NOTICE OF PUBLIC HEARING
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REFUNDING BOND ORDINANCE PROVIDING FUNDS TO PAY AN EMERGENCY APPROPRIATION; AUTHORIZING THE ISSUANCE OF UP TO $1,400,660 OF REFUNDING BONDS AND/OR NOTES OF THE TOWNSHIP OF WINSLOW, COUNTY OF CAMDEN, NEW JERSEY, TO FINANCE THE COSTS THEREOF; MAKING CERTAIN DETERMINATIONS AND COVENANTS IN CONNECTION THEREWITH; AND AUTHORIZING CERTAIN RELATED ACTIONS IN CONNECTION WITH THE FOREGOING
BACKGROUND
WHEREAS, the Local Budget Law, Chapter 169 of the Laws of the State of New Jersey, as amended and supplemented ("Local Budget Law") authorizes, inter alia, municipalities to make emergency appropriations after the adoption of the budget for a purpose which is not foreseen at the time of the adoption thereof, or for which adequate provision was not made therein; and
WHEREAS, the Township Committee of the Township of Winslow, County of Camden, New Jersey ("Township") has duly and finally adopted a resolution on July 21, 2026 ("Resolution") creating an emergency appropriation in the total amount of $1,400,660.03 ("Appropriation"), which appropriation is necessary: (i) fund a temporary structural budgetary deficit due to unanticipated costs for claims in the Township’s Self-Insured Group Health Insurance Plans; and (ii) pay the costs of issuance of any indebtedness issued by the Township to temporarily or permanently finance said Appropriation; and
WHEREAS, the Local Bond Law, constituting Chapter 169 of the Laws of the State of New Jersey ("State"), as amended and supplemented, N.J.S.A. 40A:2-51 et seq. ("Local Bond Law"), authorizes the Township to incur indebtedness, borrow money, authorize and issue refunding bonds or notes, in any amount determined to be necessary by the Township Committee and approved by the Local Finance Board, Division of Local Government Services, New Jersey Department of Community Affairs ("Local Finance Board"), for the purpose of paying, funding or refunding emergency appropriations, including the Appropriation; and
WHEREAS, it is the intent of the Township Committee to hereby authorize, approve and direct the issuance and sale of its refunding bonds or refunding bond anticipation notes in the principal amount of up to $1,400,660 to pay the costs of the Appropriation (including certain costs of issuance associated therewith), and to make certain related determinations and authorizations in connection therewith.
NOW, THEREFOR, BE IT ORDAINED by the Township Committee of the Township (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") and the Municipal Qualified Bond Act, Chapter 38 of the Laws of 1976 of the State of New Jersey, as amended and supplemented ("Act"), as follows:
Section 1. The Township is hereby authorized to pay, and there is hereby appropriated, the sum of $1,400,660 to refund a like portion of the Appropriation of the Township made on July 21, 2026, which Appropriation was used to fund an emergency appropriation to fund a temporary structural budget deficit due to unanticipated costs for claims in the Township’s Self-Insured Group Health Insurance Plans and expenses in connection with any Refunding Bonds (as hereinafter defined) issued to finance the costs thereof, in each case pursuant to the requirements of the Local Budget Law, N.J.S.A. 40A:4-20, et seq.
Section 2. To finance the Appropriation (including certain costs and expenses related thereto), negotiable refunding bonds or notes of the Township are hereby authorized to be issued in one or more series in an aggregate principal amount not to exceed $1,400,660 ("Refunding Bonds") pursuant to the Local Bond Law and the Act. The exact principal amount of Refunding Bonds and the number of series, including any renewals thereof, to be issued, and terms thereof, shall be determined pursuant to a resolution adopted by the Township Committee of the Township.
Section 3. An aggregate amount not exceeding $40,000 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 finance the costs of the Appropriation and any costs and expenses in connection therewith, including costs and expenses in connection with the issuance of the Refunding Bonds.
Section 5. Each Refunding Bond authorized herein shall be designated, substantially "Township of Winslow, County of Camden, New Jersey, General Obligation Refunding [Bond][Bond Anticipation Note], Series 20__", and shall be in the form prescribed and permitted by the Local Bond Law and the Act, as Bond Counsel may advise, and as the Township shall approve.
Section 6. The Refunding Bonds may be sold at public or private sale pursuant to resolution of the Township Committee of the Township, adopted by not less than two-thirds of the full members thereof. Refunding Bonds issued as general obligation refunding bond anticipation notes are authorized to be issued by the Township provided that such refunding bond anticipation notes are issued and amortized within the limitations set forth by Local Bond Law and the findings of the New Jersey Local Finance Board. Said refunding bond anticipation notes shall be issued, sold, executed, delivered and renewed pursuant to and in accordance with the requirements of the Local Bond Law, the Act and any limitations established by the New Jersey Local Finance Board.
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 Municipal Clerk prior to the passage of this refunding 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 Chief Financial Officer of the Township.
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.
Public notice is hereby given that the foregoing Ordinance was introduced and passed on first reading at the meeting of the Township Committee of the Township of Winslow, in the County of Camden, State of New Jersey, held on July 28, 2026. Further notice is given that said Ordinance will be considered for final passage and adoption, after a public hearing thereon, at a meeting of the Township Committee to be held at the Winslow Township Municipal Building, 125 South Route 73, Braddock, New Jersey 08037, on August 18, 2026 at 7:00 p.m. During the week prior to and up to and including the date of said meeting, copies of said Ordinance will be made available at no cost and during regular business hours, at the Township Clerk’s office for the members of the general public who shall request the same.
Lisa L. Dorty, RMC
Municipal Clerk