ORDINANCE #_7-2007____

BOND ORDINANCE APPROPRIATING $2,145,950, AND AUTHORIZING THE ISSUANCE OF $2,038,652 BONDS OR NOTES OF THE BOROUGH, FOR VARIOUS IMPROVEMENTS OR PURPOSES AUTHORIZED TO BE UNDERTAKEN BY THE BOROUGH OF WASHINGTON, IN THE COUNTY OF WARREN, NEW JERSEY.

BE IT ORDAINED BY THE MAYOR AND COMMON COUNCIL OF THE BOROUGH OF WASHINGTON, IN THE COUNTY OF WARREN, NEW JERSEY (not less than two-thirds of all the members thereof affirmatively concurring), AS FOLLOWS:

Section 1. The several improvements described in Section 3 of this bond ordinance are hereby respectively authorized as general improvements to be made or acquired by the Borough of Washington, in the County of Warren, New Jersey.  For the said several improvements or purposes stated in said Section 3, there are hereby appropriated the respective sums of money therein stated as the appropriations made for said improvements or purposes, said sums, except as described in paragraphs (a) and (c) of said Section 3, being inclusive of all appropriations heretofore made therefor and amounting in the aggregate to $2,145,950 including the aggregate sum of $107,298 as the several down payments for said improvements or purposes required by law and more particularly described in said Section 3 and now available therefor by virtue of provision in a previously adopted budget or budgets of the Borough for down payment or for capital improvement purposes.

Section 2. For the financing of said improvements or purposes and to meet the part of said $2,145,950 appropriations not provided for by application hereunder of said down payments, negotiable bonds of the Borough are hereby authorized to be issued in the principal amount of $2,038,652 pursuant to the Local Bond Law of New Jersey. In anticipation of the issuance of said bonds and to temporarily finance said improvements or purposes, negotiable notes of the Borough in a principal amount not exceeding $2,038,652 are hereby authorized to be issued pursuant to and within the limitations prescribed by said Local Bond Law.

Section 3. The improvements hereby authorized and the several purposes for the financing of which said obligations are to be issued, the appropriation made for and estimated cost of each such purpose, and the estimated maximum amount of bonds or notes to be issued for each such purpose, are respectively as follows:

IMPROVEMENT OR PURPOSE	APPROPRIATION AND ESTIMATED COST	ESTIMATED MAXIMUM AMOUNT OF BONDS AND NOTES
(a) Improvement of Washington Avenue (State Route 57) in and by the Borough, including the construction of a mid-block pedestrian crossing along Washington Avenue between Belvidere Avenue and School Street, the construction or reconstruction of a parking lot between Washington Avenue and East Church Street, the construction or reconstruction of roadways, curbing, sidewalks and pavers, and the installation of a bus shelter, trees, lamps, benches, trash receptacles, crossing lights and bicycle racks, together with all inlets, drainage improvements, milling, equipment, signage, lighting, fencing, site work, work and materials necessary therefor or incidental thereto, all as shown on and in accordance with the plans and specifications therefor on file or to be filed in the office of the Borough Clerk and hereby approved, the said $385,000 estimated cost thereof being exclusive of the amount of $1,848,265 heretofore appropriated therefor by prior ordinances of the Borough and the said $365,750 estimated maximum amount of bonds to be issued therefor being exclusive of the amount of $1,333,100 of bonds heretofore authorized to be issued therefor by prior bond ordinances of the Borough	$385,000	$365,750
(b) Improvement of municipally-owned facilities and locations in and by the Borough, including the Free Public Library by the installation of a new heating, ventilation and cooling system and Sterinhardt/Vara Field by the renovation thereof, together with all equipment, site work, work and materials necessary therefor or incidental thereto, all as shown on and in accordance with the plans and specifications therefor on file or to be filed in the office of the Borough Clerk and hereby approved	13,500	12,825
(c)  Construction of a new Public Works Garage in and by the Borough at the site of the Borough’s Wastewater Treatment Plant at 313 West Washington Avenue said building being at least equal in useful life or durability to a building of Class B construction (as such term is used or referred to in Section 40A:2-22 of said Local Bond Law), including all site work, structures, paving, utility installation, equipment, 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 Borough Clerk and heretofore and hereby approved, the said $1,670,000 estimated cost thereof being exclusive of the amount of $1,300,000 heretofore appropriated therefor by prior bond ordinances of the Borough and the said $1,586,500 estimated maximum amount of bonds to be issued therefor being exclusive of the amount of $1,191,149 of bonds heretofore authorized to be issued therefor by prior bond ordinances of the Borough	1,670,000	1,586,500
(d) Acquisition by purchase and installation, as necessary, of new and additional equipment, including water sprinklers for use by the Recreation Department of the Borough, and amplified chargers, a personal escape system, turn out gear, self contained breathing apparatus and air bottles for use by the Fire Department of the Borough, together with all equipment, attachments and accessories necessary therefor or incidental thereto, all as shown on and in accordance with the specifications therefor on file or to be filed in the office of the Borough Clerk and hereby approved	46,100	43,795
(e) Acquisition by purchase and installation, as necessary, of new and additional equipment for use by the Administration Department of the Borough, including a fire proof safe, lateral files, furniture and computer equipment, together with all appurtenances, apparatus and accessories necessary therefor or incidental thereto, all as shown on and in accordance with the specifications therefor on file or to be filed in the office of the Borough Clerk and hereby approved	31,350	29,782
Totals	$2,145,950	$2,038,652

The excess of the appropriation made for each of the improvements or purposes aforesaid over the estimated maximum amount of bonds or notes to be issued therefor, as above stated, is the amount of the said down payment for said purpose.

Section 4. The following additional matters are hereby determined, declared, recited and stated:

(a) The said purposes described in Section 3 of this bond ordinance are not current expenses and each is a property or improvement which the Borough may lawfully acquire or make 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 average period of usefulness of said purposes within the limitations of said Local Bond Law and taking into consideration the respective amounts of the said obligations authorized for the several purposes, according to the reasonable life thereof computed from the date of the said bonds authorized by this bond ordinance, is 25.66 years.

(c) The supplemental debt statement required by said Local Bond Law has been duly made and filed in the office of the Borough 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, and such statement shows that the gross debt of the Borough as defined in said Local Bond Law is increased by the authorization of the bonds and notes provided for in this bond ordinance by $2,038,652, and the said obligations authorized by this bond ordinance will be within all debt limitations prescribed by said Local Bond Law.

(d) Amounts not exceeding $200,000 in the aggregate for interest on said obligations, costs of issuing said obligations, engineering costs and other items of expense listed in and permitted under Section 40A:2-20 of said Local Bond Law may be included as part of the costs of said improvements and are included in the foregoing estimate thereof.

Section 5. 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 the notes issued pursuant to this bond 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.  The Chief Financial Officer is hereby authorized to sell part or all 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 dates of delivery thereof.  The Chief Financial Officer is directed to report in writing to the governing body of the Borough at the meeting next succeeding the date when any sale or delivery of the notes pursuant to this bond ordinance is made.  Such report must include the principal amount, interest rate and maturities of the notes sold, the price obtained and the name of the purchaser.

Section 6. The full faith and credit of the Borough are hereby pledged to the punctual payment of the principal of and interest on the said obligations authorized by this bond ordinance.  Said obligations shall be direct, unlimited obligations of the Borough, and the Borough shall be obligated to levy ad valorem taxes upon all the taxable property within the Borough for the payment of said obligations and interest thereon without limitation of rate or amount.

Section 7. The capital budget or temporary capital budget of the Borough is hereby amended to conform with the provisions of this ordinance to the extent of any inconsistency herewith and the resolutions promulgated by the Local Finance Board showing all detail of the amended capital budget or temporary capital budget and capital program as approved by the Director, Division of Local Government Services, are on file with the Borough Clerk and are available for public inspection.

Section 8. This bond ordinance shall take effect twenty (20) days after the first publication thereof after final adoption, as provided by said Local Bond Law.