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Office
of the Township Clerk
Ordinances
TOWNSHIP
OF VERNON
ORDINANCE #05-14
BOND ORDINANCE PROVIDING FOR VARIOUS CAPITAL IMPROVEMENTS
BY THE TOWNSHIP OF VERNON, IN THE COUNTY OF SUSSEX, NEW
JERSEY, APPROPRIATING THE AGGREGATE AMOUNT OF $1,900,000
THEREFOR, INCLUDING $148,000 EXPECTED TO BE RECEIVED FROM
THE STATE OF NEW JERSEY DEPARTMENT OF TRANSPORTATION AND
$40,000 RECEIVED FROM THE STATE OF NEW JERSEY DEPARTMENT
OF COMMUNITY AFFAIRS AND AUTHORIZING THE ISSUANCE OF $1,666,000
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 $1,900,000, including $148,000 expected
to be received from the State of New Jersey Department
of Transportation and including the aggregate sum of $86,000
as the several down payments for the improvements or purposes
required by the Local Bond Law. Of the $86,000, $46,000
is available by virtue of provision for down payment or
for capital improvement purposes in one or more previously
adopted budgets and the remaining $40,000 is available
from moneys held by the Township and previously contributed
for said purpose.
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 $1,666,000 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 |
BOND
AUTHORIZATION |
PERIOD
OF USEFULNESS |
| $55,000 |
$52,000 |
40
years |
(b)
2005 Guide Rail Replacement Program and including all
work and materials necessary therefor or incidental thereto.
| APPROPRIATION |
BOND
AUTHORIZATION |
PERIOD
OF USEFULNESS |
| $7,500 |
$7,000 |
15
years |
(c)
Purchase of various vehicles and equipment for various
Township Departments.
| APPROPRIATION |
BOND
AUTHORIZATION |
PERIOD
OF USEFULNESS |
| $267,300 |
$254,000 |
5
years |
(d) Purchase of, but not limited to, specialty tools for
various Township Departments.
| APPROPRIATION |
BOND
AUTHORIZATION |
PERIOD
OF USEFULNESS |
| $2,500 |
$2,000 |
15
years |
(e)
Renovations and repairs to various Township buildings,
including, but not limited to, upgrade to the generator
at the Municipal Center; construction of a new DPW Building
for Animal Control and Recycling; flooring in Municipal
Center, renovations to the Municipal Center; and replacement
of furniture for various Township Departments, including
all work and materials necessary therefor or incidental
thereto.
| APPROPRIATION |
BOND
AUTHORIZATION |
PERIOD
OF USEFULNESS |
| $355,300
(including a grant in the amount of $40,000 received
from the State of New Jersey Department of Community
Affairs) |
$338,000 |
15
years |
(f) Purchase and or replacements of, but not limited to,
911 equipment; replacement of copiers at the Municipal
Center; documenting equipment for the Building Department;
computer upgrades, courtroom upgrades, and new resuscitators
and weapons.
| APPROPRIATION |
BOND
AUTHORIZATION |
PERIOD
OF USEFULNESS |
| $176,500 |
$168,000 |
5
years |
(g)
Development and/or future purchases of various municipal
properties for municipal purposes, including all work
and materials necessary therefor or incidental thereto.
| APPROPRIATION |
BOND
AUTHORIZATION |
PERIOD
OF USEFULNESS |
| $186,000 |
$177,500 |
20
years |
(h)
Reconstruction of, but not limited to, Lake Pochung Road,
including all work and materials necessary therefor or
incidental thereto.
| APPROPRIATION |
BOND
AUTHORIZATION |
PERIOD
OF USEFULNESS |
| $269,950
(including a grant in the amount of $148,000 expected
to be received from the State of New Jersey Department
of Transportation) |
$116,000 |
15
years |
(i) Secondary road reconstruction to various roads within
the Township, including all work and materials necessary
therefor or incidental thereto.
| APPROPRIATION |
BOND
AUTHORIZATION |
PERIOD
OF USEFULNESS |
| $219,950 |
$209,000 |
15
years |
(j)
Purchase, replacement and/or refurbishment of various
vehicles and equipment for the Emergency and Fire Departments.
| APPROPRIATION |
BOND
AUTHORIZATION |
PERIOD
OF USEFULNESS |
| $360,000 |
$342,500 |
10
years |
TOTAL
APPROPRIATION |
TOTAL
BOND
AUTHORIZATION |
AVERAGE
PERIOD
OF USEFULNESS |
| $1,900,000 |
$1,666,000 |
12.75
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 12.75 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 $1,666,000,
and the obligations authorized herein will be within all
debt limitations prescribed by that Law.
(d)
An aggregate amount not exceeding $104,900 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 May 9, 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.
________________________
IRA WEINER, MAYOR
____________________________
PATRICIA A. LYCOSKY, R.M.C.
TOWNSHIP CLERK
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