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ORDINANCE 2005-06ORDINANCE 2005 -6 • BOND ORDINANCE APPROPRIATING $4,200,000 AND AUTHORIZING THE ISSUANCE OF $4,000,000 BOND NOTES OF THE TOWNSHIP OF CHERRY HILL, IN THE COUNTY OF CAMDEN, STATE OF NEW JERSEY TO FINANCE THE ACQUISITION OF CERTAIN LANDS IN THE TOWNSHIP OF CHERRY HILL FOR THE PURPOSE OF PRESERVING OPEN SPACE AND RECREATIONAL USES (BRIDGE HOLLOW PROPERTY, BLOCK 513.50, LOTS 1 AND 2) 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 of the members thereof affirmatively concurring), as follows: Section 1. The acquisition of property described in Section 3 of this bond ordinance is hereby authorized to be made by the Township of Cherry Hill, in the County of Camden, New Jersey (the "Township "). For the said acquisition of property described in Section 3 hereof, there is appropriated the sum of $4,200,000 including the aggregate sum of $200,000 as the down payment for said acquisition of property required by law and now available therefore by virtue of provisions in a previously adopted budget or budgets of the Township, and currently included in an account entitled Reserve for Open Space Tax Fund. Section 2. For the acquisition of property, and to meet the part of said $4,200,000 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 $4,000,000 pursuant to Local Bond Law of New Jersey. In anticipation of the issuance of said bonds and to temporarily finance said acquisition, negotiable notes of the Township in the principal amount not exceeding $4,000,000 are hereby authorized to be issued pursuant to and within the limitations prescribed by law. Section 3. The acquisition of property hereby authorized, the appropriation made for the estimated cost of such acquisition, and the estimated maximum amount of bonds or notes to be issued for such purposes, are respectively as follows: The excess of the appropriation made for the acquisition of property 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 purpose. L Appropriation Estimated Acquisition and Maximum Amount Estimated Cost of Bonds or Notes Useful Life Acquisition of property known as Bridge Hollow Property, Block 513.50, Lots 1 and 2) for 40 years the purpose of preserving open (N.J.S.A. 40A:2- space and recreational uses $4,200,000 $4,000,000 22(d)(1) The excess of the appropriation made for the acquisition of property 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 purpose. L Section 4. All bond anticipation notes issued hereunder shall mature at such times as may be determined by the chief financial officer of the Township ( "CFO "); 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 CFO. The CFO shall determine all matters in connection with notes issued pursuant to this bond ordinance, and the CFO'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 CFO is hereby authorized to sell part or all of the notes from time to time, at not less than par and accrued interest thereon, at public or private sale and to deliver them to the purchasers thereof upon receipt of payment of the purchase price plus accrued interest thereon from their dates to the date of delivery thereof. The CFO 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 rates 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 which the Township may lawfully acquire 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 said • bonds authorized by this bond ordinance is forty (40) years. (c) The supplemental debt statement required by Local Bond 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 Local Bond Law is increased by the authorization of the bonds and notes provided for in this bond ordinance by $4,000,000 and the said obligations authorized by this bond ordinance will be within all debt limitations prescribed by Local Bond Law. (d) An aggregate amount of not exceeding $ 200,000 for interest on said Obligations, cost 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 of the property 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 a aggregate amount not to exceed the amount of bonds or notes authorized in Section 2 hereof. • (f) Notwithstanding subsections 5(c) or (d) hereof, pursuant to Section 40A:2- 44(h) of Local Bond Law, the amount of bonds or notes issued and authorized but not issued under this bond ordinance shall be deducted from the gross debt of the Township for any • purposes authorized pursuant to P.L. 1997, c. 24 (C.40:12 -15.1 et. seq.) which is otherwise bondable pursuant to Local Bonds Law when the debt service on such bonds or notes will be paid solely from a county or municipal trust fund created pursuant to P.L. 1997, c. 24 (C.40:12- 15.1 et. seq.). Section 6. (a) Payment of the debt service, when due and payable, on bonds and notes authorized by this bond ordinance shall be made first, to the extent available, from the amounts on deposit from time to time in the New Jersey Environmental Infrastructure Trust Fund or made available by Camden County for such purposes; and second, to the extent not available, pursuant to Section 6(b) hereof. Amounts in such Fund and amounts made available from Camden County for such purposes, to the extent necessary therefore, are hereby pledged to the payment of debt service. (b) The full faith and credit of the Township is hereby pledged to the punctual payment of the principal of and interest on such bonds and notes authorized by this bond ordinance without limitation as to rate or amount. Said obligations shall be 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 the principal of and interest on such bonds and notes authorized by this bond ordinance without limitation as to rate or amount. Section 7. This bond ordinance shall take effect twenty (20) days after its final passage and publications as required by law. INTRODUCED: MARCH 10, 2005 ADOPTED: MARCH 28, 2005 A ST: NANCY L. AFFOS, TOWNSHIP CLERK BERNIE PLATT MAYOR �U CIL PRE ENT •