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ORDINANCE 1967-07Ordinance 67 -7 BOND ORDINANCE PROVIDING FOR ACQUISITION OF CERTAIN LANDS IN AND BY THE TOWNSHIP OF CHERRY HILL, IN THE COUNTY OF CAMDEN, NEW JERSEY, APPROPRIATING $216,000 THEREFOR, AND AUTHORIZING THE ISSUANCE OF $200,000 BONDS OR NOTES OF THE TOWNSHIP FOR FINANCING SUCH APPROPRIATION. 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 improvement described in Section 3 of this bond ordinance is hereby authorized as a general improvement to be made or acquired by The Township of Cherry Hill, in the County of Camden, New Jersey. For the said improvement or pur- pose stated in said Section 3, there is hereby appropriated the sum of $216,000, said sum being inclusive of all appropriations heretofore made therefor and including the sum of $16,000 as the down payment for said improvement or purpose required by law 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 improvement or pur- pose and to meet the part of said $216,000 appropriation not provided for by application hereunder of said down payment negotiable bonds of the Township, each to be known as "Land Acquisition Bond ", are hereby authorized to be issued in the principal amount of $200,000 pursuant to the Local Bond Law Of New Jersey. In anticipation of the issuance of said bonds and to temporarily finance said improvement or purpose, nego- tiable notes of the Township in a principal amount not exceed- ing $200,000 are hereby authorized to be issued pursuant to and within the limitations prescribed by said Law. MY Section 3. (a) The purpose for the financing issued is the acquisition lands in the Township for grounds and places of rec reference to location and improvement hereby authorized and the of which said obligations are to be by purchase or condemnation of certain use as sites for public parks, play - reation, said being those described by tax assessment map of the Township as (1) the plot of land containing approximately 2.15 acres and be- ing bounded by Thomas Avenue and Pettit Avenue and being Lots 1 and 1B in Block 210 on said map, (2) the plot of land containing approximately 1.0 acres being bounded by Roosevelt Drive, Lake Drive E. and Jackson Road and being Lot 1 in Block 315 on said map, (3) the plot of land containing approximately 7.6 acres being bounded by Haddonfield - Berlin Road and Route 295 and being Lot 29 in Block 431 on said map, (4) the plot of land containing approximately 3.0 acres and being bounded by Dover Street, Weld Avenue and Graham Avenue and being Lots 1, 5 and 6 in Block 151 on said map, (5) the plot of land containing approximately 0.465 acres being bounded by School Lane near Park Boulevard and being Lot 2 -135BA in Block 395 on said map, and (6) the plot of land containing approximately 3.9 acres being bounded by Mercer Street, Haddonfield Road and Graham Avenue, and being Lots 5A, 5B, 6, 7 and 10 in Block 149 on said map, and all in accordance with plans 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 $200,000. (c) The estimated cost of said purpose is $ the excess thereof over the said estimated maximum amount of bonds or notes to be issued therefor being the amount of the said $ down payment for said purpose. // ,5" Section 4. The following 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 improve- ment 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 period of usefulness of said purpose, within the limitations of said Local Bond Law and according to the reason- able life thereof, is forty (40) 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 Finance 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 this bond ordi- nance by $200,000, and that the said obligations authorized by this bond ordinance will be within all debt limitations pre- scribed by said Law. (d) The aggregate amount of not exceeding $12,425 for items of expense permitted under section 40A:2 -20 of said Law has been included in the foregoing estimated cost of said im- provement or purpose. Section 5. The full faith and credit of the Township are hereby pledged to the punctual payment of the principal of and interest on the said obligations authorized by this bond ordinance. Said obligations shall be direct, unlimited obli- gations of the Township, and the Township shall be obligated //G to levy advalorem taxes upon all the taxable property within the Township for the payment of said obligations and interest thereon without limitation of rate or amount. Section 6. This bond ordinance shall take effect twenty (20) days after the first publication thereof after final passage, as prescribed by said Local Bond Law. Introduced: March 13. 1967 Adopted: March Mayo r Attest: — ' t A -Z i ' ?. - 01 - Township C erk