ORDINANCE NO. 2008-18
BOND ORDINANCE REAUTHORIZING THE ISSUANCE OF $484,500 BONDS OR NOTES OF THE BOROUGH OF HARVEY CEDARS, IN THE COUNTY OF OCEAN, NEW JERSEY TO PROVIDE FOR WATER/SEWER UTILITY IMPROVEMENTS PREVIOUSLY AUTHORIZED AND SUPPLEMENTING AND CONFIRMING VARIOUS BOND ORDINANCES OF THE BOROUGH
THE BOARD OF COMMISSIONERS OF THE BOROUGH OF HARVEY CEDARS, IN THE COUNTY OF OCEAN, NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurring), DOES ORDAIN, AS FOLLOWS:
Section 1. For the several improvements or purposes described in Section 4 of this bond ordinance, the Borough, pursuant to the ordinances described in Section 4, heretofore appropriated the respective sums of money therein stated as the original appropriations and estimated costs for the improvements or purposes, such original appropriations and estimated costs amounting in the aggregate to $510,000, including the aggregate sum of $25,500 as the several down payments for the improvements or purposes required by the Local Bond Law. The down payments had been made available by virtue of provisions 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 were heretofore authorized by said ordinances to be issued in the aggregate principal amount of $484,500 pursuant to the Local Bond Law.
Section 3. In anticipation of the issuance of bonds and bond anticipation notes by the Borough, the Borough wishes to confirm and reauthorize the issuance of $484,500 in principal amount of bonds or notes of the Borough pursuant to the Local Bond Law, which bonds are to be issued pursuant to the ordinances described in Section 4 hereof, as supplemented and confirmed hereby.
Section 4. The original ordinance number and the date the ordinance was originally adopted, and the improvement or purpose for which the issuance of bonds or notes is confirmed and reauthorized, the original appropriation and estimated cost for each improvement or purpose, the original authorization of bonds or notes for each improvement or purpose, the amount of bonds or notes being reauthorized hereby, the period or average period of usefulness for each improvement or purpose, and the amount of the items of expense permitted under N.J.S.A. 40A:2-20 as included in the original ordinance are, respectively, as follows:
|
Ordinance No. |
Date of Adoption |
Purpose |
Original Appropriation and Estimated Cost |
Original Authorization of Bonds or Notes |
Amount of Water/Sewer Utility Bonds or Notes Reauthorized |
Period or Average Period of Usefulness (Years) |
2-20 Expenses |
|
2001-05 |
05/15/01 |
Improvements to Salem Avenue Water Plant |
$40,000 |
$38,000 |
$38,000 |
15 |
$5,000 |
|
2002-06 |
04/08/02 |
Generator construction and improvements |
120,000 |
114,000 |
114,000 |
30 |
18,000 |
|
2006-10 |
06/02/06 |
Repainting and repairs of water tower |
100,000 |
95,000 |
95,000 |
15 |
15,000 |
|
2006-17 |
09/19/06 |
Repainting and repairs of water tower |
250,000 |
237,500 |
237,500 |
15 |
37,500 |
|
TOTALS |
|
|
$510,000 |
$484,500 |
$484,500 |
|
$75,500 |
The excess of the original appropriation made for each of the improvements or purposes aforesaid over the original authorization of bonds or notes to be issued therefor, as above stated, is the amount of the down payment for each purpose.
Section 5. 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 the Local Bond Law. The chief financial officer is hereby authorized to sell part or all of the notes from time to time, at not less than 99% of par and accrued interest, 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, and the chief financial officer’s signature upon the notes shall be conclusive evidence as to all such determinations. 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 6. The following additional matters are hereby determined, declared, recited and stated:
(a) The purposes described in Section 4 of this bond ordinance are not current expenses. They are improvements that the Borough may lawfully undertake as general improvements and no part of the costs thereof have 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 re-authorized for each purpose and the period or average period of usefulness thereof as determined herein and within the limitations of the Local Bond Law, is 18.52941 years.
(c) The Supplemental Debt Statements required by the Local Bond Law have heretofore been duly prepared and filed in the office of the Clerk, and complete executed duplicates thereof have heretofore 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. These statements showed that the gross debt of the Borough as defined in the Local Bond Law was increased by the original authorization of the bonds and notes provided in the original bond ordinances by $484,500. This increase equals the $484,500 in Bonds or notes originally authorized by the ordinances described in Section 4 hereof. There is, therefore, no overall increase in the gross debt of the Borough, and the obligations authorized herein will be within all debt limitations prescribed by the Local Bond Law.
(d) All ordinances or other proceedings making appropriations or authorizing the issuance of bonds or notes for the improvements or purposes described in Section 4 of this bond ordinance, including particularly the ordinances referred to in Section 4, are hereby amended to the extent of any inconsistency herewith. The adoption of each of the ordinances set forth in Section 4 above, as said ordinances are amended hereby, is hereby ratified and confirmed.
(e) An aggregate amount not exceeding $75,500 for items of expense listed in and permitted under N.J.S.A. 40A:2-20 may be included as part of the costs of the purposes or improvements authorized herein and is included in the foregoing estimates thereof.
Section 7. Any grant moneys received for the purposes described in Section 4 hereof shall be applied either to direct payment of the costs of the improvements or to payment of the obligations issued pursuant to this ordinance. The amount of obligations authorized but not issued hereunder shall be reduced to the extent that such funds are so used.
Section 8. The full faith and credit of the Borough 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 Borough, and the Borough is obligated to levy ad valorem taxes upon all the taxable real property within the Borough for the payment of the obligations and the interest thereon without limitations of rate or amount.
Section 9. This bond ordinance shall take effect 20 days after the first publication thereof after final adoption, as provided by the Local Bond Law.
ADOPTION DATE: November 7, 2008