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ORDINANCE 2017-16 ORDINANCE 2017-16 BOND ORDINANCE APPROPRIATING$4,221,702.50 AND AUTHORIZING THE ISSUANCE OF $3,832,967.25 BONDS OR NOTES OF THE TOWNSHIP FOR ROAD IMPROVEMENTS,SIDEWALK IMPROVEMENTS, TRAFFIC SIGNAL UPGRADES AND STORM DRAINAGE IMPROVEMENTS PROJECTS 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 $4,221,702.50 including the aggregate sum of $201,735.25 as the down payment and the sum of $187,000.00 which represents a Municipal Aid Grant from the New Jersey Department of Transportation for said improvements or purposes required by law and now available therefore by virtue of provisions in a previously adopted budget or budgets of the Township for down payment or for capital improvement purposes. Section 2. For the financing of said improvements or purposes, and to meet the part of said $4,221,702.50 appropriation not provided for by application hereunder of said down payment and Municipal Aid Grant, negotiable bonds of the Township are hereby authorized to be issued in the principal amount of $3,832,967.25 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 $3,832,967.25 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,the down payment appropriated for such purpose, any grants appropriated for such purpose, and the estimated maximum amount of bonds or notes to be issued for such purpose,are respectively as follows: Appropriation Estimated Maximum and Amount of Bonds Improvement or Purpose Estimated Cost Down Payment Grants or Notes A) Design and/or improvement of streets in the Township by construction and/or reconstruction herein of new roadway pavement having a durability or useful life at least equal to a roadway of Class B construction as defined or referred to in N.J.S.A. 40A:2-22, together with all Engineering work and materials appurtenant to, necessary for or incidental to said improvement, including landscaping, upgrading of adjacent facilities, construction and/or replacement of drainage,driveways,and acquisition of rights-of- way if necessary at several locations throughout the Township. Projects include, but are not limited to a list of roads scheduled to be improved as part of the 2018 Road DPW Maintenance Program and Road Reconstruction Program that is on file at the Township Clerk's Office. Roadway Subtotal A: $1,000,000.00 $ 50,000.00 $ 950,000.00 B) Design and/or improvement of streets in the Township by construction and/or reconstruction herein of new roadway pavement having a durability or useful life at least equal to a roadway of Class C construction as defined or referred to in N.J.S.A. 40A:2-22, together with all Engineering work and materials appurtenant to, necessary for or incidental to said improvement, including landscaping, upgrading of adjacent facilities, construction and/or replacement of drainage,driveways,and acquisition of rights-of- way if necessary at several locations throughout the Township. Projects include, but are not limited to a list of roads scheduled to be improved as part of the 2018 DPW Road Maintenance and Road Reconstruction Program that are on file at the Township Clerk's Office. Also included is Old Orchard Road Reconstruction Phase V and VII, funded by a NJDOT Municipal Aid Grant. Roadway Subtotal B: $2,487,692.50 $115,034.75 $187,000.00 $2,185,657.75 C) Various concrete installation, together with all work and materials appurtenant to, necessary for or incidental to said improvement, including landscaping, upgrading of adjacent facilities, construction and/or replacement of curb, sidewalk and concrete driveways, and acquisition of rights-of-way if necessary for improved safety and handicapped accessible walkways at several locations throughout the Township . Projects include but are not limited to a list of roads scheduled to be improved as part of the 2018 DPW Road Maintenance Program and DPW Road Reconstruction Program that is on file at the Township Clerk's office. Concrete Subtotal C: $ 299,060.00 $14,953.00 $ 284,107.00 D) Design and/or improvement of any new or existing traffic signal under the jurisdiction of the Township,together with all work and materials appurtenant to said improvements, including studies,survey,design,and engineering,including,but not limited to any Municipally operated traffic signal or appurtenances that are Township owned. Traffic Signals Subtotal D: $ 101,650.00 $5,082.50 $ 96,567.50 E) Improvement of public grounds facilities (new or existing) drainage facilities by design and/or construction of and improvement to various municipally owned public grounds and storm drainage systems under the jurisdiction of the Township including studies,surveys,design and regulatory permits,together with all work and materials appurtenant to,necessary for and incidental to said improvements,including design,construction permits and engineering, and acquisition of easements including,but not limited to the following location: Three Oaks Drainage. Public Grounds Subtotal E: $ 203,300.00 $ 10,165.00 $ 193,135.00 F) Design and construction of various municipal entrance signs and all design, engineering and planning support services and installation costs and all work, materials appurtenant to, necessary for and incidental to said improvements. Signs Subtotal F: $ 130,000.00 $ 6,500.00 $ 123,500.00 TOTAL $4,221702.50 $201,735.25 $187,000.00 $3,832,967.25 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.JS.A. 40A:2-8.1(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 purposes described in Section 3 of this bond ordinance are not current expenses and are properties or improvements which the Township may lawfully acquire or make as general improvements 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 purposes 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 eight and forty one hundredths(8.41)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$3,832,967.25 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$689,665.00 for interest on said obligations,costs of issuing said obligations, engineering costs and other items of expense listed in and permitted under Section 40A2- 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 improvements or purposes 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. Section 6. Grants or other monies received from any governmental entity, if any, will be applied to the payment of, or repayment of obligations issued to finance, the costs of the purposes,described in Section 3 above. Section 7. The applicable Capital Budget is hereby amended to conform with the provisions of this Bond Ordinance to the extent to any inconsistency therewith,and the resolution 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 Government Services,is on file with the Clerk and available for inspections. Section 8. 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 9. The Chief Financial Officer of the Township is hereby authorized to prepare and to update from time to time as necessary a financial disclosure document to be distributed in connection with the sale of obligations of the Township and to execute such disclosure document on behalf of the Township. The Chief Financial Officer is further authorized to enter into the appropriate undertaking to provide secondary market disclosure on behalf of the Township pursuant to Rule 15c2-12 of the Securities and Exchange Commission (the "Rule") for the benefit of holders and beneficial owners of obligations of the Township and to amend such undertaking from time to time in connection with any change in law, or interpretation thereof, provided such undertaking is and continues to be, in the opinion of a nationally recognized bond counsel, consistent with the requirements of the Rule. In the event that the Township fails to comply with its undertaking,the Township shall not be liable for any monetary damages,and the remedy shall be limited to specific performance of the undertaking. Section 10. This bond ordinance shall take effect twenty (20) days after its final passage and publication as required by law. INTRODUCED: NOVEMBER 13,2017 ADOPTED: NOVEMBER 27,2017 CHARLESCAHN,CAHN,MAYOR c? �iS�-cs-f�"�� COU L PRESIDENT ATTEST: NANCY L FFOS, RM TOWNSHIP CLERK