Ordinance No. 7-08

Introduced: March 6, 2008
Public Hearing: April 3, 2008
Status: Adopted

Bond ordinance of the Township of Randolph, in the County of Morris, New Jersey amending the description of the improvement referred to in Bond Ordinance Numbered 22-06 finally adopted September 7, 2006 and providing a supplemental appropriation of $3,300,000 and authorizing the issuance of $3,130,000 bonds or notes of the township for financing part of the appropriation

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 One. Section 4(a) of Bond Ordinance Numbered 22-06 of the Township finally adopted September 7, 2006 is hereby amended to read as follows:

“The improvement hereby authorized and the purpose for the financing of which the bonds are to be issued is for the acquisition of land for open space preservation and the payment of the purchase price thereof, all in accordance with the provisions of N.J.S.A. 40A:12-15.1 et seq., more specifically N.J.S.A. 40:12-15.7, 15.8 and 15.9, such lands being acquired consisting of Block 5, Lots 8, 22, 23 and 24, Block 6, Lots 42 and 43, Block 14, Lots 2, 3, 4, 5 and 28, Block 18.01, Lot 1, Block 20, Lot 4, Block 21, Lots 7, 9, 20, 31, 32, 32.01, 130, 130Q and 143, Block 27, Lots 6, 78.01, 86 and 86.01, Block 34, Lot 3.01, Block 35, Lots 6, 7, 8, 50, 50.16, 52 and 65, Block 40, Lots 1 thorugh 3, 1Q, 7, 20 and 20Q, Block 42, Lot 2, Lotck 44, Lots 4 and 41, Block 47, Lots 2 through 6, 9, 11, 34 and 34Q, Block 48, Lots 2, 2Q and 4, Block 49, Lots 2.03, 3, 4 and 30, Block 51, Lots 18, 18Q, 19 and 19Q, Block 52, Lots 1, 2 and 3, Block 73, Lot 16, Block 81, Lots 29.31, 29.32, 29.42 and 52, Bock 81.03, Lot 12, Block 82, Lots 27, 39, 52, 94 and 94Q, Block 86, Lots 58.01 and 63, Block 88, Lot 12, Block 91, Lots 2 and 3, Block 92, Lots 3, 4, 22 and 24 through 27, Block 93, Lots 14, 15, 21, 22, 24, 25, 25.01, 34, 35, 40 through 43, 50 and 51, Block 95, Lot 1, Block 101, Lot 22, Block 103, Lots 4, 5, 29, 61, 62 and 64, Block 111, Lots 12 and 15, Block 112, Lot 17, Block 115, Lots 25, 76.03, 80 and 84, Block 116, Lot 13.01, Block 119, Lots 114, 121, 122 and 130, Block 142, Lots 8, 14, 19, 20 through 25, 27 and 29 through 41, Block 143, Lots 5 and 6, Block 145, Lots 22 through 36, Block 146, Lots 7, 23, 25, 42.02, 58, 72, 72.01, 73, 73.01, 81 and 85, Block 147, Lot 14, Block 166, Lot 14, Block 199, Lots 1, 6, 9, 45, 46 and 48, Block 6, Lot 52, Block 27, Lot 78, Block 35, Lots 6, 50.16, 67, 68, 7 and 8, Block 40, Lot 15, Block 49, Lot 2, Block 92, Lots 2, 12 and 25, Block 101, Lot 21, Block 103, Lots 72 and 103, Block 115, Lots 2, 3 and 77, Block 146, Lots 1, 2, 3, 79, 45, 86 and 87, Block 147, Lot 6, Block 201, Lot 48, Block 215, Lot 29, Block 21, Lot 150.02, Block 21.07, Lot 12, Block 82, Lot 50 and 51, Block 93, Lot 7.12, Block 93, Lot 11 and 11.01, Block 21, Lot 149.01 and Block 244, Lots 1, 2, 3, 4, 83, 84, 85 and 86, all as being designated on the official tax map of the Township, including, but not limited to, as required, surveys, environmental testing, title insurance and appraisals, and all work and materials necessary therefor or incidental thereto, all as shown on and in accordance with the plans and specifications therefor on file in the Office of the Clerk of the Township, and now available for public inspection and hereby approved.”

Section Two. The improvement described in Section One of this Bond Ordinance has heretofore been authorized to be undertaken by the Township of Randolph, New Jersey as a general improvement. For the improvement or purpose described in Section One hereof, there is hereby appropriated the supplemental amount of $3,300,000 and such sum being in addition to the $6,000,000 appropriated therefor by Bond Ordinance Numbered 23-00 finally adopted May 4, 2000, the $1,250,000 appropriated therefor by Bond Ordinance Numbered 15-02 finally adopted March 21, 2002, the $600,000 appropriated by Bond Ordinance Numbered 21-04 finally adopted July 1, 2004, the $3,200,000 appropriated by Bond Ordinance Numbered 22-06 finally adopted September 7, 2006, including the sum of $170,000 as the additional down payment required by the Local Bond Law. The additional down payment is now available in the Open Space Dedicated Trust Fund.

Section Three. In order to finance the additional cost of the improvement or purpose not covered by application of the additional down payment, negotiable bonds are hereby authorized to be issued in the principal amount of $3,130,000 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.

(a) The estimated maximum amount of bonds or notes to be issued for the improvement or purpose is $13,610,000, including the $5,700,000 bonds or notes authorized by Bond Ordinance Numbered 23-00 finally adopted May 4, 2000, the $1,185,000 bonds or notes authorized by Bond Ordinance Numbered 15-02 finally adopted March 21, 2002, the $57,000 bonds or notes authorized by Bond Ordinance Numbered 21-04 finally adopted July 1, 2004, the $3,025,000 bonds or notes authorized by Bond Ordinance Numbered 22-06 finaly adopted September 7, 2006 and the $3,130,000 authorized herein.

(b) The estimated cost of the improvement or purpose is $14,350,000, including the $6,000,000 appropriated by Bond Ordinance Numbered 23-00 finally adopted May 4, 2000, the $1,250,000 apprpriated by Bond Ordinance Numbered 15-02 finally adopted March 21, 2002, the $500,000 appropriated by Bond Ordinance Numbered 21-04 finally adopted July 1, 2004, the $3,200,000 appropriated by Bond Ordinance Numbered 22-06 finally adopted September 7, 2006 and the $3,300,000 appropriated herein.

Section Four. 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 a11 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 Five. 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 Six. The following additional matters are hereby determined, declared, recited and stated:

(a) The improvement or purpose described in Section One 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.

(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 40 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 $3,130,000, and 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. No additional amounts were estimated for these items of expense in Bond Ordinances Numbered 23-00, 15-02, 21-04 and 22-06 and no additional amount is estimated therefor herein.

Section Seven. Should any grant funds be received from the State of New Jersey and/or the County of Morris, said funds should be used first to reimburse the Open Space Dedicated Trust Fund. Any additional funds received after the reimbursement to the Open Space Dedicated Trust Fund will be used to reduce the amount of bonds or notes authorized.

Section Eight. 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 Nine. 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

_____________________________
Allen M. Napoliello

LEGAL NOTICE
TOWNSHIP OF RANDOLPH, COUNTY OF MORRIS
ORDINANCE NO. 7-08

Notice is hereby given that a Bond Ordinance entitled “BOND ORDINANCE OF THE TOWNSHIP OF RANDOLPH, IN THE COUNTY OF MORRIS, NEW JERSEY AMENDING THE DESCRIPTION OF THE IMPROVEMENT REFERRED TO IN BOND ORDINANCE NUMBERED 22-06 FINALLY ADOPTED SEPTEMBER 7, 2006 AND PROVIDING A SUPPLEMENTAL APPROPRIATION OF $3,300,000 AND AUTHORIZING THE ISSUANCE OF $3,130,000 BONDS OR NOTES OF THE TOWNSHIP FOR FINANCING PART OF THE APPROPRIATION”, 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 6, 2008 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 April 3, 2008 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 the purpose for the financing of which the bonds are to be issued is for the acquisition of land for open space preservation and the payment of the purchase price thereof, all in accordance with the provisions of N.J.S.A. 40A:12-15.1 et seq., more specifically N.J.S.A. 40:12-15.7, 15.8 and 15.9.

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