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ORDINANCE 2004-15 (3)ORDINANCE 2004 -15 ORDINANCE TO ESTABLISH A CAP BANK IN THE TOWNSHIP OF CHERRY HILL, COUNTY OF CAMDEN Section 1. WHEREAS, the local government cap law, N.J.S. 40AA -45.1 et seq., provides that in the preparation of its annual budget, a municipality shall limit any increase in said budget to 2.5% or the Cost -of= Living Adjustment (COLA), whichever is less, over the previous year's final appropriations, subject to certain exceptions; and, WHEREAS, N.J.S.A. 40A:4- 45.14 provides that a municipality may, in any year in which the COLA is equal to or less than 2.5 %, increase its final appropriations by a percentage greater than the COLA, but not to exceed the 3.5% rate as specified in the law, when authorized by ordinance; and, WHEREAS, the COLA for SFY 2005 has been certified by the Director of the Division of Local Government Services in the Department of Community Affairs as 2.5 %; and, WHEREAS, N.J.S.A. 40AA- 45.15a provides that in any year in which the COLA is equal to or less than 2.5 %, a municipality may, when authorized by ordinance, appropriate the difference between the amount of its actual final appropriation and the 3.5% percentage rate as an exception to its final appropriations in either of the next two succeeding years; NOW THEREFORE BE IT ORDAINED, by the Township Council of the Township of Cherry Hill, County of Camden, a majority of the full authorized membership of this governing body affirmatively concurring, that any amount that is not appropriated as part of the final SFY 2005 Budget, up to a 3.5% rate increase, amounting to a maximum, of $256,376.13 in excess of the increase in final appropriations otherwise permitted by the local government cap law, shall be retained as an exception to final appropriation in either of the next two succeeding years; and, BE IT FUR'T'HER ORDAINED, that a certified copy of this ordinance as introduced be filed with the Director of the Division of Local Government Services within 5 days of introduction; and, BE IT FURTHER ORDAINED, that a certified copy of this ordinance upon adoption, with the recorded vote included thereon, be filed with said Director within 5 days after such adoption. Section 2. All ordinance or parts of ordinances inconsistent with this ordinance .are hereby repealed to the extent of such inconsistency only. Section 3. This Ordinance shall take effect immediately upon successful adoption. INTRODUCED: SEPTEMBER 13, 2004 ADOPTED: SEPTEMBER 27, 2004 * p k ATTEST: NANCY L. AFFOS, C TOWNSHIP CLERK COUNCIL PRESIDENT R C,4� 1o(-6L" ,. BERNARD A. PLATT MAYOR