TOWNSHIP OF WANTAGE
BOND ORDINANCE APPROPRIATING
THE SUM OF $618,000 FOR THE ACQUISITION OF A LADDER FIRE TRUCK AND A
PUMPER FIRE TRUCK AND EQUIPMENT WITH A DOWN PAYMENT OF $30,900 AND APPROPRIATING
THE SUM OF $400,500 FOR IMPROVEMENTS TO A PORTION OF SHERMAN RIDGE ROAD
WITH A DOWN PAYMENT OF $20,025 AND AUTHORIZING THE ISSUANCE OF $967,575
IN BONDS OR NOTES TO FINANCE PART OF THE COST.
Ordinance #2003-06
BE IT ORDAINED, by the Township Committee
of the Township of Wantage, County of Sussex, State of New Jersey (not
less than two-thirds (2/3) of all the members thereof affirmatively
concurring) as follows:
Section 1.
The acquisition and improvements described in Section 3 are hereby authorized
to be undertaken by the Township of Wantage, County of Sussex, State
of New Jersey. For the purposes stated in said Section 3, there is hereby
appropriated the sum of $1,018,500 including the sum of $50,925 as the
down payment required by the Local Bond Law. The down payment is now
available by virtue of a previously adopted budget or budgets of the
Township.
Section 2.
In order to finance the costs of the fire truck acquisitions and the
improvements to a portion of Sherman Ridge Road not covered by application
of the down payment, negotiable bonds are hereby authorized to be issued
in the principal amount of $967,575 pursuant to the Local Bond Law.
In anticipation of the issuance of the bonds and to temporarily finance
the acquisition, 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 acquisition hereby authorized and
the purpose for the financing of which the obligations are to be issued,
is the acquisition of one new ladder fire truck and one new pumper fire
truck to be used by the Township of Wantage, State of New Jersey, including
all costs necessary therefore or incidental thereto.
B. The appropriations hereby authorized and the purpose for the financing
of which the obligations are to be issued are for improvements to a
portion of Sherman Ridge Road, in addition to all costs necessary therefore
and incidental thereto.
C. The estimated maximum amount of bonds or notes to be issued for the
improvement or purpose is as stated in Section 2 hereof.
D. The estimated cost of the acquisition is equal to the amount of the
appropriation herein made.
Section 4.
All bond anticipation notes shall mature at such time as may be determined
by the Chief Financial Officer; provided 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 hereunder may be renewed from
time to time subject to the provisions of N.J.S.A. 40A:2-8(a). 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 Wantage is hereby amended to conform
with the provisions of this ordinance to the extent of any inconsistency
herewith. The resolution in the form 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 is available there for public
inspection.
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 capital 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 the fire trucks and the Sherman
Ridge Road improvements described in Section 3 within the limitation
of the Local Bond Law, according to the reasonable life thereof computed
from the date of the bonds authorized by this ordinance is 10 years
for the fire trucks and 10 years for the improvements to Sherman Ridge
Road.
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 Direction
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 $967,575 and the obligations authorized herein will be within all
debt limitations prescribed by law.
D. An aggregate amount not exceeding $10,000 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 property within the Township
for the payment of the obligations and the interest thereon without
limitation of rate or amount.
Section 8.
Any funds from time to time received by the Township from the State
of New Jersey or agencies thereof as grants in aid of financing the
acquisitions and improvements described in Section 3 of this ordinance
shall be used for financing the acquisition by application thereof either
to direct payment of the cost of said acquisition, or to payment or
reduction of the authorization of the obligations of the Township authorized
therefore by this bond ordinance. Any such funds so received may, and
all such funds so received which are not required for direct payment
of the cost of the acquisitions and improvements or purposes 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 9.
This bond ordinance shall take effect twenty (20) days after the first
publication thereof after final adoption as provided by the Local Bond
Law.
_______________________________
Jeffrey Parrott, Mayor
ATTEST:___________________________________
James Doherty, Clerk
CERTIFICATION
I, James Doherty, Clerk of the Township of Wantage, County of Sussex,
State of New Jersey, hereby certify that the foregoing is a true and
exact copy of the Bond Ordinance introduced on first reading by the
Wantage Township Committee on April 24, 2003. Said Ordinance will be
given a second reading, public hearing and consideration for final adoption
by the Wantage Township Committee at its regular meeting on May 8, 2003,
at 8:00 p.m. at the Wantage Township Municipal Building, 888 Route 23,
Wantage, New Jersey 07461.
____________________________________
James Doherty, Clerk
|
