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ORDINANCE NO 2011 16 AN ORDINANCE COUNTY OF OF TOWNSHIP THE OCEAN STATE OF OF LACEY NEW JERSEY PROVIDING FOR THE LAKE BARNEGA T DRIVE NORTH ROAD IMPROVEMENT PROJECT IN OF LACEY AND APPROPRIATING AND PROVIDING FOR THE THE TOWNSHIP 390 000 THEREFOR ISSUANCE OF 120 000 IN BONDS OR NOTES OF THE TOWNSHIP OF LACEY TO FINANCE THE SAME BE IT ORDAINED BY THE TOWNSHIP COMMITTEE OF THE TOWNSHIP OF LACEY IN THE COUNTY OF OCEAN NEW JERSEY not less than two thirds of all members thereof affirmatively Section 1 The concurring improvement hereby authorized to be undertaken Jersey the Township as a in Section 3 hereof there is or by AS FOLLOWS purpose described in Section 3 of this bond ordinance is the of Township For the general improvement hereby appropriated Lacey the sum and the sum of 20 000 to the Local Bond Law in the application of the are hereby notes are In fund in one or more down payment or otherwise or of Ocean New purpose described including Fiscal Year 2010 improvement by or the 250 000 Municipal Aid purpose pursuant virtue of the provision previously adopted budgets In order to finance the cost of the anticipation hereby s the down payment for the authorized to be issued in the Bond Law improvement The down payment has been made available capital improvement Section 2 as County of 390 000 grant from the New Jersey Department of Transportation Program in the provided principal improvement or for hereunder amount of of the issuance of the bonds or purpose not covered by negotiable bonds or notes 120 000 pursuant to the Local notes negotiable authorized to be issued pursuant to and within the limitations bond anticipation prescribed by the Local Bond Law Section 3 bonds or notes are and Musket Road handicapped a The authorized and the purpose for which the to be issued is the reconstruction of portions of Lake including sidewalk ramps incidental thereto improvement hereby but not limited to and including resurfacing re Barnegat striping Drive North and installation of all work and materials necessary therefor and b the improvement or The estimated maximum amount of bonds purpose is appropriation Section 4 one year from its date may be determined The notes shall bear interest matters in connection with notes issued officer s signature provided the chief financial officer by at such the the Section 5 is The hereby program capital budget herewith or approved by or The to the as and the chief financial writing to the notes provisions at to this bond the interest rate and of the capital budget governing body pursuant description name All of the Local purchaser applicable as of the ofthis bond ordinance to the extent inconsistency the Local Finance Board capital budget and amendment showing as the full detail of the applicable and the Director of the Division of Local Government Services is following as and be in such form to all such determinations delivery ofthe temporary amended temporary with the Clerk and is available there for Section 6 or as price obtained and the or rates subject to the provisions In the event of any such promulgated by capital budget as the date when any sale amended to conform with the resolution in the form equal note shall mature later than to this bond ordinance pursuant ofthe notes sold the inconsistency amended rate Such report must include the amount the maturity schedule of any no The chief financial officer is directed to report in meeting next succeeding Township that upon the notes shall be conclusive evidence ordinance is made purpose is The chief financial officer shall determine all notes issued hereunder may be renewed from time to time Bond Law or notes issued hereunder shall mature at such times anticipation the chief financial officer by improvement herein made therefor All bond may be determined notes to be issued for stated in Section 2 hereof The estimated cost of the c amount ofthe as or capital on file public inspection additional matters are hereby determined declared recited and stated a ordinance is not assessed on a The improvement current expense or purpose described in Section 3 of this bond No part ofthe costs thereof has been or shall be specially property specially benefited thereby b The period limitations of the Local Bond Law date of the bonds authorized by this of usefulness of the according improvement or purpose within the to the reasonable life thereof computed from the bond ordinance is 10 years The c has been duly prepared Supplemental Debt Statement required by and filed in the office of the Clerk and the Local Bond Law executed complete a duplicate thereof has been filed in the office of the Director of the Division of Local Government Services in the Department of Community Affairs ofthe State ofNew the gross debt of the Township as authorization of the bonds and notes obligations defined in the Local improvement or Any grant and the that Law 90 000 for items of expense listed in and moneys received for the purposes described in Section 3 hereof other than those identified in Section 8 cost ofthe improvement The amount of or obligations to payment hereof ofthe shall be obligations applied either to direct payment of the issued pursuant to this bond ordinance authorized hereunder shall be reduced to the extent that such funds used Section 8 there is herein As a of 250 000 payment of the to payment ofthe or s the interest of 390 000 made in Section 1 hereof purpose described in Section 3 to the Township Fiscal Year 2010 The full faith and credit of the on the from Municipal a Aid obligations ofthe authorized Township obligations by contradictory previous hereto said ordinance or ordinance resolution is or to the punctual this bond ordinance and the and the interest thereon without limitation of rate To the extent that any hereof the Program Township is hereby pledged obligations a grant from the State of Township ad valorem taxes upon all the taxable real property within the Section 10 herewith or payable of Transportation shall be direct unlimited levy appropriation improvement the amount principal ofand obligations of the total for the constituting Jersey Department obligated portion appropriated Section 9 The prescribed by the purpose Section 7 New exceeding 120 000 by by under N J S A 40A 2 20 is included in the estimated cost indicated herein for the permitted sum in this bond ordinance provided An amount not Such statement shows that Bond Law is increased authorized herein will be within all debt limitations d are so Jersey or shall be Township for the amount resolution is inconsistent hereby repealed or amended to the extent necessary to make it consistent herewith Section 11 thereof after final This bond ordinance shall take effect 20 adoption as provided by the Local Bond Law days after the first publication NOTICE NOTICE IS HEREBY GIVEN that the foregoing ordinance was introduced and passed the Township Committee on first reading at a meeting ofthe Township Committee of the by Township of Lacey held on the 28th day of July 2011 and will be considered for second reading and final passage on the 11th day of August 2011 at 7 00pm at the Municipal Building at 818 West Lacey Road Forked River New Jersey at which time and lace persons desiring to be heard upon the same will be given the 0 ortunity to so b ar