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.
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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.
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James Doherty, Clerk