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ORDINANCE: 11-21
ORDINANCE: 11-21
TITLE: BOND ORDINANCE PROVIDING FOR VARIOUS CAPITAL IMPROVEMENTS AND THE ACQUISITION OF VARIOUS CAPITAL EQUIPMENT, APPROPRIATING $4,000,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $2,857,142 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 ORDINANCE 11-21 ON FIRST READING, ADVERTISE THE APPROVAL AND NOTICE OF SECOND READING AND PUBLIC HEARING TO BE HELD ON JUNE 15, 2021 BY: SAUICKIE MOTION SECONDED BY: FLEMMING YES: BORRELLI, CHISHOLM, SAUICKIE, FLEMMING, KERN
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 $4,000,000, said sum being inclusive of all appropriations heretofore made therefor, including the sum of $1,000,000 appropriated from the Township’s Capital Surplus Fund, and the sum of $142,858 as the down payment for said purposes as required by the Local Bond Law, N.J.S.A. 40A:2-1 et seq., now available by virtue of provision in the Capital Improvement Fund of one or more previously adopted budgets.
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 $2,857,142, 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.
Section 3.(a) The improvements hereby authorized and the purposes for which the obligations are to be issued consist of:
various road/drainage and sidewalk improvements, with a total appropriation and estimated cost of $1,750,000 including $1,000,000 appropriated from the Township’s Capital Surplus Fund, estimated maximum amount of bonds or notes therefor of $714,286, and an average period of usefulness of ten (10) years;
acquisition and outfitting of new police vehicles, with a total appropriation and estimated cost of $500,000, estimated maximum amount of bonds or notes therefor of $476,190, and an average period of usefulness of five (5) years; various recreation improvements, including, but not limited to, turf repair and playground improvements, with a total appropriation and estimated cost of $1,310,000,
estimated maximum amount of bonds or notes therefor of $1,247,619, and an average period of usefulness of fifteen (15) years;
records retention for all Township departments, with a total appropriation and estimated cost of $50,000, estimated maximum amount of bonds or notes therefor of $47,619, and an average period of usefulness of five (5) years; and
various public works improvements and equipment acquisitions, including, but not limited to, road repair and the acquisition of a public works vehicle and loader,