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ORDINANCE 2004-14 (2)ORDINANCE 2004 -14 • REFUNDING BOND ORDINANCE PROVIDING FUNDS TO REFUND EMERGENCY NOTES TO SATISFY JUDGMENT INCURRED BY THE TOWNSHIP; AUTHORIZING THE ISSUANCE OF UP TO $2,980,000 OF REFUNDING BONDS OF THE TOWNSHIP OF CHERRY HILL, NEW JERSEY, TO FINANCE THE COSTS THEREOF; MAKING CERTAIN DETERMINATIONS AND COVENANTS IN CONNECTION THEREWITH; AND AUTHORIZING CERTAIN RELATED ACTIONS IN CONNECTION WITH THE FOREGOING BE IT ORDAINED by the Township Council of the Township of Cherry Hill, County of Camden, New Jersey (not less than two - thirds of all the members thereof affirmatively concurring), pursuant to the provisions of the Local Bond Law, constituting Chapter 169 of the Laws of 1960 of the State of New Jersey, as amended and supplemented ( "Local Bond Law "), as follows: Section 1. The Township of Cherry Hill, County of Camden, New Jersey ( "Township "), is authorized to pay, and there is appropriated, the sum of $2,980,000 to refund emergency notes of the Township (the "Prior Notes ") issued to satisfy a judgment of the Township as further described in a resolution adopted by the Township Council, pursuant to the requirements of the Local Budget Law, N.J.S.A. 40AA -1, et seq. (collectively, the "Emergency "). Section 2. To finance the refunding of the Prior Notes, negotiable refunding bonds of the Township are hereby authorized to be issued in an aggregate principal amount not to exceed $2,980,000 ( "Refunding Bonds "), pursuant to and in accordance with the Local Bond Law. Section 3. The purpose of the Refunding Bonds is to allow the Township to refund the Prior Notes. Section 4. Each Refunding Bond authorized herein shall be designated, substantially, "Township of Cherry Hill, County of Camden, New Jersey Refunding Bond, Series 2004" and shall be in the form prescribed and permitted by the Local Bond Law, as Bond Counsel may advise, and as the Township shall approve. • Section 5. The Refunding Bonds may be sold at public or private sale pursuant to and in accordance with the requirements of the Local Bond Law. The Refunding Bonds will be issued and amortized within the limitations set forth by the Local Bond Law and the New Jersey Local Finance Board. Section 6. A certified copy of this refunding bond ordinance as adopted on first reading has been filed with the Director of the Division of Local Government Services in the Department of Community Affairs of the State of New Jersey prior to final adoption, together with a complete statement in the form prescribed by the Director and signed by the Chief Financial Officer of the Township. Section 7. This refunding bond ordinance shall take effect twenty (20) days after the first publication thereof after final adoption, as provided by the Local Bond Law, provided that the consent of the Local Finance Board has been endorsed upon a certified copy of this refunding bond ordinance as finally adopted. ADOPTED: SEPTEMBER 2, 2004 ADOPTED: ATTEST: COUNCIL PRENT s BERNARD PLATT MAYOR, . NANCY L. SAFFOS, RMC TOWNSHIP CLERK