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ORDINANCE 2004-19ORDINANCE 2004 -19 BOND ORDINANCE APPROPRIATING $2,000,000 AND AUTHORIZING THE ISSUANCE OF $2,000,000 BONDS OR NOTES OF THE TOWNSHIP • FOR MISCELLANEOUS SANITARY SEWER IMPROVEMENTS, PUBLIC WORKS BUILDING IMPROVEMENTS AND EQUIPMENT PURCHASES FOR 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 $2,000,000 said sum being inclusive of all appropriations heretofore made therefore. No down payment is required as the purpose authorized herein is deemed self - liquidating and the obligations authorized herein are deductible from the gross debt of the Township, as more fully explained in Section 5 (f) of this ordinance. 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 $2,000,000 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 $2,000,000 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: elements including conveyance systems, including, but not limited to the following locations: manhole and ring Appropriation EstimatedMaximum and Amount of Bonds Improvement or Purpose Estimated Cost or Notes a.) Study, design, construction, installation, modification, demolition, improvement, permitting and/or replacement of sanitary sewer conveyance systems, pump stations and appurtenances including acquisitions of rights -of way and easements . if necessary, reconstruction, replacement, removal and/or installation of equipment and all related elements including conveyance systems, including, but not limited to the following locations: manhole and ring • 0 0 replacement for Erlton South, pipe slip lining from Lincoln to Essex, Olney Ave. Pump Station, Cherry Valley Pump Station, force main replacement from Edison to Grant, roadways within the 2005 Road Maintenance Program, miscellaneous conveyance systems, equipment upgrades as necessary throughout the township on a scheduled and/or emergency basis. Sanitary Improvements Subtotal A: $968,275 $968,275 (b) Equipment, building and improvement Upgrades at the Water Pollution Department complex and other municipal properties including, but not limited to, building improvements, bathroom renovations, design and support services together with all work materials appurtenant to, necessary for or incidental to said improvements. Equipment upgrades for Water Pollution Department including, but not limited to, standard trucks, dump trucks, service van, mowers, stump cutters, jet trucks, portable generator, emergency by -pass port unit, together with all work and materials appurtenant to, necessary for or incidental to said improvement. Building & Equipment Subtotal B: $1,031,725 $1,031,725 Total: $2,000,000 $2,000,000 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 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- 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 property or improvement which the Township may lawfully acquire or make as a self - liquidating purpose of a municipal public utility and no part of the cost thereof has been or shall be specially assessed on property specially benefited thereby. (b) The average 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 twenty two and fifty seven hundredths 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 $2,000,000 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 $404,337 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 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) This bond ordinance authorizes the .obligations of the Township solely for purposes described in N.J.S.A. 40A:2 -7(h). The obligations authorized herein are to be issued for a purpose that is deemed to be self - liquidating pursuant to N.J.S.A. 40A:2 -47(a) and are deductible from gross debt pursuant to N.J.S.A. 40A:2- 44(c). 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: DECEMBER 2, 2004 ADOPTED: DECEMBER 13, 2004 CG�j I LPRESfD ENT BERNARD A. PLATT MAYOR ATTEST: • •