Borough of Hillsdale

Ordinance 07-27

Title: BOND ORDINANCE TO CANCEL UNFUNDED APPROPRIATION BALANCES HERETOFORE PROVIDED FOR VARIOUS CAPITAL PROJECTS, 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, NEW INFORMATION TECHNOLOGY EQUIPMENT, NEW ADDITIONAL FURNISHINGS 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 $490,000 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 following unfunded appropriations remaining as balances in bond ordinances heretofore adopted by the Borough Council of the Borough of Hillsdale, in the County of Bergen, New Jersey (the "Borough") are hereby canceled:

Ord. No.	Project Description	Amount of Unfunded Appropriation to be Canceled
03-09	Purpose A - acquisition of a fire truck and various equipment and improvements to Fire House	$131,788.00
04-21	Purpose B - Sanitary and Storm Sewer Improvements	64,737.26
04-21	Purpose D - Improvements to Public Buildings	143,877.56
04-21	Purpose E - Park and Recreation Improvements	69,172.12
04-21	Purpose F - Acquisition of Equipment and Machinery for Various Departments	57,077.06
		$466,652.00

Section 2. 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, new information technology equipment, new additional furnishings and a new automotive vehicle, including original apparatus and equipment, in, by and for said Borough, as more particularly described in Section 5 hereof. The cost of the improvements includes all work, materials and appurtenances necessary and suitable therefor.

Section 3. There is hereby appropriated to the payment of the cost of making the improvements described in Sections 2 and 5 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 benefitted.

Section 4. It is hereby determined and stated that the making of such improvements is not a current expense of said Borough.

Section 5. 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 (l) 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, (iv) sanitary and storm sewer improvements at various locations, (v) bridge improvements and (vi) 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 (vi) 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 $242,670

Down Payment Appropriated $ 11,564

Bonds and Notes Authorized $231,106

Period of Usefulness 10 years

B. (i) Acquisition of self-contained breathing apparatus equipment, turnout gear, pagers and other fire-fighting and safety equipment for the use of the Fire Department and (ii) acquisition of computers, telephone equipment, furniture and other items of additional or replacement equipment and machinery, communication and signal systems equipment, information technology equipment and additional furnishings for the use of the Police Department, the Department of Public Works (ADPW@), the Administration and other Borough departments, offices and agencies.

Appropriation and Estimated Cost $ 68,250

Down Payment Appropriated $ 3,250

Bonds and Notes Authorized $ 65,000

Period of Usefulness 5 years

C. 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 $ 84,000

Down Payment Appropriated $ 4,000

Bonds and Notes Authorized $ 80,000

Period of Usefulness 10 years

D. Undertaking of various improvements to, and development of, parks and recreation facilities.

Appropriation and Estimated Cost $ 84,000

Down Payment Appropriated $ 4,000

Bonds and Notes Authorized $ 80,000

Period of Usefulness 15 years

E. Supplemental funding for the 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 DPW. It is hereby determined and stated that the Borough has heretofore appropriated the sum of $100,000 for such purpose pursuant to Ord. No. 04-21 adopted on December 14, 2004.

Appropriation and Estimated Cost $ 11,080

Down Payment Appropriated $ 534

Bonds and Notes Authorized $ 10,546

Period of Usefulness 5 years

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Aggregate Appropriation and

Estimated Cost $490,000

Aggregate Down Payment Appropriated $ 23,348

Aggregate Amount of Bonds

and Notes Authorized $466,652

Section 6. The cost of such purposes, as hereinbefore stated, includes the aggregate amount of $98,000 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 7. It is hereby determined and stated that moneys exceeding $23,348, 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 $23,348 is hereby appropriated from such moneys to the payment of the cost of said purposes.

Section 8. To finance said purposes, bonds of said Borough of an aggregate principal amount not exceeding $466,652 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 9. To finance said purposes, bond anticipation notes of said Borough of an aggregate principal amount not exceeding $466,652 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 10. 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 11. 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 10.04 years computed from the date of said bonds.

Section 12. 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 $466,652 (to be offset by an equal amount for the cancellation of unfunded debt pursuant to Section 1 hereof) 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 13. Any funds received from private parties, the County of Bergen, the State of New Jersey or the United States of America or any of their 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 14. The Borough intends to issue the bonds or notes to finance the cost of the improvements described in Sections 2 and 5 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 15. 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 16. 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 17. This ordinance shall take effect twenty days after the first publication thereof after final passage.