Common Sense For New Hampshire

ORDINANCE 2013-15

BOND ORDINANCE PROVIDING FOR THE CONSTRUCTION OF BEACHFRONT BUILDINGS IN AND BY THE BOROUGH OF BELMAR, IN THE COUNTY OF MONMOUTH, NEW JERSEY, APPROPRIATING $7,500,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $7,125,000 BONDS OR NOTES OF THE BOROUGH TO FINANCE PART OF THE COST THEREOF.

BE IT ORDAINED BY THE BOROUGH COUNCIL OF THE BOROUGH OF BELMAR, IN THE COUNTY OF MONMOUTH, NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurring) AS FOLLOWS:

Section 1.  The improvement described in Section 3(a) of this bond ordinance is hereby authorized to be undertaken by the Borough of Belmar, in the County of Monmouth, New Jersey (the “Borough”) as a general improvement to the Borough’s Beach Utility.  For the improvement or purpose described in Section 3(a), there is hereby appropriated the sum of $7,500,000, including the sum of $375,000 as the down payment required by the Local Bond Law (since the Beach Utility as a result of this bond ordinance is not self-liquidating).  The down payment is now available by virtue of provision for down payment or for capital improvement purposes in one or more previously adopted budgets.

Section 2.       In order to finance the cost of the improvement or purpose not covered by application of the down payment, negotiable bonds are hereby authorized to be issued in the principal amount of $7,125,000 pursuant to the Local Bond Law.  In anticipation of the issuance of the bonds, negotiable bond anticipation notes are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law………………………………….