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THE TOWNSHIP'S AFFORDABLE HOUSING PLAN, IN ORDER TO INCREASE THE ALLOCATION OF THE APPROPRIATION TO COSTS PERMITTED UNDER N.J.S.A. 40A:2-20, AUTHORIZED IN AND BY THE TOWNSHIP OF JACKSON, IN THE COUNTY OF OCEAN, NEW JERSEY
MOTION TO APPROVE ORDINANCE 46-08 ON FIRST READING, ADVERTISE THE APPROVAL AND NOTICE OF SECOND READING AND PUBLIC HEARING TO BE HELD ON, DECEMBER 23, 2008 BY: UPDEGRAVE MOTION SECONDED BY: MARTIN
YES: MARTIN, UPDEGRAVE, & KAFTON
ABSENT: RIVERE
WHEREAS, the Township of Jackson, in the County of Ocean, New Jersey (the “Township”) adopted Bond Ordinance No. 17-07 on May 22, 2007 (the “Prior Ordinance”) authorizing the acquisition of real property and the development and implementation of the Township’s Affordable Housing Plan; and
WHEREAS, the Township has determined that the $325,000 allocation of the $750,000 appropriation authorized by the Prior Ordinance for purposes permitted under N.J.S.A. 40A:2-20 is insufficient and desires to increase such allocation by $350,000, to an aggregate amount of $675,000, without increasing the aggregate appropriation or debt authorization for said purposes, by amendment of the Prior Ordinance.
NOW, THEREFORE, BE IT ORDAINED by the Township Council of the Township of Jackson, County of Ocean, State of New Jersey (not less than two-thirds of all members thereof affirmatively concurring), as follows:
Section One. Section 5(d) of the Prior Ordinance is hereby amended to read as follows:
An aggregate amount not exceeding $675,000 for interest on said obligations, costs of issuing said obligations, engineering costs, legal fees and other items of expense listed in and permitted under N.J.S.A. 40A:2-20 is included as part of the cost of said improvements and is included in the estimated cost indicated herein for said improvements.
Section Two. The aggregate appropriation of $750,000, the aggregate debt authorization of $675,000, the aggregate down payment of $75,000, and other authorizations of the Prior Ordinance remain unchanged and are hereby confirmed.
Section Three. All ordinances or parts of ordinances in conflict or inconsistent with any of the terms of this ordinance are hereby repealed to the extent that they are in such conflict or are inconsistent. In the event that any section, part or provision of this ordinance shall be held to be unconstitutional or invalid by any court, such holding shall not affect the validity of this ordinance as a whole, or any part hereof other than the part so held unconstitutional or invalid.
Section Four. This amendatory bond ordinance shall take effect twenty days after the first publication thereof after final passage, as provided in the Local Bond Law, N.J.S.A. 40A:2-1 et seq..
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 December 9, 2008, and will be considered for second reading and final passage at the regular meeting of said