Conference/Public Meeting Agendas/Documents — Packet

SECTION 7: The owner of any land upon which an assessment for the local improvements described in Section 3(a) shall have been made, may pay such assessment in the number of equal yearly installments determined herein, with legal interest on the unpaid balance of the assessment. The first of such installments shall be due and payable two (2) months after the confirmation of the assessment, and each subsequent annual installment and interest shall be payable in each successive year, at such time as the governing body shall by resolution determine, provided any owner of land so assessed shall have the privilege of paying the whole or any assessment or any balance of installments with accrued interest thereon, at one time. In case any such installment shall remain unpaid for thirty (30) days after the time it shall become due and payable, the whole assessment or the balance thereof shall become and be immediately due and payable, shall draw interest at the rate imposed upon the arrearage of taxes in the Township, and shall be collected in the same manner as provided by law for other past-due assessments. Such assessments shall remain a lien upon the land described herein until the assessment, with all installments and accrued interest thereon, shall be paid and satisfied. Notwithstanding anything herein to the contrary, the Township shall have the right to waive default as may be permitted by law. SECTION 8: The following additional matters are hereby determined, declared, recited and stated: (a) The Improvements described in Section 3(a) of this bond ordinance are not current expenses, and are capital improvements or properties that the Township may lawfully make or acquire as general and local improvements, and a portion 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 30 years. (c) The Supplemental Debt Statement required by the Local Bond Law has been duly prepared and filed in the office of the Township Clerk and a complete

by this bond ordinance, is 30 years. (c) The Supplemental Debt Statement required by the Local Bond Law has been duly prepared and filed in the office of the Township 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 $3,684,305 and the obligations authorized herein will be within all debt limitations prescribed by the Local Bond Law. (d) An aggregate amount not exceeding $352,045 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. (e) The number of annual installments within which the special assessments are to be levied on the lots and parcels of real estate benefited by the improvement is 15.