OLD BRIDGE TOWNSHIP COUNCIL

REGULAR MEETING

April 8, 2002

A Regular meeting of the Township Council of the Township of Old Bridge was held on Monday, April 8, 2002 in the Municipal Complex. The meeting was called to order at 8:10 p.m. by President Butler who invited all in attendance to participate in a salute to the flag followed by a short prayer.

Deputy Clerk Stella Ward announced that this meeting was being held in conformance with the Open Public Meetings Act and was published in the newspaper. Roll call by Deputy Clerk Ward showed the following answering present: Councilmen Baker, Calogera, Greene, Hoff, Maher, Redmond, Testino, Councilwoman Panos, President Butler.

Resolution to go into Executive Session at 7:00 p.m.

RESOLUTION #180-02

BE IT RESOLVED, by the Township Council of the Township of Old Bridge that:

the public be excluded from this meeting pursuant to NJSA 10:4-13 for the discussion of the following matter or matters:

ES-1 Veterans Park Property

ES-2 Retirement Insurance

ES-3 Salaries

ES-4 Police - Manpower

BE IT FURTHER RESOLVED that this meeting shall reconvene in public session in minutes and that the minutes or other record of these discussions shall be available to be disclosed to the public in sixty (60) months unless a sooner date is determined by vote of the governing body at a public session.

Moved by Councilman Baker, seconded by Councilman Greene and so ordered on the following roll call vote:

AYES: Councilmen Baker, Greene, Maher, Redmond, Councilwoman Panos, President Butler.

NAYS: None.

*Note: Councilmen Testino & Calogera arrived at 7:10 p.m., Councilman Hoff arrived at 7:15 p m.

Approval of Minutes

RESOLUTION #181-02

BE IT RESOLVED, by the Township Council, Township of Old Bridge, County of Middlesex, State of New Jersey that:

WHEREAS, the following minutes are hereby approved:

January 28, 2002 - Regular February 4, 2002 - Agenda

Moved by President Butler, seconded by Councilman Calogera and so ordered on the following roll call vote:

AYES: Councilmen Baker, Calogera, Greene, Hoff, Maher, Redmond, Testino, Councilwoman Panos, President Butler.

NAYS: None.

Bill List

RESOLUTION #182-02

BE IT RESOLVED, by the Township Council of the Township of Old Bridge, County of Middlesex, State of New Jersey; and

WHEREAS, the Business Administrator has the responsibility of approving all bills and vouchers subject to preaudit and control; and

WHEREAS, the Director of Finance is responsible for the preaudit, the disbursement of all monies and the control over all expenditures to ensure that the budget appropriations are not exceeded; and

WHEREAS, the Finance Committee of the Township Council has satisfied themselves in respect to the bill listing of April 9, 2002 that there exists a detailed bill or voucher supporting each payment and there is indication that goods or services have been received or rendered.

NOW, THEREFORE, BE IT RESOLVED by the Township Council of the Township of Old Bridge that the bill listing of April 9, 2002 as approved by the Business Administrator after preaudit and control by the Director of Finance and after review by the Finance Committee be spread on the minutes in the amount of $5,272,159.25(General Fund).

Moved by Councilman Hoff, seconded by Councilman Greene and so ordered on the following roll call vote:

AYES: Councilmen Baker, Calogera, Greene, Hoff, Maher, Redmond, Testino, Councilwoman Panos, President Butler.

NAYS None.

Bill List

RESOLUTION #183-02

BE IT RESOLVED, by the Township Council of the Township of Old Bridge, County of Middlesex, State of New Jersey that:

WHEREAS, the Business Administrator has the responsibility of approving all bills and vouchers subject to preaudit and control; and

WHEREAS, the Director of Finance is responsible for the preaudit, the disbursement of all monies and the control over all expenditures to ensure that the budget appropriations are not exceeded; and

WHEREAS, the Finance Committee of the Township Council has satisfied themselves in respect to the bill listing of April 8, 2002 that there exists a detailed bill or voucher supporting each payment and there is indication that goods or services have been received or rendered.

NOW, THEREFORE, BE IT RESOLVED by the Township Council of the Township of Old Bridge that the bill listing of April 8, 2002 as approved by the Business Administrator after preaudit and control by the Director of Finance and after review by the Finance Committee be spread on the minutes in the amount of $696,768.24(Payroll).

Move by Councilman Hoff, seconded by Councilman Maher and so ordered on the following roll call vote:

AYES: Councilmen Baker, Calogera, Greene, Hoff, Maher, Redmond, Testino, Councilwoman Panos, President Butler.

NAYS: None.

Bill List

RESOLUTION #184-02 DENIED

BE IT RESOLVED by the Township Council of the Township of Old Bridge, County of Middlesex, State of New Jersey; that

WHEREAS, the Business Administrator has the responsibility of approving all bills and vouchers subject to preaudit and control; and

WHEREAS, the Director of Finance is responsible for the preaudit, the disbursement of all monies and the control over all expenditures to ensure that the budget appropriations are not exceeded; and

WHEREAS, the Finance Committee of the Township Council has satisfied themselves in respect to the bill listing of April 8, 2002 that there exists a detailed bill or voucher supporting each payment and there is indication that goods or services have been received or rendered.

NOW, THEREFORE, BE IT RESOLVED by the Township Council of the Township of Old Bridge that the bill listing of April 8, 2002 as approved by the Business Administrator after preaudit and control by the Director of Finance and after review by the Finance Committee be spread on the minutes in the amount of $26,115.58(Overtime).

Move by Councilman Redmond, seconded by President Butler Greene and so denied on the following roll call vote:

AYES: Councilmen Baker, Calogera, Redmond, President Butler.

NAYS: Councilmen Greene, Hoff, Maher, Testino, Councilwoman Panos

Report of the Clerk

MONTHLY REPORT OF COLLECTIONS OF ROSE-MARIE SARACINO, CLERK

The following represents the collections I have made during the month of March 2002:

DOGS:

1801-2386 4,503.00

CATS:

391-392 14.00

LICENSE:

Vending

Amusement - $25.00 each

#114 Old Bridge Diner 25.00
115-117 Friendly Sons 75.00
118-119 Shop Rite 50.00
120 Old Bridge Elks 25.00
121-123 WalMart 75.00
124 Millennium Partners 25.00

Food - $25.00 each

#3 Voided
4-5 Mycor Vending 50.00

Candy - $5.00 each

#9 Marlboro Vending 5.00
10-11 R&S Vending 10.00
12-15 Sodexho 20.00
16 Old Bridge Diner 5.00
17 Madison Variety 5.00
18-62 Folz Vending 220.00
63 Summerhill Nursing 5.00
64 Walmart 5.00
65-66 Blonder & Tongue 10.00

Soda - $ 10.00 each

#7-10 Sodexho 40.00
11 Laundry Room 10.00
12 Auto Sound Cellular 10.00
13 SpringHill Nursing Home 10.00
14-18 Blonder & Tongue 50.00
19 Pathmark 10.00

Limousine

272 Adel Elhalawany 35.00
273 NOT ISSUED
274 Tatina Solokira 35.00
275-279 DVG Limo 175.00
280 Simply First Class 35.00
281 Haqqi - NOT ISSUED
282 Harminder Madan 35.00
283 MIRJ Enterprises 35.00
284 DVG Limo 35.00
285 Twin Limo 35.00
286 VOIDED
287 Sheba Datt 35.00
288 Farooq Ahmend 35.00
289 Valentine Zusman 35.00
290 Beyderman 35.00
291 Saleem Kahn REPLACE#286 35.00
292 VOIDED
293 XYZ Two Way Radio 35.00
294 Zubair 35.00
295 Wojski 35.00
296 Browntown Bus NOT ISSUED
297 Lambert ISSUED IN APRIL
298 Dayao 35.00

Used Car

298 Daron Motors 500.00
299 Oasis Ford 350.00
300 Oasis Dodge 350.00
302 Stream Motors 350.00
303 Route 34 Auto 500.00
304 D&D Auto Sales 350.00
308 Hick's Auto Body 350.00

Sale of Flowers

301 Junice 75.00
307 Sunni Calsetta - 2 Occasions 150.00
306 TED GAS - NOT ISSUED DENIED

Hot Dog

268 Nina Texas Weiners 50.00

Ice Cream

271 Elena Perez 25.00
305 Mohommed - NOT ISSUED YET

4,525.00

BINGO/RAFFLE

RA 40-02 Colts Neck PTO 100.00
RA 41-02 Colts Neck PTO 30.00
RA 42-02 Colts Neck PTO 20.00
RA 43-02 Colts Neck PTO 10.00
RA 44-02 Old Bridge Columbia 50.00

210.00

Liquor License

transfer application-Madison Inn 4.00

MISCELLANEOUS:

Photocopies - Copies 19.00
Late fee - Dogs 798.00
Return Check - Dog 27.00

Total: $10,110.00

MOTION

Motion to accept the Clerk's Report made by Councilman Redmond, seconded by Councilman Baker and so ordered on the following roll call vote.

AYES: Councilmen Baker, Calogera, Greene, Hoff, Maher, Redmond, Testino, Councilwoman Panos, President Butler.

NAYS: None.

Councilman Hoff: I just want to make a statement regarding the Property Tax Freeze application for seniors which has been extended to May 1^st and will provide State reimbursement for any increase in local property tax for the year 2002. The only provision is that you have to be 65 or over, lived since in the township since 1991 and live in your current home since 1998. If anyone has questions, they can call Representative Sam Thompson and his office will assist in filling out the form. Forms will be available in the Clerk's office.

Report of the Attorney

Lambertson Tract

Attorney Ruggierio: We received a proposed Stipulation of Settlement and I would like to report that the acquisition of this property is substantially settled in terms as outline in the document. The ultimate purchase price will be $3,450,000.00, we have an obligation to extend the Green Acres grant and postpone the closing as long as we can, but that is not a problem because we can have immediate access to the property for our planning purposes and in 18 months fully develop the property notwithstanding the fact that we will be on the property only pursuant to a lease. I think that this is a very good settlement and I ask the Council to consider it either tonight or such time when you feel comfortable doing it.

Woodland Trails

Attorney Ruggierio: We did have our first day of hearings last Friday. The hearing will continue on April 15^th and hopefully we will conclude then or shortly thereafter. The commissioners will then have the obligation to make a judgment about the value. Tom Badcock has some good news regarding the Green Acres funding, which he will share with you.

Law Suit - Dismissed Probationary Dispatcher

Attorney Ruggierio: We were advised by our insurance carrier that they will be providing a defense in this case so that we will not have defense costs when and if that suit is filed.

Cheesequake Dam

Attorney Ruggierio: We have received signed easements from the Association and we can record them subject to acceptance, but we still are waiting for the State to authorize the town to take over the remaining $48,000 of the $75,000 legislative grant affixed on the dam.

Conde vs. Old Bridge

Attorney Ruggierio: We have arguments in the Appellate division on this case. It is scheduled to take place at Rutgers Law Newark. This will be held before a law student audience.

It is going to be a teaching situation. This is the case of a former police officer who was denied special compensation because he was convicted after his service as an Old Bridge Police Officer of drug distribution and spent time in a federal facility. Council rightly declined to grant him special compensation under the ordinance.

Prior to the Motion to Accept the Attorney's Report, the following discussion took place.

Councilman Maher: I want to congratulate you on this lease purchase with respect to the Lambertson tract. In reading the draft, are we leasing this on a month-to-month basis?

Attorney Ruggierio: We pay an annual rent. It is a ten year lease subject to our exercising our right to purchase the property, which we expect to do within the ten year period.

The lease payment is very minimal.

Councilman Baker: We just received this document which is 18 pages long and I would ask that we hold this off until we have time to review it.

President Butler: We will be holding off on this matter tonight.

Councilman Greene: I would like to discuss that this property is part of a major plan on the part of administration to preserve open space. With the other property that we have acquired, it comes to over 200 acres and the price we paid is relatively cheap for this piece of property. I want to thank both Mayor Cannon and Tom Badcock for working hard on this acquisition. I don't think we should delay this in anyway because this acquisition of these two properties was for the construction of a golf course. Why a golf course? Well, one it preserves open space and two it could and will provide annual revenue to the town. We funded two reports on this and both came back positive. I want to make sure that this goes on the next agenda.

Councilman Baker: I agree with everything that you said, but I do not want to comment on something that I haven't had time to read.

Councilman Hoff: The Cheesequake Dam agreement was suppose to a done deal. What do we need from the state?

Attorney Ruggierio: Mr. Fedun's letter indicated that the DEP promised to get to the formal agreement to transfer this money to the township within the next week. I will stay on top of this.

Mayor Cannon: I think that we have verbal authority.

Councilman Testino: I have been supporting open space and I think that this acquisition completes a green belt from Ticetown Road to Route 34. I think that this is a testament to the council and administration willingness to step up to the plate in the face of massive development. I haven't had a chance to read over this agreement and would like the chance to do so and I am sure that I will have a number of questions. I would like do this next week. Have we done a Phase I environmental study on Woodland Trails?

Attorney Ruggierio: Yes.

Councilman Testino: Has that been presented as part of the condemnation proceedings.

Attorney Ruggierio: No, we presented that as a separate claim against the owner. We culled out any environmental remediation that was required in the declaration of taking. I have been contacted by one of the attorneys indicating that he want to get started...

Councilman Testino: There is some dumping noted in some of the appraisals. We are paying extreme prices and I want to make sure we get clean property.

Attorney Ruggierio: We could of brought it up in the condemnation proceedings but I made a judgment to actually prosecute a claim against the property owners. I think that the remediation that will be required there will not be a problem. I was contacted last week by an attorney who was looking for our permission to go onto the property to remove some of the debris.

Councilman Testino: I don't want to give them $14,000,000.00 and then have to chase them for the clean up money. Do we have the Phase I on Lambertson?

Attorney Ruggierio: I think that has been authorized but we don't have it yet.

Mr. Badcock: We received notice today from Green Acres that they have established a new certified market value for the Woodland Trails property which is in excess of $13,000,000.00. The township will be eligible for an up to 75% grant. We will not get that all at once.

Councilman Redmond: I would like to recognize Mrs. Smith, if she hadn't decided that she wanted this to remain as open space in Old Bridge, we could of had condos on that property.

Also, a couple of weeks ago we got a memo about vacating the paper roads down in the County open space area and engineering was supposed to look into that, do we have a report on that yet?

Attorney Ruggierio: I received a report from John and there were at least 5 or 6 other roads that he listed which should be considered for vacation. I forwarded the note from John onto the County Council's office and that is where that is right now.

Motion

Motion to accept attorney's report made by Councilman Redmond, seconded by Councilman Hoff and so moved on the following roll call vote:

AYES: Councilmen Baker, Calogera, Greene, Hoff, Maher, Redmond, Testino, Councilwoman Panos, President Butler.

NAYS: None.

PRELIMINARY PUBIC COMMENTS.

Louis Valentino: Last November I discovered my 14 year old daughter was smoking.

We don't smoke and don't allow it in our house. I found out that my daughter had purchased these cigarettes from a local merchant in Madison Park who I cannot name because of pending litigation. I am working with the police department regarding zero tolerance for smoking or selling cigarettes to minors by the merchants in Old Bridge. I know the police and the schools are aware of the places where cigarettes are sold to minors. I would like to see an ordinance passed regarding this matter.

Barbara York: I am speaking once again about Charles Street. I think it is time to repave this street.

President Butler: Administration has stated that this is a state thoroughfare and we cannot pave it.

Attorney Ruggierio: As a municipality we have taken the position that the State should bring it up to standards. The suggestion is we could work out a new agreement with the State whereby we take over jurisdiction and fix it. It is not a position that we have taken up to this point.

President Butler: Are you advising us to do this?

Attorney Ruggierio: It is your money and I think you should think whether or not this is a prudent move.

Mr. Rao: Unhappy about taxes. Asked questions regarding school budget. Urged public to get out and vote against the passing of the school budget.

Courtney Mikos: I am 11 years old I live around the corner from Vet's Park. I would like to have a swing set put in the park. Also, the camp building is very hot during the summer and it would be nice if it were air conditioned and if the water fountain worked.

Councilman Baker: I would like to announce that a benefit is being held for Chuck Costello who was killed in the World Trade Center. It is being held at the Friendly Sons on Oak Street, Saturday, April 13, 2002 at 1 PM; the donation is $50.00.

PRESENTATION

Janet Phillips, Chairperson - Recreation Committee

Janet Phillips: I am the chairperson of the Old Bridge Recreation Board. We are a citizens advisory committee that assists the Council in providing adequate recreation to the people of Old Bridge. We are working on several projects at this time the support of the Old Bridge Community Center/YMCA; Lake Lucerne in Cliffwood Beach, which most of the land is Old Bridge Township property and the clean-up of this area; a mat room for wrestling located somewhere in the town; wrestling club in Laurence Harbor; a possible skate park in Cliffwood Beach; summer field hockey for highschool girls.

We want to request from the Council that the terms of the members of the board be changed to two year rotating terms so that the entire board is not up for reappointment every year.

We are also interested in the status of Mannino Park and the acquisition of the land from Perth Amboy regarding the access to the park. It is the consensus of the board that a golf course in Old Bridge would be an asset to the community and we are in full support of same. A sub-committee was formed to find the best way to bring a golf course to Old Bridge.

President Butler: We appreciate your efforts on behalf of the Recreation Board and the time that you give to this. I would like to state at this time that I have put together a committee regarding the golf course. I would like Mr. Testino to head that committee along with Mr. Hoff, and Mr. Baker.

Councilman Testino: I would like the people from the Recreation Board to serve with me.

President Butler: The people that Mrs. Phillips mentioned, Mr. Dunn, Mr. Haran and Mr. Stead. I would like to add Mr. Badcock and Mr. Shah to the Committee.

Councilman Greene: I have been a proponent of the golf course and I would like to get on that committee.

President Butler: I would like to make a recommendation for each Council person named to select a representative except for those Council people who were appointed to that committee.

Councilman Greene: I would still like to be on the committee. I did speak with you the other day and I thought you said that I was going to be on the committee.

President Butler: I changed that. I put this together tonight as I was listening to Mrs. Phillips speak and I decided who was going to be on that committee, so that is how the committee stands right now.

Councilman Greene: I want to state that I have been actively involved in promoting this golf course, not only on the Council, but on the Recreation Board and I think it is very unfair and a shame that you will not appoint me to that committee.

President Butler: I make determination as to who is going to be on committees, I just put it together and I asked the people to serve and I took Janet Phillips advice as to who was involved in the process. If you want to attend those meetings you can attend those meeting.

Councilman Greene: I would appreciate it if you give me notice of all the meetings and I will be there.

Mayor Cannon: I would also like to add that to make this thing really go, it would be good to make it bi-partisan and Mr. Greene certainly has been out there advocating this and as Mayor, I would also like to sit on that committee.

President Butler: As Mayor, you can sit on it.

Councilman Testino: The Mayor is welcome to sit on that committee.

Mayor Cannon: I think that Mr. Greene should be a participant, he has a lot to offer.

Councilman Greene: Thank you Mayor, I appreciate your support.

HEARINGS

H-1 Release/Reduction Performance Guarantee - Highview Estates III

Engineer Vincenti: This is a request for a partial reduction of the performance guarantee.

This section consists of 36 single family homes. The majority of the bonding improvements have been installed, we are recommending a partial reduction in the amount of 62%. Currently, we are holding bonds in the amount of $887,060.52; we are recommending to reduce the bond to $303,374.70 and the cash portion to be retained reduced to $33,708.30.

Attorney Eckstein: I am the representative of the builder.

President Butler: Do we have any residents of Highview who would like speak? Seeing no hands I close the public portion.

Councilman Redmond: Is there a homeowners association and have they been advised?

Attorney Eckstein: Yes, and at this point at this time, the homeowners are in complete control of the association. Everyone was noticed and we have not received anything back.

Motion

Motion to approve the reduction made by Councilman Hoff, seconded by Councilman Redmond and so moved on the following roll call vote:

AYES: Councilmen Baker, Calogera, Greene, Hoff, Maher, Redmond, Testino, Councilwoman Panos, President Butler.

NAYS: None.

H-2 Release/Reduction Performance Guarantee Atrium I/ Phase II - Metro Park South

Engineer Vincenti: This is the Archon Property, the second building that was recently constructed and approved. We have done the inspection and all of the punch list items have been complied with and we are recommending a complete release of the performance bond subject to the posting of the maintenance bond for two years in the amount of 15% of the original performance bond in the amount of $274,960.53. There is also a requirement that the applicant provide a letter of compliance from Freehold Soil Conservation.

Attorney Geller: I am an attorney with Greenbaum, Rowe, Smith on behalf of the applicant tonight.

President Butler: Do we have any residents from the area who wish to be heard on this matter? Seeing no hands, I close the public portion of this hearing.

Motion

Motion to release the performance guarantee Atrium I/Phase II Metro Park South made by Hoff seconded by Councilman Redmond and so moved on the following roll call vote.

AYES: Councilmen Baker, Calogera, Greene, Hoff, Maher, Redmond, Testino, Councilwoman Panos, President Butler

NAYS: None.

ORDINANCES FOR SECOND READING

TOWNSHIP OF OLD BRIDGE
ORDINANCE NO. 12-01

ORDINANCE AUTHORIZING COMPENSATION TO WARD COMMISSIONERS

WHEREAS, N.J.S.A. 40-44-12 authorizes the payment of compensation to ward commissioners;

BE IT ORDAINED by the Township Council of the Township of Old Bridge, County of Middlesex, State of New Jersey as follows:

Section 1: Purpose

This Ordinance authorizes the payment of compensation to ward commissioners for the performance of their duties with re-division of the Township of Old Bridge into wards.

Section 2: Ordinance

Ward commissioners shall be paid the sum of $750.00 each as compensation for the performance of their duties.

Section 3. Inconsistent Ordinances.

All ordinances or parts of ordinances inconsistent with or in conflict with this ordinance are hereby repealed to the extent of such inconsistency

Section 4. Partial Invalidity.

If any section, paragraph, clause or provision of this ordinance shall be adjudged invalid, such adjudication shall apply only to the section, paragraph, clause or provision so adjudged and the remainder shall be deemed valid and effective.

Section 5. Effective Date.

A. Except as set forth at subparagraphs B and C hereof, this Ordinance shall take effect on the earlier of the following dates: (1) on the date the Mayor affixes his/her signature thereto and returns same to the Municipal Council by delivering it to the Municipal Clerk pursuant to N.J.S.A. 40A:69A-41 or (2) on the tenth day following presentment to the Mayor of the Ordinance pursuant to N.J.S.A. 40A:69A-41 applicable when the Mayor has failed to return the Ordinance; whichever occurs first.

B. If the Mayor vetoes the Ordinance (in the manner set forth at N.J.S.A. 40A:69A-41), this Ordinance shall become effective upon the Township Council's vote to override the Mayor's veto.

C. Notwithstanding any other provision hereof, this Ordinance shall not take effect less than twenty (20) days after its final passage by the Council and approval by the Mayor, where such approval is required, unless the Council shall have also adopted a resolution declaring an emergency and at least two-thirds (2/3) of all the members of the Council vote in favor of such resolution.

Moved by Councilman Baker, seconded by Councilman Redmond and so ordered on the following roll call vote:

AYES: Councilmen Baker, Calogera, Greene, Hoff, Maher, Redmond, Testino, Councilwoman Panos, President Butler.

NAYS: None.

President Butler opened the public portion

Councilman Calogera: Can I find out how much and to whom we are paying this to?

Councilman Greene: Four Board of Elections people, and the Township Clerk.

Seeing no further hands, President Butler closed the portion.

Ordinance for Second Reading

TOWNSHIP OF OLD BRIDGE
ORDINANCE No. 13-02

ORDINANCE ACCEPTING STREET WITHIN THE CEDAR VIEW ESTATES DEVELOPMENT FOR USE AS PUBLIC ROADS

BE IT ORDAINED by the Township Council of the Township of Old Bridge, County of Middlesex, State of New Jersey as follows:

Section 1 Purpose

This Ordinance formally accepts the streets within the Cedar View Estates development for use as public roads and permits the enforcement of the traffic laws of New Jersey Statutes Title 39.

Section 2. Ordinance

The Township of Old Bridge formally accepts the following roads in their entirety for use as public roads: Shelly Road, Avery Drive, Karen Court, Amara Court, Jonathan Circle.

Section 3. Inconsistent Ordinances.

All ordinances or parts of ordinances inconsistent with or in conflict with this ordinance are hereby repealed to the extent of such inconsistency

Section 4. Partial Invalidity.

If any section, paragraph, clause or provision of this ordinance shall be adjudged invalid, such adjudication shall apply only to the section, paragraph, clause or provision so adjudged and the remainder shall be deemed valid and effective.

Section 5. Effective Date.

A. Except as set forth at subparagraphs B and C hereof, this Ordinance shall take effect on the earlier of the following dates: (1) on the date the Mayor affixes his/her signature thereto and returns same to the Municipal Council by delivering it to the Municipal Clerk pursuant to N.J.S.A. 40A:69A-41 or (2) on the tenth day following presentment to the Mayor of the Ordinance pursuant to N.J.S.A. 40A:69A-41 applicable when the Mayor has failed to return the Ordinance; whichever occurs first.

B. If the Mayor vetoes the Ordinance (in the manner set forth at N.J.S.A. 40A:69A-41), this Ordinance shall become effective upon the Township Council's vote to override the Mayor's veto.

C. Notwithstanding any other provision hereof, this Ordinance shall not take effect less than twenty (20) days after its final passage by the Council and approval by the Mayor, where such approval is required, unless the Council shall have also adopted a resolution declaring an emergency and at least two-thirds (2/3) of all the members of the Council vote in favor of such resolution.

Moved by Councilman Baker, seconded by Councilman Redmond and so ordered on the following roll call vote:

AYES: Councilmen Baker, Calogera, Greene, Hoff, Maher, Redmond, Testino, Councilwoman Panos, President Butler.

NAYS: None.

President Butler opened the public portion. Seeing no hands, President Butler closed the portion.

Ordinance for Second Reading

TOWNSHIP OF OLD BRIDGE
ORDINANCE No. 14-02

BOND ORDINANCE AUTHORIZING THE COMPLETION OF VARIOUS ROAD AND RELATED IMPROVEMENTS IN THE TOWNSHIP OF OLD BRIDGE, COUNTY OF MIDDLESEX, NEW JERSEY; APPROPRIATING THE SUM OF $2,325,000 THEREFOR; AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OR BOND ANTICIPATION NOTES OF THE TOWNSHIP OF OLD BRIDGE, COUNTY OF MIDDLESEX, NEW JERSEY, IN THE AGGREGATE PRINCIPAL AMOUNT OF UP TO $2,200,000; MAKING CERTAIN DETERMINATIONS AND COVENANTS; AND AUTHORIZING CERTAIN RELATED ACTIONS IN CONNECTION WITH THE FOREGOING

BE IT ORDAINED by the Township Council of the Township of Old Bridge, County of Middlesex, 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 purposes described in Section 7 hereof are hereby authorized as general improvements to be made or acquired by the Township of Old Bridge, County of Middlesex, New Jersey ("Township").

Section 2. It is hereby found, determined and declared as follows:

(a) the estimated amount to be raised by the Township from all sources for the purposes stated in Section 7 hereof is $2,325,000;

(b) the estimated amount of bonds or bond anticipation notes to be issued for the purposes stated in Section 7 hereof is $2,200,000;

(c) a down payment in the amount of $125,000 for the purposes stated in Section 7 hereof is currently available in accordance with the requirements of Section 11 of the Local Bond Law, N.J.S.A. 40A:2-11; and

Section 3. The sum of $2,200,000, to be raised by the issuance of bonds or bond anticipation notes, together with the sum of $125,000, which amount represents the required down payment, are hereby appropriated for the purposes stated in this bond ordinance ("Bond Ordinance").

Section 4. The issuance of negotiable bonds of the Township in an amount not to exceed $2,200,000 to finance the costs of the purposes described in Section 7 hereof is hereby authorized. Said bonds shall be sold in accordance with the requirements of the Local Bond Law.

Section 5. In order to temporarily finance the purposes described in Section 7 hereof, the issuance of bond anticipation notes of the Township in an amount not to exceed $2,200,000 is hereby authorized. Pursuant to the Local Bond Law, the Chief Financial Officer is hereby authorized to sell part or all of the bond anticipation notes from time to time at public or private sale and to deliver the same to the purchasers thereof upon receipt of payment of the purchase price plus accrued interest from their date to delivery thereof. The Chief Financial Officer is hereby directed to report in writing to the governing body at the meeting next succeeding the date when any sale or delivery of the bond anticipation notes pursuant to this Bond Ordinance is made. Such report must include the amount, the description, the interest rate and the maturity schedule of the bond anticipation notes sold, the price obtained and the name of the purchaser.

Section 6. The amount of the proceeds of the obligations authorized by this Bond Ordinance which may be used for the payment of interest on such obligations, accounting, engineering, legal fees and other items as provided in Section 20 of the Local Bond Law, N.J.S.A. 40A:2-20, shall not exceed the sum of $107,000.

Section 7. The improvements hereby authorized and the purposes for which said obligations are to be issued; the estimated costs of each said purpose; the amount of down payment for each said purpose; the maximum amount obligations to be issued for each said purpose and the period of usefulness of each said purpose within the limitations of the Local Bond Law are as follows:

Section 8. The average period of useful life of the several purposes for the financing of which this Bond Ordinance authorizes the issuance of bonds or bond anticipation notes, taking into consideration the respective amounts of bonds or bond anticipation notes authorized for said several purposes, is not less than 10.752 years.

Section 9. Grants or any other funds received from any governmental or private entity will be applied to the payment of or repayment of obligations issued to finance, the costs of improvements described in Section 7 above.

Section 10. 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. The supplemental debt statement shows that the gross debt of the Township, as defined in Section 43 of the Local Bond Law, N.J.S.A. 40A:2-43, is increased by this Bond Ordinance by $2,200,000 and that the obligations authorized by this Bond Ordinance will be within all debt limitations prescribed by said Local Bond Law.

Section 11. The full faith and credit of the Township are irrevocably pledged to the punctual payment of the principal of and interest on the bonds or bond anticipation notes authorized by this Bond Ordinance, and to the extent payment is not otherwise provided, the Township shall levy ad valorem taxes on all taxable real property without limitation as to rate or amount for the payment thereof.

Section 12. The applicable Capital Budget of the Township is hereby amended to conform with the provisions of this Bond Ordinance to the extent of any inconsistency therewith, and the resolution promulgated by the Local Finance Board showing full detail of the amended applicable Capital Budget and Capital Program as approved by the Director of the Division of Local Government Services, is on file with the Clerk and available for inspection.

Section 13. The Township hereby declares its intent to reimburse itself from the proceeds of the bonds or bond anticipation notes authorized by this Bond Ordinance pursuant to Income Tax Regulation Section 1.150-2(e), promulgated under the Internal Revenue Code of 1986, as amended ("Code"), for "original expenditures", as defined in Income Tax Regulation Section 1.150-2(c)(2), made by the Township prior to the issuance of such bonds or bond anticipation notes.

Section 14. The Township hereby covenants as follows:

(a) it shall take all actions necessary to ensure that the interest paid on the bonds or bond anticipation notes authorized by the Bond Ordinance is exempt from the gross income of the owners thereof for federal income taxation purposes, and will not become a specific item of tax preference pursuant to Section 57(a)(5) of the Code;

(b) it will not make any use of the proceeds of the bonds or bond anticipation notes or do or suffer any other action that would cause the bonds or bond anticipation notes to be "arbitrage bonds" as such term is defined in Section 148(a) of the Code and the Regulations promulgated thereunder;

(c) it shall calculate or cause to be calculated and pay, when due, the rebatable arbitrage with respect to the "gross proceeds" (as such term is used in Section 148(f) of the Code) of the bonds or bond anticipation notes;

(d) it shall timely file with the Ogden, Utah Service Center of the Internal Revenue Service, such information report or reports as may be required by Sections 148(f) and 149(e) of the Code; and

(e) it shall take no action that would cause the bonds or bond anticipation notes to be "federally guaranteed" within the meaning of Section 149(b) of the Code.

Section 15. The improvements authorized hereby are not current expenses and are improvements that the Township may lawfully make. No part of the cost of the improvements authorized hereby has been or shall be specially assessed on any property specially benefited thereby.

Section 16. All ordinances, or parts of ordinances, inconsistent herewith are hereby repealed to the extent of such inconsistency.

Section 17. In accordance with the Local Bond Law, this Bond Ordinance shall take effect twenty (20) days after the first publication thereof after final passage.

Moved by Councilman Testino, seconded by Councilman Baker and so ordered on the following roll call vote:

AYES: Councilmen Baker, Calogera, Greene, Hoff, Maher, Redmond, Testino, Councilwoman Panos, President Butler.

NAYS: None.

Ordinance for Second Reading

TOWNSHIP OF OLD BRIDGE
ORDINANCE No 15-02

BOND ORDINANCE AUTHORIZING THE ACQUISITION OF VARIOUS PIECES OF CAPITAL EQUIPMENT FOR THE TOWNSHIP OF OLD BRIDGE, COUNTY OF MIDDLESEX, NEW JERSEY; APPROPRIATING THE SUM OF $211,000 THEREFOR; AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OR BOND ANTICIPATION NOTES OF THE TOWNSHIP OF OLD BRIDGE, COUNTY OF MIDDLESEX, NEW JERSEY, IN THE AGGREGATE PRINCIPAL AMOUNT OF UP TO $200,000 MAKING CERTAIN DETERMINATIONS AND COVENANTS; AND AUTHORIZING CERTAIN RELATED ACTIONS IN CONNECTION WITH THE FOREGOING

BE IT ORDAINED by the Township Council of the Township of Old Bridge, County of Middlesex, 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 purposes described in Section 7 hereof are hereby authorized as general improvements to be made or acquired by the Township of Old Bridge, County of Middlesex, New Jersey ("Township").

Section 2. It is hereby found, determined and declared as follows:

(a) the estimated amount to be raised by the Township from all sources for the purposes stated in Section 7 hereof is $211,000;

(b) the estimated amount of bonds or bond anticipation notes to be issued for the purposes stated in Section 7 hereof is $200,000;

(c) a down payment in the amount of $11,000 for the purposes stated in Section 7 hereof is currently available in accordance with the requirements of Section 11 of the Local Bond Law, N.J.S.A. 40A:2-11; and

Section 3. The sum of $200,000, to be raised by the issuance of bonds or bond anticipation notes, together with the sum of $11,000, which amount represents the required down payment, are hereby appropriated for the purposes stated in this bond ordinance ("Bond Ordinance").

Section 4. The issuance of negotiable bonds of the Township in an amount not to exceed $200,000 to finance the costs of the purposes described in Section 7 hereof is hereby authorized. Said bonds shall be sold in accordance with the requirements of the Local Bond Law.

Section 5. In order to temporarily finance the purposes described in Section 7 hereof, the issuance of bond anticipation notes of the Township in an amount not to exceed $200,000 is hereby authorized. Pursuant to the Local Bond Law, the Chief Financial Officer is hereby authorized to sell part or all of the bond anticipation notes from time to time at public or private sale and to deliver the same to the purchasers thereof upon receipt of payment of the purchase price plus accrued interest from their date to delivery thereof. The Chief Financial Officer is hereby directed to report in writing to the governing body at the meeting next succeeding the date when any sale or delivery of the bond anticipation notes pursuant to this Bond Ordinance is made. Such report must include the amount, the description, the interest rate and the maturity schedule of the bond anticipation notes sold, the price obtained and the name of the purchaser.

Section 6. The amount of the proceeds of the obligations authorized by this Bond Ordinance which may be used for the payment of interest on such obligations, accounting, engineering, legal fees and other items as provided in Section 20 of the Local Bond Law, N.J.S.A. 40A:2-20, shall not exceed the sum of $15,000.

Section 7. The improvements hereby authorized and the purposes for which said obligations are to be issued; the estimated costs of each said purpose; the amount of down payment for each said purpose; the maximum amount obligations to be issued for each said purpose and the period of usefulness of each said purpose within the limitations of the Local Bond Law are as follows:

Section 8. 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. The supplemental debt statement shows that the gross debt of the Township, as defined in Section 43 of the Local Bond Law, N.J.S.A. 40A:2-43, is increased by this Bond Ordinance by $200,000 and that the obligations authorized by this Bond Ordinance will be within all debt limitations prescribed by said Local Bond Law.

Section 9. The full faith and credit of the Township are irrevocably pledged to the punctual payment of the principal of and interest on the bonds or bond anticipation notes authorized by this Bond Ordinance, and to the extent payment is not otherwise provided, the Township shall levy ad valorem taxes on all taxable real property without limitation as to rate or amount for the payment thereof.

Section 10. The applicable Capital Budget of the Township is hereby amended to conform with the provisions of this Bond Ordinance to the extent of any inconsistency therewith, and the resolution promulgated by the Local Finance Board showing full detail of the amended applicable Capital Budget and Capital Program as approved by the Director of the Division of Local Government Services, is on file with the Clerk and available for inspection.

Section 11. The Township hereby declares its intent to reimburse itself from the proceeds of the bonds or bond anticipation notes authorized by this Bond Ordinance pursuant to Income Tax Regulation Section 1.150-2(e), promulgated under the Internal Revenue Code of 1986, as amended ("Code"), for "original expenditures", as defined in Income Tax Regulation Section 1.150-2(c)(2), made by the Township prior to the issuance of such bonds or bond anticipation notes.

Section 12. The Township hereby covenants as follows:

(a) it shall take all actions necessary to ensure that the interest paid on the bonds or bond anticipation notes authorized by the Bond Ordinance is exempt from the gross income of the owners thereof for federal income taxation purposes, and will not become a specific item of tax preference pursuant to Section 57(a)(5) of the Code;

(b) it will not make any use of the proceeds of the bonds or bond anticipation notes or do or suffer any other action that would cause the bonds or bond anticipation notes to be "arbitrage bonds" as such term is defined in Section 148(a) of the Code and the Regulations promulgated thereunder;

(c) it shall calculate or cause to be calculated and pay, when due, the rebatable arbitrage with respect to the "gross proceeds" (as such term is used in Section 148(f) of the Code) of the bonds or bond anticipation notes;

(d) it shall timely file with the Ogden, Utah Service Center of the Internal Revenue Service, such information report or reports as may be required by Sections 148(f) and 149(e) of the Code; and

(e) it shall take no action that would cause the bonds or bond anticipation notes to be "federally guaranteed" within the meaning of Section 149(b) of the Code.

Section 13. The improvements authorized hereby are not current expenses and are improvements that the Township may lawfully make. No part of the cost of the improvements authorized hereby has been or shall be specially assessed on any property specially benefited thereby.

Section 14. All ordinances, or parts of ordinances, inconsistent herewith are hereby repealed to the extent of such inconsistency.

Section 15. In accordance with the Local Bond Law, this Bond Ordinance shall take effect twenty (20) days after the first publication thereof after final passage.

Moved by Councilman Testino, seconded by Councilman Hoff and so ordered on the following roll call vote:

AYES: Councilmen Baker, Calogera, Greene, Hoff, Maher, Redmond, Testino, Councilwoman Panos, President Butler.

NAYS: None.

President Butler opened the public portion. Seeing no hands, President Butler closed the portion.

Ordinance for Second Reading

TOWNSHIP OF OLD BRIDGE
ORDINANCE No. 16-02

BOND ORDINANCE AUTHORIZING VARIOUS RECREATIONAL IMPROVEMENTS FOR THE TOWNSHIP OF OLD BRIDGE, COUNTY OF MIDDLESEX, NEW JERSEY; APPROPRIATING THE SUM OF $825,000 THEREFOR; AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OR BOND ANTICIPATION NOTES OF THE TOWNSHIP OF OLD BRIDGE, COUNTY OF MIDDLESEX, NEW JERSEY, IN THE AGGREGATE PRINCIPAL AMOUNT OF UP TO $783,750; MAKING CERTAIN DETERMINATIONS AND COVENANTS; AND AUTHORIZING CERTAIN RELATED ACTIONS IN CONNECTION WITH THE FOREGOING

BE IT ORDAINED by the Township Council of the Township of Old Bridge, County of Middlesex, 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 purposes described in Section 7 hereof are hereby authorized as general improvements to be made or acquired by the Township of Old Bridge, County of Middlesex, New Jersey ("Township").

Section 2. It is hereby found, determined and declared as follows:

(a) the estimated amount to be raised by the Township from all sources for the purposes stated in Section 7 hereof is $825,000;

(b) the estimated amount of bonds or bond anticipation notes to be issued for the purposes stated in Section 7 hereof is $783,750;

(c) a down payment in the amount of $41,250 for the purposes stated in Section 7 hereof is currently available in accordance with the requirements of Section 11 of the Local Bond Law, N.J.S.A. 40A:2-11; and

Section 3. The sum of $783,750, to be raised by the issuance of bonds or bond anticipation notes, together with the sum of $41,250, which amount represents the required down payment, are hereby appropriated for the purposes stated in this bond ordinance ("Bond Ordinance").

Section 4. The issuance of negotiable bonds of the Township in an amount not to exceed $783,750 to finance the costs of the purposes described in Section 7 hereof is hereby authorized. Said bonds shall be sold in accordance with the requirements of the Local Bond Law.

Section 5. In order to temporarily finance the purposes described in Section 7 hereof, the issuance of bond anticipation notes of the Township in an amount not to exceed $783,750 is hereby authorized. Pursuant to the Local Bond Law, the Chief Financial Officer is hereby authorized to sell part or all of the bond anticipation notes from time to time at public or private sale and to deliver the same to the purchasers thereof upon receipt of payment of the purchase price plus accrued interest from their date to delivery thereof. The Chief Financial Officer is hereby directed to report in writing to the governing body at the meeting next succeeding the date when any sale or delivery of the bond anticipation notes pursuant to this Bond Ordinance is made. Such report must include the amount, the description, the interest rate and the maturity schedule of the bond anticipation notes sold, the price obtained and the name of the purchaser.

Section 6. The amount of the proceeds of the obligations authorized by this Bond Ordinance which may be used for the payment of interest on such obligations, accounting, engineering, legal fees and other items as provided in Section 20 of the Local Bond Law, N.J.S.A. 40A:2-20, shall not exceed the sum of $40,000.

Section 7. The improvements hereby authorized and the purposes for which said obligations are to be issued; the estimated costs of each said purpose; the amount of down payment for each said purpose; the maximum amount obligations to be issued for each said purpose and the period of usefulness of each said purpose within the limitations of the Local Bond Law are as follows:

Section 8. The average period of useful life of the several purposes for the financing of which this Bond Ordinance authorizes the issuance of bonds or bond anticipation notes, taking into consideration respective amounts of bonds or bond anticipation notes authorized for said several purposes, is not less than 16.878.

Section 9. 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. The supplemental debt statement shows that the gross debt of the Township, as defined in Section 43 of the Local Bond Law, N.J.S.A. 40A:2-43, is increased by this Bond Ordinance by $783,750 and that the obligations authorized by this Bond Ordinance will be within all debt limitations prescribed by said Local Bond Law.

Section 10. The full faith and credit of the Township are irrevocably pledged to the punctual payment of the principal of and interest on the bonds or bond anticipation notes authorized by this Bond Ordinance, and to the extent payment is not otherwise provided, the Township shall levy ad valorem taxes on all taxable real property without limitation as to rate or amount for the payment thereof.

Section 11. The applicable Capital Budget of the Township is hereby amended to conform with the provisions of this Bond Ordinance to the extent of any inconsistency therewith, and the resolution promulgated by the Local Finance Board showing full detail of the amended applicable Capital Budget and Capital Program as approved by the Director of the Division of Local Government Services, is on file with the Clerk and available for inspection.

Section 12. The Township hereby declares its intent to reimburse itself from the proceeds of the bonds or bond anticipation notes authorized by this Bond Ordinance pursuant to Income Tax Regulation Section 1.150-2(e), promulgated under the Internal Revenue Code of 1986, as amended ("Code"), for "original expenditures", as defined in Income Tax Regulation Section 1.150-2(c)(2), made by the Township prior to the issuance of such bonds or bond anticipation notes.

Section 13. The Township hereby covenants as follows:

(a) it shall take all actions necessary to ensure that the interest paid on the bonds or bond anticipation notes authorized by the Bond Ordinance is exempt from the gross income of the owners thereof for federal income taxation purposes, and will not become a specific item of tax preference pursuant to Section 57(a)(5) of the Code;

(b) it will not make any use of the proceeds of the bonds or bond anticipation notes or do or suffer any other action that would cause the bonds or bond anticipation notes to be "arbitrage bonds" as such term is defined in Section 148(a) of the Code and the Regulations promulgated thereunder;

(c) it shall calculate or cause to be calculated and pay, when due, the rebatable arbitrage with respect to the "gross proceeds" (as such term is used in Section 148(f) of the Code) of the bonds or bond anticipation notes;

(d) it shall timely file with the Ogden, Utah Service Center of the Internal Revenue Service, such information report or reports as may be required by Sections 148(f) and 149(e) of the Code; and

(e) it shall take no action that would cause the bonds or bond anticipation notes to be "federally guaranteed" within the meaning of Section 149(b) of the Code.

Section 14. The improvements authorized hereby are not current expenses and are improvements that the Township may lawfully make. No part of the cost of the improvements authorized hereby has been or shall be specially assessed on any property specially benefited thereby.

Section 15. All ordinances, or parts of ordinances, inconsistent herewith are hereby repealed to the extent of such inconsistency.

Section 16. In accordance with the Local Bond Law, this Bond Ordinance shall take effect twenty (20) days after the first publication thereof after final passage.

Moved by Councilman Testino, seconded by Councilman Baker and so ordered on the following roll call vote:

AYES: Councilmen Baker, Calogera, Greene, Hoff, Maher, Redmond, Testino, Councilwoman Panos, President Butler.

NAYS: None.

President Butler opened the public portion

Motion

Motion by Councilman Greene to increase this ordinance by $100,000 for the Golf Study, seconded by Councilwoman Panos.

Councilman Testino: There is no reason why we cannot do a separate bond at another time for this item. There is no reason to hold this up now and if they want to put up another bond at the next meeting they can do so.

Councilman Greene: I will withdraw my motion and we can discuss it at another meeting.

NO VOTE TAKEN

Councilwoman Panos: I want to add that I have been asking for money for Veterans Park and the Council fails to heed my request.

President Butler: Put it in writing specifically as to what you want. Work with Administration as to exactly how much is needed and then come back and we will put it on at that time.

Seeing no further hands, President Butler closed the portion.

TOWNSHIP OF OLD BRIDGE
ORDINANCE 17-02

BOND ORDINANCE AUTHORIZING THE ACQUISITION OF VEHICLES AND RELATED EQUIPMENT FOR THE TOWNSHIP OF OLD BRIDGE, COUNTY OF MIDDLESEX, NEW JERSEY; APPROPRIATING THE SUM OF $130,000 THEREFOR; AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OR BOND ANTICIPATION NOTES OF THE TOWNSHIP OF OLD BRIDGE, COUNTY OF MIDDLESEX, NEW JERSEY, IN THE AGGREGATE PRINCIPAL AMOUNT OF UP TO $123,000; MAKING CERTAIN DETERMINATIONS AND COVENANTS; AND AUTHORIZING CERTAIN RELATED ACTIONS IN CONNECTION WITH THE FOREGOING

BE IT ORDAINED by the Township Council of the Township of Old Bridge, County of Middlesex, 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 purposes described in Section 7 hereof are hereby authorized as general improvements to be made or acquired by the Township of Old Bridge, County of Middlesex, New Jersey ("Township").

Section 2. It is hereby found, determined and declared as follows:

(a) the estimated amount to be raised by the Township from all sources for the purposes stated in Section 7 hereof is $130,000;

(b) the estimated amount of bonds or bond anticipation notes to be issued for the purposes stated in Section 7 hereof is $123,000;

(c) a down payment in the amount of $7,000 for the purposes stated in Section 7 hereof is currently available in accordance with the requirements of Section 11 of the Local Bond Law, N.J.S.A. 40A:2-11; and

Section 3. The sum of $123,000, to be raised by the issuance of bonds or bond anticipation notes, together with the sum of $7,000, which amount represents the required down payment, are hereby appropriated for the purposes stated in this bond ordinance ("Bond Ordinance").

Section 4. The issuance of negotiable bonds of the Township in an amount not to exceed $123,000 to finance the costs of the purposes described in Section 7 hereof is hereby authorized. Said bonds shall be sold in accordance with the requirements of the Local Bond Law.

Section 5. In order to temporarily finance the purposes described in Section 7 hereof, the issuance of bond anticipation notes of the Township in an amount not to exceed $123,000 is hereby authorized. Pursuant to the Local Bond Law, the Chief Financial Officer is hereby authorized to sell part or all of the bond anticipation notes from time to time at public or private sale and to deliver the same to the purchasers thereof upon receipt of payment of the purchase price plus accrued interest from their date to delivery thereof. The Chief Financial Officer is hereby directed to report in writing to the governing body at the meeting next succeeding the date when any sale or delivery of the bond anticipation notes pursuant to this Bond Ordinance is made. Such report must include the amount, the description, the interest rate and the maturity schedule of the bond anticipation notes sold, the price obtained and the name of the purchaser.

Section 6. The amount of the proceeds of the obligations authorized by this Bond Ordinance which may be used for the payment of interest on such obligations, accounting, engineering, legal fees and other items as provided in Section 20 of the Local Bond Law, N.J.S.A. 40A:2-20, shall not exceed the sum of $10,000.

Section 7. The improvements hereby authorized and the purposes for which said obligations are to be issued; the estimated costs of each said purpose; the amount of down payment for each said purpose; the maximum amount obligations to be issued for each said purpose and the period of usefulness of each said purpose within the limitations of the Local Bond Law are as follows:

Section 8. The average period of useful life of the several purposes for the financing of which this Bond Ordinance authorizes the issuance of bonds or bond anticipation notes, taking into consideration respective amounts of bonds or bond anticipation notes authorized for said several purposes, is not less than 8.089 years.

Section 9. 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. The supplemental debt statement shows that the gross debt of the Township, as defined in Section 43 of the Local Bond Law, N.J.S.A. 40A:2-43, is increased by this Bond Ordinance by $123,000 and that the obligations authorized by this Bond Ordinance will be within all debt limitations prescribed by said Local Bond Law.

Section 10. The full faith and credit of the Township are irrevocably pledged to the punctual payment of the principal of and interest on the bonds or bond anticipation notes authorized by this Bond Ordinance, and to the extent payment is not otherwise provided, the Township shall levy ad valorem taxes on all taxable real property without limitation as to rate or amount for the payment thereof.

Section 11. The applicable Capital Budget of the Township is hereby amended to conform with the provisions of this Bond Ordinance to the extent of any inconsistency therewith, and the resolution promulgated by the Local Finance Board showing full detail of the amended applicable Capital Budget and Capital Program as approved by the Director of the Division of Local Government Services, is on file with the Clerk and available for inspection.

Section 12. The Township hereby declares its intent to reimburse itself from the proceeds of the bonds or bond anticipation notes authorized by this Bond Ordinance pursuant to Income Tax Regulation Section 1.150-2(e), promulgated under the Internal Revenue Code of 1986, as amended ("Code"), for "original expenditures", as defined in Income Tax Regulation Section 1.150-2(c)(2), made by the Township prior to the issuance of such bonds or bond anticipation notes.

Section 13. The Township hereby covenants as follows:

(a) it shall take all actions necessary to ensure that the interest paid on the bonds or bond anticipation notes authorized by the Bond Ordinance is exempt from the gross income of the owners thereof for federal income taxation purposes, and will not become a specific item of tax preference pursuant to Section 57(a)(5) of the Code;

(b) it will not make any use of the proceeds of the bonds or bond anticipation notes or do or suffer any other action that would cause the bonds or bond anticipation notes to be "arbitrage bonds" as such term is defined in Section 148(a) of the Code and the Regulations promulgated thereunder;

(c) it shall calculate or cause to be calculated and pay, when due, the rebatable arbitrage with respect to the "gross proceeds" (as such term is used in Section 148(f) of the Code) of the bonds or bond anticipation notes;

(d) it shall timely file with the Ogden, Utah Service Center of the Internal Revenue Service, such information report or reports as may be required by Sections 148(f) and 149(e) of the Code; and

(e) it shall take no action that would cause the bonds or bond anticipation notes to be "federally guaranteed" within the meaning of Section 149(b) of the Code.

Section 14. The improvements authorized hereby are not current expenses and are improvements that the Township may lawfully make. No part of the cost of the improvements authorized hereby has been or shall be specially assessed on any property specially benefited thereby.

Section 15. All ordinances, or parts of ordinances, inconsistent herewith are hereby repealed to the extent of such inconsistency.

Section 16. In accordance with the Local Bond Law, this Bond Ordinance shall take effect twenty (20) days after the first publication thereof after final passage.

Moved by Councilman Testino, seconded by Councilman Baker and so ordered on the following roll call vote:

AYES: Councilmen Baker, Calogera, Greene, Hoff, Maher, Redmond, Testino, Councilwoman Panos, President Butler.

NAYS: None.

President Butler opened the public portion. Seeing no hands, President Butler closed the portion.

Ordinance for Second Reading

ORDINANCE AMENDING ORDINANCE 04-01 AS HERETOFORE AMENDED BY ORDINANCE 42-01

BE IT ORDAINED by the Township Council of the Township of Old Bridge, County of Middlesex, 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 Title of Bond Ordinance 04-01 as amended by 42-01 (as heretofore amended, the "Bond Ordinance") is hereby further amended to provide as follows:

"BOND ORDINANCE AUTHORIZING THE ACQUISITION OF REAL PROPERTY IN THE TOWNSHIP OF OLD BRIDGE, COUNTY OF MIDDLESEX, NEW JERSEY; APPROPRIATING THE SUM OF $14,000,000 THEREFOR; AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OR BOND ANTICIPATION NOTES OF THE TOWNSHIP OF OLD BRIDGE, COUNTY OF MIDDLESEX, NEW JERSEY, IN THE AGGREGATE PRINCIPAL AMOUNT OF UP TO $13,300,000; MAKING CERTAIN DETERMINATIONS AND COVENANTS; AND AUTHORIZING CERTAIN RELATED ACTIONS IN CONNECTION WITH THE FOREGOING"

Section 2. Section 2 of the Bond Ordinance is hereto amended to provide as follows:

"Section 2. It is hereby found, determined and declared as follows:

(a) the estimated amount to be raised by the Township from all sources for the purposes stated in Section 7 hereof is $14,000,000;

(b) the estimated amount of bonds or bond anticipation notes to be issued for the purposes stated in Section 7 hereof is $13,300,000; and
(c) a down payment in the amount of $700,000 for the purposes stated in Section 7 hereof is currently available in accordance with the requirements of Section 11 of the Local Bond Law, N.J.S.A. 40A:2-11."

Section 3. Section 3 of the Bond Ordinance is hereto amended to provide as follows:

"Section 3. The sum of $13,300,000, to be raised by the issuance of bonds or bond anticipation notes, together with the sum of $700,000, which amount represents the required down payment, are hereby appropriated for the purposes stated in this bond ordinance ("Bond Ordinance")."

Section 4. Section 4 of the Bond Ordinance is hereby amended to provide as follows:

"Section 4. The issuance of negotiable bonds of the Township in an amount not to exceed $13,300,000 to finance the costs of the purposes described in Section 7 hereof is hereby authorized. Said bonds shall be sold in accordance with the requirements of the Local Bond Law."

Section 5. Section 5 of the Bond Ordinance is hereby amended to provide as follows:

"Section 5. In order to temporarily finance the purposes described in Section 7 hereof, the issuance of bond anticipation notes of the Township in an amount not to exceed $13,300,000 is hereby authorized. Pursuant to the Local Bond Law, the Chief Financial Officer is hereby authorized to sell part or all of the bond anticipation notes from time to time at public or private sale and to deliver the same to the purchasers thereof upon receipt of payment of the purchase price plus accrued interest from their date to delivery thereof. The Chief Financial Officer is hereby directed to report in writing to the governing body at the meeting next succeeding the date when any sale or delivery of the bond anticipation notes pursuant to this Bond Ordinance is made. Such report must include the amount, the description, the interest rate and the maturity schedule of the bond anticipation notes sold, the price obtained and the name of the purchaser."

Section 6. Section 6 of the Bond Ordinance is hereby amended to provide as follows:

"Section 6. The amount of the proceeds of the obligations authorized by this Bond Ordinance which may be used for the payment of interest on such obligations, accounting, engineering, legal fees and other items as provided in Section 20 of the Local Bond Law, N.J.S.A. 40A:2-20, shall not exceed the sum of $400,000."

Section 7. Section 7(a) of the Bond Ordinance is hereby amended to provide as follows: