Ord-07-13

THE TOWNSHIP OF EWING COUNTY OF MERCER, NEW JERSEY ORDINANCE NO. 07-13

1st Reading _________________

Date to Mayor _________________

2nd Reading & Public Hearing _________________

Date Returned _________________

Date Adopted:

Date Resubmitted to Council ___________

_______________________________

Approved as to Form of Legality

Effective Date: _______________________________ REFUNDING BOND ORDINANCE AUTHORIZING THE ISSUANCE OF UP TO $6,500,000 OF GENERAL OBLIGATION REFUNDING BONDS OF THE TOWNSHIP OF EWING, COUNTY OF MERCER, NEW JERSEY, TO PROVIDE FOR THE REFUNDING OF CERTAIN OF THE TOWNSHIP'S OUTSTANDING GENERAL OBLIGATION BONDS; MAKING CERTAIN DETERMINATIONS AND COVENANTS IN CONNECTION THEREWITH; AND AUTHORIZING CERTAIN RELATED ACTIONS IN CONNECTION WITH THE FOREGOING

First Reading MEMBER

AYE

NAY

ABS

NV

RES

SEC

NV

RES

SEC

Cox Murphy Steinmann Wollert Summiel Second Reading MEMBER

AYE

NAY

ABS

Cox Murphy Steinmann Wollert Summiel

By ____________________________Date _____________Accepted ______Rejected ______ Mayor Reconsidered By Council _________________________________Override Vote YEA ______NAY _____

__________________________________ President of the Council

_________________________________ Municipal Clerk

TOWNSHIP OF EWING, NEW JERSEY ORDINANCE NO. ___ REFUNDING BOND ORDINANCE AUTHORIZING THE ISSUANCE OF UP TO $6,500,000 OF GENERAL OBLIGATION REFUNDING BONDS OF THE TOWNSHIP OF EWING, COUNTY OF MERCER, NEW JERSEY, TO PROVIDE FOR THE REFUNDING OF CERTAIN OF THE TOWNSHIP'S OUTSTANDING GENERAL OBLIGATION BONDS; MAKING CERTAIN DETERMINATIONS AND COVENANTS IN CONNECTION THEREWITH; AND AUTHORIZING CERTAIN RELATED ACTIONS IN CONNECTION WITH THE FOREGOING BE IT ORDAINED by the Township Council of the Township of Ewing, County of Mercer, New Jersey (not less than two-thirds of all the members thereof affirmatively concurring), pursuant to the provisions of the Local Bond Law, Chapter 169 of the Laws of 1960 of the State of New Jersey, as amended and supplemented ("Local Bond Law"), as follows: Section 1. The Township of Ewing, County of Mercer, New Jersey ("Township"), is hereby authorized to fund from the issuance of the obligations described in Section 2 below the refunding of certain of the Township's outstanding bonds, as follows: (a) the refunding of all or a portion of the Township's outstanding General Obligation Refunding Bonds, dated May 1, 1998 ("1998 General Obligation Refunding Bonds") maturing on November 1 in each of the years 2007 to 2012, both dates inclusive ("Refunded Series 1998 Bonds"); (b) the refunding of all or a portion of the Township's outstanding General Improvement Bonds, dated May 1, 2002 ("2002 General Improvement Bonds"), maturing on May 1 in each of the years 2008 through 2012, both dates inclusive ("Refunded Series 2002 Bonds"); (c) the refunding of all or a portion the Township's outstanding General Improvement Refunding Bonds, Series 2004, dated March 4, 2004 ("2004 General Improvement Refunding Bonds, Series 2004"), maturing on June 1 in each of the years 2007 through 2011, both dates inclusive "Refunded Series 2004 Bonds"); and (d) the refunding of all or a portion of the Township's outstanding General Improvement Bonds, dated January 1, 2006 ("2006 General Improvement Bonds"), maturing on September 1 in each of the years 2007 through 2016, both dates inclusive ("Refunded Series 2006 Bonds; together with the Refunded Series 1998 Bonds, the Refunded Series 2002 Bonds and the Refunded Series 2004 Bonds, the "Refunded Bonds"). Section 2. In order to finance the cost of the purposes described in Section 2 above, and the cost of issuance of the refunding bonds authorized herein, negotiable refunding bonds ("Refunding Bonds"), issued in the form of capital appreciation bonds or serial bonds are hereby authorized to be issued in the aggregate principal amount not to exceed $6,500,000 pursuant to the Local Bond Law. The Refunding Bonds may be sold as taxable bonds and/or tax-exempt bonds, and may be sold in one or more series, as determined by the Mayor in consultation with Bond Counsel to the Township. The exact principal amount of Refunding Bonds to be issued and terms thereof shall be determined pursuant to a resolution adopted by the Township Council by not less than two-thirds of all the members thereof. Section 3. An aggregate amount not exceeding $300,000 for the items of expense listed in and permitted by Section 51.b. of the Local Bond Law, N.J.S.A. 40A:2-51.b., has been included in the aggregate principal amount of the Refunding Bonds authorized herein.

Section 4. The purpose of the Refunding Bonds is to provide funds for: (i) the advance refunding of the Refunded Bonds as set forth in Section 2 above; and (ii) the payment of the costs incurred by the Township in connection with the issuance and sale of the Refunding Bonds. Section 5. Each Refunding Bond authorized herein shall be designated, substantially, "Township of Ewing, County of Mercer, New Jersey, General Obligation Refunding Bond, Series 200_" or "Township of Ewing, County of Mercer, New Jersey, Taxable General Obligation Refunding Bond, Series 200_", as applicable, and shall be in the form prescribed and permitted by the Local Bond Law, as Bond Counsel may advise, and as the Township shall approve. Section 6. The Refunding Bonds and Notes may be sold at public or private sale pursuant to a resolution of the Township Council adopted by not less than two-thirds of the full members thereof. Section 7. The supplemental debt statement provided for in Section 10 of the Local Bond Law, N.J.S.A. 40A:2-10, was duly filed in the office of the Clerk prior to the passage of this Bond Ordinance on first reading and a complete executed duplicate original thereof has been filed in the Office of the Director of the Division of Local Government Services in the Department of Community Affairs of the State of New Jersey. Section 8. A certified copy of this refunding bond ordinance as adopted on first reading has been filed with the Director of the Division of Local Government Services in the Department of Community Affairs of the State of New Jersey prior to final adoption, together with a complete statement in the form prescribed by the Director and signed by the Business Administrator of the Township as to the outstanding indebtedness to be refunded by the issuance of the Refunding Bonds. Section 9. This refunding bond ordinance shall take effect twenty (20) days after the first publication thereof after final adoption, as provided by the Local Bond Law, provided that the consent of the Local Finance Board has been endorsed upon a certified copy of this refunding bond ordinance as finally adopted.