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Home My Public Portal Abouto 99:30Presems the following Ordinance Seconded by Com~cihnan BOND ORDINANCE PROVIDING FOR A TECH1NOLOGY UPGP~kDE FOR Y~K COMPLIANCE AND OT~.'~ PURPOSES IN D.ND BY ~ BOROUGH OF CARTERET, IN T~ $~0~, 000 ~FOR ~ ~RIZ~ ~E I$SU~CE FIN~CE P~T OF ~ COET BE IT O~ BY ~E BORO~H CO.OIL OF k~ BOROUGH OF ~RET, ~ ~{E CO~2~ OF MIDDL~S~, ~W ~RSEY (not zwo-~hird~7 of ali m~ers thereof affi~tively concurrlng) FOLLO~: Secti~ 1. ~s ~nt described in Section 3 of this b~ o~in~ce is h~re~ authorkzed %o be ~de~ak~n ~ the Borough of Cart~ret, New Jersey as a general i~r~ent. For the improv~ent or pu~ose described in Section 3, ;~here is her~y appropriated the s~ of $500,000, includln9 the s~ cf $24,000 the do~ pa~t re~d by Ehe Local Bond Law. ~e do~ pa~n~ is now available by virtus of pr~ision f~r do~ pa~ent or for capital i~r~ment p~o~es in one or mots previously adopted budgets. Sectioz, 2. om purpose not In ordck- to f~n~qce the cost of uhe improve2n~mt covered by application of the dow~ are hereby authorized to be issued in the principal ~mount of $476,900 pursuant to th~ LOCR1 Bond Law. In antic~pati~'~n of Uh~ J~suanc~ of the bonds, nogotiabZe bond anticipa~i¢~n notes are hereby authorized to be issued pursuant and within Zhe 2imitations prescribed by the Local Bond Law. Section g. (a} The improvement hereby auZhorized and the --purpose for the financing of which the bonds are to be issued is a ~o.. 99-~30 PAGE 2 tecb_nology upgrade for Y2K com~llance ,and other purposes by the acqulsi~io~ and ineta~latio~ o~ a phone system and all related equipment, the acquisition and installation of computers and a computer networking system, including equipment, hardware and software, and the acqulsition~nd installation of a police ccmpuZer Y2K compliance software package, includln~ all costs necessary therefor or incidental tkereto. (b) The estimated rm~xLu~am amotu~t of bonde or nones to be issued for the improvement or purl~ose is as stated in Section 2 hereof. (c} The estimated cQst of the improvement or purpose is equal to t, he amount of the appropriation herein made therefor. Section 4. All bond anticipation notes issued hereunder shall mature at such times as my be determined by the chief financial ofilcer; provided thaz no note shall mature later than one year from its date, The seres shall bear interest at such rate or rates and be in such form as rmay be determined by the chics fim~nclal officer, The chief flna~cial officer shall dete~lnine all macterm in connection with notes issued pursuant to this ordinance, and the chief financial officer's signature upon the notes shall be conclusive evidence as to all such determln~tions. All notes i~sued hereunder may be renewed from time ho time subject to the provisions of N.J.S.A. 40A:2-8(O) . The chief financial officer is hereby authorized to sell part or all of the notes from time to time aE public or private sale and to deliver them to the purchasers thereof upon receipt of payment of the purchase price plus accrue~ interest fzom their dates to ~he date of delivery thereof. The chief financial officer is directed to report in writing to the governing body at the meeting next succeeding the date when any sale or delivery of the notes pursuant to this ordinance is made. Such report must include the amount, the descripti,vn, the interest rate an~l the rmaturity schedule of the notes sold, the price obtained and the name of the purchaser. Section 5. The capital budget of the BorouMh of Carteret is hereby ~zaended to conform with the provisions of this ordir~%uce to the extent of any inconsistency herewith. The resolution in the rom promulMated by the Local FiDa~Ce Board s~owing full detail of the amended cap~tal budget and capital progra~ as apprevedby she Director of the Division of Local Government Sez-~ices is cn file with the Clerk and is available there for public inspection. NO. 99-30 PAGI~, 3 Section 6. The £o!lowir~ additional matters are hereby determined, declared, recited and stated: (a) The J/~i~rov~me~t or purpose described in Section 3 of this bond ordinance is not a current expense. It is an improvement or purpose that the Borough may lawfully undertake as a ~enera~ improv~n~nt, and no part of the cost thereof has teen or shall be specially assessed on proDer~y specially benefited thereby. (b) The period of usefulness of the improvement or ~uurpose within the lim/tatlons of the Local Bond Law, according to the reasorh~ble ii~e thereo~ computed from the date of the bonds authorized by thi~ ordlma~ce, is 5 year~. , (c) The Supplemental Debt Statement reqllired by the Local Bond Law ~s been ~ul~ prepared and filed in the off,ce of the Clerk, and a complete executed duplicate 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. Su~ stat~ent shows that the gross debt of the Boz~ugh as defined in tl~e 5ocal Bond Law is increased by ~he authorization of the bonds and notes provided in this bond ordinance by $476,000, and the obligations authorized herein will be within all debt limitations prescribed by that Law. (d~ An aggregate ~unount not exceeding $50,000 for items oE expense listed in and pex"alitted ~nder N_J.S.A. 40A:2-20 is included in the estimated cost indicated herein for ~he purpose or i~prove~ent. S~etton 7. Any ~z'ant moneys received for the purpose described in Section 3 hereof shall be applied either to direct payment of the cos~ of thc improvement or to payment of the obligat±o~s issued pursuant to t]~is ordinance. The ~mount of obligations authorized but not issued hereunder shall be reduced to the extent that such funds are so used. Section 8. The full faith and credit of the Borough are hereby pledged to the punctual paymeRt of the principal of and the interest om the obligations authorized by this bond ord~nm~ce. The obligatio~s shall be direct, unlimited obligations of the Borough, and the Sorough shall be obligated to levy ad valorem t~s upon all the ta~able real property within the Borough for ~he payment of the obligations and the i~terest thereon wit_hour limitation of rate or amount. NO. 99-30 PAGE 4 Section 9. This bond ordinance shall take effect 20 days after the first publication thereof after final adoption, as provided by the Local Bond Law. DO NOT USE SPACE BELOW T}IIS LINE RECORD OF COUNCIL VOTE IlCRILLEY FAgEKAS GUTOWSKI MANgUSO 0 ' HELEN . -- X - Indicate Vote AB - Absent NV - Not Voling XOR - Indicates Vole 1o Overrule Veto Adopted on first reading of the Council of the Borough of Carteret, N 2. on _ $eptember 2. Septomher 20, 1~ Adopted on second reading after hearing on 1999