Loading...
ORDINANCE 1998-49ORDINANCE 98-49 BOND ORDINANCE APPROPRIATING AND AUTHORIZING THE ISSUANCE OF $2,200,000 BONDS OR NOTES OF THE TOWNSHIP FOR THE.ACQUISITION AND DEMOLITION OF BLOCK 40.01, LOTS 1& 6 AND BLOCK 31.01, LOTS 1, 8 & 9 (COMMONLY AS THE ( " RICKSHAW INN " / "GARDEN PARK HOTEL "); OR 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 or purpose 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 $2,200,000. No down payment is required as the purpose authorized herein and the obligations authorized herein are for a Township redevelopment project located within the Township, in accordance with the N.J.S.A. 40A:12A -37 of the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A -1, et seq. - Section 2. For the financing of said improvements or purposes, negotiable bonds of the Township are hereby authorized to be issued in the principal amount of $2,200,000 pursuant to the. Local Bond Law 'and the Redevelopment and Housing 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 $2,200,000 are hereby authorized to be issued pursuant to and within the limitations prescribed by said Laws. 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: Appropriation or Estimated Cost Redevelopment of Block 40.01, Lots l & 6 and Block 31.01, Lots 1, 8 & 9 (commonly known as "The Rickshaw Inn" /"Garden Park Hotel "), and including purchase of such property, planning, permitting, demolition, removal and grading of existing property and improvements and construction, reconstruction, installation, improvement and engineering of roads and improvements appurtenant to, necessary for or incidental Estimated Maximum Amount of Bonds or Notes to such redevelopment and including all work and materials necessary therefor and incidental thereto. t $2,200,000.00 $2,200,000.00 Section 4.. All bond anticipation notes issued hereunder shall mature at such times as may be determined by the chief financial officer; provided that no note shall mature later than one year from its date. The notes shall bear interest at such rate or rates and be in such form as may be determined by the chief financial officer. The chief financial officer shall deterniine 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 -8(a). The chief financial officer is hereby authorized to sell part or all of the notes from time to time, at not less than par and accrued interest, at public or private sale and to deliver them to the purchasers thereof upon receipt of payment of the purchase price plus accrued interest from their dates to the date of delivery thereof. The chief financial officer is directed to report in writing to the governing body at the meeting next succeeding the date when any sale or delivery 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, the price obtained and the name of the purchaser. Section 5. The following additional 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 purpose 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 benefitted thereby. (b) The period of usefulness of said purpose 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 is forty (40) years. (c) The supplemental debt statement required by the Local Bond Law has been duly made and filed in the Office of the Township Clerk and a complete executed, duplicate hereof 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 $2,200,000 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 $145,000.00 for interest on said obligations, costs of issuing said obligations, engineering costs and other items of expense listed in and permitted under N.J.S.A. 40A:2 -20 may be included as part of the cost of said improvement and is included in the foregoing estimate thereof. (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. (f) The maximum rate of interest that the bonds or notes authorized herein shall bear, shall not exceed 9.00% per annum. Section 6. The capital budget of the Township is hereby amended to conform with the provisions of this bond ordinance to the extent of any such inconsistency herewith. The resolution in the form promulgated by the Local finance Board showing full detail of the amended capital budget and capital program as approved by the Director of the Division of Local Governmental Services is on file with the Township clerk and is available for public inspection. Section 7. 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 S. This bond ordinance shall take effect twenty (20) days after its final passage and publication as required by law. INTRODUCED: November 9, 1998 ADOPTED: November 23, . 1998 C" Myrn C. cloth MC Cler - .Township of Cherry Hill i Arthur Simon Council President Susan Bass Levin Mayor- Township of Cherry Hill 1