Borough of Hillsdale
Ordinance 10-10
(Adoption)
Title: BOND ORDINANCE TO AUTHORIZE THE RESURFACING
OF WERIMUS LANE BY AND FOR THE BOROUGH OF HILLSDALE, TO APPROPRIATE THE SUM OF
$255,000 TO PAY THE COST THEREOF, TO MAKE A DOWN PAYMENT, TO APPROPRIATE A
STATE GRANT AND A CONTRIBUTION FROM THE BOROUGH OF WOODCLIFF LAKE, 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, New Jersey, as follows:
Section 1. The Borough of Hillsdale, in the County of
Bergen, New Jersey (the "Borough") is hereby authorized to resurface
Section 2. The sum of $255,000 is hereby appropriated to
the payment of the cost of making the improvement described in Section 1 of
this ordinance (hereinafter referred to as "purpose"). Said appropriation shall be met from the
proceeds of the sale of the bonds authorized, and the down payment, the $200,000
grant from the New Jersey Department of Transportation (the "State
Grant") and the $36,000 contribution from the Borough of Woodcliff Lake
(the "Woodcliff Lake Contribution") appropriated, by this
ordinance. Said improvement shall be
made as a general improvement and no part of the cost thereof shall be assessed
against property specially benefited.
Section 3. It is hereby determined and stated that (1)
the making of such improvement is not a current expense of said Borough, and
(2) it is necessary to finance said purpose by the issuance of obligations of
said Borough pursuant to the Local Bond Law, and (3) the estimated cost of said
purpose is $255,000, and (4) $200,000 of said sum is to be provided by the
State Grant hereinafter appropriated to finance said purpose, and (5) $36,000
of said sum is to be provided by the Woodcliff Lake Contribution hereinafter
appropriated to finance said purpose, and (6) $1,000 of said sum is to be
provided by the down payment hereinafter appropriated to finance said purpose,
and (7) the estimated maximum amount of bonds or notes necessary to be issued
for said purpose is $18,000, and (8) the cost of such purpose, as hereinbefore
stated, includes the aggregate amount of $34,000 which is estimated to be
necessary to finance the cost of such purpose, 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 4. It is hereby determined and stated that the
sum of $200,000 received or to be received as the State Grant is hereby
appropriated to the payment of the cost of such purpose.
Section 5. It is hereby determined and stated that the
sum of $36,000 received or to be received as the Woodcliff Lake Contribution is
hereby appropriated to the payment of the cost of such purpose.
Section 6. It is hereby determined and stated that
moneys exceeding $1,000, 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 purpose. The sum of $1,000 is hereby appropriated from
such moneys to the payment of the cost of said purpose.
Section 7. To finance said purpose, bonds of said
Borough of an aggregate principal amount not exceeding $18,000 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 purpose, bond anticipation
notes of said Borough of an aggregate principal amount not exceeding $18,000
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 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 and to issue 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
period of usefulness of said purpose, according to its reasonable life, is a
period of ten 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 $18,000 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,
other municipalities, 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 purpose (other than the Woodcliff Lake
Contribution and the State Grant hereinbefore appropriated which shall be
applied to the cost of such purpose, but shall not be applied to the payment of
outstanding bond anticipation notes and the reduction of the amount of bonds
authorized), shall be applied to the payment of the cost of such purpose, or,
if bond anticipation notes have been issued, to the payment of the bond
anticipation notes, and the amount of bonds authorized for such purpose shall
be reduced accordingly.
Section 13. 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 14. The Borough intends to issue the bonds or
notes to finance the cost of the improvement described in Section 1 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. This ordinance shall take effect twenty days
after the first publication thereof after final passage.
Adopted: August 10, 2010
Council member |
Motion
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Second
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Yes |
No |
Absent
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Abstain
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DeJoseph,
Jonathan |
x |
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x |
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Frank, Douglas |
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x |
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Giancarlo, Michael |
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x |
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Hanlon, Marie |
|
x |
x |
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Schiavone, Donna |
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|
x |
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Weinstein, Andy |
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x |
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_____________________________ __________________________________
Robert P. Sandt, RMC Mayor Max Arnowitz
Municipal Clerk
Ordinance No. 10-10
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 10th day of August 2010, 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