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Office
of the Township Clerk
Ordinances
TOWNSHIP
OF VERNON
ORDINANCE #05-08
BOND ORDINANCE PROVIDING FOR A CONTRIBUTION TO THE BOROUGH
OF OGDENSBURG, THE BOROUGH OF RIDGEFIELD AND THE CITY
OF PASSAIC FOR THE REHABILITATION OF HOUSING UNITS WITHIN
THOSE THREE MUNICIPALITIES PURSUANT TO A REGIONAL CONTRIBUTION
AGREEMENT TO SATISFY THE NEW JERSEY COUNCIL ON AFFORDABLE
HOUSING OBLIGATION IN AND BY THE TOWNSHIP OF VERNON, IN
THE COUNTY OF SUSSEX, NEW JERSEY, APPROPRIATING $352,500
THEREFOR AND AUTHORIZING THE ISSUANCE OF $335,000 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 improvement described in Section 3 of this bond
ordinance is hereby authorized to be undertaken by the
Township of Vernon, New Jersey as a general improvement.
For the improvement or purpose described in Section 3,
there is hereby appropriated the sum of $352,500, including
the sum of $17,500 as the down payment required by the
Local Bond Law. The down payment is now 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 improvement
or purpose not covered by application of the down payment,
negotiable bonds are hereby authorized to be issued in
the principal amount of $335,000 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. (a) The improvement hereby authorized and the purpose
for the financing of which the bonds are to be issued
is a contribution by the Township of Vernon pursuant to
a Regional Contribution Agreement to satisfy the New Jersey
Council on Affordable Housing obligation, by the rehabilitation
of 20 units of currently substandard housing in the Borough
of Ogdensburg in the County of Sussex, the rehabilitation
of 20 units of currently substandard housing in the Borough
of Ridgefield in the County of Bergen and the rehabilitation
of 14 rental units in the City of Passaic, in the County
of Passaic, all as shown on and in accordance with the
Regional Contribution Agreement on file in the Borough
of Odgensburg, the Borough of Ridgefield and the City
of Passaic.
(b) The estimated maximum amount of bonds or notes to
be issued for the improvement or purpose is as stated
in Section 2 hereof.
(c)
The estimated cost of the improvement or purpose is equal
to the amount of the appropriation herein made therefor.
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 improvement or purpose described in Section 3
of this bond ordinance is not a current expense. It is
an improvement or purpose that the Township may lawfully
undertake 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 period of usefulness of the improvement or purpose
within the limitations of the Local Bond Law, according
to the reasonable life thereof computed from the date
of the bonds authorized by this ordinance, is 6 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 $335,000,
and the obligations authorized herein will be within all
debt limitations prescribed by that Law.
(d) An aggregate amount not exceeding $15,000 for items
of expense listed in and permitted under N.J.S.A. 40A:2-20
is included in the estimated cost indicated herein for
the purpose or improvement.
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 March 28, 2005, 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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