26-09 Bond Ordinance to Authorize the Making of Various Public Improvements and the Acquisition of New Additional or Replacement Equipment

BID #: 26-09

DUE: TBD

VALUE: $1,938,240

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Executive Summary

Ordinance #26-09 authorizes the Borough of River Edge to undertake various public improvements and acquire new equipment. This includes public safety equipment for the police and fire departments, DPW equipment, technology upgrades, automotive vehicles, and a new fire truck (partial funding). The ordinance appropriates $1,938,240 for these projects, funded through a federal grant, down payments, and the issuance of bonds.

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--- Document: 26-09 Bond Ordinance to Authorize the Making of Various Public Improvements and the Acquisition of New Additional or Replacement Equipment Document ---
ORDINANCE #26-09 – BOND ORDINANCE TO AUTHORIZE THE MAKING OF 
VARIOUS PUBLIC IMPROVEMENTS AND THE ACQUISITION OF NEW ADDITIONAL 
OR REPLACEMENT EQUIPMENT AND MACHINERY, NEW INFORMATION TECHNOLOGY 
EQUIPMENT, NEW COMMUNICATION AND SIGNAL SYSTEMS EQUIPMENT AND NEW 
AUTOMOTIVE VEHICLES AND A NEW FIRE TRUCK (PARTIAL FUNDING), 
INCLUDING ORIGINAL APPARATUS AND EQUIPMENT, IN, BY AND FOR THE 
BOROUGH OF RIVER EDGE, IN THE COUNTY OF BERGEN, STATE OF NEW 
JERSEY, TO APPROPRIATE THE SUM OF $1,938,240 TO PAY THE COST 
THEREOF, TO APPROPRIATE A FEDERAL GRANT, 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. 
 
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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 make various public improvements and to acquire new additional 
or replacement equipment and machinery, new information technology 
equipment, new communication and signal systems equipment and new 
automotive vehicles and a new fire truck (partial funding), 
including original apparatus and equipment, in, by and for said 
Borough, as more particularly described in Section 4 hereof.  Said 
improvements shall include all work, materials, and appurtenances 
necessary and suitable therefor. 
 
 
 
Section 2. 
There is hereby appropriated to the payment 
of the cost of making the improvements described in Sections l and 
4 hereof (hereinafter referred to as "purposes"), the respective 
amounts of money hereinafter stated as the appropriation for said 
respective purposes.  Said appropriation shall be met from the 
proceeds of the sale of the bonds authorized, and the down payment 
and the Federal grant appropriated, by this ordinance.  Said 
improvements shall be made as general improvements and no part of 
the cost thereof shall be assessed against property specially 
benefited. 
 
 
 
Section 3. 
It is hereby determined and stated that the 
making of such improvements is not a current expense of said 
Borough. 
 
 


 
 
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Section 4. 
The several purposes hereby authorized for 
the financing of which said obligations are to be issued are set 
forth in the following "Schedule of Improvements, Purposes and 
Amounts" which schedule also shows (l) the amount of the 
appropriation and the estimated cost of each such purpose, and (2) 
the amount of each sum which is to be provided by the Federal grant 
hereinafter appropriated, and (3) the amount of each sum which is 
to be provided by the down payment hereinafter appropriated to 
finance such purposes, and (4) the estimated maximum amount of 
bonds and notes to be issued for each such purpose, and (5) the 
period of usefulness of each such purpose, according to its 
reasonable life, computed from the date of said bonds: 
 
 
SCHEDULE OF IMPROVEMENTS, PURPOSES AND AMOUNTS 
 
 
A. 
Acquisition of new additional or replacement 
equipment and machinery, new information technology equipment and 
new automotive 
vehicles, 
including 
original 
apparatus and 
equipment, for the use of various Borough departments, offices, 
and agencies, including, but not limited to, the following: 
 
Police Department 
ballistic vests 
defibrillators 
 
Fire Department 
turnout gear 
fire hose 
gas meters 
 
Administration 
computer equipment 
 
Department of Public Works ("DPW") 
utility vehicle 
civic decorations 
SUV 
 
Senior Citizens 
bus 
 
Appropriation and Estimated Cost 
$  294,950 
Down Payment Appropriated 
$   14,600  
Bonds and Notes Authorized 
$  280,350 
Period of Usefulness 
5 years 


 
 
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B. 
Acquisition of new additional or replacement 
equipment and machinery for the use of the DPW, including, but not 
limited to, a field maintenance machine. 
 
 
Appropriation and Estimated Cost 
$   42,000 
 
Down Payment Appropriated 
$    2,000 
 
Bonds and Notes Authorized 
$   40,000 
 
Period of Usefulness 
15 years 
 
 
C. 
Acquisition of new communication and signal systems 
equipment for the use of the Fire Department, including, but not 
limited to (i) pagers and (ii) a radio base station. 
 
 
Appropriation and Estimated Cost 
$   40,000 
 
Down Payment Appropriated 
$    2,000 
 
Bonds and Notes Authorized 
$   38,000 
 
Period of Usefulness 
10 years 
 
 
 
 
D. 
Acquisition of a new ladder fire truck (partial 
funding), including original apparatus and equipment. 
 
 
Appropriation and Estimated Cost 
$  100,000 
 
Down Payment Appropriated 
$    4,800 
 
Bonds and Notes Authorized 
$   95,200 
 
Period of Usefulness 
20 years 
 
 
 
 
E. 
Undertaking of the Borough Documents Management 
Project. 
  
 
Appropriation and Estimated Cost 
$   55,000 
 
Down Payment Appropriated 
$    2,700 
 
Bonds and Notes Authorized 
$   52,300 
 
Period of Usefulness 
5 years 
 
 
 
 
F. 
Undertaking of the Tree Planting Program. 
 
 
Appropriation and Estimated Cost 
$   30,000 
 
Down Payment Appropriated 
$    1,500 
 
Bonds and Notes Authorized 
$   28,500 
 
Period of Usefulness 
15 years 
 


 
 
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G. 
Undertaking 
of sidewalk, 
curb 
and 
ADA 
ramp 
improvements at various locations. 
 
 
Appropriation and Estimated Cost 
$  168,750 
 
Down Payment Appropriated 
$    8,100 
 
Bonds and Notes Authorized 
$  160,650 
 
Period of Usefulness 
 
 
 
 
10 years 
 
 
 
 
H. 
Undertaking of the 2026 Road Resurfacing and 
Improvement Program (including curbing and sidewalk improvements, 
where necessary) in, by and for the Borough, as set forth on a 
list prepared by the Borough Engineer and approved by the Borough 
Council and directed to be placed on file in the Office of the 
Borough Clerk and made available for public inspection during 
normal business hours.  It is hereby determined and stated that 
(i) the Borough Council may, by resolution, amend the aforesaid 
list from time to time within the appropriation made hereby and 
(ii) such roads being improved are 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"). 
 
 
Appropriation and Estimated Cost 
 
 
$  448,000 
 
Down Payment Appropriated 
 
 
 
$   21,400 
 
Bonds and Notes Authorized 
 
 
 
$  426,600 
 
Period of Usefulness 
 
 
 
 
10 years 
 
 
 
 
 
 
I. 
Improvements to public buildings and property. 
 
 
Appropriation and Estimated Cost 
$  305,750 
 
Down Payment Appropriated 
$   15,000 
 
Bonds and Notes Authorized 
$  290,750 
 
Period of Usefulness 
15 years 
 
 
 
 
J. 
Undertaking of ADA bathroom upgrades at the Public 
Library.  It is hereby determined and stated that such public 
building being improved is of "Class B" or equivalent construction 
as defined in Section 22 of the Local Bond Law. 
 
 
 
 


 
 
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Appropriation and Estimated Cost 
$  213,790 
 
Federal Grant Appropriated 
$  138,790 
 
Down Payment Appropriated 
$    3,600 
 
Bonds and Notes Authorized 
$   71,400 
 
Period of Usefulness 
15 years 
 
 
 
 
K. 
Undertaking of stormwater drainage and sanitary 
sewer improvements at various locations. 
 
 
Appropriation and Estimated Cost 
$  240,000 
 
Down Payment Appropriated 
$   11,500 
 
Bonds and Notes Authorized 
$  228,500 
 
Period of Usefulness 
40 years 
 
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Aggregate Appropriation and Estimated Cost 
$1,938,240 
 
 
Federal Grant Appropriated 
 
 
 
$  138,790 
 
Aggregate Down Payment Appropriated 
 
$   87,200 
 
Aggregate Amount of Bonds and Notes 
 
 
  Authorized 
 
 
 
 
 
 
$1,712,250 
 
 
 
Section 5. 
The cost of such purposes, as hereinbefore 
stated, includes the aggregate amount of $217,500 which is 
estimated to be necessary to finance the cost of such purposes, 
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 6. The sum of $138,790 received or to be 
received as a grant from the Bergen County Community Development 
Program, pursuant to the Federal Housing and Community Development 
Act, is hereby appropriated to the payment of the cost of the 
improvement to the Public Library authorized in Section 4.J hereof. 
 
 
Section 7. 
It is hereby determined and stated moneys 
exceeding $87,200, 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 purposes.  The sum of $87,200 is hereby appropriated from 
such moneys to the payment of the cost of said purposes. 


 
 
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Section 8. 
To finance said purposes, bonds of said 
Borough of an aggregate principal amount not exceeding $1,712,250 
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 9. 
To finance said purposes, bond anticipation 
notes of said Borough of an aggregate principal amount not 
exceeding $1,712,250 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 10. 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 11. It is hereby determined and declared that 
the average period of usefulness of said purposes, according to 
their reasonable lives, taking into consideration the respective 
amounts of bonds or notes authorized for said purposes, is a period 
of 14.84 years computed from the date of said bonds.  


 
 
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Section 12. 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 $1,712,250 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 13. 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 such purposes (other than the Federal grant 
hereinbefore appropriated which shall be applied to the cost of 
such purposes, 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 such purposes, or, if bond anticipation notes have been issued, 
to the payment of the bond anticipation notes, and the amount of 
bonds authorized for such purposes shall be reduced accordingly. 
 
 
 
Section 14. 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 15. The Borough intends to issue the bonds or 
notes to finance the cost of the improvements described in Sections 
1 and 4 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 
expenditures with the proceeds of such bonds or notes in the 
maximum principal amount of bonds or notes authorized by this bond 
ordinance.   
 
 
 
Section 16. 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 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 


 
 
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the principal of and interest on such bonds and notes, without 
limitation as to rate or amount. 
 
 
 
Section 17. This ordinance shall take effect twenty days 
after the first publication thereof after final passage.