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ORDINANCE 1967-29Ap;p Ordinance 67 -29 BOND ORDINANCE PROVIDING FOR ACQUISITION OF LANDS FOR USE AS A SITE FOR A MUNICIPAL GARAGE, SANITARY LANDFILL USES AND PARK PURPOSES IN AND BY THE TOWNSHIP OF CHERRY HILL, IN THE COUNTY OF CAMDEN, NEW JERSEY, APPROPRIATING $315 THEREFOR, AND AUTHORIZING THE ISSUANCE OF $300,000 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 $315, 000, said sum being inclusive of all appropriations heretofore made therefor and including the sum of $15,000 as the down pay- ment 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 $315,000 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 $300,000 Pursuant to the Local Bond Law of New Jersey. In anticipation of the issuance of said bonds and to temporarily finance said improve- ment or purpose, negotiable notes of the Township in a principal amount not exceeding $300,000 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 acquisition by purchase or condemnation for use by the Township as a site for a municipal garage and for sanitary. landfill uses and for park purposes of that tract of land located in the Township more particularly described in Schedule A attached hereto and made a part hereof, together with other land or rights- in-land constituting a right of way extending from said tract des- cribed in Schedule A to the interchange of New Jersey State High- way Route #70 and Cuthbert Road, more particularly described in Schedule B attached hereto and made a part hereof, and all as shown on plans therefor prepared and filed 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 $300,000. (c) The estimated cost of said purpose is $315, 000, the excess thereof over the said estimated maximum amount of bonds or notes to be issued therefor being the amount of the said $15,000 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 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 there- by. (b) The period of usefulness of said purpose, within the limitations of said Local Bond Law and according to the reasonable 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 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 the gross debt of the Township as defined in said Law is increased by this bond ordi- nance by $300,000, and the issuance of the said obligations authorized by this bond ordinance is permitted by the exception contained in subsection (g) of section 40A:2 -7 of said Law to the 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 improve- ment 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 ordi- nance. 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 limitation of rate or amount. Section 6. This bond ordinance shall take effect twenty (20) days after the first publication thereof after final pa age, as prescribed by said Local Bond Lay- / X"__/"7 Introduced: September 11, 1967 Adopted: September 251_1967 I^qcl Attest: Township Clerk / Pd SCHEDULE A. BEGINNING at a point in the division line between land of Robert R. M. Carpenter and the Kenilworth Estates, said beginning point being 9.70 feet, more or less, North 41 degrees 25 minutes 55 seconds West from the Center line of Northwood Avenue and extending thence (1) South 56 degrees 34 minutes 25 seconds West along said division line 9.24 feet to a point; thence (2) North 37 degrees 2 minutes 35 seconds West continuing along said division line 124 feet, more or less, to a point; thence (3) South 56 degrees 34 minutes 5 seconds West 683.90 feet to a point; thence (4) South 33 degrees 25 minutes 55 seconds East 806.24 feet to a point in the division line between Carpenter land and land of the Moorehurst Tract; thence (5) North 83 degrees 26 minutes 45 seconds East along division line between Carpenterland and the Moorehurst Tract 201.15 feet to a point; thence (6) South 85 degrees 46 minutes 15 seconds East contin- uing along the division line between Carpenter and Moorehurst 49.67 feet to a point; thence (7) North 46 degrees 12 minutes 25 seconds East continuing along division line between Carpenter and Moorehurst 43.81 feet to a point; thence (8) South 39 degrees 0 minutes 25 seconds East continuing along division line between Carpenter and Moorehurst 60.72 feet to a point; thence (9) North 38 degrees 29 minutes 35 seconds East continuing along division line between Carpenter and Moorehurst 173.20 feet to a point; thence (10) North 33 degrees 12 minutes 35 seconds East contin- uing along division line between Carpenter and Moorehurst 377.46 feet to a point; thence (11) North 26 degrees 31 minutes 55 seconds West continuing along division line between Carpenter and Moorehurst 52.48 feet to a point in the Kenilworth Estates line; thence (12) North 41 degrees 25 minutes 55 seconds West along division line between Kenilworth Estates and Carpenter 604.46 feet to the point of beginning. CONTAINING 15.00 acres. SCHEDULE B. Description of center line of a thirty feet wide right of way extending from land described in Schedule A to land of the State of New Jersey, said lands of the State of New Jersey being a part of the Interchange of New Jersey State Highway Route 70 and Lexington Avenue Extension. BEGINNING at a point in the 4th Course of the description for Schedule A, said point being 15.40 feet Southeestwardly from the end of the 3rd Course of Schedule A as measured along the 4th Course of Schedule A, and extending Southwestwardly 1270 feet, more or less, to a point in line of land of the State of New Jersey, said point being 193.00 feet Nouthwestwardly measured at right angles to said right of way from the Northwesterly line of land now or formerly of Camden Forge Co.