Town of South Brunswick
New Jersey

Ordinance
ORD-2017-27

An Ordinance of the Township of South Brunswick, in the County of Middlesex, New Jersey, Providing for Various Capital Improvements and Other Related Expenses in and for the Township of South Brunswick and Appropriating $1,436,000 Therefor, and Providing for the Issuance of $1,364,200 in Bonds or Notes of the Township of South Brunswick to Finance the Same

Information

Department:FinanceSponsors:
Category:Bonding Ordinance

Body

BE IT ORDAINED BY THE TOWNSHIP COUNCIL OF THE TOWNSHIP OF SOUTH BRUNSWICK, IN THE COUNTY OF MIDDLESEX, NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurring), AS FOLLOWS:

Section 1.              The several improvements or purposes described in Section 3 of this bond ordinance are hereby authorized to be undertaken by the Township of South Brunswick, in the County of Middlesex, New Jersey (the “Township”), as general improvements.  For the several improvements or purposes described in Section 3 hereof, there are hereby appropriated the respective sums of money therein stated as the appropriations made for each improvement or purpose, such sums amounting in the aggregate to $1,436,000 including the aggregate sum of $71,800 as the several down payments for the improvements or purposes required by the Local Bond Law.  The down payments have been made available by virtue of provision for down payment or for capital improvement purposes in one or more previously adopted budgets.

Section 2.              In order to finance the cost of the several improvements or purposes not covered by application of the several down payments or otherwise provided for hereunder, negotiable bonds are hereby authorized to be issued in the principal amount of $1,364,200 pursuant to the Local Bond Law.  In anticipation of the issuance of the bonds, negotiable bond anticipation notes are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law.

Section 3.              The several improvements hereby authorized and the several purposes for which the bonds or notes are to be issued, the estimated cost of each improvement and the appropriation therefor, the estimated maximum amount of bonds or notes to be issued for each improvement and the period of usefulness of each improvement are as follows:

(a)              Purpose:              Acquisition of information technology and telecommunications equipment, including equipment with a unit cost of less than $5,000, including, but not limited to, desktop computers,laptop computers, portable radios and mobile radios, and including all work and materials necessary therefor or incidental thereto.

 

Appropriation and Estimated Cost:                                                        $293,000

Maximum Amount of Bonds or Notes:                                          $278,350

Period or Average Period of Usefulness:                                             5 years

Amount of Down Payment:                                                                      $  14,650

 

(b)      Purpose:              Acquisition of information technology and telecommunications equipment with a unit cost of $5,000 or greater, including, but not limited to, console computers, web filtering equipment and microwave communication equipment, and including all work and materials necessary therefor or incidental thereto.

 

Appropriation and Estimated Cost:                                                        $122,000

Maximum Amount of Bonds or Notes:                                          $115,900

Period or Average Period of Usefulness:                                             7 years

Amount of Down Payment:                                                                      $   6,100

 

(c)     Purpose:              Acquisition of backup HVAC Unit for Main Computer Room, including all work and materials necessary therefor or incidental thereto.

 

Appropriation and Estimated Cost:                                                        $  8,000

Maximum Amount of Bonds or Notes:                                          $  7,600

Period or Average Period of Usefulness:                                            15 years

Amount of Down Payment:                                                                      $     400

 

(d)              Purpose:              Acquisition of public works equipment, including, but not limited, tac tar machine, and including all work and materials necessary therefor or incidental thereto.

 

Appropriation and Estimated Cost:                                                        $32,000

Maximum Amount of Bonds or Notes:                                          $30,400

Period or Average Period of Usefulness:                                          15 years

Amount of Down Payment:                                                                      $  1,600

 

(e)        Purpose:              Purchase of automotive vehicles (excluding passenger cars and station wagons), including, but not limited to, dump truck and ambulance, including all work and materials necessary therefor or incidental thereto.

 

Appropriation and Estimated Cost:                                                        $395,000

Maximum Amount of Bonds or Notes:                                          $375,250

Period or Average Period of Usefulness:                                             5 years

Amount of Down Payment:                                                                      $  19,750

 

(f)              Purpose:              Reconstruction and overlay of various roads to a Class B standard, as provided in the Local Bond Law, and sidewalk improvements, as such roads and sidewalks shall be identified on a list on file in the office of the Township Clerk, as such list may be modified from time to time, and including all work and materials necessary therefor or incidental thereto.

 

Appropriation and Estimated Cost:                                                        $524,600

Maximum Amount of Bonds or Notes:                                          $498,370

Period or Average Period of Usefulness:                                            10 years

Amount of Down Payment:                                                                      $  26,230

 

(g)              Purpose:              Improvements to parks, including, but not limited to, Reichler Park backstop replacement, Woodlot Park LED sign, tables and receptacles at Community Center Park, and signage, and including all work and materials necessary therefor or incidental thereto.

 

Appropriation and Estimated Cost:                                                        $ 61,400

Maximum Amount of Bonds or Notes:                                          $ 58,330

Period or Average Period of Usefulness:                                          15 years

Amount of Down Payment:                                                                      $   3,070

 

(h)              The estimated maximum amount of bonds or notes to be issued for the several improvements or purposes is as stated in Section 2 hereof.

(i)              The estimated cost of the several improvements or purposes is equal to the amount of the appropriation herein made therefor.

Section 4.              All bond anticipation notes issued hereunder shall mature at such times as may be determined by the chief financial officer; provided that no note shall mature later than one year from its date.  The notes shall bear interest at such rate or rates and be in such form as may be determined by the chief financial officer.  The chief financial officer shall determine all matters in connection with notes issued pursuant to this bond ordinance, and the chief financial officer's signature upon the notes shall be conclusive evidence as to all such determinations.  All notes issued hereunder may be renewed from time to time subject to the provisions of the Local Bond Law.  The chief financial officer is hereby authorized to sell part or all of the notes from time to time at public or private sale and to deliver them to the purchasers thereof upon receipt of payment of the purchase price plus accrued interest from their dates to the date of delivery thereof.  The chief financial officer is directed to report in writing to the governing body at the meeting next succeeding the date when any sale or delivery of the notes pursuant to this bond ordinance is made.  Such report must include the amount, the description, the interest rate and the maturity schedule of the notes sold, the price obtained and the name of the purchaser.

Section 5.              The capital budget (or temporary capital budget, as applicable) of the Township is hereby amended to conform with the provisions of this bond ordinance to the extent of any inconsistency herewith.  In the event of any such inconsistency and amendment, the resolution in the form promulgated by the Local Finance Board showing full detail of the amended capital budget (or amended temporary capital budget, as applicable) and capital program as approved by the Director of the Division of Local Government Services is on file with the Clerk and is available there for public inspection.

Section 6.              The following additional matters are hereby determined, declared, recited and stated:

(a)              The several improvements or purposes described in Section 3 of this bond ordinance are not current expenses.  They are improvements or purposes the Township may lawfully undertake as general improvements, and no part of the costs thereof have been or shall be specially assessed on property specially benefited thereby.

(b)              The average period of usefulness of the several improvements or purposes, within the limitations of the Local Bond Law, computed on the basis of the respective amounts or obligations authorized for each improvement or purpose and the reasonable life thereof within the limitations of the Local Bond Law, is 7.70 years.

(c)              The Supplemental Debt Statement required by the Local Bond Law has been duly prepared and filed in the office of the Clerk, and a complete executed duplicate thereof has been filed in the office of the Director of the Division of Local Government Services in the Department of Community Affairs of the State of New Jersey.  Such statement shows that the gross debt of the Township as defined in the Local Bond Law is increased by the authorization of the bonds and notes provided in this bond ordinance by $1,364,200 and the obligations authorized herein will be within all debt limitations prescribed by that Law.

(d)              An aggregate amount not exceeding $350,000 for items of expense listed in and permitted under N.J.S.A. 40A:2-20 is included in the estimated cost indicated herein for the several improvements or purposes.

(e)              The Township reasonably expects to commence the acquisition and/or construction of the several improvements or purposes described in Section 3 hereof, and to advance all or a portion of the costs in respect thereof, prior to the issuance of bonds or notes hereunder. To the extent such costs are advanced, the Township further reasonably expects to reimburse such expenditures from the proceeds of the bonds or notes authorized by this bond ordinance, in an aggregate amount not to exceed the amount of bonds or notes authorized in Section 2 hereof.

Section 7.              Any grant moneys received for the purposes described in Section 3 hereof shall be applied either to direct payment of the cost of the improvement or to payment of the obligations issued pursuant to this bond ordinance.  The amount of obligations authorized hereunder shall be reduced to the extent that such funds are so used.

Section 8.              The full faith and credit of the Township is hereby pledged to the punctual payment of the principal of and the interest on the obligations authorized by this 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 9.              The chief financial officer of the Township is hereby authorized to prepare and to update from time to time as necessary a financial disclosure document to be distributed in connection with the sale of obligations of the Township and to execute such disclosure document on behalf of the Township.  The chief financial officer is further authorized to enter into the appropriate undertaking to provide secondary market disclosure on behalf of the Township pursuant to Rule 15c2-12 of the Securities and Exchange Commission (the “Rule”) for the benefit of holders and beneficial owners of obligations of the Township and to amend such undertaking from time to time in connection with any change in law, or interpretation thereof, provided such undertaking is and continues to be, in the opinion of a nationally recognized bond counsel, consistent with the requirements of the Rule.  In the event that the Township fails to comply with its undertaking, the Township shall not be liable for any monetary damages, and the remedy shall be limited to specific performance of the undertaking.

Section 10.              To the extent that any previous ordinance or resolution is inconsistent herewith or contradictory hereto, said ordinance or resolution is hereby repealed or amended to the extent necessary to make it consistent herewith.

Section 11.              This bond ordinance shall take effect 20 days after the first publication thereof after final adoption, as provided by the Local Bond Law.

The above ordinance was introduced and passed on first reading at a regular meeting of the Township Council of the Township of South Brunswick held on September 12, 2017, and will be considered on second and final reading and final passage at a regular meeting of the Township Council of the Township of South Brunswick to be held at the Municipal Building, Monmouth Junction, New Jersey, at 7:30 p.m. on October 10, 2017, at which time and place any person having an interest therein will be given an opportunity to be heard.

 

 

Meeting History

Aug 22, 2017 7:30 PM  Township Council Regular Meeting
RESULT:TABLED [UNANIMOUS]Next: 9/12/2017 7:30 PM
MOVER:Joseph Camarota, Councilman
SECONDER:Josephine "Jo" Hochman, Councilwoman
AYES:Ken Bierman, Joseph Camarota, Charlie Carley, Josephine "Jo" Hochman
ABSENT:Chris Killmurray
Sep 12, 2017 7:30 PM  Township Council Regular Meeting
RESULT:INTRODUCED [UNANIMOUS]Next: 10/10/2017 7:30 PM
MOVER:Joseph Camarota, Councilman
SECONDER:Josephine "Jo" Hochman, Councilwoman
AYES:Ken Bierman, Joseph Camarota, Charlie Carley, Josephine "Jo" Hochman
ABSENT:Chris Killmurray
Oct 10, 2017 7:30 PM  Township Council Regular Meeting
RESULT:ADOPTED [UNANIMOUS]
MOVER:Joseph Camarota, Councilman
SECONDER:Josephine "Jo" Hochman, Councilwoman
AYES:Ken Bierman, Joseph Camarota, Charlie Carley, Josephine "Jo" Hochman
ABSENT:Chris Killmurray