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ORDINANCE
01-2008 BOND
ORDINANCE PROVIDING FOR VARIOUS CAPITAL IMPROVEMENTS OF THE TOWNSHIP OF
MENDHAM, IN THE COUNTY OF MORRIS, NEW JERSEY, APPROPRIATING THE AGGREGATE
AMOUNT OF $285,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $237,500 BONDS OR
NOTES OF THE TOWNSHIP TO FINANCE PART OF THE COST THEREOF. BE
IT ORDAINED BY THE TOWNSHIP COMMITTEE OF THE TOWNSHIP OF MENDHAM, IN THE
COUNTY OF MORRIS, NEW JERSEY (not less than two-thirds of all members thereof
affirmatively concurring) AS FOLLOWS: Section
1.
The several improvements or purposes described in Section 3 of this
bond ordinance are hereby respectively authorized to be undertaken by the Section
2.
In order to finance the cost of the several improvements or purposes
not covered by application of the several down payments or other available
funds, negotiable bonds are hereby authorized to be issued in the principal
amount of $237,500 pursuant to the Local Bond Law.
In anticipation of the issuance of the bonds, negotiable bond
anticipation notes are hereby authorized to be issued pursuant to and within
the limitations prescribed by the Local Bond Law. Section 3. The several improvements or purposes hereby authorized for which the bonds are to be issued, the estimated cost of each improvement or purpose and the appropriation therefor, the down payment or other available funds appropriated therefore, the estimated maximum amount of bonds or notes to be issued for each improvement or purpose and the respective periods of usefulness are as follows:
The improvements or purposes above include all
costs necessary therefore or incidental thereto. The excess of the
appropriation made for each of the improvements or purposes aforesaid over
the estimated maximum amount of bonds or notes to be issued therefore, as
above stated, is the amount of the down payment for each purpose. Section
4.
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 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 Township hereby certifies that it has adopted a capital budget or a temporary capital budget, as applicable. The capital or temporary capital budget of the Township is hereby amended to conform with the provisions of this ordinance to the extent of any inconsistency herewith. To the extent that the purposes authorized herein are inconsistent with the adopted capital or temporary capital budget, a revised capital or temporary capital budget has been filed with the Division of Local Government Services. Section
6.
The following additional matters are hereby determined, declared,
recited and stated: (a)
The purposes described in Section 3 of this bond ordinance are not
current expenses. They are all
improvements that the Township may lawfully undertake as general
improvements, and no part of the costs thereof has 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 authorized for each purpose and the
reasonable life thereof within the limitations of the Local Bond Law, is 31
years. (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 Director of
the Division of Local Government Services in the Department of Community
Affairs of the State of (d)
An aggregate amount not exceeding $107,000 for items of expense
listed in and permitted under N.J.S.A. 40A:2-20 is included in the estimated
costs indicated herein for the purposes or improvements.
Of this amount, $20,000 was estimated for these items of expense in bond
ordinance #19-2006 of the Township finally adopted September 11, 2006 as
supplemented by ordinance #2-2007 of the Township finally adopted January
23, 2007, $87,000 was estimated for these items of expense in bond ordinance
#13-2007 of the Township finally adopted November 27, 2007, and no
additional amount is estimated therefor herein. Section 7. Any grant moneys received for the purposes described in Section 3 hereof shall be applied either to direct payment of the cost 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 chief financial officer of the Township is hereby authorized to
prepare and to update from time to time as necessary a financial disclosure
document to be distributed in connection with the sale of obligations of the
Township and to execute such disclosure document on behalf of the Township.
The chief financial officer is further authorized to enter into the
appropriate undertaking to provide secondary market disclosure on behalf of
the Township pursuant to Rule 15c2-12 of the Securities and Exchange
Commission (the “Rule”) for the benefit of holders and
beneficial owners of obligations of the Township and to amend such
undertaking from time to time in connection with any change in law, or
interpretation thereof, provided such undertaking is and continues to be, in
the opinion of a nationally recognized bond counsel, consistent with the
requirements of the Rule. In the
event that the Township fails to comply with its undertaking, the Township
shall not be liable for any monetary damages, and the remedy shall be
limited to specific performance of the undertaking. Section
9.
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
real property within the Township for the payment of the obligations and the
interest thereon without limitation of rate or amount. Section 10. This bond ordinance shall take effect 20 days after the first publication thereof after final adoption, as provided by the Local Bond Law. Introduced: January 29, 2008 Adopted: February 11, 2008 Effective: Attest:
_________________________
By___________________________ Ann Carlson, Township Clerk Phyllis Florek, Mayor
Re: $285,000/$237,500
BOND ORDINANCE VARIOUS
CAPITAL IMPROVEMENTS
1
Certified copy of the Supplemental Debt Statement prepared as of the
date of introduction of the ordinance. This
should show filing in the Clerk's office as well as in
2
Down Payment Certificate.
3
Certified copy of the minutes of the meeting of the Township
Committee held on ___/___/___ showing introduction of the ordinance.
4
Affidavit of Publication in local newspaper following introduction of
the ordinance.
5
Certified copy of the minutes of the meeting of the Township
Committee held on ___/___/___ showing public hearing, amendment and final
adoption of the ordinance.
6
Affidavit of Publication in local newspaper following final adoption
of the ordinance.
7
Clerk's Certificate executed no sooner than 21 days following final
publication of the ordinance. ****************************************************************
BELOW FOR McMANIMON & Posted:
__/__/__ Useful
Life: 31 years
Reviewed By: ____ Section
20 Costs: $107,000
Mayor's Approval:
___/___/___ Amends/Amended
By: Ord.
# ___________
F/A: ___/___/___ Amendment:
_____________________________________________________ Supplements/Supplemented
By: Ord. #__________
F/A: ___/___/___ Original
Appropriation/Authorization: $___________/$___________ Authorization
for CFO to Sell Notes: __X__
Yes _____ No
Resolution
Authorizing CFO to Sell Notes: F/A
___/___/___ Grant
Moneys Expected: $33,250 State
of
1 DEBT STATEMENT CERTIFICATE I,
Ann Carlson, Clerk of the Township of Mendham, in the County of Morris, New
Jersey (herein called the "Township"), HEREBY CERTIFY that annexed
hereto is a true and complete copy of the Supplemental Debt Statement of the
Township that was prepared as of ______________________, 2008 by IN WITNESS WHEREOF, I have hereunto set my hand and the seal of the Township this ________ day of ________________, 2008. _____________________________________ Ann Carlson, Clerk (SEAL) 2 CERTIFICATE OF DOWN PAYMENT I,
BOND ORDINANCE PROVIDING FOR VARIOUS CAPITAL IMPROVEMENTS OF THE TOWNSHIP OF MENDHAM, IN THE COUNTY OF MORRIS, NEW JERSEY, APPROPRIATING THE AGGREGATE AMOUNT OF $285,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $237,500 BONDS OR NOTES OF THE TOWNSHIP TO FINANCE PART OF THE COST THEREOF, there was available as a down payment and other available funds for the purposes authorized by the ordinance the sum of $47,500, which amount was appropriated as a down payment by the ordinance, $14,250 of which was made available by provision in a previously adopted budget or budgets of the Township for down payment or for capital improvement purposes, and $33,250 of which was received as a grant from the State of New Jersey. IN WITNESS WHEREOF, I have hereunto set my hand this ______ day of _______________, 2008. _______________________________________________
3 EXTRACT from the minutes of a _________________ meeting of the Township Committee of the Township of Mendham, in the County of Morris, New Jersey held at the _______________________ in the Township on ________________, 2008 at _______ o'clock ___.m. PRESENT: ABSENT: [Attach appropriate minutes hereto] CERTIFICATE I, Ann Carlson, Clerk of the Township of Mendham, in the County of Morris, State of New Jersey, HEREBY CERTIFY that the foregoing annexed extract from the minutes of a meeting of the governing body of the Township duly called and held on _______________, 2008 has been compared by me with the original minutes as officially recorded in my office in the Minute Book of the governing body and is a true, complete and correct copy thereof and of the whole of the original minutes so far as they relate to the subject matters referred to in the extract. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of the Township this ______ day of ______________, 2008. ___________________________________ Ann Carlson, Clerk | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
