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River EdgeGreen Risk

ClosedPublic Works & Infrastructure

26-08 Bond Ordinance to Authorize the Improvement of Bogert Road (Section 10) In, By and For the Borough of River Edge

BID #: 26-08

DUE: TBD

VALUE: $327,528

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Executive Summary

Ordinance #26-08 authorizes the Borough of River Edge, NJ, to improve Bogert Road (Section 10). The project includes road resurfacing, sidewalk, curb, and driveway apron improvements. A total of $327,528 is appropriated for the project, funded by a $237,528 State grant and $90,000 in authorized bonds. The ordinance details the authorization for issuing bonds and bond anticipation notes to finance the project, with a ten-year period of usefulness determined for the improvements.

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--- Document: 26-08 Bond Ordinance to Authorize the Improvement of Bogert Road (Section 10) In, By and For the Borough of River Edge Document ---
ORDINANCE #26-08 – BOND ORDINANCE TO AUTHORIZE THE IMPROVEMENT OF 
BOGERT ROAD (SECTION 10) IN, BY AND FOR THE BOROUGH OF RIVER EDGE, 
IN THE COUNTY OF BERGEN, STATE OF NEW JERSEY, TO APPROPRIATE THE 
SUM OF $327,528 TO PAY THE COST THEREOF, TO APPROPRIATE A STATE 
GRANT, 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. 
 
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BE IT ORDAINED by the Borough Council of the Borough of River 
Edge, in the County of Bergen, State of New Jersey, as follows: 
 
 
Section 1.  The Borough of River Edge, in the County of 
Bergen, State of New Jersey (the "Borough"), is hereby authorized 
to improve Bogert Road (Section 10) in, by and for the Borough.  
Said improvement shall include road resurfacing, sidewalk, curb 
and driveway apron improvements, where necessary, and all work, 
materials and appurtenances necessary and suitable therefor, and 
shall be undertaken in accordance with plans and specifications 
prepared or to be prepared by the Borough Engineer and hereby 
approved and incorporated herein by this reference thereto.  Such 
plans and specifications are on file or shall be placed on file 
with the Borough Clerk and made available for public inspection 
during regular business hours.  It is hereby determined and stated 
that said road being improved is of "Class B" or equivalent 
construction as defined in Section 22 of the Local Bond Law 
(Chapter 2 of Title 40A of the New Jersey Statutes Annotated, as 
amended; the "Local Bond Law"). 
 
 
Section 2.  The sum of $327,528 is hereby appropriated to the 
payment of the cost of making the improvement described in Section 
1 of this ordinance (hereinafter referred to as "purpose").  Said 
appropriation shall be met from the proceeds of the sale of the 
bonds authorized and the State grant appropriated by this 
ordinance.  No down payment is required pursuant to the provisions 
of N.J.S.A. 40A:2-11(c) because this ordinance involves a project 
to be funded by a State grant.  Said improvement shall be made as 
a general improvement and no part of the cost thereof shall be 
assessed against property specially benefited. 
 
 
Section 3.  It is hereby determined and stated that (1) said 
purpose is not a current expense of the Borough, and (2) it is 
necessary to finance said purpose by the issuance of obligations 
of the Borough pursuant to the Local Bond Law, and (3) the 
estimated cost of said purpose is $327,528, and (4) $237,528 of 


 
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said sum is to be provided by the State grant hereinafter 
appropriated, and (5) the estimated maximum amount of bonds or 
notes necessary to be issued for said purpose is $90,000, and (6) 
the cost of said purpose, as hereinbefore stated, includes the 
aggregate amount of $90,000, which is estimated to be necessary to 
finance the cost of said purpose, including architect's fees, 
accounting, engineering and inspection costs, legal expenses and 
other expenses, including interest on such obligations to the 
extent permitted by Section 20 of the Local Bond Law. 
 
 
Section 4.  It is hereby determined and stated that the sum 
of $237,528 received or to be received as a grant from the New 
Jersey Department of Transportation is hereby appropriated to the 
payment of the cost of such purpose. 
 
 
Section 5.  To finance said purpose, bonds of the Borough of 
an aggregate principal amount not exceeding $90,000 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 6.  To finance said purpose, bond anticipation notes 
of the Borough of an aggregate principal amount not exceeding 
$90,000 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 outstanding 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 7.  Each bond anticipation note issued pursuant to 
this ordinance shall be dated on or about the date of its issuance, 
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 the 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 the Borough and attested by the Borough Clerk or Deputy Borough 
Clerk.  Said officers are hereby authorized to execute said notes 
and to issue said notes in such form as they may adopt in conformity 


 
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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 8.  It is hereby determined and declared that the 
period of usefulness of said purpose, according to its reasonable 
life, is a period of ten years computed from the date of said 
bonds. 
 
 
Section 9.  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 the 
Borough, and that such statement so filed shows that the gross 
debt of the Borough, as defined in Section 43 of the Local Bond 
Law, is increased by this ordinance by $90,000 and that the 
issuance of the bonds and notes authorized by this ordinance will 
be within all debt limitations prescribed by the Local Bond Law. 
 
 
Section 10.  Any funds received from private parties, the 
County of Bergen, 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 said purpose (other than the State grant 
hereinbefore appropriated which shall be applied to the cost of 
such purpose, but shall not be applied to the payment of 
outstanding bond anticipation notes and the reduction of the amount 
of bonds authorized), shall be applied to the payment of the cost 
of said purpose, or, if bond anticipation notes have been issued, 
to the payment of the bond anticipation notes, and the amount of 
bonds authorized for said purpose shall be reduced accordingly. 
 
 
Section 11.  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 12.  The Borough intends to issue 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 such bonds or notes, the Borough hereby states its 
reasonable expectation to reimburse itself for such expenditures 
with the proceeds of such bonds or notes in the maximum principal 
amount of bonds or notes authorized by this bond ordinance. 


 
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Section 13.  The full faith and credit of the Borough are 
hereby pledged to the punctual payment of the principal of and 
interest on the obligations authorized by this ordinance.  Said 
obligations shall be direct, unlimited and general obligations 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 14.  This ordinance shall take effect twenty days 
after the first publication thereof after final passage.