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Home My Public Portal AboutOrd. 11-022fflrMUMU N - .. .Qf fhQ Pory h of anderd, Y, �41 Councilman Presents the following Ordinance Seconded by Councilman AN ORDINANCE OF THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, STATE OF NEW JERSEY, APPROVING AND AUTHORIZING THE ENTERING INTO, EXECUTION AND DELIVERY OF A LEASE AND AGREEMENT WITH THE MIDDLESEX COUNTY IMPROVEMENT AUTHORITY RELATING TO THE ISSUANCE OF COUNTY-GUARANTEED CAPITAL EQUIPMENT AND IMPROVEMENT REVENUE BONDS, SERIES 2011 OF THE MIDDLESEX COUNTY IMPROVEMENT AUTHORITY WHEREAS, the Middlesex County Improvement Authority (the "Authority") is authorized to issue its bonds pursuant to the provisions of the County Improvement Authorities Law, chapter 183 of the Laws of New Jersey of 1960, as amended and supplemented (N.J.S.A. 40:37A -44 et sec.) (the "County Improvement Authorities Law'), and other applicable provisions of law; and WHEREAS, the Authority has determined to issue its revenue bonds for the purpose of financing the various capital improvements to be undertaken by.and the acquisition, installation and, as applicable, subsequent leasing of certain capital equipment, including but not limited to. police and passenger vehicles, to various municipalities located in the County of Middlesex in the State of New Jersey (the "2011 Program "); and WHEREAS, the Borough of Carteret, In the County of Middlesex, State of New Jersey (the "Municipality") has determined to participate In the 2011 Program and to lease certain police and /or passenger vehicles from the Authority; and WHEREAS, there has been prepared and submitted to the Municipality the form of the Lease and Agreement (the "Lease "), to be entered into by and between the Authority and the Municipality, which Lease has been approved by the County of Middlesex, State of New Jersey (the "County") and which Is attached hereto as Exhibit A, providing for the acquisition and leasing of certain police and /or passenger vehicles from the Authority, which police and /or passenger vehicles are described In Exhibit B not otherwise h defined n shall have the ref gs he ascribed such use h ere i n ms under the Lease. NOW THEREFORE, BE IT ORDAINED AND ENACTED BY THE GOVERNING OF MIDDLEEX, BODY OF THE BOROUGH O F STATE F NEW JERSEY (not less than h of hirds of aE me theeof affrmati ely concurring) AS FOLLOWS: Section 1. Pursuant to section 78 of the County Improvement Authorities Law, N.J.S.A. 40:48 -1 et seg., the Municipality is hereby authorized and directed to enter into passenger vehicles Lea acquired L ease with tthev'proceedseof le e Capi al NO. 11-22 PAGE of 3 Equipment and Improvement Revenue Bonds, Series 2011 (the "Bonds ") to be issued by the Authority under a resolution of the Authority to be adopted by the Authority entitled, "Resolution of the Middlesex County Improvement Authority Authorizing the Issuance of County- Guaranteed Capital Equipment and improvement Revenue Bonds" (the "General Bond Resolution "). The Lease, In the form submitted herewith in Exhibit A (a copy of which is on file in the office of the Clerk of the Municipality), is hereby approved with such changes, amendments or modifications as may be approved by counsel or bond counsel to the Municipality and bond counsel to the Authority and the County. Section 2. The full faith and credit of the Municipality are hereby pledged to the punctual payment of the obligations set forth in the Lease authorized by this ordinance, including without limitation, (1) all Basic Rent and Rent obligations of the Municipality under the Lease, including Authority Administrative Expenses and Additional Rent, (ii) all amounts due and owing to the County as a result of payments made by the County on behalf of the Municipality under the Lease pursuant to the County Guarantee, Including County Guarantee Costs and (III) all direct and indirect costs of the Authority and the County related to the enforcement of the Lease and the County Guarantee ((i), (ii) and (ill) collectively, the "Lease Payment Obligation "). The Lease Payment Obligation under the Lease shall be a direct, unlimited and general obligation of the Municipality, not subject to annual appropriation by the Municipality pursuant to the County Improvement Authorities Law, and unless paid from other sources, the Municipality shall be obligated to levy ad valorem taxes upon all the taxable property within the Municipality for the payment of the Lease Payment Obligation thereunder without limitation as to rate or amount. The Mayor or other Authorized Municipal Representative (as defined in the Lease) Is hereby authorized and directed to execute the Lease on behalf of the Municipality In the form as attached hereto in Exhibit A and the Clerk of the Municipality is hereby authorized and directed to attest to such signature and affix the seal of the Municipality thereto and the Lease is authorized to be delivered to the Authority. All representatives, officials and employees of the Municipality are hereby authorized and directed to enforce and to Implement provisions of the Lease. Section 3. The following additional matters are hereby determined, declared, recited and stated: (1) The maximum Lease Payment Obligation for which the Municipality shall be obligated hereunder, which, Inter alla, will be used for the payment of principal of and interest on the Bonds of the Authority shall not exceed the sum necessary to (a) acquire the Municipality's police and /or passenger vehicles described in Exhibit B attached hereto which will be subject to the Lease, (b) pay Interest on the Authority's Bonds allocated to the Municipality and used to acquire the Municipalitys police and /or passenger vehicles, and (c) pay the Municipality's share of the costs of issuance, Authority Administrative Expenses, Additional Rent, County Guarantee Costs and all other amounts required to be paid by the Municipality under the Lease. NO. 11-99 PACE 3 of 3 (2) The Bonds shall mature within five (5) years from the date of issue. (3) The Lease Payment Obligation authorized herein shall remain effective until all the Authority's Bonds shall have been paid in full in accordance with their terms and /or when all obligations of the Municipality under the Lease have been satisfied, notwithstanding the occurrence of any other event, including but not limited to the termination of the Lease with respect to some or all of the police and /or passenger vehicles leased thereunder. (4) The police and /or passenger vehicles described in Exhibit B are hereby approved to be leased from the Authority in accordance with the terms of the Lease, with such changes, amendments or modifications as may be approved by counsel or bond counsel to the Authority. Section 4. To the extent the Municipality is an "Obligated Person" (as defined under the Rule (as hereinafter defined)), the Municipality hereby agrees to comply with the requirements of Rule 15c2 -12 (the "Rule ") promulgated by the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended and supplemented, including the secondary market disclosure requirements contained therein, and agrees to covenant to such compliance In the Lease. The Mayor, Clerk, Chief Financial Officer or other Authorized. Municipal Representative are each hereby authorized and directed to execute and deliver a Continuing Disclosure Agreement, approve and "deem final" the Official Statement of the Authority and the preliminary form thereof to the extent the information contained therein relates to the Municipality and to execute and deliver all certificates, documents and agreements to the Authority in connection therewith and to file budgetary, financial and operating data of the Municipality on an annual basis and notices of certain enumerated events as required to comply with and in accordance with the provisions of the Rule. Section 5. The Mayor, Clerk, Chief Financial Officer or Authorized Municipal Representative are each hereby authorized and directed to execute and deliver any and all certificates, documents and Instruments and to do and cause to be done any and all acts and things necessary or proper for carrying out the execution and delivery of the Lease, the teasing of the police and /or passenger vehicles which is to be the subject of the Lease and all related transactions contemplated by this ordinance. Section 6. Upon the payment of all amounts referenced in Section 3(3) herein, the full faith and credit pledge of the Municipality as to its Lease Payment Obligations authorized herein shall cease to exist. Section 7. The provisions of this ordinance are severable. To the extent any clause, phrase, sentence, paragraph or provision of this ordinance shall be declared invalid, illegal or unconstitutional, the remaining provisions shall continue to be in full force and effect. Section 8. This ordinance shall take effect twenty (20) days after final adoption and publication in accordance with applicable law. RECORD OF COUNCIL VOTE COUNCILMAN PPS NO NV A.B. COUNCILMAN YES NO NV A,B, 11DD X jay X AZ X DI MMO SrDw- X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vole to Overrule Veto Adopted on first reading of the Council Adopted on seco mg after a o o orough of Carteret, N.J., em ALUJ•S 4, 2011 $ APPROVE B ON loft Ic 80ROLGHTURTERET Efiei ?In has baa finally ha Caurty d Mid3e <, arW of f wd�nanCe ca itb� mn hom the data d tha aoailable at nn asst and f the g.-al public who P., %. Lea C.adn pa'ica arn{ /w passes gee bid3 (des Cui" in Ehibt B balo O loom prwa tha wY?ring IrW of a laasa a9,, -na nt with the ��County tmpm�emant Aulhonty Amp nation A= twlnae: Rtoamwtizathalaasepamantobligatfo Hon _ oa( Nma rarA, ,r Fp prnp tad: Noana cc L'afs o! Issuanw to L� allocai•:d wo rata UM - f Tit dCo F,.C Frva (5) Years Kathlezn M. 8arnay JH)BRB C!arkoftha Bwwgh dCaite�k 20 W33 ax : jPty lmpi oemznt A nthant! 11 Capital Eg.u,amant and Imprwemmt Financing Pro Project list - PREL INJNARY Catmat 8wvia;h Fi4 Pro ?U AR ?H .O:tCtS C,11 - t. Est_Cmt Ucelul L ife c YE Cdan -- 0 0.88 5Y'ears Subtatal t aces f`u [e `!• },ieles 3 }IDO OfA 6U 51'ears Sublotat 1 J. Prva 1'aar Rgx[s Sub!IXal . lOD, 000.00 TEN YEAR PRO JECTS 0 50.90 10 Years Tai Year Proects SnC tal. $9U(T FLTEEN YFRR PROJECTS U 'pJ_OU 15 Years Fft-.n Yaar Projects Sub +dal SJ Vo PN ENTY YEAR PROJECTS R r.- 0 4 0.00 51'aars DO TwaoPi Ybar Pwa2s Subtotal: 0o Tdal. �$1o0,000 0o Lo c+ a TS al OOD Carta,at B..oL h Toil B.,.ing- '$IMA Wa h,\ Fao -'wad s, sUedu!a a'ba,' and acHj'llrteda'a as accn2 tha N ✓. and tha !sa fn, li.vs f the ttuita+ t ands hasnucbrirs . We uniarstard that tha Cos[ d tha zquprt :arilnfraalructura wll Is mad as tha bays for calculating dv d-bt sa,, ices cn tha bm that will ba ism my the Middlav_t County Imgsv ma Aulhoity (tha 'Puthority ) t. F a o C l and ti a Vavyloan paymarts that will ba p yabla by Cad,,,k Bw- tU i"'nt ($75.80) 391081 Affidavit of Publication Publisher's Fee $78.84 Affidavit $35.00 State of New Jersey }SS. Middlesex Comity Personally appeared �Jf d "I 1 `�. �� _� j �� Of the Home News Tribune, a newspaper printed in Freehold, New Jersey and published in East Brunswick, in said County and State, and of general circulation in said county, who being duly sworn, deposeth and saith that the advertisement of which the annexed is a true copy, has been published in the said newspaper 1 times once in each issue as follows: 8/08/11 CffHt ERINE M. Wil_WA 1 E):FARY PUBLIS OF ntr_%A) IEUSLY e.,tY COMMISSION EXPIRES JUNE 1, p 2012 A.D. 2011 / Sworn and subsiibdbefore me, this /h � L 8 day of August, 2011 Notary Public of New Jersey The and r BORMHOFCARTEREi at up to at no re er xahidae (d:scei LV.d in Exhibit B belw+) agreement vnth theVfZdFzez County lease payment obligati., eC imp. os�swanea to be allocated po rata sOrLi� Exceed Frye (5) Years KatMeen M. Haute EXHIBIT B Clerk of the B.'02 of Caderet , `Timex Camty Impm cement Authority 2011 Capital Eoa uipment and Improvement Financing Program Pm'ect List - PR LUMINARY Carteret Bomcgh Project Cyant Est Cat Ueefd Life RIVE YEAR PROJECTS R 0 0.00 5Years SLbtaal LFa e Poke 4chicles S btdaI Fiva Year Projects Sukotai TEiN YEAR PROJECTS Iona .'en Year Projects Subtotal FI FTEEN YEAR PROJECTS Nen Fiftean Year Projects Subtotal: TWENTY YEAR PROJECTS one Twenty Year Proects Subtotal: Lease Tota 1. Loan Total: Carteret Borough Total Boucwing 3 1000A0 00 o0 5Years loo;o 00 0 0,00 10 Years 0 D00 15Vears 0 0.00 5 Years 0.00 $100,000.00 $0.00 $100,000.60 We have re,ia.d the achocl ab.e and ackn.ledga accurate the cost and the uaeV lives d the equipment aW /or inGastmgtures. We urxterJani that the cost of the equipmertflnhastr rChne xill be used ae the basis for ealcdaling the debt sc+viee an the bonds that vill be is , xd by the Middlesex County Imprwemert Authority (the `/,thority7 a finance the equipment and the I,aseLoan payments that W0 ba payable by Carteret Bor- .'ugh PIT. Authputy. vl k� is t" t [ We have re,ia.d the achocl ab.e and ackn.ledga accurate the cost and the uaeV lives d the equipment aW /or inGastmgtures. We urxterJani that the cost of the equipmertflnhastr rChne xill be used ae the basis for ealcdaling the debt sc+viee an the bonds that vill be is , xd by the Middlesex County Imprwemert Authority (the `/,thority7 a finance the equipment and the I,aseLoan payments that W0 ba payable by Carteret Bor- .'ugh PIT. Authputy. A� h,m.adl OKi wr Purn Name and Title Date (418.84) 386759 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: Au4ust 25, 2011 � 0 �.1.✓ � leaE'1! Notary Public of New Jersey LINDA A. RIVERA NOTARY PUBLIC OF NEW JERSEY MY COMMISSION EXPIRES MAY 2 Sworn and subscribed before me this day of Kathleen M. arney, MMC Municipal Clerk vvv BOROUGH O #1 ,_,PUBLIC NOTICE Kathleen M.Berne y Clerk of the Borough of Carteret ' runty Improvement Authority I Eqquipment and Improvement Financing Program PRELIMINARY - ugh Ouant. `. Est. Cost Useful Life ROJECTS 0 5 Years es 3 $100.0 - '5 Years UECTS O $0.00 10 Years ects Subtotal: $A00 PR OJECTS 0 $0.00 15 Years ' rejects Subtotal: BA PROJECTS 0 $0.00 5 Years 'rejects Subtotal: $0.00 $100,000.00 $0. h Total Borrowing: $100,000:00 00 ed the schedule above andacknowle�d8 a as accurate the cost and the use equipment :and/or Infrastructures. We untlerslantl that the cost of the - Imcture will be used as the basis top calculating the .debt service on the be issued by the Mitltllesez County Improvement Authority (the •AUthonty ") j qa t ipmant and the leasenoarr payments that will be payable by Carteret Bor- i y. 394081