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Office
of the Township Clerk
Ordinances
TOWNSHIP
OF VERNON
ORDINANCE #04-26
BOND ORDINANCE PROVIDING FOR VARIOUS CAPITAL IMPROVEMENTS
BY THE TOWNSHIP OF VERNON, IN THE COUNTY OF SUSSEX, NEW
JERSEY, APPROPRIATING THE AGGREGATE AMOUNT OF $4,528,200
THEREFOR, INCLUDING $934,000 EXPECTED TO BE RECEIVED FROM
THE GREEN ACRES CONSERVATION EASEMENT AND AUTHORIZING
THE ISSUANCE OF $3,420,000 BONDS OR NOTES OF THE TOWNSHIP
TO FINANCE PART OF THE COST THEREOF.
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 members thereof affirmatively concurring)
AS FOLLOWS:
Section
1. The several improvements described in Section
3 of this bond ordinance are hereby respectively authorized
to be undertaken by the Township of Vernon, New Jersey
as general improvements. For the several improvements
or purposes described in Section 3, there are hereby appropriated
the respective sums of money therein stated as the appropriation
made for each improvement or purpose, such sums amounting
in the aggregate to $4,528,200, including $934,000 expected
to be received from the Green Acres Conservation Easement
and including the aggregate sum of $174,200 as the several
down payments for the improvements or purposes required
by the Local Bond Law. The down payments have
been made available by virtue of provision for down payment
or for capital improvement purposes in one or more previously
adopted budgets.
Section
2. In order to finance the cost of the several
improvements or purposes not covered by application of
the several down payments, negotiable bonds are hereby
authorized to be issued in the principal amount of $3,420,000
pursuant to the Local Bond Law. In anticipation
of the issuance of the bonds, negotiable bond anticipation
notes are hereby authorized to be issued pursuant to and
within the limitations prescribed by the Local Bond Law.
Section 3. The several improvements hereby
authorized and the several purposes for which the bonds
are to be issued, the estimated cost of each improvement
and the appropriation therefor, the estimated maximum
amount of bonds or notes to be issued for each improvement
and the period of usefulness of each improvement are as
follows:
(a) Providing for various drainage improvements
within the Township, and including all work and materials
necessary therefor or incidental thereto.
| APPROPRIATION
|
$53,000
|
| BOND
AUTHORIZATION |
$50,000 |
| PERIOD
OF USEFULNESS |
40
years |
(b) 2004 Guide Rail Replacement Program and
including all work and materials necessary therefor or
incidental thereto.
| APPROPRIATION
|
$7,500
|
| BOND
AUTHORIZATION |
$7,000
|
| PERIOD
OF USEFULNESS |
15
years |
(c) Purchase of various vehicles and equipment
for various Township Departments.
| APPROPRIATION
|
$337,000
|
| BOND
AUTHORIZATION |
$320,500
|
| PERIOD
OF USEFULNESS |
5
years |
(d) Purchase of various shop diagnostic equipment/specialty
tools for the Road Department; software upgrade to the
Financial, Building, Zoning and Health Departments; replacement
of two copiers for the Road and Police Department; purchase
of two radar units for the Police Department; purchase
of a speed trailer for the Police Department; purchase
two resuscitators for the Police Department; in-house
computer upgrades to various Township Departments; replacement
of fire hydrants on Route 94 and the purchase of a CAD
system and large document printer for the Zoning and Planning
Department.
| APPROPRIATION
|
$160,550 |
| BOND
AUTHORIZATION |
$152,500
|
| PERIOD
OF USEFULNESS |
10
years |
(e) Furniture replacement to various Township
Departments within the Municipal Building.
| APPROPRIATION
|
$12,500
|
| BOND
AUTHORIZATION |
$11,500
|
| PERIOD
OF USEFULNESS |
15
years |
(f) Lighting upgrades to the Municipal Building,
including all work and materials necessary therefor or
incidental thereto.
| APPROPRIATION
|
$18,000
|
| BOND
AUTHORIZATION |
$17,000
|
| PERIOD
OF USEFULNESS |
10
years |
(g) Flooring improvements to the Municipal
Building, including all work and materials necessary therefor
or incidental thereto.
| APPROPRIATION
|
$25,000
|
| BOND
AUTHORIZATION |
$23,500
|
| PERIOD
OF USEFULNESS |
15
years |
(h) Preliminary work for the relocation of
the DPW Building/Animal Control Center and Recycling Fund,
including all work and materials necessary therefor or
incidental thereto.
| APPROPRIATION
|
$75,000
|
| BOND
AUTHORIZATION |
$71,400
|
| PERIOD
OF USEFULNESS |
15
years |
(i) Repairs to park equipment and fencing and
the installation of a skate park for the Recreation Department,
including all work and materials necessary therefor or
incidental thereto.
| APPROPRIATION
|
$35,000
|
| BOND
AUTHORIZATION |
$33,300
|
| PERIOD
OF USEFULNESS |
15
years |
(j) Renovations to the Dog Shelter, including
all work and materials necessary therefor or incidental
thereto.
| APPROPRIATION
|
$4,800
|
| BOND
AUTHORIZATION |
$4,500
|
| PERIOD
OF USEFULNESS |
15
years |
(k) Improvements to Main Street and including
all work, engineering costs and materials necessary therefor
or incidental thereto.
| APPROPRIATION
|
$380,000
|
| BOND
AUTHORIZATION |
$361,900
|
| PERIOD
OF USEFULNESS |
15
years |
(l) Preliminary expenses to be incurred in
regard to the 2004 Road Improvement Project and including
the costs associated with the development and improvement
of various municipal properties owned and/or future purchases.
| APPROPRIATION
|
$604,000
|
| BOND
AUTHORIZATION |
$575,200
|
| PERIOD
OF USEFULNESS |
15
years |
(m) Improvements to Maple Grange Park, including
all work and materials necessary therefor or incidental
thereto.
| APPROPRIATION
|
$934,000
(including a grant expected to be received from the
Green Acres Conservation Easement) |
| BOND
AUTHORIZATION |
$0
|
| PERIOD
OF USEFULNESS |
15
years |
(n) Purchase of property for Town Center Road
located at 527 Route 515, known as Block 142, Lot 7, as
referenced on the official tax map of the Township.
| APPROPRIATION
|
$430,000
|
| BOND
AUTHORIZATION |
$409,500
|
| PERIOD
OF USEFULNESS |
40
years |
(o) Concrete overlay to Lake Pochung Road and
including all work and materials necessary therefor or
incidental thereto .
| APPROPRIATION
|
$373,000
|
| BOND
AUTHORIZATION |
$355,200
|
| PERIOD
OF USEFULNESS |
10
years |
(p) Road Improvements to various roads as referred
to on a list on file in the office of the Township Manager,
which list is hereby approved and including all work and
materials necessary therefor or incidental thereto.
| APPROPRIATION
|
$386,350
|
| BOND
AUTHORIZATION |
$367,900
|
| PERIOD
OF USEFULNESS |
15
years |
(q) Replacement and/or refurbishment of various
vehicles for the Emergency and Fire Departments.
| APPROPRIATION
|
$185,000
|
| BOND
AUTHORIZATION |
$176,200
|
| PERIOD
OF USEFULNESS |
5
years |
(r) Purchase of various emergency equipment
for the Fire Department.
| APPROPRIATION
|
$27,500
|
| BOND
AUTHORIZATION |
$26,100
|
| PERIOD
OF USEFULNESS |
15
years |
(s) Replacement of a fire pumper truck for
the Vernon Fire Department.
| APPROPRIATION
|
$480,000
|
| BOND
AUTHORIZATION |
$457,000
|
| PERIOD
OF USEFULNESS |
15
years |
| TOTAL
APPROPRIATION |
$4,528,200
|
| TOTAL
BOND AUTHORIZATION |
$3,420,000
|
| AVERAGE
PERIOD OF USEFULNESS |
16.14
years |
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 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:2-8.1. 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 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 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 capital budget of the Township of Vernon
is hereby amended to conform with the provisions of this
ordinance to the extent of any inconsistency herewith.
Section
6. The following additional matters are hereby
determined, declared, recited and stated:
(a) The purposes described in Section 3 of this bond ordinance
are not current expenses. They are all improvements
that the Township may lawfully undertake as general improvements,
and no part of the costs thereof has been or shall be
specially assessed on property specially benefited thereby.
(b)
The average period of usefulness, computed on the basis
of the respective amounts of obligations authorized for
each purpose and the reasonable life thereof within the
limitations of the Local Bond Law, is 16.14 years.
(c)
The Supplemental Debt Statement required by the Local
Bond Law has been duly prepared and filed in the office
of the 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. Such statement
shows that the gross debt of the Township as defined in
the Local Bond Law is increased by the authorization of
the bonds and notes provided in this bond ordinance by
$3,420,000, and the obligations authorized herein will
be within all debt limitations prescribed by that Law.
(d) An aggregate amount not exceeding $260,000 for items
of expense listed in and permitted under N.J.S.A. 40A:2-20
is included in the estimated costs indicated herein for
the purposes or improvements.
Section 7. The full faith and credit of the
Township are hereby pledged to the punctual payment of
the principal of and the interest on the obligations authorized
by this bond ordinance. The obligations shall
be direct, unlimited obligations of the Township, and
the Township shall be obligated to levy ad valorem taxes
upon all the taxable real property within the Township
for the payment of the obligations and the interest thereon
without limitation of rate or amount.
Section
8. This bond ordinance shall take effect 20
days after the first publication thereof after final adoption,
as provided by the Local Bond Law.
STATEMENT
The
bond ordinance published herewith has been finally adopted
on August 9, 2004, and the 20-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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