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ORDINANCE 1967-09/;2 o Ordinance 67 -9 BOND ORDINANCE PROVIDING FOR THE IMPROVEMENT OF THE SANITARY SEWERAGE SYSTEM IN AND BY THE TOWNSHIP OF CHERRY HILL, IN THE COUNTY OF CAM- DEN, NEW JERSEY, APPROPRIATING $453,000 THERE- FOR, DIRECTING AN ASSESSMENT OF THE COST THERE- OF, AND AUTHORIZING THE ISSUANCE OF $453,000 BONDS OR NOTES OF THE TOWNSHIP FOR FINANCING THE SAME. 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 con- curring), AS FOLLOWS: Section 1. The improvement described in Section 3 of this bond ordinance is hereby authorized as a local improve- ment to be made or acquired by The Township of Cherry Hill, in the County of Camden, New Jersey. For the said improve- ment or purpose stated in said Section 3, there is hereby appropriated the sum of $453,000 said sum being inclusive of all appropriations heretofore made therefor. Section 2. For the financing of said improvement or purpose and to meet said $453,000 appropriation and cost of said improvement expected to be met from special assessments to be levied on the several properties specially benefited therefrom, negotiable bonds of the Township, each to be known as "Sewer Assessment Bond ", are hereby authorized to be >ued in the principal amount of $453,000 pursuant to the :al Bond Law of New Jersey. For the financing of said �rovement or purpose and to meet said $453,000 appropria- , n and cost of said improvement to be specially assessed property specially benefited thereby, negotiable bonds of the /.0-/ Township, each to be known as "Sewer Assessment Bond ", are hereby authorized to be issued in the principal amount of $453,000 pursuant to said Law. In anticipation of the issu- ance of said bonds and to temporarily finance said improve- ment or purpose, negotiable notes of the Township in a prin- cipal amount not exceeding $453,000 are hereby authorized to be issued pursuant to and within the limitations prescribed by said Law. Section 3. (a) The improvement hereby authorized and the purpose for the financing of which said obligations are to be issued is the improvement of the sanitary sewerage system in the Township by construction of sanitary sewers with necessary house connections, manholes and appurtenances in and along the following public streets and locations in the Township, (1) Park Road from Cuthbert Road to exisiting sewer in the North Woods Tract, (2) Deer Road from Cuthbert Road to existing sewer in the Deer Woods Tract, (3) Cuthbert Road from Route 70 to a point approximately 1300 feet Northeasterly of Deer Road, (4) Rockhill Road from Route 70 to the North- easterly end of Rockhill Road, (5) Fairfax Avenue from Route 70 to Point View Avenue, (6) Graydon Avenue from Route 70 to Point View Avenue, (7) Point View Avenue from Green Tree Road to a point approximately 400 feet Northwestwardly from Rockhill Road, (8) Olney Avenue from Green Tree Road to Key- stone Avenue, (9) Linden Avenue from Green Tree Road to Garden Avenue, (10) Springdale Road (Fellowship Road) from a point approximately 1200 feet Southwestwardly from Route 70 to Empire Avenue, (11) Garden Avenue from Springdale Road (Fellowship Road) to Point View Avenue, (12) Garden Avenue from Fairfax Avenue to a point approximately 400 feet North - westwardly from Rockhill Road, (13) Green Tree Road from Route 70 to a point approximately 1100 feet Eastwardly from A 2-.1 Springdale Road (Fellowship Road), (14) Northeasterly side of Route 70 from Springdale Road (Fellowship Road) to a point about 500 feet Northwestwardly from Rockhill Road, (15) Southwesterly side of Route 70 from Springdale Road (Fellow- ship Road) to a point about 1000 feet Northwestwardly from Marlkress Road, (16) Third Avenue from Harvard Avenue to Thomas Avenue, (17) Dudley Avenue from Woodland Avenue to Third Avenue, (18) Princeton Avenue from Woodland Avenue to Haddonfield Road (Sorrel Horse Road) , (19) Sherry Way from Cotswold Lane to existing sewer in the Barclay Farm Tract, (20) Holly Glen Drive from Sherry Way to Pams Path, (21) Right of way from Holly Glen Drive to Sherry Way, (22) Williams Street from Merchant Street to Cedar Avenue, and (23) Miller Avenue from Merchant Street to Cedar Avenue, including therefor all necessary replacement of pavement and all work and materials necessary therefor or incidental thereto, and all as shown on and in accordance with the plans and specifi- cations 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 $453,000. (c) The estimated cost of said purpose is $453,000. 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 improvement which the Township may lawfully make as a local improvement. (b) The period of usefulness of said purpose, within the limitations of said Local Bond Law and according to the reasonable life thereof computed from the date of the said bonds authorized by this bond ordinance, is forty (40) years. (c) The supplemental debt statement required by said Law has been duly made and filed in the office of the Town- ship 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 while the net debt of the Township as provided in said Law is not increased by this bond ordinance, the gross debt of the Township, as defined in said Law, is increased by this bond ordinance by $453,000, and that the said obligations authorized by this bond ordinance will be within all debt limitations prescribed by said Law. (d) An aggregate amount not exceeding $60,000 for items of expense mentioned in and permitted under section 40A:2 -20 of said Law has been included in the foregoing esti- mate of the cost of said improvement or purpose. (e) Nothing will be contributed by the Township at large to payment of the cost of said improvement or purpose, and the estimated amount of the special assessments to be levied upon the properties specially benefited by said improve- ment is $453,000, and the number of annual installments in which all such special assessments may be paid is ten (10). Section 5. The cost of said local improvement, to the extent of the amount of the appropriation hereby made therefor shall be paid by special assessments which shall be levied in accordance with law upon the property specially benefited thereby, 12 as nearly as may be in proportion to and not in excess of the peculiar benefit, advantage or increase in value which the respective lots and parcels of real estate shall be deemed to receive by reason of said local improvement. The owner of any land upon which any such assessment shall have been made may pay such assessment in the number of equal annual installments hereinabove determined, all as may be provided in accordance with law and with legal interest on the unpaid balance of the assessment. Section 6. 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 to levy ad valorem 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 7. This bond ordinance shall take effect twenty (20) days after the first publication thereof after final passage, as provided by said Local Bond Law. Introduced: March 13, 1967 /Mayor Adopted: Attest: 1"d O�k4z Township Clerk