2474-16 Bond Ordinance 375000 for parking improvements at Gregory School (2).pdf

#2271948 v1 100181-33129 2474-16 BOND ORDINANCE AUTHORIZING PARKING IMPROVEMENTS AT GREGORY SCHOOL IN AND FOR THE TOWNSHIP OF WEST ORANGE, IN THE COUNTY OF ESSEX, NEW JERSEY, APPROPRIATING $375,000 THEREFORE AND AUTHORIZING THE ISSUANCE OF $ 357,140 BONDS OR NOTES TO FINANCE PART OF THE COST THEREOF BE IT ORDAINED, BY THE TOWNSHIP COUNCIL OF THE TOWNSHIP OF WEST ORANGE, IN THE COUNTY OF ESSEX, 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 (the “Improvements”) are hereby authorized to be undertaken by the Township of West Orange, New Jersey (the “Township”) as general improvements. For the said Improvements there is hereby appropriated the amount of $ 375,000 , such sum includes the sum of $17,860 as the down payment (the “Down Payment”) required by the Local Bond Law of the State of New Jersey, constituting Chapter 2 of Title 40A of the New Jersey Statutes, as amended and supplemented (the “Local Bond Law”). The Down Payment is now available by virtue of provision in one or more previously adopted budgets for down payments or capital improvement purposes. SECTION 2: In order to finance the additional cost of the Improvements not covered by application of the Down Payment, negotiable bonds of the Township are hereby authorized to be issued in the principal amount of $357,140 pursuant to the provisions of the Local Bond Law (the “Bonds”). In anticipation of the issuance of the Bonds and to temporarily finance said improvements or purposes, negotiable bond anticipation notes of the Township are hereby authorized to be issued in the principal amount not exceeding $357,140 pursuant to the provisions of the Local Bond Law (the “Bond Anticipation Notes” or “Notes”). SECTION 3: (a) The Improvements hereby authorized and the purposes for the financing of which said obligations are to be issued is for parking improvements at Gregory School, including all work and materials necessary therefor and incidental thereto. (b) The estimated maximum amount of Bonds or Notes to be issued for the purpose of financing a portion of the cost of the Improvements is $357,140. (c) The estimated cost of the Improvements is $375,000 which amount represents the initial appropriation made by the Township. The excess of the appropriations made for each of the

ements is $357,140. (c) The estimated cost of the Improvements is $375,000 which amount represents the initial appropriation made by the Township. The excess of the appropriations made for each of the Improvements over the estimated maximum amount of Bonds or Notes authorized to be issued therefor is the amount of the Down Payment for each purpose.

#2271948 v1 100181-33129 SECTION 4: All Bond Anticipation Notes issued hereunder shall mature at such times as may be determined by the chief financial officer of the Township (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 ordinance, and the signature of the Chief Financial Officer 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 Section 8(a) 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 Township Council of the Township at the meeting next succeeding the date when any sale or delivery of the Notes pursuant to this 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 of the Township is hereby amended to conform with the provisions of this ordinance to the extent of any inconsistency herewith. The resolution in the form promulgated by the Local Finance Board showing full detail of the amended capital budget and capital program as approved by the Director, Division of Local Government Services, Department of Community Affairs, State of New Jersey is on file with the Clerk and is available for public inspection. SECTION 6: The following additional matters are hereby determined, declared, recited and stated: (a) The Improvements described in Section 3 of this bond ordinance are not current expenses, and are capital improvements or properties that the Township may lawfully make or acquire as general improvements, and no part of the cost thereof has been or shall be specially assessed on property specially benefited thereby. (b) The average period of usefulness of the Improvements,

uire as general improvements, and no part of the cost thereof has been or shall be specially assessed on property specially benefited thereby. (b) The average period of usefulness of the Improvements, within the limitations of the Local Bond Law, taking into consideration the respective amounts of all obligations authorized for the several purposes, according to the reasonable life thereof computed from the date of the Bonds authorized by this bond ordinance, is 10 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, Division of Local Government Services, Department of Community Affairs, 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 $357,140 and the obligations authorized herein will be within all debt limitations prescribed by the Local Bond Law.

#2271948 v1 100181-33129 (d) An aggregate amount not exceeding $75 ,000 for items of expense listed in and permitted under Section 20 of the Local Bond Law is included in the estimated cost of the Improvements, as indicated herein. SECTION 7: Any funds received from time to time by the Township as contributions in aid of financing the purposes described in Section 3 of this Ordinance, shall be used for financing said Improvements by application thereof either to direct payment of the cost of said Improvements or to the payment or reduction of the authorization of the obligations of the Township authorized therefor by this Bond Ordinance. Any such funds received may, and all such funds so received which are not required for direct payment of the cost of said Improvements shall, be held and applied by the Township as funds applicable only to the payment of obligations of the Township authorized by this Bond Ordinance. SECTION 8: The full faith and credit of the Township are hereby pledged to the punctual payment of the principal of and 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 property within the Township for the payment of the obligations and the interest thereon without limitation of rate or amount. SECTION 9: This Bond Ordinance constitutes a declaration of official intent under Treasury Regulation Section 1.150-2. The Township reasonably expects to pay expenditures with respect to the Improvements prior to the date that Township incurs debt obligations under this Bond Ordinance. The Township reasonably expects to reimburse such expenditures with the proceeds of debt to be incurred by the Township under this Bond Ordinance. The maximum principal amount of debt expected to be issued for payment of the costs of the Improvements is $357,140. SECTION 10: This bond ordinance shall take effect 20 days after the first publication thereof after final adoption, as provided by the Local Bond Law.

#2271948 v1 100181-33129 First Reading: January 19, 2016 Final Reading: February 9, 2016 _________________________________________ Robert D. Parisi Mayor _________________________________________ Victor Cirilo Council President Approved as to form and legality on the basis of the facts set forth. _____________________________ Karen J. Carnevale, R.M.C. Municipal Clerk

#2271948 v1 100181-33129 2474-16 NOTICE OF PENDING BOND ORDINANCE The Bond Ordinance, the summary terms of which are included herein, was introduced and passed upon first reading at a meeting of the governing body of the Township Council of the Township of West Orange, in the County of Essex, State of New Jersey, on January 19, 2016 . It will be further considered for final passage after public hearing thereon at a meeting of the governing body to be held at the Township Council at the Municipal Building, 66 Main Street, in said Township on February 9, 2016 at 7 o’clock p.m. During the week prior to and up to and including the date of such meeting, copies of the full ordinance will be available at no cost and during regular business hours, at the Clerk’s Office for the members of the general public who shall request the same. The summary of the terms of such bond ordinance follows: Title: Bond Ordinance Authorizing Parking Improvements At Gregory School In And For The Township Of West Orange, In The County Of Essex, New Jersey, Appropriating $375,000 Therefore And Authorizing The Issuance Of $357,140 Bonds Or Notes To Finance Part Of The Cost Thereof. Purpose(s): For parking improvements at Gregory School. Appropriation: $375,000 Bonds/Notes Authorized: $357,140 Grants (if any) Appropriated: None Section 20 Costs: $75,000 Useful Life: 10 years KAREN J. CARNEVALE CLERK This Notice is published pursuant to N.J.S.A. 40A:2-17

#2271948 v1 100181-33129 2474-16 BOND ORDINANCE STATEMENTS AND SUMMARIES The Bond Ordinance, the summary terms of which are included herein, has b een finally adopted by the Township of West Orange, State of New Jersey on February 9, 2016 and the 20- d ay p eriod of limitation within which a suit, action or proceeding questioning the validity of such Ordinance can be commenced, as provided in the Local Bond Law, has begun to run from the date of the first publication of this statement. Copies of the full ordinance are available at no cost and during regular business hours, at the Clerk’s office for members of the general public who request the same. The summary of the terms of such bond ordinance follows: Title: Bond Ordinance Authorizing Parking Improvements At Gregory School In And For The Township Of West Orange, In The County Of Essex, New Jersey, Appropriating $375,000 Therefore And Authorizing The Issuance Of $357,140 Bonds Or Notes To Finance Part Of The Cost Thereof. Purpose(s): For parking improvements at Gregory School. Appropriation: $375,000 Bonds/Notes Authorized: $357,140 Grants (if any) Appropriated: None Section 20 Costs: $75,000 Useful Life: 10 years KAREN J. CARNEVALE CLERK

#2271948 v1 100181-33129 ORDINANCE # ________ RE: TOWNSHIP OF WEST ORANGE $375,000 PARKING IMPROVEMENTS AT GREGORY SCHOOL Certified copy of the Supplemental Debt Statement prepared as of the date of introduction of the ordinance. This should show filing in the Clerk's office as well as in Trenton. Down Payment Certificate. Certified copy of the minutes of the meeting of the Township Council held showing introduction of the ordinance. Affidavit of Publication in local newspaper following introduction of the ordinance. Certified copy of the minutes of the meeting of the Township Council held showing public hearing and final adoption of the ordinance. Affidavit of Publication in local newspaper following final adoption of the ordinance. Clerk's Certificate executed no sooner than 21 days following final publication of the ordinance.

#2271948 v1 100181-33129 DEBT STATEMENT CERTIFICATE I, Karen Carnevale, Clerk of the Township of West Orange, in the County of Essex, New Jersey (herein called the “Local Unit”), HEREBY CERTIFY that annexed hereto is a true and complete copy of the Supplemental Debt Statement of the Local Unit that was prepared as of __________ ___, 2016 by John Gross, who was then chief financial officer of the Local Unit and filed in my office on _________ __, 2016, and that a complete, executed copy of such statement was filed in the office of the Director of he Division of local Government Services of the State of New Jersey on ___________________, 2016. IN WITNESS WHEREOF, I have hereunto set my hand and the seal of the Local Unit this _____ day of _____________, 2016. ____________________________ Karen Carnevale, Clerk