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ORDINANCE 1960-251747 ORDINANCE NO. 251 ORDINANCE MAKING SUPPLEMENTAL APPROPRIATION FOR CONSTRUCTION OF AN ADDITION TO THE MUNICIPAL BUILDING IN THE TOWNSHIP OF DELAWARE, IN THE COUNTY OF CAMDEN, NEW JERSEY, AND AUTH- ORIZING THE ISSUANCE OF BONDS OR NOTES OF THE TOWNSHIP FOR FINANCING SUCH SUPPLEMENTAL APPROPRIATION 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 improvement described in Section 3 of this ordinance, authorized as a general improvement to be made Or acquired by The Township of Delaware, in the County of Camden, New Jersey, has heretofore been authorized to be financed by the Ordinance (hereinafter called the "Prior Ordinance ") of the Township adopted April 11, 1960 entitled: "Ordinance appropriating $ and authorizing the issuance of $134,000 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 cost of said improvement estimated in March, 1960, at $ is now estimated at $123,850.00. By the Prior Ordinance t here has been appropriated to payment of the cost of said improvement t he sum of $111,250, inclusive of the sum of $5,335 as the down Pa yment for said improvement required by law and available therefor by virtue of provision in a budget or budgets of the Township Previously adopted. It is now necessary for the Township to raise the additional sum of $12,600.00 to meet the remainder O f the $123 estimated cost of said improvement not provided b y the said $111,250 appropriation made by the Prior Ordinance. Section 2. For the said improvement or purpose stated in Section 3 of this ordinance, and in addition to the sum of $111,250 heretofore appropriated therefor by the Prior Ordinance, ther is hereby appropriated the further sum of $12,600.00 1Ocluding the sum of $600.00 as an additional down payment for 8sid i mprovement or purpose required by law and now available therefo by virtue of provision in a budget or budgets of the Tcul8hip previously adopted. Said additional appropriation of 74 $12,600.00 shall be financed and met from the said $600.00 additional down payment, and from the proceeds of negotiable bonds of the Township, which are hereby authorized to be issued in the principal amount of $12,000.00 pursuant to the Local Bond Law, constituting 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 temporarily finance said improvement or Purpose, negotiable notes of the Township in a principal amount not exceeding $12,000.00 are hereby authorized to be issued Pursuant to and within the limitations prescribed by said Law. The maximum rate of interest which any of said obligations shall bear is six per centum (6 %) per annum. Section 3. (a) The improvement referred to and approved in the Prior Ordinance, and the purpose for the financing of which said obligations are to be issued is the construction of a non - fireproof addition to the Municipal Building and non -fire- Proof police station in the Township on the northerly side of New Jersey State Highway Route No. 70 and the alteration of the existing buildings necessary for their use with such addition and c onstruction of a non - fireproof garage at the rear of said b uildings, all as shown on and in accordance with the plans and s pecifications therefor on file in the office of the Township Clerk and hereby approved. (b) The estimated maximum amount of bonds or notes to be issued for said purpose is $12,000.00, in addition to the $105,915 principal amount of bonds or notes of the Township hereto - f0re authorized for said purpose pursuant to the Prior Ordinance. (c) The estimated maximum amount of money to be raised fo r said purpose from all sources is $12,600.00, in addition to the ",, of $111 heretofore appropriated for said purpose by the Arior Ordinance. Section 4. The following matters are hereby determined, declared, recited and stated: (a) The said purpose described in Section 3 of this Dr dinance is not a current expense and is an improvement or PrOPerty which the Township may lawfully make or acquire I a8 a general improvement, and no part of the cost thereof has den °r shall be specially assessed on property specially 749 benefited thereby. (b) The period of usefulness of said purpose, within the limitations of sections 40:1 -34 to 40:1 -36 of said Local Bond Law and according to the reasonable life thereof, is twelve (12) 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 increased by this ordinance by $12,000.00 and that 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, in addition to any amounts so charged pursuant to the Prior Ordinance, are and shall be charged as a part of the cost of said purpose to be financed by the issuance of said obligations: (1) not exceeding $100.00 On account of the cost of issuance of said obligations; and (2) not exceeding $500.00 on account of interest on obligations to finance such cost during the period permitted by said section. Section 5. The full faith and credit of the Township a re hereby pledged to the punctual payment of the principal of a nd interest on the said obligations authorized by this ordinance. Sa id obligations shall be direct, unlimited obligations of the To ' 4 nship, and the Township shall be obligated to levy ad valorem taxes U POn all the taxable property within the Township for the payment Of said obligations and interest thereon without limitations of rate or amount. Section 6. This ordinance shall take effect twenty (20) days after the first publication thereof after final passage, as Pr Ovided by said Local Bond Law. Attest: P` C lerl INTRODUCED: July 25, 1960 ADOPTED: August 8, 1960 750 Of Comm issio