Loading...
ORDINANCE 1967-10Ordinance 67 -10 BOND ORDINANCE PROVIDING FOR CONSTRUC- TION OF A STORM WATER DRAINAGE IMPROVE- MENT IN THE KINGSTON ESTATES AREA IN AND BY THE TOWNSHIP OF CHERRY HILL, IN THE COUNTY OF CAMDEN, NEW JERSEY, APPROPRIATING $150,000 THEREFOR, AND AUTHORIZING THE IS- SUANCE OF $140,000 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 purpose stated in said Section 3, there is hereby appropriated the sum of $150,000, said sum being inclusive of all appropriations heretofore made therefor and including the sum of $10,000 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 purpose and to meet the part of said $150,000 appropriation not provided for by application hereunder of said down payment, negotiable bonds of the Township, each to be known as "Storm Water Drainage Bond ", are hereby authorized to be issued in the principal amount of $140,000 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, negotiable notes of the /z 41� Township in a principal amount not exceeding $140,000 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 storm water drainage system of the Township by construction of storm water sewers with required catch basins, manholes, fittings, connections and ap- purtenances in the Kingston Estates Area of the Township in the existing drainage ditch of the Township between Douglas Drive and Hastings Road southwardly from King George Road to Chapel Avenue, thence crossing under Chapel Avenue to Sheffield Road, and in Shef- field Road to the rear of Kingston Elementary School, thence pro- ceeding westwardly in the rear of Kingston Elementary School to King George Road, and also in a drainage ditch in a right -of -way in the rear of lands fronting on Howard Road and extending south- wardly from Kingston Drive to Richard Road, including also neces- sary construction and reconstruction of storm water sewers and appurtenances in related streets in said Kingston Estates Area for connection with and use of the aforesaid sewers to be con- structed, including in all of the aforesaid all work or materials necessary therefor or incidental thereto, 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 $140,000. (c) The estimated cost of said purpose is $150,000, the excess thereof over the said estimated maximum amount of bonds or notes to be issued therefor being the amount of the said /Z 7 $10,000 down payment for said purpose. 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 acquire or make as a general improvement, and no part of the cost thereof has been or shall be specially assessed on property specially bene- fited thereby. (h) The period of usefulness of said purpose, within the limitations of said Local Bond Law and according to the rea- sonable 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 ordinance by $140,000, and that the said obligations authorized by this bond ordinance will be within all debt limitations prescribed by said Law. (d) The aggregate amount of not exceeding $15,000 for items of expense permitted under section 40A:2 -20 of said Law has been included in the foregoing estimated cost of said improvement 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. /z P Said obligations shall be direct, unlimited obligations 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 limita- tion 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 27, 1967 Adopted: April 10, 19 t i Mayor f' Attest: Township Clerk