BOROUGH OF HILLSDALE

ORDINANCE 09-15

(Adoption)

 

BOND ORDINANCE TO AUTHORIZE THE MAKING OF VARIOUS PUBLIC IMPROVEMENTS IN, BY AND FOR THE BOROUGH OF HILLSDALE, TO APPROPRIATE THE SUM OF $830,000 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.

 

 

       -------------------------------------------------

 

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 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.  It is anticipated that the following government grants shall be received by the Borough: (A) $239,271 aggregate amount from the County of Bergen Open Space, Recreation, Farmland and Historic Preservation Trust Fund to finance the cost of the park and recreation improvements described in Section 4.A hereof; (B) $40,000 from the Bergen County Community Development program, pursuant to the Federal Housing and Community Development Act, to finance the cost of the handicapped-access improvements described in Section 4.B hereof; and (C) $200,000 from the New Jersey Department of Transportation to finance the road improvement described in Section 4.C hereof.  Said grant funds shall be applied as set forth in Section 12 hereof.  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 various improvements at Centennial Field, Memorial Field and St. Nicholas Park.

 

Appropriation and Estimated Cost           $550,000

Down Payment Appropriated                  $ 26,200

Bonds and Notes Authorized                 $523,800

Period of Usefulness                       15 years

 

B.   Undertaking of handicapped-access improvements to the Council Chambers in the Municipal Building.  It is hereby determined and stated that said public building being improved is 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 Annotated, as amended; the "Local Bond Law").

 

Appropriation and Estimated Cost           $ 50,000

Down Payment Appropriated                  $  2,400

Bonds and Notes Authorized                 $ 47,600

Period of Usefulness                       15 years

 

C.   Resurfacing of the following portions of Magnolia Avenue: (i) from Lincoln Avenue to Knickerbocker Avenue and (ii) from Hillsdale Avenue to the southern terminus.  It is hereby determined and stated that said road being improved is of "Class B" or equivalent construction as defined in Section 22 of the Local Bond Law.

 

Appropriation and Estimated Cost           $230,000

Down Payment Appropriated                  $ 11,400

Bonds and Notes Authorized                 $218,600

Period of Usefulness                       10 years

 

-------------------------------------------------------

 

Aggregate Appropriation and Estimated Cost $830,000

Aggregate Down Payment Appropriated        $ 40,000

Aggregate Amount of Bonds and Notes  

  Authorized                               $790,000

 

 

Section 5.  The cost of such purposes, as hereinbefore  stated, includes the aggregate amount of $110,000 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 the aggregate sum of $40,000 (consisting of (A) $26,200 available in the Reserve for Recreation for Purpose 4.A above and (B) $13,800 appropriated for down payments on capital improvements or for the capital improvement fund to be used for Purposes 4.B and 4.C above) is now available to serve as the down payment on said purposes.  The sum of $40,000 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 $790,000 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 $790,000 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 13.61 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 $790,000 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 private parties, 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.

 

Council member

Motion

Second

Yes

No

Absent

Abstain

Arnowitz, Max

 

 

x

 

 

 

DeJoseph, Jonathan

 

 

x

 

 

 

Giancarlo, Michael

 

 

x

 

 

 

Hanlon, Marie

 

x

x

 

 

 

Schiavone, Donna

 

 

x

 

 

 

Weinstein, Andrew

x

 

x

 

 

 

 

Adopted: December 14, 2009                                                    

 

                                                                       

Attest: ________________________             ____________________________________

Robert P. Sandt, RMC                       Mayor John Sapanara

            Municipal Clerk

 

 

 

 

 

Ordinance No. 09-15

 

The bond ordinance published herewith has been adopted by the Borough Council of the Borough of Hillsdale, in the County of Bergen, State of New Jersey on the 14th day of December 2009, and the twenty day period of limitation within which a suit, action or proceeding questioning the validity of such ordinance can be commenced, as provided in the Local Bond Law, has begun to run from the date of the first publication of this statement.

 

 

_______________________________

Robert P. Sandt, RMC

Municipal Clerk

Borough of Hillsdale