100-13 Special Emergency Accrued Leave (2) 5.21.13.pdf

#1930390 v1 100181-33129 100-13 May 21, 2013 RESOLUTION AUTHORIZATION FOR SALE OF NOTES SPECIAL EMERGENCY APPROPRIATION SEVERANCE LIABILITIES RESULTING FROM ACCRUED LEAVE IN CONNECTION WITH THE LAYOFF OR RETIREMENT OF EMPLOYEES Date: May 21, 2013 WHEREAS, an ordinance 2376-13 has been adopted creating a special emergency appropriation of $1, 2 00,000 to meet certain expenses to be incurred for severance liabilities resulting from accrued leave in connection with the layoff or retirement of employees and N.J.S.A. 40A:4-53 provides for the creation of a special emergency appropriation for the purpose above mentioned; NOW, THEREFORE, BE IT RESOLVED BY THE TOWNSHIP COUNCIL OF THE TOWNSHIP OF WEST ORANGE, COUNTY OF ESSEX, NEW JERSEY (not less than two- thirds of all the members, thereof, affirmatively concurring) that in accordance with N.J.S.A. 40A:4-55: 1. The sum of $1, 2 00,000 is hereby appropriated for severance liabilities resulting from accrued leave in connection with the layoff or retirement of employees, and shall be deemed a special emergency appropriation as defined and provided for in N.J.S.A. 40A 4 -53. 2. That an emergency note or notes be authorized not in excess of $1, 2 00,000 , the amount appropriated by the Ordinance stated above. 3. That said note or notes shall be issued in fiscal 201 3 and may be renewed from time to time and at least 1/5 of all such notes and renewals, thereof, shall mature and be paid in each fiscal year thereafter until all are paid. VICTOR CIRILO Council President ___________________________________ KAREN J. CARNEVALE Municipal Clerk Adopted: May 21, 2013