Branchville Borough Ordinance #03-2025

Bond Ordinance Amending a Bond Ordinance of the Borough of Branchville, in the County of Sussex, New Jersey, Heretofore Adopted on October 4, 2023 (#06-2023) and Making a Supplemental Appropriation of $2,500,000 for the Improvement of the Water Supply and Distribution System in and by the Borough Heretofore Authorized to be Undertaken Pursuant to Said Ordinance, as Amended, and Authorizing the Issuance of $2,500,000 Bonds or Notes of the Borough for Financing Such Supplemental Appropriation.

Be It Ordained by the Borough Council of the Borough of Branchville, in the County of Sussex, New Jersey (not less than two thirds of all the members thereof affirmatively concurring), AS FOLLOWS:

Section 1.

The bond ordinance of the Borough of Branchville, New Jersey (the “Borough”), heretofore adopted by the governing body thereof on October 4, 2023 (#06-2023), entitled: “Bond ordinance providing for the improvement of the water supply and distribution system in and by the Borough of Branchville, in the County of Sussex, New Jersey, appropriating $2,200,000 therefor and authorizing the issuance of $2,200,000 bonds or notes of the Borough for financing such appropriation” (the “Prior Ordinance”) is hereby amended to the extent and with the effect that Section 3(a) thereof shall read as follows:

“Section 3 (a).
The improvement hereby authorized and purpose for the financing of which said obligations are to be issued is the improvement of the water supply and distribution system in and by the Borough, including the reconstruction, rehabilitation and upgrade of Well No. 1 and Well No. 2 and the installation of a new medium treatment system (PFAS treatment), the water main in and along Main Street, the water main in and along Wantage Avenue, and the water transmission main near Sussex County Bridge D-38 and including also lead service line identification and remediation, together with for all the aforesaid all water services, corporation stops, curb stops, curb boxes, fire hydrants, pipes, valves, structures, roadway resurfacing, electrical facilities, site work, equipment, work and materials necessary therefor or incidental thereto, all as shown on and in accordance with the plans and specifications therefor on file or to be filed in the office of the Borough Clerk and hereby approved.”

Section 2.

The improvement described in Section 3 of the Prior Ordinance, as hereby amended in Section 1 hereof, is hereby authorized as a general improvement to be made or acquired by the Borough. The cost of said improvement described in Section 1 of this bond ordinance is estimated at $4,700,000. By the Prior Ordinance there has been appropriated to payment of the cost of said improvement the sum of $2,200,000. It is now necessary for the Borough to raise the additional sum of $2,500,000 to meet the remainder of said $4,700,000 estimated cost of said improvement not provided by the appropriation therefor made by the Prior Ordinance.

Section 3.

For the financing of said improvement or purpose, including for the purpose of applicable United States Treasury regulations the reimbursement of expenditures heretofore or hereafter made therefor, and in addition to the sum of $2,200,000 heretofore appropriated therefor by the Prior Ordinance, there is hereby appropriated the further sum of $2,500,000. Said additional appropriation of $2,500,000 shall be financed and met from the proceeds of negotiable bonds of the Borough which are hereby authorized to be issued in the principal amount of $2,500,000 pursuant to the Local Bond Law of New Jersey (the “Local Bond Law”). In anticipation of the issuance of said bonds and to temporarily finance said improvement or purpose, negotiable notes of the Borough in a principal amount not exceeding $2,500,000 are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law.

Section 4.

The estimated maximum amount of bonds or notes to be issued for said purpose set forth in Section 1 of this bond ordinance is $4,700,000, inclusive of the $2,200,000 principal amount of bonds or notes of the Borough heretofore authorized for said improvement or purpose pursuant to the Prior Ordinance.
The estimated cost of said purpose set forth in Section 1 of this bond ordinance is $4,700,000, inclusive of the sum of $2,200,000 heretofore appropriated for said improvement or purpose by the Prior Ordinance.

Section 5.

The following additional matters are hereby determined, declared, recited and stated:

The said purpose described in Section 1 of this bond ordinance is not a current expense and is a property or improvement which the Borough may lawfully acquire or make as a general improvement, and no part of the cost thereof has been or shall be specially assessed on property specially benefitted thereby.
The period of usefulness of said purpose set forth in Section 1 of this bond ordinance within the limitations of the Local Bond Law, according to the reasonable life thereof computed from the date of the said bonds authorized by this bond ordinance, is forty (40) years.
The supplemental debt statement required by the Local Bond Law has been duly made and filed in the office of the Borough Clerk and a complete executed duplicate 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, and such statement shows that the gross debt of the Borough as defined in the Local Bond Law is increased by the authorization of the bonds and notes provided for in this bond ordinance by $2,500,000, and the said obligations authorized by this bond ordinance will be within all debt limitations prescribed by the Local Bond Law.
An aggregate amount not exceeding $750,000 for interest on said obligations, costs of issuing said obligations and other items of expense listed in and permitted under section 40A:2-20 of the Local Bond Law may be included as part of the additional cost of said improvement and has been included in the foregoing $2,500,000 additional estimated cost thereof.
This bond ordinance authorizes obligations of the Borough solely for an environmental infrastructure project described in paragraph (c) of section 40A:2-11 of the Local Bond Law and, therefore, no down payment is required.

Section 6.

All bond anticipation notes issued hereunder shall mature at such times as may be determined by the chief financial officer, the acting chief financial officer or the treasurer of the Borough (the “Chief Financial Officer”), provided that, except as may be otherwise provided for and authorized by N.J.S.A. §58:11B-9(e) relating to construction loans from the New Jersey Infrastructure Bank (the “I-Bank”), no note shall mature later than one year from its date. The notes shall bear interest at such rate or rates and be in such form as may be determined by the Chief Financial Officer. The Chief Financial Officer shall determine all matters in connection with the notes issued pursuant to this bond ordinance, and the Chief Financial Officer’s signature upon the notes shall be conclusive evidence as to all such determinations. All notes issued hereunder may be renewed from time to time subject to the provisions of N.J.S.A. §40A:2-8 and N.J.S.A. §58:11B-9(e), as applicable. The Chief Financial Officer is hereby authorized to sell part or all of the notes from time to time at public or private sale at not less than par and to deliver them to the purchasers thereof upon receipt of payment of the purchase price plus accrued interest from their dates to the dates of delivery thereof or, if the purchaser is the I-Bank, receipt from the I-Bank of an acknowledgment that the purchase price is available for disbursement to the Borough upon delivery to the I-Bank from time to time of customary requisitions for project costs. The Chief Financial Officer is directed to report in writing to the governing body of the Borough at the meeting next succeeding the date when any sale or delivery of the notes pursuant to this bond ordinance is made. Such report must include the principal amount, interest rate and maturities of the notes sold, the price obtained and the name of the purchaser.

Section 7.

The full faith and credit of the Borough are hereby pledged to the punctual payment of the principal of and interest on the said obligations authorized by this bond ordinance. Said obligations shall be direct, unlimited obligations of the Borough, and, unless paid from revenues of the water supply and distribution system of the Borough, the Borough shall be obligated to levy ad valorem taxes upon all the taxable property within the Borough for the payment of said obligations and interest thereon without limitation of rate or amount.

Section 8.

The capital budget or temporary capital budget of the Borough is hereby amended to conform with the provisions of this ordinance to the extent of any inconsistency herewith and the resolutions promulgated by the Local Finance Board showing all detail of the amended capital budget or temporary capital budget and capital program as approved by the Director, Division of Local Government Services, are on file with the Borough Clerk and are available for public inspection.

Section 9.

This bond ordinance shall take effect twenty (20) days after the first publication thereof after final adoption, as provided by the Local Bond Law.

NOTICE

The bond ordinance, the summary terms of which are included herein, was introduced and passed upon first reading at a meeting of the governing body of the Borough of Branchville, in the County of Sussex, New Jersey, on March 5, 2025. It will be further considered for final passage, after public hearing thereon, at a meeting of the governing body to be held at the Municipal Building in said Borough on April 2, 2025 at 7:00 o’clock P.M. During the week prior to and up to and including the date of such meeting copies of the full ordinance will be available at no cost and during regular business hours at the Clerk’s office in said Municipal Building for the members of the general public who shall request the same.