Ordinance No. 21-07

Introduced: June 7, 2007
Public Hearing: July 12, 2007
Status: Adopted

Bond ordinance providing for the construction of a swimming pool in and by the Township of Randolph, in the County of Morris, New Jersey, appropriating $5,500,000 therefor and authorizing the issuance of $5,500,000 bonds or notes of the Township for financing the cost thereof

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 members thereof affirmatively concurring) AS FOLLOWS:

Section 1. The improvement described in Section 3 of this bond ordinance is hereby authorized to be undertaken by the Township of Randolph, New Jersey. For the improvement or purpose described in Section 3, there is hereby appropriated the sum of $5,500,000. No down payment is required as the purpose authorized herein is deemed self-liquidating and the obligations authorized herein are deductible from the gross debt of the Township, as more fully explained in Section 6(e) of this ordinance.

Section 2. In order to finance the cost of the improvement or purpose, negotiable bonds are hereby authorized to be issued in the principal amount of $5,500,000 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. (a) The improvement hereby authorized and the purpose for the financing of which the bonds are to be issued is the construction of a swimming pool on Township-owned property, located at 496 Millbrook Avenue, known as Block 119, Lot 121 and 488 Millbrook Avenue, Block 119, Lot 122, as referenced on the official tax map of the Township and including all work and materials necessary therefor or incidental thereto.

(b) The estimated maximum amount of bonds or notes to be issued for the improvement or purpose is as stated in Section 2 hereof.

(c) The estimated cost of the improvement or purpose is equal to the amount of the appropriation herein made therefor.

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 N.J.S.A. 40A:2-8.1. 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 capital budget of the Township of Randolph is hereby amended to conform with the provisions of this ordinance to the extent of any inconsistency herewith.

Section 6. The following additional matters are hereby determined, declared, recited and stated:

(a) The improvement or purpose described in Section 3 of this bond ordinance is not a current expense. It is an improvement or purpose that the Township may lawfully undertake as a self-liquidating purpose of a municipal public utility. No part of the cost thereof has been or shall be specially assessed on property specially benefited thereby.

(b) The period of usefulness of the improvement or purpose within the limitations of the Local Bond Law, according to the reasonable life thereof computed from the date of the bonds authorized by this bond ordinance, is 15 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 New Jersey. Such statement shows that the gross debt of the Township as defined in the Local Bond Law is increased by the authorization of the bonds and notes provided in this bond ordinance by $5,500,000, but that the net debt of the Township determined as provided in the Local Bond Law is not increased by this bond ordinance. The obligations authorized herein will be within all debt limitations prescribed by that Law.

(d) An aggregate amount not exceeding $800,000 for items of expense listed in and permitted under N.J.S.A. 40A:2-20 is included in the estimated cost indicated herein for the purpose or improvement.

(e) The swimming pool public utility is deemed to be self-liquidating during the period of construction and until it shall have been in operation for at least 1 fiscal year because the Local Finance Board has determined by order on the basis of a project report that the public utility will have an income sufficient to make it a self-liquidating purpose.

Section 7. 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 8. This bond ordinance shall take effect 20 days after the first publication thereof after final adoption, as provided by the Local Bond Law.

ATTEST

_____________________________
Donna Marie Luciani, Township Clerk

TOWNSHIP OF RANDOLPH

_____________________________
Michael Obremski, Mayor

CERTIFICATION

I, Donna Marie Luciani, Township Clerk, Township of Randolph, County of Morris, State of New Jersey, do hereby certify the foregoing to be a true copy of an Ordinance introduced, read by title, and passed on first reading at a regular meeting of the Randolph Township Council held on June 7, 2007 and adopted by the Governing Body at a regular meeting of the Township held on July 12, 2007.

_____________________________
Donna Marie Luciani, Township Clerk

LEGAL NOTICE
TOWNSHIP OF RANDOLPH, COUNTY OF MORRIS
ORDINANCE NO. 21-07

Notice is hereby given that a Bond Ordinance entitled “BOND ORDINANCE PROVIDING FOR THE CONSTRUCTION OF A SWIMMING POOL IN AND BY THE TOWNSHIP OF RANDOLPH, IN THE COUNTY OF MORRIS, NEW JERSEY, APPROPRIATING $5,500,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $5,500,000 BONDS OR NOTES OF THE TOWNSHIP FOR FINANCING THE COST THEREOF,” 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 June 7, 2007 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 Bond Ordinance for second reading and final passage thereof at their regular meeting to be held on July 12, 2007 at 8 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 above Bond Ordinance is to provide funding for the construction of a swimming pool in the Township of Randolph.

A copy of the full Ordinance is available to any member of the general public, without cost, at the Township of Randolph, Municipal Building, Millbrook Avenue, Randolph, New Jersey, at the Office of the Township Clerk, between the hours of 9:00 a.m. and 4:30 p.m.

_____________________________
Donna Marie Luciani, Township Clerk
Township of Randolph
County of Morris, State of New Jersey