AN ORDINANCE OF THE BOROUGH OF EDGEWATER, IN THE
COUNTY OF BERGEN, NEW JERSEY, PROVIDING FOR
VARIOUS CAPITAL IMPROVEMENTS FOR THE BOROUGH OF
EDGEWATER AND APPROPRIATING $709,900, THEREFOR,
AND PROVIDING FOR THE ISSUANCE OF $674,405 IN GENERAL
IMPROVEMENTS BONDS OR NOTES OF THE BOROUGH OF EDGEWATER TO FINANCE THE SAME
BE IT ORDAINED BY THE BOROUGH COUNCIL OF THE BOROUGH OF EDGEWATER, IN THE COUNTY OF BERGEN, NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurring) AS FOLLOWS:
Section 1. The improvements or purposes described in Section 3 of this bond ordinance are hereby authorized to be undertaken by the Borough of Edgewater, in the County of Bergen, New Jersey (the “Borough”) as general improvements. For the several improvements or purposes described in Section 3 hereof, there are hereby appropriated the respective sums of money therein stated as the appropriations made for each improvement of purpose, such sums amounting in the aggregate to $709,900, including the aggregate sum of $35,495 as the several down payments for the improvements or purposes required by the Local Bond Law. The down payments have been made available by virtue of the provision for down payment in the capital improvement fund in one or more previously adopted budgets.
Section 2. In order to finance the cost of the several improvements or purposes not covered by application of the several down payments or otherwise provided for hereunder, negotiable bonds are hereby authorized to be issued in the principal amount of $674,405 pursuant to the Local Bond Law. In anticipation of the issuance of the bonds, negotiable bond anticipation notes are
hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law.
Section 3. The several improvements hereby authorized and the several purposes for which the bonds are to be issued, the estimated cost of each improvement and the appropriation therefor, the maximum amount of bonds or notes to be issued for each improvement and the period of usefulness of each improvement are as follows:
(a) Purpose: Purchase of vehicles and/or equipment for the Department of Public Works including, but not limited to, a dump truck with plow and spreader, new body for a 1991 cab and chassis, including all work and materials necessary therefor or incidental thereto.
Appropriation and Estimated Cost: $111,000
Maximum Amount of Bonds or Notes: $105,450
Period or Average Period of Usefulness: 5 years
Amount of Down Payment: $ 5,550
(b) Purpose: Purchase of vehicles and/or equipment for the Department of Public Works including, but not limited to, a Bobcat and a vehicle lift, including all work and materials necessary therefor or incidental thereto.
Appropriation and Estimated Cost: $ 40,000
Maximum Amount of Bonds or Notes: $ 38,000
Period or Average Period of Usefulness: 15 years
Amount of Down Payment: $ 2,000
(c) Purpose: Improvements to various streets, including, but not limited to, crosswalks and speed bumps, including all work and materials necessary therefor or incidental thereto.
Appropriation and Estimated Cost: $ 30,000
Maximum Amount of Bonds or Notes: $ 28,500
Period or Average Period of Usefulness: 10 years
Amount of Down Payment: $ 1,500
(d) Purpose: Improvements to Valley Place and Hudson Terrace, including, but not limited to, replacement of fencing along the top of the Route 5 wall, including all work and materials necessary therefor or incidental thereto.
Appropriation and Estimated Cost: $ 9,000
Maximum Amount of Bonds or Notes: $ 8,550
Period or Average Period of Usefulness 10 years
Amount of Down Payment: $ 450
(e) Purpose: Construction improvements for the Police Department, including, but not limited to, a Cell Tower and Base, including all work and materials necessary therefor or incidental thereto.
Appropriation and Estimated Cost: $106,000
Maximum Amount of Bonds or Notes: $100,700
Period or Average Period of Usefulness: 10 years
Amount of Down Payment: $ 5,300
Appropriation and Estimated Cost: $132,900
Maximum Amount of Bonds or Notes: $126,255
Period or Average Period of Usefulness: 10 years
Amount of Down Payment: $ 6,645
(g) Purpose: Purchase of computers, peripheral equipment and software, including but not limited to, an upgrade of the Borough’s network, a laptop computer, projector, screen and a scan and retrieval system, for use by various Departments of the Borough, including all work and materials necessary therefor or incidental thereto.
Appropriation and Estimated Cost: $105,000
Maximum Amount of Bonds or Notes: $ 99,750
Period or Average Period of Usefulness: 10 years
Amount of Down Payment: $ 5,250
(h) Purpose: Purchase of chairs for the municipal building, for use in, but not limited to, the Council Chambers, including all work and materials necessary therefor or incidental thereto.
Appropriation and Estimated Cost: $ 5,000
Maximum Amount of Bonds or Notes: $ 4,750
Period or Average Period of Usefulness: 15 years
Amount of Down Payment: $ 250
(i) Purpose: Improvements to the Borough’s Community Center, including, but not limited to, upgrading the HVAC systems on the east side and purchase and installation of security cameras and other security items, including all work and materials necessary therefor or incidental thereto.
Appropriation and Estimated Cost: $ 17,000
Maximum Amount of Bonds or Notes: $ 16,150
Period or Average Period of Usefulness: 15 years
Amount of Down Payment: $ 850
(j) Purpose: Purchase of protective equipment for the Fire Department, including, but not limited to, turnout gear and personal alert safety systems, including all work and materials necessary therefor or incidental thereto.
Appropriation and Estimated Cost: $33,000
Maximum Amount of Bonds or Notes: $31,350
Period or Average Period of Usefulness: 15 years
Amount of Down Payment: $ 1,650
(k) Purpose: Improvements to the exterior and interior of the Borough’s Library, including all work and materials necessary therefor or incidental thereto.
Appropriation and Estimated Cost: $ 60,000
Maximum Amount of Bonds or Notes: $ 57,000
Period or Average Period of Usefulness: 15 years
Amount of Down Payment: $ 3,000
(1) Purpose: Purchase of equipment for the First Aid Squad, including, but not limited to, a portable generator, including all work and materials necessary therefor or incidental thereto.
Appropriation and Estimated Cost: $ 4,500
Maximum Amount of Bonds or Notes: $ 4,275
Period or Average Period of Usefulness: 15 years
Amount of Down Payment: $ 225
(m) Purpose: Purchase of vehicles and/or equipment including, but not limited to, four roll off containers, including all work and materials necessary therefor or incidental thereto.
Appropriation and Estimated Cost: $ 13,000
Maximum Amount of Bonds or Notes: $ 12,350
Period or Average Period of Usefulness: 15 years
Amount of Down Payment: $ 650
(n) Purpose: Purchase of radio and communication equipment for the Borough’s First Aid Squad including, but not limited to, Motorola Mobile Radios, a base station and Motorola Monitor IV Repeater Pagers, including all work and materials necessary therefor or incidental thereto.
Appropriation and Estimated Cost: $ 14,500
Maximum Amount of Bonds or Notes: $ 13,775
Period or Average Period of Usefulness: 10 years
Amount of Down Payment: $725
(o) Purpose: Acquisition of Community Center Equipment including, but not limited to, the purchase, delivery and installation of a slope-fold curtain room divider.
Appropriation and Estimated Cost: $ 29,000
Maximum Amount of Bonds or Notes: $ 27,550
Period or Average Period of Usefulness: 15 years
Amount of Down Payment: $ 1,450
(p) The maximum amount of bonds or notes to be issued for the improvement or purpose is as stated in Section 2 hereof.
Section 4. 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 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 the Local Bond Law. The chief financial officer is hereby authorized to sell part or all of the notes from time to time, at not less than par and accrued interest, 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 date of delivery thereof. The chief financial officer is directed to report in writing to the governing body 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 amount, the description, the interest rate and the maturity schedule of the notes sold, the price obtained and the name of the purchaser.
Section 5. The capital budget or temporary capital budget (as applicable) of the Borough is hereby amended to conform with the provisions of this bond ordinance to the extent of any inconsistency herewith. In the event of any such inconsistency and amendment, the resolution in the form promulgated by the Local Finance Board showing full detail of the amended capital budget or amended temporary capital budget (as applicable) and capital program as approved by the Director of the Division of Local Government Services is on file with the Borough Clerk and is available there for public inspection.
Section 6. The following additional matters are hereby determined, declared, recited and stated:
(a) The several improvements or purposes described in Section 3 of this bond ordinance are not current expenses. They are improvements or purposes the Borough may lawfully undertake as general improvements, 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 the several improvements or purposes, within the
limitations of the Local Bond Law, computed on the basis of the respective amounts or obligations
authorized for each improvement or purpose and the reasonable life thereof within the limitations of the
Local Bond Law, is 10.637 years.
© The Supplemental Debt Statement required by the Local Bond Law has been duly has
been prepared and filed in the office of the Clerk, and a complete executed duplicate thereof 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. Such statement shows that the gross debt of the Borough as defined in
the Local Bond Law is increased by the authorization of the bonds and notes provided in this bond
ordinance by $674,405, and the obligations authorized herein will be within all debt limitations prescribed
by that Law.
(d) An aggregate amount not exceeding $141,980 for items of expense listed in and permitted under N.J.S.A. 40A:2-20 is included in the estimated cost indicated herein for the
several improvements or purposes.
(e) The Borough reasonably expects to commence acquisition of the projects described in Section 3 hereof, and to advance all or a portion of the costs in respect thereof, prior to the issuance of bonds or notes hereunder. To the extent such costs are advanced, the Borough further reasonably expects to reimburse such expenditures from the proceeds of the bonds or notes authorized by this bond ordinance, in an aggregate not to exceed the amount of bonds or notes authorized in Section 2 hereof.
Section 7. Any grant moneys received for the purposes described in Section 3 hereof shall be applied either to direct payment of the cost of the improvements or to payment of the obligations issued pursuant to this bond ordinance. The amount of obligations authorized but not issued hereunder shall be reduced to the extent that such funds are so used.
Section 8. The full faith and credit of the Borough is hereby pledged to the punctual payment of the principal of and the interest on the obligations authorized by this bond ordinance. The obligations shall be direct, unlimited obligations of the Borough, and the Borough shall be obligated to levy ad valorem taxes upon all the taxable real property within the Borough for the payment of the obligations and the interest thereon without limitation of rate or amount.
Section 9. To the extent that any previous ordinance or resolution is inconsistent herewith or contradictory hereto, said ordinance or resolution is hereby repealed or amended to the extent necessary to make it consistent herewith.
Section 10. This bond ordinance shall take effect 20 days after the first publication thereof after final adoption, as provided by the Local Bond Law.
NANCY MERSE, Mayor
ATTEST:
BARBARA RAE, RMC. Borough Clerk
INTRODUCED: April 19, 2004
ADOPTED: May 17, 2004
APPROVED: May 17, 2004