BOND ORDINANCE TO AUTHORIZE THE MAKING
OF VARIOUS PUBLIC IMPROVEMENTS AND THE ACQUISITION OF NEW ADDITIONAL OR
REPLACEMENT EQUIPMENT AND MACHINERY, NEW COMMUNICATION AND SIGNAL SYSTEMS
EQUIPMENT AND A NEW AUTOMOTIVE VEHICLE, INCLUDING ORIGINAL APPARATUS AND
EQUIPMENT, IN, BY AND FOR THE BOROUGH OF HILLSDALE, IN THE COUNTY OF BERGEN,
STATE OF NEW JERSEY, TO APPROPRIATE THE SUM OF $1,600,000 TO PAY THE COST
THEREOF, TO MAKE A DOWN PAYMENT, TO AUTHORIZE THE ISSUANCE OF BONDS TO FINANCE SUCH
APPROPRIATION AND TO PROVIDE FOR THE ISSUANCE OF BOND ANTICIPATION NOTES IN
ANTICIPATION OF THE ISSUANCE OF SUCH BONDS.
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BE IT ORDAINED by the Borough Council of
the Borough of Hillsdale, in the County of Bergen, State of New Jersey, as
follows:
Section 1.
The Borough of Hillsdale, in the County of Bergen, State of New Jersey
(the "Borough") is hereby authorized to make various public
improvements and to acquire new additional or replacement equipment and
machinery, new communication and signal systems equipment and a new automotive
vehicle, including original apparatus and equipment, in, by and for said
Borough, as more particularly described in Section 4 hereof. The cost of the improvements includes all
work, materials and appurtenances necessary and suitable therefor.
Section 2.
There is hereby appropriated to the payment of the cost of making the
improvements described in Sections 1 and 4 hereof (hereinafter referred to as
"purposes"), the respective amounts of money hereinafter stated as
the appropriation for said respective purposes. Said appropriation shall be met from the proceeds of the sale of
the bonds authorized and the down payment appropriated by this ordinance. Said improvements shall be made as general
improvements and no part of the cost thereof shall be assessed against property
specially benefited.
Section 3.
It is hereby determined and stated that the making of such improvements
is not a current expense of said Borough.
Section 4.
The several purposes hereby authorized for the financing of which said
obligations are to be issued are set forth in the following "Schedule of
Improvements, Purposes and Amounts" which schedule also shows (1) the
amount of the appropriation and the estimated cost of each such purpose, and
(2) the amount of each sum which is to be provided by the down payment
hereinafter appropriated to finance such
purposes, and (3) the estimated maximum amount of bonds and notes to be
issued for each such purpose, and (4) the period of usefulness of each such
purpose, according to its reasonable life, computed from the date of said
bonds:
SCHEDULE OF IMPROVEMENTS, PURPOSES AND AMOUNTS
A. Undertaking
of the following improvements in the Borough (i) reconstruction of curbs and
sidewalks at various locations, (ii) parking, landscaping and other
improvements to the downtown commercial district, (iii) traffic signal and
other traffic flow enhancement improvements at various locations and (iv) roadway resurfacing at various
locations, as set forth on a list on file or to be placed on file with the
Borough Clerk and hereby approved and incorporated herein by this reference
thereto. Depending upon the contract
price and other exigent circumstances, and upon approval by the Borough
Council, there may be additions to or deletions from the list referred to in
clause (iv) of the preceding sentence.
It is hereby determined and stated that said roads being improved are of
"Class B" or equivalent construction as defined in Section 22 of the
Local Bond Law (Chapter 2 of Title 40A of the New Jersey Statutes, as amended;
the "Local Bond Law").
Appropriation and
Estimated Cost $625,000
Down Payment Appropriated $
29,800
Bonds and Notes Authorized $595,200
Period of
Usefulness 10 years
B. Undertaking
of sanitary and storm sewer improvements at various locations.
Appropriation and
Estimated Cost $ 75,000
Down Payment Appropriated $ 3,600
Bonds and Notes Authorized $
71,400
Period of
Usefulness 40 years
C. Acquisition
of a new automotive vehicle, including original apparatus and equipment,
consisting of a dump truck with plow and spreader for the use of the Department
of Public Works.
Appropriation and Estimated Cost $100,000
Down Payment Appropriated $ 5,000
Bonds
and Notes Authorized $ 95,000
Period of Usefulness 5 years
D. Undertaking
of various interior and exterior improvements and renovations to the Borough
Hall, the Firehouse, the Public Library and other public buildings.
Appropriation and Estimated Cost $500,000
Down Payment Appropriated $
23,900
Bonds
and Notes Authorized $476,100
Period of Usefulness 10 years
E. Undertaking
of various improvements to, and development of, parks and recreation
facilities.
Appropriation and
Estimated Cost $200,000
Down Payment Appropriated $ 9,600
Bonds and Notes Authorized $190,400
Period of
Usefulness 15 years
F. Acquisition
of various items of new additional or replacement equipment and machinery and
new communication and signal systems equipment for the use of the Police
Department, the Fire Department, the Administration and other Borough
departments, offices and agencies.
Appropriation and
Estimated Cost $100,000
Down Payment Appropriated $ 5,100
Bonds and Notes Authorized $
94,900
Period of
Usefulness 5 years
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Aggregate
Appropriation and Estimated Cost $1,600,000
Aggregate
Down Payment Appropriated $
77,000
Aggregate
Amount of Bonds and Notes
Authorized $1,523,000
Section
5. The cost of such purposes, as
hereinbefore stated, includes the
aggregate amount of $320,000 which is estimated to be necessary to finance the
cost of such purposes, including architect's fees, accounting, engineering and
inspection costs, legal expenses and other expenses, including interest on such
obligations to the extent permitted by Section 20 of the Local Bond Law.
Section
6. It is hereby determined and stated
that moneys exceeding $77,000, appropriated for down payments on capital
improvements or for the capital improvement fund in budgets heretofore adopted
for said Borough, are now available to finance said purposes. The sum of $77,000 is hereby appropriated from
such moneys to the payment of the cost of said purposes.
Section
7. To finance said purposes, bonds of
said Borough of an aggregate principal amount not exceeding $1,523,000 are
hereby authorized to be issued pursuant to the Local Bond Law. Said bonds shall bear interest at a rate per
annum as may be hereafter determined within the limitations prescribed by
law. All matters with respect to said
bonds not determined by this ordinance shall be determined by resolutions to be
hereafter adopted.
Section
8. To finance said purposes, bond
anticipation notes of said Borough of an aggregate principal amount not
exceeding $1,523,000 are hereby authorized to be issued pursuant to the Local
Bond Law in anticipation of the issuance of said bonds. In the event that bonds are issued pursuant
to this ordinance, the aggregate amount of notes hereby authorized to be issued
shall be reduced by an amount equal to the principal amount of the bonds so
issued. If the aggregate amount of
outstanding bonds and notes issued pursuant to this ordinance shall at any time
exceed the sum first mentioned in this section, the moneys raised by the
issuance of said bonds shall, to not less than the amount of such excess, be
applied to the payment of such notes then outstanding.
Section
9. Each bond anticipation note issued
pursuant to this ordinance shall be dated on or about the date of its issuance
and shall be payable not more than one year from its date, shall bear interest
at a rate per annum as may be hereafter determined within the limitations
prescribed by law and may be renewed from time to time pursuant to and within
limitations prescribed by the Local Bond Law.
Each of said bond anticipation notes shall be signed by the Mayor and by
a financial officer and shall be under the seal of said Borough and attested by
the Borough Clerk or Deputy Borough Clerk.
Said officers are hereby authorized to execute said notes in such form
as they may adopt in conformity with law.
The power to determine any matters with respect to said notes not
determined by this ordinance and also the power to sell said notes, is hereby
delegated to the Chief Financial Officer who is hereby authorized to sell said
notes either at one time or from time to time in the manner provided by law.
Section
10. It is hereby determined and
declared that the average period of usefulness of said purposes, according to
their reasonable lives, taking into consideration the respective amounts of
bonds or notes authorized for said purposes, is a period of 11.40 years
computed from the date of said bonds.
Section
11. It is hereby determined and stated
that the Supplemental Debt Statement required by the Local Bond Law has been
duly made and filed in the office of the Borough Clerk of said Borough, and
that such statement so filed shows that the gross debt of said Borough, as
defined in Section 43 of the Local Bond Law, is increased by this ordinance by
$1,523,000 and that the issuance of the bonds and notes authorized by this
ordinance will be within all debt limitations prescribed by said Local Bond
Law.
Section 12. Any funds received from the County of Bergen, the State of New
Jersey or any of their agencies or any funds received from the United States of
America or any of its agencies in aid of such purposes, shall be applied to the
payment of the cost of such purposes, or, if bond anticipation notes have been
issued, to the payment of the bond anticipation notes, and the amount of bonds
authorized for such purposes shall be reduced accordingly.
Section
13. The Borough intends to issue the
bonds or notes to finance the cost of the improvements described in Sections 1
and 4 of this bond ordinance. If the
Borough incurs such costs prior to the issuance of the bonds or notes, the
Borough hereby states its reasonable expectation to reimburse itself for such
expenditures with the proceeds of such bonds or notes in the maximum principal
amount of bonds or notes authorized by this bond ordinance.
Section
14. The full faith and credit of the
Borough are hereby pledged to the punctual payment of the principal of and the
interest on the obligations authorized by this ordinance. Said obligations shall be direct, unlimited
and general obligations of the Borough, and the Borough shall levy ad valorem
taxes upon all the taxable real property within the Borough for the payment of
the principal of and interest on such bonds and notes, without limitation as to
rate or amount.
Section
15. The capital budget is hereby
amended to conform with the provisions of this ordinance to the extent of any
inconsistency therewith and the resolutions promulgated by the Local Finance
Board showing full detail of the amended capital budget and capital program as
approved by the Director, Division of Local Government Services, is on file
with the Borough Clerk and is available for public inspection.
Section 16. This ordinance shall take effect twenty days after the first publication thereof after final passage.