2536-18 Bond Ord. 1.9.18.pdf

2536-18 BOND ORDINANCE PROVIDING FOR THE GREEN ACRES MULTI- PARK DEVELOPMENT PROJECT IN AND BY THE TOWNSHIP OF WEST ORANGE, IN THE COUNTY OF ESSEX, NEW JERSEY, APPROPRIATING $143,575 THEREFOR AND AUTHORIZING THE ISSUANCE OF $136,575 BONDS OR NOTES OF THE TOWNSHIP 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 improvement described in Section 3(a) of this bond ordinance is hereby authorized to be undertaken by the Township of West Orange, in the County of Essex, New Jersey (the "Township") as a general improvement. For the improvement or purpose described in Section 3(a), there is hereby appropriated the sum of $143,575, including the sum of $7,000 as the down payment required by the Local Bond Law. The down payment is now 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 improvement or purpose not covered by application of the down payment, negotiable bonds are hereby authorized to be issued in the principal amount of $136,575 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. (a) The improvement hereby authorized and the purpose for the financing of which the bonds are to be issued is the Green Acres Multi-Park Development Project, consisting of improvements at Degnan Park and Lafayette Park, including field improvements, fixtures and related work and costs necessary therefor or incidental thereto. (b) The estimated maximum amount of bonds or bond anticipation notes to be issued for the improvement or purpose is as stated in Section 2 hereof. (c) The estimated cost of the improvement or purpose is $189,100, including a Green Acres grant in the amount of $45,525 appropriated from the Township’s grant fund and $143,575 appropriated by this bond ordinance. 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 bond anticipation note shall mature later than one year from

l bond anticipation notes issued hereunder shall mature at such times as may be determined by the chief financial officer; provided that no bond anticipation note shall mature later than one year from its date, unless such bond anticipation notes are permitted to mature at such later date in accordance with applicable law. The bond anticipation 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 bond anticipation notes issued pursuant to this bond ordinance, and the chief financial officer's signature upon the bond anticipation notes shall be conclusive evidence as to all such determinations. All bond anticipation notes issued hereunder may be renewed from time to time subject to the provisions of the Local Bond Law or other applicable law. The chief financial officer is hereby authorized to sell part or all of the bond anticipation 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 bond anticipation 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 bond anticipation notes sold, the price obtained and the name of the purchaser. Section 5. The Township hereby certifies that it has adopted a capital budget or a temporary capital budget, as applicable. The capital or temporary capital budget of the Township is hereby amended to conform with the provisions of this bond ordinance to the extent of any inconsistency herewith. To the extent that the purposes authorized herein are inconsistent with the adopted capital or temporary capital budget, a revised capital or temporary capital budget has been filed with the Division of Local Government Services. Section 6. The following additional matters are hereby determined, declared, recited and stated: (a) The improvement or purpose described in Section 3(a) of this bond ordinance is not a current expense. It is an improvement or purpose that the Township may lawfully undertake as a general improvement, and no part of the cost thereof has been or shall be specially assessed on property specially benefitted thereby. (b) The period of usefulness of the improvement or purpose within the limitations of the Local Bond Law, according to the reasonable life thereof computed from the date of the bonds authorized by this bond ordinance, is 15 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 $136,575, and the obligations authorized herein will be within all debt limitations prescribed by the Local Bond Law. (d) An aggregate amount not exceeding $37,820 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

scribed by the Local Bond Law. (d) An aggregate amount not exceeding $37,820 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 purpose or improvement. Section 7. The Township hereby makes the following covenants and declarations with respect to obligations determined to be issued by the Chief Financial Officer on a tax- exempt basis. The Township hereby covenants that it will comply with any conditions subsequent imposed by the Internal Revenue Code of 1986, as amended (the “Code”), in order to preserve the exemption from taxation of interest on the obligations, including, if necessary, the requirement to rebate all net investment earnings on the gross proceeds above the yield on the obligations. The Chief Financial Officer is hereby authorized to act on behalf of the Township to deem the obligations authorized herein as bank qualified for the purposes of Section 265 of the Code, when appropriate. The Township hereby declares the intent of the Township to issue bonds or bond anticipation notes in the amount authorized in Section 2 of this bond ordinance and to use the proceeds to pay or reimburse expenditures for the costs of the purposes described in Section 3 of this bond ordinance. This Section 7 is a declaration of intent within the meaning and for purposes of Treasury Regulations §1.150-2 or any successor provisions of federal income tax law. Section 8. Any grant moneys received for the purpose described in Section 3(a) 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 but not issued hereunder shall be reduced to the extent that such funds are so used. 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. The full faith and credit of the Township are 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 11. This bond ordinance shall take effect 20 days after the first publication thereof after final adoption, as provided by the Local Bond Law. ________________________________________ ROBERT D. PARISI, MAYOR _________________________________________ SUSAN McCARTNEY, COUNCIL PRESIDENT ___________________________________ KAREN J. CARNEVALE, R.M.C., MUNICIPAL CLERK Introduced: January 9, 2018 Adopted: January 23, 2018

Re: TOWNSHIP OF WEST ORANGE $143,575/$136,575 BOND ORDINANCE GREEN ACRES MULTI-PARK DEVELOPMENT PROJECT 21 Certified copy of the Supplemental Debt Statement prepared as of the date of introduction of the bond ordinance, together with the electronic confirmation of filing provided by the Division of Local Government Services and evidence of filing in the Clerk's Office. 22 Down Payment Certificate. 23 Certified copy of the minutes of the meeting of the Township Council held on ___/___/___ showing introduction of the bond ordinance. 24 Affidavit of Publication in local newspaper following introduction of the bond ordinance. 25 Certified copy of the minutes of the meeting of the Township Council held on ___/___/___ showing public hearing and final adoption of the bond ordinance. 26 Affidavit of Publication in local newspaper following final adoption of the bond ordinance. 27 Clerk's Certificate executed no sooner than 21 days following final publication of the bond ordinance. **************************************************************** BELOW FOR McMANIMON, SCOTLAND & BAUMANN, LLC USE ONLY Posted: __/__/__ Useful Life: 15 years Reviewed By: ____ '20 Costs: $37,820 Mayor's Approval: ___/___/___ Amends/Amended By: Ord. # ___________ F/A: ___/___/___ Amendment: _____________________________________________________ Supplements/Supplemented By: Ord. #__________ F/A: ___/___/___ Original Appropriation/Authorization: $___________/$___________ Authorization for CFO to Sell Notes: X Yes _____ No Resolution Authorizing CFO to Sell Notes: F/A ___/___/___ Grant Moneys Expected: $45,525 appropriated from grant fund ==================================================================================== NOTES/BONDS ISSUED HEREUNDER AMOUNT DATE MATURITY RATE PAYDOWN NEW/ RENEWAL REMAINING AUTHOR- IZATION

21 DEBT STATEMENT CERTIFICATE I, Karen J. Carnevale, Clerk of the Township of West Orange, in the County of Essex, New Jersey (herein called the "Township"), HEREBY CERTIFY that annexed hereto is a true and complete copy of the Supplemental Debt Statement of the Township that was prepared as of ______________________, 2017 by John Gross, who was then chief financial officer of the Township, and filed in my office on ________________, 2017, and that a complete, executed copy of such statement was filed in the office of the Director of the Division of Local Government Services of the State of New Jersey on _________________, 2017. IN WITNESS WHEREOF, I have hereunto set my hand and the seal of the Township this ________ day of ________________, 2017. ___________________________________ Karen J. Carnevale, R.M.C., Clerk (SEAL)

22 CERTIFICATE OF DOWN PAYMENT I, John Gross, Chief Financial Officer of the Township of West Orange, in the County of Essex, New Jersey (the "Township") HEREBY CERTIFY that prior to the final adoption on __________________, 2017 of a bond ordinance entitled: BOND ORDINANCE PROVIDING FOR GREEN ACRES MULTI-PARK DEVELOPMENT PROJECT IN AND BY THE TOWNSHIP OF WEST ORANGE, IN THE COUNTY OF ESSEX, NEW JERSEY, APPROPRIATING $143,575 THEREFOR AND AUTHORIZING THE ISSUANCE OF $136,575 BONDS OR NOTES OF THE TOWNSHIP TO FINANCE PART OF THE COST THEREOF, there was available as a down payment for the purposes authorized by the bond ordinance the sum of $7,000, which amount was appropriated as a down payment by the bond ordinance and was made available by provision in a previously adopted budget or budgets of the Township for down payment or for capital improvement purposes. IN WITNESS WHEREOF, I have hereunto set my hand this ______ day of _______________, 2017. ___________________________________ John Gross, Chief Financial Officer

23 EXTRACT from the minutes of a _________________ meeting of the Township Council of the Township of West Orange, in the County of Essex, New Jersey held at the _______________________ in the Township on ________________, 2017 at _______ o'clock ___.m. PRESENT: ABSENT: [Attach appropriate minutes hereto]

CERTIFICATE I, Karen J. Carnevale, Clerk of the Township of West Orange, in the County of Essex, State of New Jersey, HEREBY CERTIFY that the foregoing annexed extract from the minutes of a meeting of the governing body of the Township duly called and held on _______________, 2017 has been compared by me with the original minutes as officially recorded in my office in the Minute Book of the governing body and is a true, complete and correct copy thereof and of the whole of the original minutes so far as they relate to the subject matters referred to in the extract. IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of the Township this ______ day of ______________, 2017. ___________________________________ Karen J. Carnevale, R.M.C., Clerk (SEAL)