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SECTION 4. If any section, subsection, sentence, clause, phrase or portion of this ordinance is for any reason held to be invalid or unconstitutional by a court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision, and such holding shall not affect the validity of the remaining portions hereof.
SECTION 5. This ordinance shall take effect after second reading and publication as required by law and in accordance with N.J.S.A. 40:69A-181(b).
Date: _____
NOTICE IS HEREBY GIVEN that the foregoing Ordinance was introduced and passed on first reading at a regular meeting of the Township Council of the Township of Jackson, in the County of Ocean, State of New Jersey, held on November 14, 2011 and will be considered for second reading and final passage at the regular meeting of said Governing Body to be held on the 29th day of November, 2011, at 7:30 p.m. or as soon thereafter as this matter can be reached, at the meeting room of the Municipal Building located at 95 West Veterans Highway, Jackson, New Jersey, at which time all persons interested shall be given an opportunity to be heard concerning this Ordinance.
ANN MARIE EDEN, R.M.C.
TOWNSHIP CLERK
ORDINANCES, FIRST READING:
BOND ORDINANCE NO. 40-11
TITLE: BOND ORDINANCE PROVIDING FOR STORM WATER BASIN IMPROVEMENTS, APPROPRIATING $1,332,313 THEREFOR AND AUTHORIZING THE ISSUANCE OF $1,332,313 BONDS AND NOTES TO FINANCE A PORTION OF THE COSTS THEREOF, AUTHORIZED IN AND BY THE TOWNSHIP OF JACKSON, IN THE COUNTY OF OCEAN, NEW JERSEY
MOTION TO APPROVE BOND ORDINANCE 40-11 ON FIRST READING, ADVERTISE THE APPROVAL, NOTICE OF SECOND READING AND PUBLIC HEARING TO BE HELD ON DECEMBER 13, 2011 BY: UPDEGRAVE MOTION SECONDED BY: RIVERE YES: RIVERE, UPDEGRAVE & BRESSI ABSENT: KAFTON & MARTIN
BE IT ORDAINED by the TOWNSHIP COUNCIL OF THE TOWNSHIP OF JACKSON, IN THE COUNTY OF OCEAN, STATE OF NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurring), AS FOLLOWS:
Section 1. The improvements described in Section 3 of this bond ordinance are hereby authorized as general improvements to be undertaken in and by the Township of Jackson, in the County of Ocean, New Jersey (the “Township”). For the improvements or purposes described in Section 3, there is hereby appropriated the sum of $1,332,313, said sum being inclusive of all appropriations heretofore made therefore. It is anticipated that the Township will finance said improvements through the Department of Environmental Protection’s Barnegat Bay One Hundred Percent (100%) Principal Loan Forgiveness Financing. No down payment is required or appropriated herein, in accordance with N.J.S.A. 40A:2-11c of the Local Bond Law.
Section 2. In order to finance the costs of said improvements or purposes not provided for by the application of the down payment, negotiable bonds are hereby authorized to be issued in the principal amount not to exceed $1,332,313, pursuant to the Local Bond Law. In anticipation of the issuance of said bonds and to temporarily finance said improvements or purposes, negotiable bond anticipation notes are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law.