This
ordinance was amended by Ordinance 06:15
BOROUGH OF
BOND ORDINANCE 06:12
BOND ORDINANCE TO AUTHORIZE THE MAKING OF VARI=
OUS
PUBLIC IMPROVEMENTS AND THE ACQUISITION OF NEW ADDITIONAL OR REPLACEME=
NT
EQUIPMENT AND MACHINERY, NEW COMMUNICATION AND SIGNAL SYSTEMS EQUIPMENT, NE=
W ADDITIONAL
FURNISHINGS AND NEW AUTOMOTIVE VEHICLES, INCLUDING ORIGINAL APPARATUS AND
EQUIPMENT, IN, BY AND FOR THE BOROUGH OF NORWOOD, IN THE COUNTY OF BERGEN,
STATE OF NEW JERSEY, TO APPROPRIATE THE SUM OF $1,330,000 TO PAY THE COST
THEREOF, TO APPROPRIATE A STATE GRANT, TO MAKE A DOWN PAYMENT, TO AUTHORIZE=
THE
ISSUANCE OF BONDS TO FINANCE SUCH APPROPRIATION AND TO PROVIDE FOR THE ISSU=
ANCE
OF BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE OF SUCH BONDS.
BE IT
ORDAINED by the Borough Council of the Borough of Norwood, in the
Section
1. The Borough of Norwood, in=
the
County of Bergen, State of New Jersey (the "Borough") is hereby
authorized to make various public improvements and to acquire new
additional or replacement equipment and machinery, new communicat=
ion
and signal systems equipment, new additional furnishings and new automotive
vehicles, including original apparatus and equipment, in, by and for said
Borough, as more particularly described in Section 4 hereof. The cost of the improvements
includes all work, materials and appurtenances necessary and suitable there=
for.
Section
2. There is hereby appropriat=
ed to
the payment of the cost of making the improvements described in Sections 1 =
and
4 hereof (hereinafter referred to as "purposes"), the respec=
tive
amounts of money hereinafter stated as the appropriation for said respective
purposes. Said appropria=
tion
shall be met from the proceeds of the sale of the bonds authorized, and the
State grant and the down payment appropriated, by this
ordinance. It is anticipated =
that a
grant in the amount of $90,000 from the Bergen County Community Development
program, pursuant to the Federal Housing and Community Development Act, sha=
ll
be received by the Borough to finance the cost of the handicapped accessibi=
lity
improvements described in Section 4.A hereof. Said grant funds shall be applied =
as set
forth in Section 13 hereof. S=
aid improvements
shall be made as general improvements and no part of the cost thereof shall=
be
assessed against property specially benefited.
Section
3. It is hereby determined and
stated that the making of such improvements is not a current expense of said
Borough.
Section
4. The several purposes hereby
authorized for the financing of which said obligations are to be issued are=
set
forth in the following "Schedule of Improvements, Purposes and
Amounts" which schedule also shows (1) the amount of the appropriation=
and
the estimated cost of each such purpose, and (2) the amount of each sum whi=
ch
is to be provided by the State grant hereinafter appropriated, and (3) the
amount of each sum which is to be provided by the down payment hereinafter
appropriated to finance such purposes, and (4) the estimated maximum amount=
of
bonds and notes to be issued for each such purpose, and (5) the period of
usefulness of each such purpose, according to its reasonable life, computed
from the date of said bonds:
&=
nbsp;
A. Resurfacing or
reconstruction of various roads (including improvements for handicapped
accessible ramps and sidewalks), as the “2006 Road Improvement
Program”, such roads as set forth on a list prepared by the Borough
Engineer on file or to be placed on file with the Borough Clerk, and hereby
approved as if set forth herein in full.&n=
bsp;
Depending upon the contract price and other exigent circumstances, a=
nd
upon approval by the Borough Council, there may be additions to or deletions
from the aforesaid list. It is
hereby determined and stated that said roads being improved are of "Cl=
ass
B" or equivalent construction as defined in Section 22 of the Local Bo=
nd
Law (Chapter 2 of Title 40A of the New Jersey Statutes Annotated, as amende=
d;
the "Local Bond Law").
Appropriation and Estimated Cost&nb=
sp; =
$=
590,000
Down Payment Appropriated &nbs=
p; &=
nbsp; &nbs=
p; &=
nbsp; $ 28,100
Bonds and Notes Authorized &nb=
sp; =
&nb=
sp; =
$ 561,900
Period of Usefulness &nb=
sp; =
&nb=
sp; =
&nb=
sp; 10
years
B. Improvement of
Appropriation and Estimated Cost &=
nbsp; &nbs=
p; $ 225,000
State Grant Appropriat=
ed &=
nbsp; &nbs=
p; &=
nbsp; &nbs=
p; $ 130,000
Down Payment Appropria=
ted &=
nbsp; &nbs=
p; &=
nbsp; $ 4,600
Bonds and Notes Author=
ized &=
nbsp; &nbs=
p; &=
nbsp; &nbs=
p; $ 90,400
Period
of Usefulness =
&nb=
sp; =
&nb=
sp; =
10
years
C. Installation of wayside
warning horns at the
Appropriation and Estimated Cost&nb=
sp; =
$=
105,000
Down Payment Appropriated &nbs=
p; &=
nbsp; &nbs=
p; &=
nbsp; $ 5,000
Bonds and=
Notes
Authorized &nb=
sp; =
&nb=
sp; =
$ 100,000
Period of
Usefulness &nb=
sp; =
&nb=
sp; =
&nb=
sp; 10
years
D. Acquisition of new add=
itional
or replacement equipment and machinery and new communication and signal sys=
tems
equipment for the use of the Fire Department consisting of (i) rescue air b=
ags,
(ii) turnout gear, (iii) portable radios, (iv) a deck gun for the new fire
truck and (v) various items of fire-fighting and safety equipment.
Appropria=
tion
and Estimated Cost &=
nbsp; &nbs=
p; $ 31,500
Down Payment Appropriated &nbs=
p; &=
nbsp; &nbs=
p; &=
nbsp; $ 1,500
Bonds and Notes Authorized &nb=
sp; =
&nb=
sp; =
$ 30,000
Period of
Usefulness &nb=
sp; =
&nb=
sp; =
&nb=
sp; 5
years
E. Acquisition of new
automotive vehicles, including original apparatus and equipment, for the us=
e of
the Department of Public Works (“DPW”) consisting of (i) a heavy
duty pickup truck and (ii) a chipper truck with various attachments and
accessories.
Appropria=
tion
and Estimated Cost &=
nbsp; &nbs=
p; $ 157,500
Down Payment Appropriated &nbs=
p; &=
nbsp; &nbs=
p; &=
nbsp; $ 7,500
Bonds and Notes Authorized &nb=
sp; =
&nb=
sp; =
$ 150,000
Period of
Usefulness &nb=
sp; =
&nb=
sp; =
&nb=
sp; 5
years
F. Acquisition of n=
ew
additional or replacement equipment and machinery consisting of a riding
lawnmower for the use of the DPW.
Appropria=
tion
and Estimated Cost &=
nbsp; &nbs=
p; $ 21,000
Down Payment Appropriated &nbs=
p; &=
nbsp; &nbs=
p; &=
nbsp; $ 1,000
Bonds and Notes Authorized &nb=
sp; =
&nb=
sp; =
$ 20,000
Period of
Usefulness &nb=
sp; =
&nb=
sp; =
&nb=
sp; 15
years
G. Rebuilding the
Appropriation and Estimated Cost &=
nbsp; &nbs=
p; $ 32,000
Down Payment Appropria=
ted &=
nbsp; &nbs=
p; &=
nbsp; $ 1,525
Bonds and Notes Author=
ized &=
nbsp; &nbs=
p; &=
nbsp; &nbs=
p; $ 30,475
Period of Usefulness &nb=
sp; =
&nb=
sp; =
40
years
H. Undertaking of the
following building improvements: (i) roof repairs at the Borough Hall and t=
he
Public Library and (ii) retaining wall repairs at the Public Library. It is hereby determined and stated=
that
said public buildings being improved are of "Class B" or equivale=
nt
construction as defined in Section 22 of the Local Bond Law.
Appropriation and Esti=
mated
Cost &nb=
sp; =
$ 157,500
Down Payment Appropria=
ted &=
nbsp; &nbs=
p; &=
nbsp; $ 7,500
Bonds and Notes Author=
ized &=
nbsp; &nbs=
p; &=
nbsp; &nbs=
p; $ 150,000
Period of Usefulness
I. Acquisitio=
n of
new additional furnishings consisting of furniture for the Council Chambers=
.
Appropriation and Estimated Cost &=
nbsp; &nbs=
p; $ 10,500
Down Payment Appropria=
ted &=
nbsp; &nbs=
p; &=
nbsp; $ 1,275
Bonds and Notes Author=
ized &=
nbsp; &nbs=
p; &=
nbsp; &nbs=
p; $ 9,225
Period
of Usefulness =
&nb=
sp; =
&nb=
sp; =
5
years
Aggregate
Appropriation and Estimated Cost =
; $1,330,000
State Grant Appropriated =
; &n=
bsp; =
; &n=
bsp; $ 130,000
Aggregate Down Payment Appropriated=
&nb=
sp; $ 58,000
Aggregate
Amount of Bonds and Notes =
Authorized &=
nbsp; &nbs=
p; &=
nbsp; &nbs=
p; &=
nbsp; &nbs=
p; $1,142,000
Section
5. The cost of such purposes,=
as
hereinbefore stated, includes=
the aggregate
amount of $151,000 which is estimated to be necessary to finance the cost of
such purposes, including architect's fees, accounting, engineering and insp=
ection
costs, legal expenses and other expenses, including interest on such
obligations to the extent permitted by Section 20 of the Local Bond Law.
Section
6. The sum of $130,000, recei=
ved or
to be received as a grant from the New Jersey Department of Transportation,=
is
hereby appropriated to the payment of the cost of the improvement of
Section 7. It is hereby determined and stated that moneys exceeding $58,000, appropriated for down payments on cap= ital improvements or for the capital improvement fund in budgets heretofore adop= ted for said Borough, are now available to finance said purposes. The sum of $58,000 is hereby appropriated from such moneys to the payment of the cost of said purposes.<= o:p>
Section
8. To finance said purposes, =
bonds
of said Borough of an aggregate principal amount not exceeding $1,142,000 a=
re
hereby authorized to be issued pursuant to the Local Bond Law. Said bonds shall bear interest at =
a rate
per annum as may be hereafter determined within the limitations prescribed =
by
law. All matters with respect=
to
said bonds not determined by this ordinance shall be determined by resoluti=
ons
to be hereafter adopted.
Section
9. To finance said purposes, =
bond
anticipation notes of said Borough of an aggregate principal amount not
exceeding $1,142,000 are hereby authorized to be issued pursuant to the Loc=
al
Bond Law in anticipation of the issuance of said bonds. In the event that bonds are issued
pursuant to this ordinance, the aggregate amount of notes hereby authorized=
to
be issued shall be reduced by an amount equal to the principal amount of the
bonds so issued. If the aggre=
gate
amount of outstanding bonds and notes issued pursuant to this ordinance
shall at any time exceed the sum first mentioned in this section, the moneys
raised by the issuance of said bonds shall, to not less than the amount of =
such
excess, be applied to the payment of such notes then outstanding.
Section
10. Each bond anticipation no=
te
issued pursuant to this ordinance shall be dated on or about the date of its
issuance and shall be payable not more than one year from its date, shall b=
ear
interest at a rate per annum as may be hereafter determined within the
limitations prescribed by law and may be renewed from time to time pursuant=
to
and within limitations prescribed by the Local Bond Law. Each of said bond anticipation not=
es
shall be signed by the Mayor and by a financial officer and shall be under =
the
seal of said Borough and attested by the Borough Clerk or Deputy Borough
Clerk. Said officers are here=
by
authorized to execute said notes in such form as they may adopt in conformi=
ty
with law. The power to determ=
ine
any matters with respect to said notes not determined by this ordinance and
also the power to sell said notes, is hereby delegated to the Chief Financi=
al
Officer who is hereby authorized to sell said notes either at one time or f=
rom
time to time in the manner provided by law.
Section
11. It is hereby determined a=
nd
declared that the average period of usefulness of said purposes, according =
to
their reasonable lives, taking into consideration the respective amounts of
bonds or notes authorized for said purposes, is a period of 10.71 years
computed from the date of said bonds.
Section
12. It is hereby determined a=
nd
stated that the Supplemental Debt Statement required by the Local Bond Law =
has
been duly made and filed in the office of the Borough Clerk of said Borough,
and that such statement so filed shows that the gross debt of said Borough,=
as
defined in Section 43 of the Local Bond Law, is increased by this ordinance=
by
$1,142,000 and that the issuance of the bonds and notes authorized by this
ordinance will be within all debt limitations prescribed by said Local Bond
Law.
&n=
bsp; =
; Section
13. Any funds received from p=
rivate
parties, the County of Bergen, the State of New Jersey or any of their agen=
cies
or any funds received from the United States of America or any of its agenc=
ies
in aid of such purposes (other than the State grant hereinbefore appropriat=
ed
which shall be applied to the cost of such purposes, but shall not be appli=
ed
to the payment of outstanding bond anticipation notes and the reduction of =
the
amount of bonds authorized), shall be applied to the payment of the cost of
such purposes, or, if bond anticipation notes have been issued, to the paym=
ent
of the bond anticipation notes, and the amount of bonds authorized for such
purposes shall be reduced accordingly.
Section
14. The Borough intends to is=
sue
the bonds or notes to finance the cost of the improvements described in
Sections 1 and 4 of this bond ordinance.&n=
bsp;
If the Borough incurs such costs prior to the issuance of the bonds =
or
notes, the Borough hereby states its reasonable expectation to reimburse it=
self
for such expenditures with the proceeds of such bonds or notes in the maxim=
um
principal amount of bonds or notes authorized by this bond ordinance.
Section
15. 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 ordinance. Said obligations shall be direct,
unlimited and general obligations of the Borough, and the Borough shall
levy ad valorem taxes upon all the taxable real property within the Borough=
for
the payment of the principal of and interest on such bonds and notes, witho=
ut
limitation as to rate or amount.
Sectio=
n 16. The capital budget is hereby amend=
ed to
conform with the provisions of this ordinance to the extent of any
inconsistency therewith and the resolutions promulgated by the Local Finance
Board showing full detail of the amended capital budget and capital program=
as
approved by the Director, Division of Local Government Services, is on file
with the Borough Clerk and is available for public inspection.
Section
17. This ordinance shall take
effect twenty days after the first publication thereof after final passage.=
Introduced:
Adopted:_________________<= o:p>
Approved:_____________________________________=
&n=
bsp; =
; Michael
B. Kaplan, Mayor
Attest:_______________________________________=
_
=
&nb=
sp;
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