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ORDINANCE 1960-243j 736 , ORDINANCE NO. 243 ORDINANCE APPROPRIATING $140,750, AND AUTHOR- IZING THE ISSUANCE OF $134 BONDS OR NOTES OF THE TOWNSHIP FOR VARIOUS IMPROVEMENTS OR PURPOSES AUTHORIZED TO BE UNDERTAKEN BY THE TOWNSHIP OF DELAWARE, IN THE COUNTY OF CAMDEN, NEW JERSEY THE BOARD OF COMMISSIONERS OF THE TOWNSHIP OF DELAWARE, IN THE COUNTY OF CAMDEN, NEW JERSEY, (not less than two- thirds of all the members thereof affirmatively concurring) DO ORDAIN AS FOLLOWS: Section 1. The several improvements described in Section 3 Of this ordinance are hereby respectively authorized as general im- provements to be made or acquired by the Township of Delaware, in the County of Camden, New Jersey. For the said several im- provements or purposes stated in said Section 3, there are hereby a ppropriated the respective sums of money therein stated as the a ppropriations made for said improvements or purposes, said sums being inclusive of all appropriations heretofore made therefor and a mounting in the aggregate to $140,750 including the aggregate sum O f $6,750 as the several down payments for said improvements or Purposes required by law and more particularly described in said Sectio 3 and now available therefor by virtue of provision in a bUdget or budgets of the Township previously adopted. Section 2. For the financing of said improvements or pur- p and to meet the part of said $140,750 appropriations not provided for by application hereunder of said down payments, ne gotiable bonds of the Township, each to be known as "General Im provement Bond ", are hereby authorized to be issued in the principal amount of $134,000 pursuant to the Local Bond Law, Con stituting sections 40 :1 -1 to 40 :1 -88 of the Revised Statutes Of New Jersey. In anticipation of the issuance of said bonds and to t emporarily finance said improvements or purposes, negotiable notes of the Township in a principal amount not exceeding $134,000 ar e hereby authorized to be issued pursuant to and within the limitations prescribed by said Law. The maximum rate of interest ich any of said obligations shall bear is six per centum (6 %) Pe r annu M 737 Section 3. The improvements hereby authorized and the several purposes for the financing of which said obligations are to be issued, the appropriation made and estimated maximum amount of money to be raised from all sources for each such purpose, and the estimated maximum amount of bonds or notes to be issued for each Bich purpose, are respectively as follows: APPROPRIATION AND ESTIMATED MAX - ESTIMATED MAXIMUM IMUM AMOUNT OF I�ROVEMENT OR PURPOSE AMOUNT OF MONEY BONDS OR NOTES (a) Purchase of new and additional street cleaning machinery and trucks for use in the Township consisting If one (1) trash collector, one (1) leaf collector and two (2) street cleaning trucks, all as shown on and in accordance with the plans and specifications therefor on file in the office of the Township Clerk and hereby approved. $29 $28,085 (b) Construction of a non - fireproof addition to the Municipal Building and no n - fireproof police station in the Township on the northerly side of New Jersey State Highway Route No. 70 and the alteration of the existing build - s necessary for their use with such addition and construction of a non - f ireproof garage at the rear of said b uildings, all as shown on and in ac- c ordance with the plans specifica- tions therefor on file in the office O f the Township Clerk and hereby ap- proved. 111250 105 (b) The average period of usefulness of said purposes, 'th in the limitations of sections 40 :1 -34 to 40 :1 -36 of said ' Local Bond Law and according to the reasonable life thereof and II Totals $140,750 $134,000 !a The excess of the appropriation made for each such purpose' ov er the estimated maximum amount of bonds or notes to be issued a t herefor, as above stated, is the amount of the said down payment for said Purpose. Section 4. The following matters are hereby determined, i declared, recited and stated: (a) The said purposes described in Section 3 of this or dinance are not current expenses and are each a property or ira ProVement I r which the Township may lawfully acquire or make as a general improvement, and no part of the cost thereof has been or Sha ll be specially assessed on property specially benefited th ereby. (b) The average period of usefulness of said purposes, 'th in the limitations of sections 40 :1 -34 to 40 :1 -36 of said ' Local Bond Law and according to the reasonable life thereof and II 738 taking into consideration the respective amounts of the said obligations to be issued for the several purposes, is ten (10) 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 original thereof has been filed in the Office of the Director of the Division of Local Government of the State of New Jersey, and such statement shows that the gross debt Of the Township as defined in section 40 :1 -76 of said Law is in- creased by this ordinance by $134,000, and the issuance of the said obligations authorized by this ordinance is permitted by the exception contained in subsection (d) of section 40 :1 -16 of said Law to the debt limitations prescribed by said Law. (d) The following items, as defined and authorized by section 40 :1 -55 of said Law, are and shall be charged as a part Of the cost of said several purposes to be financed by the issuance Of said obligations: (1) not exceeding $1,200 on account of the cost Of issuance of said obligations; and (2) not exceeding $15,600 on a ccount of engineering and inspection costs and legal expenses. Section 5. The full faith and credit of the Township are hereby pledged to the punctual payment of the principal of and i nterest on the said obligations authorized by this ordinance. S aid obligations shall be direct, unlimited obligations of the To wnship, and the Township shall be obligated to levy ad valorem taxes upon all the taxable property within the Township for the paYment of said obligations and interest thereon without limitation O f rate or amount. Section 6. This ordinance shall take effect twenty (20) 4 Y8 after the first publication thereof after final passage, SS provided by said Local Bond Law. s �iP Comer AA a4 r sione 14T R 6 DUCED: March 28, 1960 "')()PIED. April 11, 1960