08-24
Introduced: March 21, 2024
Public Hearing: April 18, 2024
Status: Adopted
Please note: Bond Ordinance Appropriating $2,319,000, and Authorizing the Issuance of $1,929,750 Bonds or Notes of the Township, for Various Improvements or Purposes Authorized to be Undertaken by the Township of Randolph, in the County of Morris, New Jersey.
Be it Ordained by the Township Council of the Township of Randolph, in the County of Morris, New Jersey (not less than two-thirds of all the members thereof affirmatively concurring), as follows:
The several improvements described in Section 3 of this bond ordinance are hereby respectively authorized as general improvements to be made or acquired by The Township of Randolph, in the County of Morris, New Jersey. For the said several improvements or purposes stated in said Section 3, there are hereby appropriated the respective sums of money therein stated as the appropriations made for said improvements or purposes, said sums being inclusive of all appropriations heretofore made therefor and amounting in the aggregate to $2,319,000 including the aggregate sum of $114,250, as the several down payments for said improvements or purposes required by law and more particularly described in said Section 3 and now available therefor by virtue of provision in a previously adopted budget or budgets of the Township for down payment or for capital improvement purposes and including also, in the case of the improvement or purpose stated in Section 3(d) hereof, the sum of $275,000 received or expected to be received by the Township from the New Jersey Department of Transportation as a grant-in-aid of financing said improvement or purpose.
For the financing of said improvements or purposes, including for the purposes of applicable United States Treasury regulations the reimbursement of expenditures heretofore or hereafter made therefor, and to meet the part of said $2,319,000 appropriations not provided for by application hereunder of said down payments and grant, negotiable bonds of the Township are hereby authorized to be issued in the principal amount of $1,929,750 pursuant to the Local Bond Law of New Jersey. In anticipation of the issuance of said bonds and to temporarily finance said improvements or purposes, negotiable notes of the Township in a principal amount not exceeding $1,929,750 are hereby authorized to be issued pursuant to and within the limitations prescribed by said Local Bond Law.
The improvements hereby authorized and the several purposes for the financing of which said obligations are to be issued, the appropriation made for and estimated cost of each such purpose, and the estimated maximum amount of bonds or notes to be issued for each such purpose, are respectively as follows:
| IMPROVEMENT OR PURPOSE | APPROPRIATION AND ESTIMATED COST | ESTIMATED MAXIMUM AMOUNT OF BONDS AND NOTES |
| (a) Acquisition by purchase of new and additional vehicular equipment for use by the Department of Public Works of the Township, including two (2) dump trucks (such trucks each weighing at least 15,000 pounds), together with all equipment, appurtenances, apparatus and accessories necessary therefor or incidental thereto, all as shown on and in accordance with the specifications therefor on file or to be filed in the office of the Township Clerk and hereby approved | $560,000 | $532,000 |
| (b) Improvement of municipally-owned properties and facilities in and by the Township, including Town Hall by the renovation of the roof and the installation of new windows, the Community Center by the installation of a partition and the upgrade of the flooring, the Salt Shed by the renovation of the roof, various locations by the upgrade of electrical systems and flooring, the VFW building by the upgrade thereof and various parks by the renovation of the bathrooms, together with all equipment, structures, site work, work and materials necessary therefor or incidental thereto, all as shown on and in accordance with the plans and specifications therefor on file or to be filed in the office of the Township Clerk and hereby approved | 1,009,000 | 953,500 |
| (c) Improvement of roads and sidewalks in and by the Township including the resurfacing and reconstruction of Calais Road (Phase II) to provide a roadway pavement at least equal in useful life or durability to a roadway surface of Class B construction (as such term is used or referred to in Section 40A:2‑22 of said Local Bond Law) and the reconstruction of sidewalks along West Hanover Avenue, together with all oil and chipping, reflectors, signage, dividers, curbing, milling, drainage structures and improvements, equipment, site work, work and materials necessary therefor or incidental thereto, all as shown on and in accordance with the plans and specifications therefor on file or to be filed in the office of the Township Clerk and hereby approved | 350,000 | 325,500 |
| (d) Improvement of South Road in and by the Township including the construction or reconstruction thereof so as to provide a roadway pavement at least equal in useful life or durability to a roadway pavement of Class B construction (as such term is used or referred to in Section 40A:2-22 of said Local Bond Law), together with all milling, road reconstruction, drainage improvements, curbing, equipment, work and materials necessary therefor or incidental thereto, all as shown on and in accordance with the plans and specifications therefor on file or to be filed in the office of the Township Clerk and hereby approved, the $400,000 appropriation hereby made therefor being inclusive of the sum of $275,000 received or expected to be received by the Township from the New Jersey Department of Transportation as a grant-in-aid of financing said improvement | 400,000 | 118,750 |
| Totals | $2,319,000 | $1,929,750 |
Except as otherwise stated in paragraph (d) above with respect to the said $275,000 grant-in-aid of financing said improvement, 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 therefor, as above stated, is the amount of the said down payment for said purpose.
The following additional matters are hereby determined, declared, recited and stated:
The said purposes described in Section 3 of this bond ordinance are not current expenses and each is a property or improvement which the Township may lawfully acquire or make as a general improvement, and no part of the cost thereof has been or shall be specially assessed on property specially benefited thereby.
The average period of usefulness of said purposes within the limitations of said Local Bond Law and taking into consideration the respective amounts of the said obligations authorized for the several purposes, according to the reasonable life thereof computed from the date of the said bonds authorized by this bond ordinance, is 12.47 years.
The supplemental debt statement required by said Local Bond Law has been duly made and filed in the office of the Township 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 New Jersey, and such statement shows that the gross debt of the Township as defined in said Local Bond Law is increased by the authorization of the bonds and notes provided for in this bond ordinance by $1,929,750, and the said obligations authorized by this bond ordinance will be within all debt limitations prescribed by said Local Bond Law.
Amounts not exceeding $275,000 in the aggregate for interest on said obligations, costs of issuing said obligations, engineering costs and other items of expense listed in and permitted under Section 40A:2-20 of said Local Bond Law may be included as part of the costs of said improvements and are included in the foregoing estimate thereof.
The funds from time to time received by the Township on account of the grant referred to in Section 1 of this bond ordinance shall be used for financing the improvement or purpose described in Section 3(d) of this bond ordinance by application thereof either to direct payment of the costs of said improvement or purpose or to payment or reduction of the authorization of the obligations of the Township authorized by this bond ordinance. Any such funds so received may, and all such funds so received which are not required for direct payment of such costs 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.
All bond anticipation notes issued hereunder shall mature at such times as may be determined by the chief financial officer, the acting chief financial officer or the treasurer of the Township (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 the notes issued pursuant to this bond 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 Section 40A:2-8 of said Local Bond Law. The Chief Financial Officer is hereby authorized to sell part or all of the notes at not less than par 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 dates of delivery thereof. The Chief Financial Officer is directed to report in writing to the governing body of the Township at the meeting next succeeding the date when any sale or delivery of the notes pursuant to this bond ordinance is made. Such report must include the principal amount, interest rate and maturities of the notes sold, the price obtained and the name of the purchaser.
The full faith and credit of the Township are hereby pledged to the punctual payment of the principal of and interest on the said obligations authorized by this bond ordinance. Said 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 said obligations and interest thereon without limitation of rate or amount.
The capital budget 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 and the resolutions promulgated by the Local Finance Board showing all detail of the amended capital budget or temporary capital budget and capital program as approved by the Director, Division of Local Government Services, are on file with the Township Clerk and are available for public inspection.
This bond ordinance shall take effect twenty (20) days after the first publication thereof after final adoption, as provided by said Local Bond Law.
Attest
Donna Marie Luciani, Township Clerk
Township of Randolph
Christine Carey, Mayor
Legal Notice
Township of Randolph, County of Morris
Ordinance Number 08-24
Notice is hereby given that an Ordinance entitled "Bond Ordinance Appropriating $2,319,000, and Authorizing the Issuance of $1,929,750 Bonds or Notes of the Township, for Various Improvements or Purposes Authorized to be Undertaken by the Township of Randolph, in the County of Morris, New Jersey" was submitted in writing at a regular meeting of the Mayor and Council of the Township of Randolph, County of Morris, State of New Jersey, held on March 21, 2024 and was introduced, read by title and passed on first reading. A Statement of Purpose of the Ordinance is contained below. The Governing Body of the Township of Randolph will further consider the Ordinance for second reading and final passage thereof at their regular meeting to be held on April 18, 2024 at 6 p.m. prevailing time, at the Municipal Building, 502 Millbrook Avenue, Randolph, New Jersey 07869, at which time and place a public hearing will be heard thereon by the Governing Body and all parties in interest and citizens shall have an opportunity to be heard concerning said Ordinance.
Statement of Purpose of Ordinance
The purpose of the said Ordinance is for the purchase of new and additional equipment for use by the Department of Public Works, including two (2) dump trucks; and to finance improvements of municipally-owned properties and facilities in and by the Township, including Town Hall roof renovations and window installations, flooring upgrades for the Community Center, the Salt Shed roof renovation, upgrades to the VFW building, various park bathroom renovations; improvements of roads and sidewalks in and by the Township, and the improvement of South Road.
A copy of the full Ordinance is available to any member of the general public, at no cost, at the Randolph Township Municipal Building, Office of the Clerk, between the hours of 8:30 a.m. and 4:30 p.m.
Donna Marie Luciani, Township Clerk
Township of Randolph
County of Morris, State of New Jersey
Bond Ordinance Statements & Summary
The bond ordinance, the summary terms of which are included herein, has been finally adopted by the Township of Randolph, in the County of Morris, New Jersey, on April 18, 2024 and the 20 day period of limitation within which a suit, action or proceeding questioning the validity of such ordinance can be commenced, as provided in the Local Bond Law, has begun to run from the date of the first publication of this statement. Copies of the full ordinance are available at no cost and during regular business hours at the Clerk's office in the Municipal Building in said Township for members of the general public who request the same. The summary of the terms of such bond ordinance follows:
- Title: Bond ordinance appropriating $2,319,000, and authorizing the issuance of $1,929,750 bonds or notes of the Township, for various improvements or purposes authorized to be undertaken by the Township of Randolph, in the County of Morris, New Jersey
- Purpose(s): Acquisition by purchase of new and additional vehicular equipment for use by the Department of Public Works of the Township, including two (2) dump trucks. Improvement of municipally-owned properties and facilities in and by the Township, including Town Hall by the renovation of the roof and the installation of new windows, the Community Center by the installation of a partition and the upgrade of the flooring, the Salt Shed by the renovation of the roof, various locations by the upgrade of electrical systems and flooring, the VFW building by the upgrade thereof and various parks by the renovation of the bathrooms. Improvement of roads and sidewalks in and by the Township including the resurfacing and reconstruction of Calais Road (Phase II) and the reconstruction of sidewalks along West Hanover Avenue. Improvement of South Road in and by the Township including the construction or reconstruction thereof.
- Appropriation: $2,319,000
- Bonds/Notes Authorized: $1,929,750
- Grants (if any) Appropriated: $275,000
- Section 20 Costs: $275,000
- Useful Life: 12.47 years