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ORDINANCE 1967-28/ �z Ordinance 67 -28 BOND ORDINANCE PROVIDING FOR THE CONSTRUCTION OF CURBING (AND CERTAIN SIDEWALKS) IN VARIOUS STREETS IN AND BY THE TOWNSHIP OF CHERRY HILL, IN THE COUNTY OF CAMDEN, NEW JERSEY, APPROPRIAT- ING $89,100 THEREFORE, DIRECTING AN ASSESSMENT OF PART OF THE COST THEREOF, AND AUTHORIZING THE ISSUANCE OF $84,000 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 concurring), as follows: Section 1. The improvement described in Section 3 of this bond ordinance is hereby authorized as an 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 $89,100, said sum being inclusive of all appropriations heretofore made therefor and including the sum of $5,100 as the down payment for said improvement or purpose required by law and now available therefore 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 $89,100 appropriation and cost of said improvement expected to be met from special assessments to be levied on the several properties fronting thereon in proportion O f their respective frontages thereon, and not provided for by a pplication hereunder of $5,043 of said down payment, negotiable bonds of the Township, each to be known as "Curb and Sidewalk A ssessment Bond ", are hereby authorized to be issued in the N 31 Y ++ V v / ?3 principal amount of $83,057 pursuant to the Local Bond Law of New Jersey. For the financing of said improvement or purpose and to meet the part of said $89,100 appropriation and cost of said im- provement to be contributed by the Township at large and not pro- vided for by application hereunder of $57 of said down payment, negotiable bonds of the Township, each to be known as "Curb and Sidewalk Bond ", are hereby authorized to be issued in the principal amount of $943 pursuant to said law. 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 $84,000 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 construction (in the Township) of concrete curbing (together with sidewalks) (within the street lines) in and along the easterly side of Cooper Landing Road from a point approximately 1 ,050 feet southerly of Chapel Avenue to New Jersey State Highway Route No. 70, construction of concrete sidewalk only on the east- erly side of Sheridan Avenue from Jefferson Avenue to the northerly line of Lot 9H in Block 369 as referred to on the Tax Assessment Map of the Township, construction of concrete curbing only on both sides of Wynwood Avenue from Haddonfield Road (Sorrel -Horse Road) to Fulton Street, Chambers Street from Wynwood Avenue to Neal Jersey State Highway Route No. 70, State Street from Church to G rant Avenue, northerly side of Miami Avenue fm m Kings Highway le 04111 to a point approximately 450 feet easterly of Queens Road, and southerly side of Miami Avenue from Kings Highway to a point ap- proximately 150 feet easterly of Queens Road, including also the acquisition by purchase or condemnation of rights -of -way along Cooper Landing Road from McGill Drive to New Jersey State Highway Route No. 70 for the purpose of the aforesaid construction, and including therefore all work and materials necessary for and in- cidental to said improvement, and all as shown on and in accordance with plans and specifications 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 $84,000. (c) The estimated cost of said purpose is $89,100, the excess thereof over the said estimated maximum amount of bonds or notes to be issued therefor being the amount of the said $5,100 down payment for said purpose. Section 4. The following matters are hereby determined, de- clared 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 amke as a sidewalk and curb improvement and constitutes a local improvement as described and defined in said Local Bond Law. (b) The period of usefulness of said purpose, within the limitations of said Local Bond Law and according to the r easonable life thereof computed from the date of the said bonds a uthorized by this bond ordinance, 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 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 Town- ship as defined in said Law is increased by this bond ordinance by $84,000, and that the issuance of the said obligations author- ized by this bond ordinance is permitted by the exception provided in paragraph (g) of Section 40A•2 -7 of said Law to the debt limi- tations prescribed by said Law. (d) An aggregate amount of not exceeding $11,000 for itmes of expense mentioned in and permitted under section 4 0A•2 -20 of said Law has been included in the foregoing estimate Of the cost of said improvement or purpose. (e) As provided in Section 5 of this bond ordinance $1,000 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 several properties fronting thereon in proportion to their respective frontages thereon is $88,000, and the number of annual installments in which a ll such special assessments may be paid is ten (10). Section 5. The Township shall pay $1,000 of the cost of Said local improvement, and said amount shall be and hereby is co ntributed by the Township at large to payment of the cost of Said local improvement. The cost of said local improvement, to t he extent of the amount of the appropriation hereby made therefor /8lev and not met by the said amount contributed by the Township at large, shall be paid by special assessments which shall be levied in accordance with law upon the several properties fronting thereon in proportion to their respective frontages thereon. 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 obli- gations 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 obli- gations 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 in said Local Bond Law. Introduced: August 14, 1967 Adopted: August 28, 1967 Attest: r s Iav �i i