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ORDINANCE 2012-30 Boardwalk Assessment Bond

DEFEATED: September 18, 2012

BOND ORDINANCE TO AUTHORIZE THE REPAIR AND REPLACEMENT OF APPROXIMATELY 400 FEET OF THE BOARDWALK LOCATED NORTH OF THE SOUTHERLY INTERSECTION OF TRENTON AVENUE AND THE BOARDWALK IN, BY AND FOR THE BOROUGH OF POINT PLEASANT BEACH, IN THE COUNTY OF OCEAN, STATE OF NEW JERSEY, A LOCAL IMPROVEŽMENT, TO APPROPRIATE THE SUM OF $565,000 TO PAY THE COST THEREOF, TO MAKE A DOWN PAYMENT, TO AUTHORIZE THE ISSUANCE OF BONDS TO FINANCE SUCH APPROPRIATION AND TO PROVIDE FOR THE ISSUANCE OF BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE OF SUCH BONDS.


BE IT ORDAINED by the Borough Council of the Borough of Point Pleasant Beach, in the County of Ocean, State of New Jersey, as folŽlows:
SECTION 1. The Borough of Point Pleasant Beach, in the County of Ocean, New Jersey (the "Borough") is hereby authorized to repair and replace approximately 400 feet of the Boardwalk located north of the southerly intersection of Trenton Avenue and the Boardwalk in, by and for the Borough. The following properŽties, identified by their description on the Tax AssessŽment Map of the Borough, are in the viciniŽty of and benefit from such improvement:


Block Lot
46.02 1
83.01 2
83.01 4
83.02 1
83.02 2
83.02 3

Said improvement shall include all work, materials and appurtenances necessary and suitable therefor.
SECTION 2. The sum of $565,000 is hereby appropriated to the payment of the improvement described in Section 1 of this ordinance. Said sum so appropriated shall be met from the proceeds of the sale of the bonds authorized and the down payment appropriated by this ordinance. It is anticipated that a grant for seventy-five percent (75%) of the eligible project costs from the Federal Emergency Management Agency (FEMA) shall be received by the Borough to pay costs of the improvement described in Section 1 hereof. Said grant funds so received shall be applied as set forth in Section 12 hereof.
SECTION 3. The improvement shall be undertaken as a local improvement and the cost thereof not borne by the Borough shall be assessed upon the lands and real estate upon the line and in the vicinity of said improvement which may be benefited by said improvement, as provided in Chapter 56 of Title 40 of the New Jersey Statutes, as amended. All assessments levied for said improvement shall in each case be as nearly as may be in proporŽtion to and not in excess of the peculiar benefit, advantage or increase in value which the respective lots and parcels of real estate shall be deemed to receive by reason of such improvement. The total amount of the assessments so levied shall not exceed the cost of said improvement. The portion of such cost which shall not be so assessed shall be paid by the Borough as in the case of a general improvement which is to be paid for by general taxation. Such portion of the cost shall be in addition to the contribution, if any, of the Borough, hereinafter provided.
SECTION 4. It is hereby determined and stated that (1) the Borough will contribute eighty-seven and one-half percent (87.5%) of the cost of said improvement, and (2) twelve and one-half percent (12.5%) of the cost of said improvement shall be assessed, and (3) the estimated maximum amount of the special assessments for said improvement is $70,625, and (4) no special assessments for such improvement have been levied or confirmed, and (5) such special assessments may be paid in ten annual installments.
SECTION 5. It is hereby determined and stated that (1) the making of such improvement (hereinafter referred to as "purpose") is not a current expense of said Borough, and (2) it is necessary to finance said purpose by the issuance of obligaŽtions of said Borough pursuant to the Local Bond Law (Chapter 2 of Title 40A of the New Jersey Statutes Annotated, as amended; the ALocal Bond Law@), and (3) the estimated cost of said purpose is $565,000, and (4) $28,250 of said sum is to be provided by the down payment hereinafter appropriated to finance said purpose, and (5) the estimated maximum amount of bonds or notes necessary to be issued for said purpose is $536,750, and (6) the cost of such purpose, as hereinŽbefore stated, includes the aggregate amount of $75,000, which is estimated to be necessary to finance the cost of such purpose, including architect's fees, accounting, engiŽneering and inspecŽtion costs, legal expenses and other expenses, includŽing interest on such obligations to the extent permitted by Section 20 of the Local Bond Law.
SECTION 6. It is hereby determined and stated that moneys exceeding $28,250, appropriated for down payments on capital improvements or for the capital improvement fund in budgets heretofore adopted for the Borough, are now available to finance said purpose. The sum of $28,250 is hereby appropriated from such moneys to the payment of the cost of said purpose.
SECTION 7. To finance said purpose, bonds of the Borough of an aggregate principal amount not exceeding $536,750 are hereby authorized to be issued pursuant to the Local Bond Law. Said bonds shall bear interest at a rate per annum as may be hereafter determined within the limitations prescribed by law. All matters with respect to said bonds not determined by this ordinance shall be determined by resolutions to be hereafter adopted.
SECTION 8. To finance said purpose, bond anticipation notes of said Borough of an aggregate principal amount not exceeding $536,750 are hereby authorized to be issued pursuant to the Local Bond Law in anticipation of the issuance of said bonds. In the event that bonds are issued pursuant to this ordinance, the aggregate amount of notes hereby authorized to be issued shall be reduced by an amount equal to the principal amount of the bonds so issued. If the aggregate amount of outstandŽing bonds and notes issued pursuant to this ordinance shall at any time exceed the sum first mentioned in this section, the moneys raised by the issuance of said bonds shall, to not less than the amount of such excess, be applied to the payment of such notes then outstanding.
SECTION 9. Each bond anticipation note issued pursuant to this ordinance shall be dated on or about the date of its issuance and shall be payable not more than one year from its date, shall bear interest at a rate per annum as may be hereafter determined within the limitations prescribed by law and may be renewed from time to time pursuant to and within limitations prescribed by the Local Bond Law. Each of said bond anticipation notes shall be signed by the Mayor and by a financial officer and shall be under the seal of said Borough and attested by the Borough Clerk or Deputy Borough Clerk. Said officers are hereby authorized to execute said notes in such form as they may adopt in conformity with law. The power to determine any matters with respect to said notes not determined by this ordinance and also the power to sell said notes, is hereby delegated to the Chief Financial Officer who is hereby authorized to sell said notes either at one time or from time to time in the manner provided by law.
SECTION 10. It is hereby determined and declared that the period of usefulness of said purpose, according to its reasonable life, is a period of 10 years computed from the date of said bonds.
SECTION 11. It is hereby determined and stated that the Supplemental Debt Statement required by the Local Bond Law has been duly made and filed in the office of the Borough Clerk of said Borough, and that such statement so filed shows that the gross debt of said Borough, as defined in Section 43 of the Local Bond Law, is increased by this ordinance by $536,750 and that the issuance of the bonds and notes authorized by this ordinance will be within all debt limitations prescribed by said Local Bond Law.

SECTION 12. Any funds received from the County of Ocean, the State of New Jersey or any of their agencies or any funds received from the United States of America or any of its agencies in aid of such purpose, shall be applied to the payment of the cost of such purpose, or, if bond anticipation notes have been issued, to the payment of the bond anticipation notes, and the amount of bonds authorized for such purpose shall be reduced accordingly.
SECTION 13. The Borough intends to issue the bonds or notes to finance the cost of the improvement described in Section 1 of this bond ordinance. If the Borough incurs such costs prior to the issuance of the bonds or notes, the Borough hereby states its reasonable expectation to reimburse itself for such expendiŽtures with the proceeds of such bonds or notes in the maximum principal amount of bonds or notes authorized by this bond ordinance.
SECTION 14. The full faith and credit of the Borough are hereby pledged to the punctual payment of the principal of and the interest on the obligations authorized by this ordinance. Said obligations shall be direct, unlimited and general obligaŽtions of the Borough, and the Borough shall levy ad valorem taxes upon all the taxable real property within the Borough for the payment of the principal of and interest on such bonds and notes, without limitation as to rate or amount.
SECTION 15. The capital budget is hereby amended to conform with the provisions of this ordinance to the extent of any inconsistency therewith and the resolutions 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, is on file with the Borough Clerk and is available for public inspection.
SECTION 16. This ordinance shall take effect twenty days after the first publication thereof after final passage.

NOTICE

NOTICE IS HEREBY GIVEN that the following proposed bond ordinance was introduced and passed on first reading at a meeting of the Borough Council of the Borough of Point Pleasant Beach, in the County of Ocean, State of New Jersey, held on the 28th day of August 2012, and that said ordinance will be taken up for further consideraŽtion for final passage at the meeting of said Borough Council to be held at its meeting room in the Borough Hall, 416 New Jersey Avenue, Point Pleasant Beach, New Jersey, on the 18th day of September 2012, at 7:00 P.M., or as soon thereafter as said matter can be reached, at which time and place all persons who may be interested therein will be given an opportunity to be heard concerning the same.
A copy of this ordinance has been posted on the Bulletin Board upon which public notices are customarily posted in the Borough Hall of the Borough, and a copy is available up to and including the time of such meeting to the members of the general public of the Borough who shall request such copies, at the office of the Clerk in said Borough Hall in Point Pleasant Beach, New Jersey.

Maryann Ellsworth, Municipal Clerk
Borough of Point Pleasant Beach
County of Ocean
State of New Jersey


Published August29, 2012 | New Ordinances | 1436


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