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ORDINANCE 1998-42v�si�r�t��..�, 7►S-4L ° BOND ORDINANCE APPROPRIATING $3,300 AND AUTHORIZING THE v ISSUANCE OF $3,142,800 BONDS OR NOTES OF THE TOWNSHIP FOR ROAD RECONSTRUCTION PURPOSES AUTHORIZED TO BE UNDERTAKEN BY THE TOWNSHIP OF CHERRY HILL IN THE COUNTY OF CAMDEN, NEW JERSEY 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 improvements described in Section 3 of this bond ordinance are hereby authorized as general improvements to be made or acquired by the Township of Cherry Hill, in the County of Camden, New Jersey. For the said improvements or purposes described in Section 3, there is hereby appropriated the sum of $3,300,000 including the aggregate sum of $157,200 comprised of the sum of $134,800 received as contribution -in -aid of financing the improvements referred to in Section 3 (a), (b) and (c) hereof and currently held in an escrow account in the Township, and $22,400 for said improvements or purposes required by law available therefor by virtue of provisions in a previously adopted budget or budgets of the Township for down payment or for capital improvement purposes. y Section 2. For the financing of said improvements or purposes, and to meet the part of said $3,300,000 appropriation not provided for by application hereunder of said down payment, negotiable bonds of the Township are hereby authorized to be issued in the principal amount of $3,142,800 pursuant to the Local Bond Law' of New Jersey. In anticipation of the issuance of said bonds and to temporarily finance said improvements or purposes, negotiable notes of the Township in a principal amount not exceeding $3,142,800 are hereby authorized to be issued pursuant to and within the limitations prescribed by said Law. Section 3. The improvements hereby authorized and the purposes for financing of which said obligations are to be issued, the appropriation made for the estimated cost of such purpose, and the estimated maximum amount of bonds or notes to be issued for such purpose, are respectively as follows: I 2rovement or Purpose (a) Improvement of streets in the Township by construction and/or reconstruction herein of new roadway pavement having a durability or useful life at least equal to a roadway of Class A construction as defined or referred to in N.J.S.A. 40A:2 -22, together with all work and materials appurtenant to, necessary for or incidental to said improvement, including landscaping, upgrading of adjacent facilities, construction and /or replacement of drainage, curb, sidewalk and driveway, and acquisition of rights -of -way if necessary at several locations throughout the Township. A list of roads scheduled to be improved as part of the 1999 Road Maintenance Program is on file at the Township Clerk's office. Appropriation Estimated Ma -dmurz and Amount of Bonds Estimated Cost or Motes Subtotal A: $1,833,1100 51.74 -5.7W (b) improvement of streets in the Township by construction and/or reconstruction herein of new roadway pavement having a durability or useful life at least equal to a roadway of Class C construction as defined or referred to in N.J.S.A. 40A:2 -22, together with all work and materials appurtenant to, necessary for or incidental to said improvement, including landscaping, upgrading of adjacent facilities, construction and/or replacement of drainage, curb, sidewalk and driveway, and acquisition of . rights -of -way if necessary at several locations throughout the Township. A list of roads scheduled to be improved as part of the 1999 Road Maintenance Program is on file at the Township Clerk's office. Subtotal B: $1,417,000 (c) Installation, together with all work and materials appurtenant to, necessary for or incidental to said improvement, including landscaping, upgrading of adjacent facilities, construction and/or replacement of drainage, curb, sidewalk and driveway, and acquisition of rights -of -way if necessary of improved safety and handicapped accessible walkways at several locations throughout the Township. Subtotal C: $ 50.000 TOTAL: $3,300,000 $1,349,500 $ 47.600 $3,142,800 The excess of the appropriation made for the improvements or purposes aforesaid over the estimated amount of bonds or notes to be issued therefore, as above stated, is the amount of said down payment for said purposes. Section d. All bond anticipation notes issued hereunder shall mature at such times as may be determined by the chief financial of icer; provided that no note shall mature later than one year from its date. The notes shall hear interest at such rate or rates and be in such form as may be determined by the chief offcer. :'he chief financial officer shall determine all matters in connection with notes issued pursuant to this bond ordinance, and the chief financial officer's signature upon the notes shall be conclusive evidence as to all such determinations. All notes issued hereunder may be renewed from time to time subject to the provisions of N.J.S.A. 40A:2 -3 The zhi-1 :inanciai officer is hereby authorized to sell part or all of the fetes From '_itne - =o it ncr ess 'ha^. ^ar and accrued interest, at public or private sale and to deliver them t.�:, purchaser., L::er-cof upon receipt of payment of the purchase price plus accrued interest :rem :heir dates to the date of delivery thereof. The chief financial officer is directed to retort in writing to the governing body at the meeting next succeeding the date when any sale or deiiveri of the notes pursuant to this bond ordinance is made. Such report must include the amount. the description, the interest rate and the maturity schedule of the notes sold, `he or.-c2 cbt7 ned end he name of `he purchaser. Section 5. The following additional matters are hereby determined, declared, recited and stated: (a) The said purposes described in Section 3 of this bond ordinance are not current expenses and are property or improvements which the Township may lawfully acquire or make as general improvements and no part of the cost thereof has been or shall be specially assessed on property specially benefitted thereby. (Ib) The average period of usefulness of said purposes within the limitations of said Local Bond Law, according to the reasonable life thereof computed from the date of the said bonds authorized by this bond ordinance, and taking into consideration the respective amount of obligations authorized for the said several purposes, is thirteen and fifty -six one hundreths (13.56) 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 Government Services 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 the authorization of the bonds and notes provided for in this bond ordinance by $3,142,800 and the said obligations authorized by this bond ordinance will be within all debt limitations prescribed by said Law. (d) An aggregate amount of not exceeding $384 for interest on said obligations, costs of issuing said obligations, engineering costs and other items of expense listed in and permitted under Section 40A:2 -20 of said Law may be included as part of the cost of said improvements and is included in the foregoing estimate thereof. (e) The Township reasonably expects to commence acquisition and/or construction of the improvements or purposes described in Section 3 hereof, and to advance all or a portion of the costs in respect thereof, prior to the issuance of bonds or notes hereunder. To the extent such costs are advanced, the Township further reasonably expects to reimburse such expenditures from the proceeds of the bonds or notes authorized by this bond ordinance, in an aggregate amount not to exceed the amount of bonds or notes authorized in Section 2 w 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 ordinanc--. Said obligations shall be direct, unlimited obligations of the Township, and the Town chin sl ail be obligated to leery ad valorem taxes upon all the taxable property within the i ownshm for ?he p-ayment of said obligations and interest thereon without limitations of rate or Section 7. This bond ordinance shall take effect twenty (20) days after its final passage and publication as required by law. INTRODUCED: October 26, 19 9 8 ADOPTED: November 9, 1998 Lt�„r ARTHUR SIMONS, - COUNCIL PRESIDENT SUSAN BASS LEVIN, MAYOR ATTEST: CL OTH IMC TOWNSHIP c :1IDaK119990r&Vuadaid.1 (e) . The Township reasonably expects to commence acquisition and /or construction of the improvement or purpose described in Section 3 hereof, and to advance all or a portion of the costs in respect thereof, prior to the issuance of bonds or notes hereunder. To the extent such costs are advanced, the Township further reasonably expects to reimburse such expenditures from the proceeds of the bonds or notes authorized by this bond ordinance, in an aggregate amount not to exceed the amount of bonds or notes authorized in Section 2 hereof. 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 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 limitations of rate or amount. Section 7. This bond ordinance shall take effect twenty (20) days after its final passage and publication as required by law. INTRODUCED: October 2 6, 1998 ADOPTED: November 9, 1998 i &,.._ ARTHUR SIMONS; COUNC PRESIDENT SUSAN BASS LEVIN, MAYOR ATTEST: MYRNk C. CLOTH RN, 1C, TOWNSHIP CLERX