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Office
of the Township Clerk
Ordinances
VERNON
TOWNSHIP ORDINANCE #03-22
BOND ORDINANCE APPROPRIATING $2,700,000, AND AUTHORIZING
THE ISSUANCE OF $2,476,000 BONDS OR NOTES OF THE TOWNSHIP,
FOR VARIOUS IMPROVEMENTS OR PURPOSES AUTHORIZED TO BE
UNDERTAKEN BY THE TOWNSHIP OF VERNON, IN THE COUNTY OF
SUSSEX, NEW JERSEY.
BE
IT ORDAINED BY THE TOWNSHIP COUNCIL OF THE TOWNSHIP OF
VERNON, IN THE COUNTY OF SUSSEX, NEW JERSEY (not less
than two-thirds of all the members thereof affirmatively
concurring), AS FOLLOWS:
Section 1. The several improvements described in Section
3 of this bond ordinance are hereby respectively authorized
as general improvements to be made or acquired by The
Township of Vernon, in the County Sussex, New Jersey.
For the said several improvements or purposes stated in
said Section 3, there are hereby appropriated the respective
sums of money therein stated as the appropriations made
for said improvements or purposes, said sums being inclusive
of all appropriations heretofore made therefor and amounting
in the aggregate to $2,700,000 including the aggregate
sum of $124,000 as the several down payments for said
improvements or purposes required by law and more particularly
described in said Section 3 and now available therefor
by virtue of provision in a previously adopted budget
or budgets of the Township for down payment or for capital
improvement purposes including, in the case of the improvement
or purpose described in paragraph (f) of said Section
3, the sum of $100,000 received or expected to be received
by the Township from the New Jersey Department of Transportation
as a grant in aid of financing said improvement or purpose.
Section
2. For the financing of said improvements or purposes
and to meet the part of said $2,700,000 appropriations
not provided for by application hereunder of said down
payments and grant, negotiable bonds of the Township are
hereby authorized to be issued in the principal amount
of $2,476,000 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 $2,476,000
are hereby authorized to be issued pursuant to and within
the limitations prescribed by said Local Bond Law.
Section
3. The improvements hereby authorized and the several
purposes for the financing of which said obligations are
to be issued, the appropriation made for and estimated
cost of each such purpose, and the estimated maximum amount
of bonds or notes to be issued for each such purpose,
are respectively as follows:
| IMPROVEMENT
OR PURPOSE |
APPROPRIATION
AND ESTIMATED COST |
ESTIMATED
MAXIMUM AMOUNT OF BONDS AND NOTES |
| (a)
Improvement of municipally-owned buildings, parks
and property in and by the Township, including, without
limitation, the Municipal Building and the Department
of Public Works Building by the renovation of the
roofs thereof, the Township Garage, the Township Post
Office, lands situated across the street from the
Municipal Building and park properties, together with
for all the aforesaid all structures, site work, equipment,
work and materials necessary therefor or incidental
thereto, all as shown on and in accordance with the
plans and specifications therefor on file or to be
filed in the office of the Township Clerk and hereby
approved |
$510,000 |
$485,700 |
| (b)
Acquisition by purchase of new and additional fire
fighting apparatus for the preservation of life and
property in the Township, including, without limitation,
one (1) pumper truck for use by the Highland Lakes
Fire Department, together with all equipment, attachments
and accessories necessary therefor or incidental thereto,
all as shown on and in accordance with the specifications
therefor on file in the office of the Township Clerk
and hereby approved |
311,000 |
296,150 |
| (c)
Improvement of the storm water drainage system in
and by the Township, including, without limitation,
the upgrade and renovation of piping and other structures
in and along Pueblo Terrace, Settlers Road, Lake Pochung
Road, Glenwood Mountain Road, Barrett Road, Hunter
Ridge Road, Sandhill Road, Lake Wallkill Road, Edsall
Drive and Rainbow Terrace, including all structures,
sidewalk and curb reconstruction, road resurfacing,
equipment, work and materials necessary therefor or
incidental thereto, all as shown on and in accordance
with the plans and specifications therefor on file
in the office of the Township Clerk and hereby approved
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52,000 |
49,500
|
| (d)
Acquisition by purchase of new and additional vehicular
equipment, including, without limitation, two (2)
dump trucks with plows, one (1) pickup truck, one
(1) pickup truck with sander, one (1) wheel loader,
one (1) skid steer loader, two (2) utility vehicles
and one (1) ambulance for use by the Glenwood-Pochuck
Ambulance Squad, together with all appurtenances,
apparatus, equipment and accessories necessary therefor
or incidental thereto, all as shown on and in accordance
with the specifications therefor on file in the office
of the Township Clerk and hereby approved |
594,000
|
565,700 |
| (e)
Acquisition by purchase and installation, as necessary,
of new and additional equipment for use by the Vernon
Township and Glenwood-Pochuck Ambulance Squads, the
McAfee, Highland Lakes, Pochuck Valley and Vernon
Fire Departments, the Police Department of the Township
and various other Township departments, including,
without limitation, shop diagnostic equipment, computer
equipment, copiers, mobile data units, police safety
trunk boxes, speed counter, mobile radios and base
stations, portable radios, portable water gun, compressor,
cold water suits, pressure washer, pack track, positive
pressure fans, search and rescue equipment, turnout
gear, fire hose and nozzles, together with all appurtenances,
apparatus and accessories necessary therefor or incidental
thereto, all as shown on and in accordance with the
specifications therefor on file in the office of the
Township Clerk and hereby approved |
170,000 |
161,900 |
| (f)
Improvement of various streets and locations in and
by the Township by the construction, reconstruction
or resurfacing thereof to provide roadway pavements
at least equal in useful life or durability to a roadway
pavement of Class B construction (as used or referred
to in Section 40A:2-22 of said Local Bond Law), including,
without limitation, Meadow Burn Road, DeKay Road,
Glenwood Mountain Road and Sandhill Road, including
all structures, crack sealing, drainage improvements,
equipment, work and materials necessary therefor or
incidental thereto, all as shown on and in accordance
with the plans and specifications therefor on file
in the office of the Township Clerk and hereby approved,
the $790,000 appropriation hereby made therefor being
inclusive of the sum of $100,000 received or expected
to be received by the Township from the New Jersey
Department of Transportation as a grant in aid of
financing said improvement to Glenwood Mountain Road |
790,000 |
657,100 |
| (g)
Improvement of various streets and locations in and
by the Township by the resurfacing thereof to provide
roadway pavements at least equal in useful life or
durability to a roadway pavement of Class B construction
(as used or referred to in Section 40A:2-22 of said
Local Bond Law), including, without limitation, Ann
Place, Carol Drive, Shiawassee Road, Pippin Court,
Stayman Place, Pochuck Court, Pochuck Mountain Drive,
Tallahatchie Drive, Quachita Drive, Clearview Terrace,
Highpoint Terrace, Sunset Ridge Drive, Grove Drive,
Woodland Terrace, Hemlock Terrace, Timberview Road,
Beaverbrook Drive, Otterhill Road, Overlook Drive,
Up-A-Way Drive, Hillsdale Drive, Hillsdale Terrace,
Cresthill Drive, Hemlock Drive, Malibu Drive, Balsam
Court, Canal North and Canal South, including all
structures, crack sealing, drainage improvements,
equipment, work and materials necessary therefor or
incidental thereto, all as shown on and in accordance
with the plans and specifications therefor on file
in the office of the Township Clerk and hereby approved
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$117,000 |
$111,400 |
| (h)
Acquisition, by purchase or condemnation of lands
in and by the Township in connection with the improvement
of Main Street and the Town Center, said lands being
located near or adjacent to Main Street and being
portions of those properties identified on the official
tax map of the Township as Lots 6 to 8 in Block 142
and Lots 24, 25, 28, 32 and 32.01 in Block 144, together
with any engineering and architectural studies associated
with said improvement, all in accordance with the
plans therefor on file or to be filed in the office
of the Township Clerk and hereby approved |
156,000 |
148,550 |
| |
$2,700,000 |
$2,476,000
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Except as otherwise stated in paragraph (f) above with
respect to the said $100,000 grant in aid of financing
the purpose described in said paragraph, the excess of
the appropriation made for each of the improvements or
purposes aforesaid over the estimated maximum amount of
bonds or notes to be issued therefor, as above stated,
is the amount of the said down payment for said purpose.
Section 4. 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 each is a property
or improvement which the Township may lawfully acquire
or make as a general improvement, 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 and taking
into consideration the respective amounts of the said
obligations authorized for the several purposes, according
to the reasonable life thereof computed from the date
of the said bonds authorized by this bond ordinance, is
12.5 years.
(c) The supplemental debt statement required by said 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
said Local Bond Law is increased by the authorization
of the bonds and notes provided for in this bond ordinance
by $2,476,000, and the said obligations authorized by
this bond ordinance will be within all debt limitations
prescribed by said Local Bond Law.
(d) Amounts not exceeding $500,000 in the aggregate 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 Local Bond
Law may be included as part of the costs of said improvements
and are included in the foregoing estimate thereof.
Section
5. The funds from time to time received by the Township
on account of the $100,000 grant referred to in Section
1 of this bond ordinance shall be used for financing the
improvement or purpose described in paragraph (f) of Section
3 of this bond ordinance by application thereof either
to direct payment of the costs of said improvement or
purpose, or to payment or reduction of the authorization
of the obligations of the Township authorized by this
bond ordinance. Any such funds so received may, and all
such funds so received which are not required for direct
payment of such costs shall, be held and applied by the
Township as funds applicable only to the payment of obligations
of the Township authorized by this bond ordinance.
Section
6. 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 the 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. The Chief Financial Officer is hereby
authorized to sell part or all of the notes from time
to time 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 dates of delivery thereof. The Chief Financial
Officer is directed to report in writing to the governing
body of the Township 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 principal amount, interest rate and maturities of
the notes sold, the price obtained and the name of the
purchaser.
Section
7. 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 limitation of rate or amount.
Section
8. The capital budget or temporary capital budget of the
Township is hereby amended to conform with the provisions
of this ordinance to the extent of any inconsistency herewith
and the resolutions promulgated by the Local Finance Board
showing all detail of the amended capital budget or temporary
capital budget and capital program as approved by the
Director, Division of Local Government Services, are on
file with the Township Clerk and are available for public
inspection.
Section 9. This bond ordinance shall take effect 20 days
after the first publication thereof after final adoption,
as provided by said Local Bond Law.
STATEMENT
The
bond ordinance published herewith has been finally adopted
on July 14, 2003, and the twenty-day period of limitation
within which a suit, action or proceeding questioning
the validity of such ordinance can be commenced, as provided
in the Local Bond Law, has begun to run from the date
of the first publication of this statement.
Patricia A. Lycosky, R. M. C.
Township Clerk
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