BOROUGH OF =
BOND ORDINA=
NCE
06:15
BOND ORDINANCE TO AUTHORIZE T=
HE
MAKING OF VARIOUS PUBLIC IMPROVEMENTS AND THE ACQUISITION OF NEW ADDIT=
IONAL
OR REPLACEMENT EQUIPMENT AND MACHINERY, NEW COMMUNICATION AND SIGNAL SYSTEMS
EQUIPMENT 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 $1,319,500 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, TO PROVIDE FOR THE ISSUANC=
E OF
BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE OF SUCH BONDS AND TO
AMEND BOND ORDINANCE NO. 03-09 ADOPTED ON
------------------------------------------------=
-
&=
nbsp; BE
IT ORDAINED by the Borough Council of the Borough of Norwood, in the
&=
nbsp; 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 and new automotive vehicles, including original
apparatus and equipment, in, by and for said Borough, as more particul=
arly
described in Section 4 hereof. The
cost of the improvements includes all work, materials and appurtenances
necessary and suitable therefore.
&=
nbsp; 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, shall be
received by the Borough to finance the cost of the handicapped accessibility
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.
&=
nbsp; Section
3. It is hereby determined and
stated that the making of such improvements is not a current expense of said
Borough.
&=
nbsp; 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:
SCHEDULE OF
IMPROVEMENTS, PURPOSES AND AMOUNTS
&nbs=
p; 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 place=
d on
file with the Borough Clerk, and hereby approved as if set forth herein in
full. Depending upon the cont=
ract
price and other exigent circumstances, and upon approval by the Borough
Council, there may be additions to or deletions from the aforesaid list.
=
Appropriation and
Estimated Cost =
; $ 590,000
=
Down Payment
Appropriated &=
nbsp; $ 28,100
=
Bonds and =
Notes
Authorized &nb=
sp; $ 561,900
=
Period of Usefuln=
ess &=
nbsp; 10
years
&nbs=
p; B. Improvement of
&nbs=
p;
&nbs=
p; Appropriation
and Estimated Cost &=
nbsp; $ 225,000
State Grant
Appropriated &=
nbsp; &nbs=
p; $ 130,000
Down Payment
Appropriated &=
nbsp; $ 4,600
Bonds and Notes
Authorized &nb=
sp; $ 90,400
Period
of Usefulness =
10
years
&nbs=
p; C. Installation of wayside warni=
ng
horns at the
=
Appropriation and
Estimated Cost =
; $ 105,000
=
Down Payment
Appropriated &=
nbsp; $ 5,000
&nbs=
p; Bonds
and Notes Authorized =
; $ 100,000
&nbs=
p; Period
of Usefulness =
10
years
&nbs=
p; D. Acquisition of new additional=
or
replacement equipment and machinery and new communication and signal systems
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.
&nbs=
p; Appropriation
and Estimated Cost &=
nbsp; $ 31,500
=
Down Payment
Appropriated &=
nbsp; $ 1,500
=
Bonds and Notes
Authorized &nb=
sp; $ 30,000
&nbs=
p; Period
of Usefulness =
5
years
&nbs=
p; E. Acquisition of new automotive
vehicles, including original apparatus and equipment, for the use of the
Department of Public Works (“DPW”) consisting of (i) a heavy du=
ty
pickup truck and (ii) a chipper truck with various attachments and accessor=
ies.
&nbs=
p; Appropriation
and Estimated Cost &=
nbsp; $ 157,500
=
Down Payment Appr=
opriated &=
nbsp; $ 7,500
=
Bonds and Notes
Authorized &nb=
sp; $ 150,000
&nbs=
p; Period
of Usefulness =
5
years
&nbs=
p; F. Acquisition of new additional=
or
replacement equipment and machinery consisting of a riding lawnmower for the
use of the DPW.
&nbs=
p; Appropriation
and Estimated Cost &=
nbsp; $ 21,000
=
Down Payment
Appropriated &=
nbsp; $ 1,000
=
Bonds and Notes
Authorized &nb=
sp; $ 20,000
&nbs=
p; Period
of Usefulness =
15
years
&nbs=
p; G. Rebuilding the
&nbs=
p; Appropriation
and Estimated Cost &=
nbsp; $ 32,000
Down Payment
Appropriated &=
nbsp; $ 1,525
Bonds and Notes
Authorized &nb=
sp; $ 30,475
&nbs=
p; Period
of Usefulness =
40
years
&nbs=
p; H. Undertaking of the following
building improvements: (i) roof repairs at the Borough Hall and the 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
Estimated Cost =
; $
157,500
Down Payment
Appropriated &=
nbsp; $ 7,500
Bonds and Notes
Authorized &nb=
sp; $ 150,000
Period of Usefuln=
ess &=
nbsp; 15
years
-----------------=
------------------------------------
&nbs=
p; Aggregate
Appropriation and Estimated
Cost &=
nbsp; &nbs=
p; $1,319,500
=
State Grant
Appropriated &=
nbsp; &nbs=
p; $ 130,000
=
Aggregate Down Pa=
yment
Appropriated $ 56,725
&nbs=
p; Aggregate
Amount of Bonds and Notes
=
Authorized =
&nb=
sp; $1,132,775
&=
nbsp; Section
5. The cost of such purposes,=
as
hereinbefore stated, includes=
the
aggregate amount of $150,500 which is estimated to be necessary to finance =
the
cost of such purposes, including architect's fees, accounting, engineering =
and
inspection costs, legal expenses and other expenses, including interes=
t on
such obligations to the extent permitted by Section 20 of the Local Bond La=
w.
&=
nbsp; 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
&= nbsp; Section 7. It is hereby determined and stated that moneys exceeding $56,725, 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 $56,725 is hereby appropriated from such moneys to the payment of the cost of said purposes.<= o:p>
&=
nbsp; Section
8. To finance said purposes, =
bonds
of said Borough of an aggregate principal amount not exceeding $1,132,775 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.
&=
nbsp; Section
9. To finance said purposes, =
bond
anticipation notes of said Borough of an aggregate principal amount not
exceeding $1,132,775 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.
&=
nbsp; 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.
&=
nbsp; 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 10.76 years computed =
from
the date of said bonds.
&=
nbsp; 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
$1,132,775 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. Section 1 of Bond Ordinance No. 03=
-09
adopted by the Borough Council of the Borough on
"Section 1.<=
span
style=3D'mso-spacerun:yes'> The Borough of Norwood, in the Cou=
nty of
Bergen, State of New Jersey (the "Borough") is hereby authorized =
to
acquire the following new additional or replacement equipment and machinery,
new communication and signal systems equipment and new automotive vehicles,
including original apparatus and equipment, in, by and for the Borough: (A)=
a
mason dump truck, a bucket truck, a leaf vacuum machine, radio equipment and
various items of equipment and machinery for the use of the Road Department;
(B) turnout gear and computer equipment for the use of the Fire Department =
and
Fire Prevention Bureau; and (C) a portable message sign for the use of the
Police Department. Said
improvements shall include all work, materials and appurtenances necessary =
and
suitable therefore."
&=
nbsp; Section
15. The Borough intends to is=
sue
the bonds or notes to finance the cost of the improvements described in
Sections 1, 4 and 14 of this bond ordinance. If the Borough incurs such costs p=
rior
to the issuance of the bonds or notes, the Borough hereby states its reason=
able
expectation to reimburse itself for such expenditures with the proceeds of =
such
bonds or notes in the maximum principal amount of bonds or notes authorized=
by
this bond ordinance.
&=
nbsp; Section
16. 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.
&=
nbsp; Section
17. The capital budget is her=
eby
amended to conform with the provisions of this ordinance to the extent of a=
ny
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
18. This ordinance shall take
effect twenty days after the first publication thereof after final passage.=
INTRODUCED:
PUBLIC HEARING:
ADOPTED: &=
nbsp;
APPROVED: &nb=
sp; ______________________________
=
&nb=
sp; Michael
B. Kaplan, Mayor
=
ATTEST: =
; ________________________=
______
=
&nb=
sp;
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