be issued for such purposes, are respectively as follows: Appropriation Estimated and Maximum Amount im rovement or Purpose Estimated Cost of Bonds or Notes ( a) Acquisition by purchase and t he installation of additional and /or replacement equipment i ncluding: 1 ) Tax Map Data Base 2) Street Light Replacement 3 ) Senior Citizen Vehicle 4 Audio & Recording System $385,200.00 . $364,000.00 The excess of the- appropriation made for each of the improvements or purposes aforesaid over the estimated maximum amount of bonds or notes to be issued therefore, as above stated, is the amount of said down payment for said purpose. Section 4. The following additional matters are hereby determined, declared, recited and stated: (a) The said purpose described in Section 3 of this bond ordinance is not a current expense and is a property or improvement which the Township may lawfully acquire or make as a general improvement and no part of the cost thereof has been or shall be specially assessed on property specially benefited thereby. (b) The average period of usefulness of said purpose within the limitations of said Local Bond Law, according to the reasonable life thereof computed from the date of the said bonds authorized by this bond ordinance is Fifteen (15) years. (c) The supplemental debt statement required by said Law has been duly made and filed in the Office of the Township Clerk and a complete executed duplicate thereof has been filed in the Office Of the Director of the Division of Local Government Services in the Department of Community Affairs of the State of New Jersey, and such statement shows that the gross debt of the Township as defined in said Law is increased by the authorization of the bonds and notes Provided for in this bond ordinance by $364,000.00 and the said obligations authorized by this bond ordinance will be within all debt limitations prescribed by said Law. (d) An aggregate amount of not exceeding $25,480.00 for interest on said obligations, costs of issuing said obligations, engineering posts and other items of expense listed in and permitted under Section 40 A :2 -20 of said Law may be included as part of the cost of said i mprovement and is included in the foregoing estimate thereof. Section S. The full faith and credit of the Township are hereby Pledged to the punctual payment of the principal of and interest °n the said obligations authorized by this bond ordinance. Said O bligations shall be direct, unlimited obligations of the Township, a nd the Township shall be obligated to levy ad valorem taxes upon a ll the taxable property within the Township for the payment of S aid obligations and interest thereon without limitations of rate or amount. Section 6. This bond ordinance shall take effect twenty (20) d ays after the first publication thereof after final adoption, as Provided by said Local Bond Law. Introduced: April 24, 1989 Adopted: May 8, 1989 DR. STEPHEN C. BARBELL C NCIL VICE ESIDENT usan Bass Levin Mayor Attest: Myr a C. Cloth Township Clerk