HomeMy Public PortalAboutOrd. 11-012orbl nnU
No. 11 -1y t of f4E
ozou�t of
Councilman Preset ; thr, fdlom ing O dinance Seconded by Councilman
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REFUNDING BOND ORDINANCE OF THE BOROUGH OF
CARTERET, IN THE COUNTY OF MIDDLESEX, NEW
JERSEY, PROVIDING FOR THE REFUNDING OF ALL OR A
PORTION OF THE OUTSTANDING CALLABLE GENERAL
IMPROVEMENT BONDS OF THE BOROUGH, DATED
DECEMBER 1, 1998, ISSUED IN THE ORIGINAL PRINCIPAL
AMOUNT OF 52,975,000, AND ALL OR A PORTION OF THE
OUTSTANDING CALLABLE GENERAL IMPROVEMENT
BONDS OF THE BOROUGH, DATED NOVEMBER 15, 2002,
ISSUED IN THE ORIGINAL PRINCIPAL AMOUNT OF
$6,007,000, APPROPRIATING $4,750,000 THEREFOR AND
AUTHORIZING THE ISSUANCE OF $4,750,000 REFUNDING
BONDS OF THE BOROUGH FOR FINANCING THE COST
THEREOF.
BE IT ORDAINED BY THE BOROUGH COUNCIL OF THE BOROUGH OF
CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY (not less than two-thirds of
all members thereof affirmatively concurring) AS FOLLOWS:
Section 1. The Borough of Carteret, in the County of Middlesex, New Jersey (the
"Borough ") is hereby authorized to refund all or a portion of the Borough's $1,445,000
outstanding principal amount of General Improvement Bonds, originally issued in the aggregate
principal amount of $2,975,000, dated as of December 1, 1998, which amount matures on
December I in each of the years 2011 through 2018, inclusive (the "1998 Refunded Bonds ") and
,vhich are subject to redemption on or after December 1, 2009 at par, together with accrued
merest, if any, to the date fixed for redemption, and is further authorized to refund.all or a
iortion of the Borough's $3,157,000 outstanding principal amount of General Improvement
Bonds, originally issued in the aggregate principal amount of $6,007,000, dated as of November
15, 2002, which amount matures on November 15 in each of the years 2012 through 2017,
(the "2002 Refunded Bonds" and together with the 1998 Refunded Bonds, the
"Refunded Bonds ") and which are subject to redemption on or after November 15, 2011 at par,
together with accrued interest, if any, to the date fixed for redemption.
Section 2. In order to finance the cost of the purpose described in Section 1 hereof
the costs of issuance associated therewith, negotiable refunding bonds (the "Refunding
Is ") are hereby authorized to be issued in one or more series in the aggregate principal
mt not to exceed $4,750,000 pursuant to the Local Bond Law of the State of New Jersey.
NO. 11-12
—. PAG
Section 3. An aggregate amount not exceeding $125,000 for items of expense listed
and permitted under N.J.S.A. 40A:2 -51(b) has been included in the aggregate principal
of Refunding Bonds authorized herein.
Section 4. The supplemental debt statement required by the Local Bond Law has
duly prepared and filed in the office of the Clerk, and a complete executed duplicate
been filed in the office of the Director of the Division of Local Government Services in the
of Community Affairs of the State of New Jersey. Such statement shows that the
debt of the Borough as defined in the Local Bond Law is increased by the authorization
the Refunding Bonds and notes provided in this refunding bond ordinance by $4,750,000
that an amount representing the Refunded Bonds will be deductible from gross debt.
authorized herein will be within all debt limitations prescribed by the Local Bond
Section 5. The purpose of the refunding is to effect a debt service savings for the
h as a result of lower interest rates in the bond market.
Section 6. A certified copy of this refunding bond ordinance as adopted on
has been filed with the Director of the Division of Local Government Services in
Department of Community Affairs of the State of New Jersey prior to final adoption.
Section 7. The Mayor, the Chief Financial Officer, the Borough Clerk and
appropriate representatives of the Borough are hereby authorized to prepare such documents,
publish such notices and to take such other actions as are necessary or desirable to enable
Borough to prepare for the sale and the issuance of the Refunding Bonds authorized herein
to provide for the redemption of the Refunded Bonds.
Section 8. This refunding bond ordinance shall take effect 20 days after the
publication thereof after final adoption, as provided by the Local Bond Law, provided that
of the Local Finance Board has been endorsed upon a certified copy of this refunding
I ordinance as finally ado
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.B.
COUNCILMAN
YES
NO
NV
A.B.
BIILM
x
KRLM
x
DTAZ
x
MH F
X
DI Mk SaO
x
slim
x
X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overmle Veto
Adopted on first rea ' of the until of the Borough of Carteret, N.J., on
Adopted on' and reading a earing on Jim 16, 2011
%V 19, 2011 -
APPROVED B
ON
AYOR
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MUNICIP L
`W'A�
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AFFIDAVIT OF PUBLICATION
The following is a true copy of an Ordinance or Resolution of the
Borough of Carteret that has appeared in the Home News Tribune,
a newspaper which is printed in Freehold, New Jersey and
published in Neptune, in said County and State and of general
circulation in said county. One (1) time(s), once in each issue as
follows O T
OLGHOFCMiEREf ORDINANCE MIt 12
NOTICE OE PEI7DING BO11D
In the Cowc/ of Middev. State
PAay r 19, 2011. 1 will
I C. siderad r final oa�,aee. of
MAY 24, 2011
e ae no
ms a1
he e
b.d
bond
Notary Public of New J
LINDA A. RIVERA
NOTARY PUBLIC Of NEW JERSEY
MY COMMISSION EXPIRES MAY 2
intinicupai t ierx
Sworn and subscribed before
me this 3 , day of j
AFFIDAVIT OF PUBLICATION
The following is a true copy of an Ordinance or Resolution of the
Borough of Carteret that has appeared in the Home News Tribune, a
newspaper which is printed in Freehold, New Jersey and published
in Neptune, in said County and State and of general circulation in
said county. One 1 time(s), once in each issue as follows:
June 23, 2011
Notary Public of New Jersey
LINDA A. RIVERA
NOTARY PUBLIC OF NEW JERSEY
MY COMMISSION EXPIRES MAY 2, 2016
Sworn and subscribed before
me this 7.aA day of
r
0 1/.
Kathleen M. Barney, MMC
Municipal Clerk