Jackson Township Council Meeting of February 10, 2015
Page 22 of 35
YES: BRESSI, NIXON, UPDEGRAVE, MARTIN, CALOGERO
ORDINANCE 05-15
BE IT ORDAINED BY THE TOWNSHIP COUNCIL OF THE TOWNSHIP OF JACKSON, IN THE COUNTY OF OCEAN, NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurring) AS FOLLOWS:
Section 1. The Township of Jackson, in the County of Ocean, New Jersey (the “Township”) is hereby authorized to refund a portion or all of the Township’s (i) General Obligation Bonds, Series 2008, dated December 4, 2008, maturing on and after December 1, 2019; and (ii) provide for the payment of the costs of issuance.
Section 2. In order to finance the cost of the purpose described in Section 1 hereof, negotiable general obligation refunding bonds (the “Refunding Bonds”) are hereby authorized to be issued in the principal amount not to exceed $7,500,000 pursuant to the Local Bond Law.
Section 3. An aggregate amount not exceeding $125,000 for items of expense listed in and permitted under N.J.S.A. 40A:2-51(b) has been included in the aggregate principal amount of refunding bonds authorized herein.
Section 4. The purpose of the refunding is to reduce the debt service payable by the Township with respect to its outstanding obligations.
Section 5. The full faith and credit of the Township are hereby pledged to the punctual payment of the principal of and the interest on the obligations authorized by this refunding bond ordinance. The obligations shall be direct, unlimited obligations of the Township, and the Township shall be obligated to levy ad valorem taxes upon all the taxable real property within the Township for the payment of the obligations and the interest thereon without limitation of rate or amount.
Section 6. A certified copy of this refunding bond ordinance as adopted on first reading has been filed with the Director of the Division of Local Government Services in the Department of Community Affairs of the State of New Jersey prior to final adoption, together with a complete statement in the form prescribed by the Director and signed by the chief financial officer of the Township as to the indebtedness to be financed by the issuance of the refunding bonds authorized herein.
Section 7. This refunding bond ordinance shall take effect 20 days after the first publication thereof after final adoption, as provided by the Local Bond Law, provided that the consent of the Local Finance Board has been endorsed upon a certified copy of this ordinance as finally adopted.
Date: _____
MAYOR MICHAEL REINA