251-22 Authorizing SENS (severance liabilities) - West Orange (9_20_22).pdf

#13389807.1 251-22 September 20, 2022 RESOLUTION OF THE TOWNSHIP OF WEST ORANGE, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY PROVIDING FOR THE ISSUANCE OF SPECIAL EMERGENCY NOTES IN AN AMOUNT NOT TO EXCEED $950,000 TO FUND CONTRACTUALLY REQUIRED SEVERANCE LIABILITIES RESULTING FROM THE RETIREMENT OF EMPLOYEES IN THE TOWNSHIP WHEREAS, pursuant to N.J.S.A. 40A:4-53 and an ordinance finally adopted on September 20, 2022 (the “Ordinance”), the Township Council of the Township of West Orange, in the County of Essex, State of New Jersey (the “Township”) authorized a special emergency appropriation in the amount of $950,000 to fund contractually required severance liabilities resulting from the retirement of employees in the Township; and WHEREAS, in accordance with N.J.S.A. 40A:4-55 and the Ordinance, the Township now seeks to issue special emergency notes, which may be renewed from time to time, to finance contractually required severance liabilities resulting from the retirement of employees in the Township and at least 1/5 of all such special emergency notes, including renewals thereof, shall mature and be paid in each year, so that all notes and renewals shall have matured and have been paid not later than the last day of the fifth year following the date of issuance of the special emergency notes. NOW, THEREFORE, BE IT RESOLVED, (not less than two-thirds of all the members of the governing body thereof affirmatively concurring) that in accordance with N.J.S.A. 40A:4-55: 0. A special emergency appropriation has previously been made in the amount of $950,000 to provide for the cost of funding contractually required severance liabilities resulting from the retirement of employees in the Township. 1. In accordance with N.J.S.A. 40A:4-55, special emergency notes are hereby authorized by the Township Council of the Township to be issued in an amount not to exceed $950,000. 2. At least 1/5 of all such special emergency notes, including renewals thereof, authorized hereunder shall mature and be paid in each year, so that all notes and renewals shall have matured and have been paid not later than the last day of the fifth year following the date of issuance of the special emergency notes. 3. Such special emergency notes shall be executed by the Mayor and the