Ordinance No. 23-15
Introduced: October 1, 2015
Public Hearing: October 22, 2015
Bond ordinance providing for Phase II Butterworth sewer interceptor improvements in and by the Township of Randolph, appropriating $4,000,000 and authorizing the issuance of $2,435,000 bonds or notes of the township to finance part of the cost thereof
BE IT ORDAINED BY THE TOWNSHIP COUNCIL OF THE TOWNSHIP OF RANDOLPH (not less than two-thirds of all members thereof affirmatively concurring) AS FOLLOWS:
Section 1. The improvement or purpose described in Section 3 of this bond ordinance is hereby authorized to be undertaken by the Township of Randolph, a municipal corporation of the State of New Jersey (the “Township”) as a general improvement. For the improvement or purpose described in Section 3, there is hereby appropriated the sum of $4,000,000, including the sum of $1,565,000 as the down payment required by the Local Bond Law. The down payment is now available by virtue of provision for down payment or for capital improvement purposes in one or more previously adopted budgets.
Section 2. In order to finance the cost of the improvement or purpose described in Section 3 of this bond ordinance, negotiable bonds are hereby authorized to be issued in the principal amount of $2,435,000 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.
- The improvement hereby authorized and the purpose for the financing of which the bonds are to be issued is Phase II Butterworth sewer interceptor improvements, including all work and materials necessary therefor or incidental thereto.
- The estimated maximum amount of bonds or notes to be issued for the improvement or purpose is as stated in Section 2 hereof.
- The estimated cost of the improvement or purpose is equal to the amount of the appropriation made as stated in Section 1 hereof.
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 bond anticipation note shall mature later than one year from its date. The bond anticipation 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 bond anticipation notes issued pursuant to this bond ordinance, and the Chief Financial Officer’s signature upon the bond anticipation notes shall be conclusive evidence as to all such determinations. All bond anticipation 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 a part, or all, of the bond anticipation 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, if any, from their dates to the dates 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 of bond anticipation notes issued pursuant to this bond ordinance is made. Such report must include the amount, the description, the interest rate and the maturity schedule of the bond anticipation notes sold, the price obtained and the name of the purchaser.
Section 5. The capital budget of the Township is hereby amended to conform with the provisions of this bond ordinance to the extent of any inconsistency herewith.
Section 6. The following additional matters are hereby determined, declared, recited and stated:
- 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 general improvement, and no part of the cost thereof has been or shall be specially assessed on property specially benefited thereby.
- The period of usefulness of the improvement or purpose described in Section 3 of this bond ordinance, computed on the basis of the amount of obligations authorized for the improvement or purpose and the reasonable life thereof within the limitations of the Local Bond Law, is 40 years.
- An aggregate amount not exceeding $500,000 for items of expense listed in and permitted under N.J.S.A. 40A:2-20 is included in the estimated cost of the improvement or purpose set forth in Section 3 of this bond ordinance.
- The Supplemental Debt Statement required by the Local Bond Law has been duly prepared and filed in the office of the Clerk, and submitted to 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 is increased by $2,435,000 (the amount of the authorization of the obligations provided for in this bond ordinance). The obligations authorized herein will be within all debt limitations prescribed by the Local Bond Law.
Section 7. The Township expects to receive 25% of the amount of the appropriation for the improvement described in Section 3 hereof from the developer of the homes to be served by the improvement. To the extent any funds are received from the developer for the improvement described in Section 3 hereof, such funds shall be applied either to direct payment of the cost of the improvement or the obligations issued pursuant to this bond 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 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 9. This bond ordinance shall take effect 20 days after the first publication thereof after final adoption, as provided by the Local Bond Law.
Donna Marie Luciani, Township Clerk
TOWNSHIP OF RANDOLPH
Joanne Veech, Mayor
TOWNSHIP OF RANDOLPH, COUNTY OF MORRIS
ORDINANCE NO. 23-15
NOTICE IS HEREBY GIVEN that an Ordinance entitled “BOND ORDINANCE PROVIDING FOR PHASE II BUTTERWORTH SEWER INTERCEPTOR IMPROVEMENTS IN AND BY THE TOWNSHIP OF RANDOLPH, APPROPRIATING $4,000,000 AND AUTHORIZING THE ISSUANCE OF $2,435,000 BONDS OR NOTES OF THE TOWNSHIP TO FINANCE PART OF 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 October 1, 2015, and was introduced, read by title an 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 October 22, 2015 at 7:00 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 Ordinance is to provide is for the Butterworth Sewer Project Improvements Phase II including all work and materials necessary therefore or incidental thereto. 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