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Home My Public Portal AboutOrd. 11-020&NI No. 11 -20 of 14e Parag4 of &r #ere #, � J- Councilman Presents the following Ordinance Seconded by Councilman '.. BOND ORDINANCE PROVIDING FOR IMPROVEMENTS TO '.. CARTERET PARK IN AND BY THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $650,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $650,000 BONDS OR NOTES OF THE BOROUGH TO FINANCE PART OF 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 improvement described in Section 3(a) of this bond ordinance is hereby authorized to be undertaken by the Borough of Carteret, in the County of Middlesex, New Jersey (the "Borough ") as a general improvement. For the improvement or purpose described in Section 3(a), there is hereby appropriated the sum of $650,000, including a Green Acres Grant in the amount of $325,000 (the "State Grant'), and a Green Acres Loan in the amount of $325,000 expected to be received. There is no down payment required pursuant to N.J.S.A. 40A:2- 26(e), as the improvement or purpose set forth in Section 3(a) is partially funded by the State Grant. Section 2. In order to finance the cost of the improvement or purpose and in anticipation of the State Grant, negotiable bonds are hereby authorized to be issued in the principal amount of $650,000 pursuant to the Local Bond Law. In anticipation of the issuance of the bonds, negotiable bond anticipation notes are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law. NO. 11 -20 PAOG OF 5 Section 3. (a) The improvement hereby authorized and the purpose for the financing o II which the bonds are to be issued is improvements to Carteret Park, including all work an( materials necessary therefor and incidental thereto. (b) The estimated maximum amount of bonds or notes to be issued for improvement or purpose is as stated in Section 2 hereof. (c) The estimated cost of the improvement or purpose is equal to the amount appropriation herein made therefor. Section 4. All bond anticipation notes issued hereunder shall mature at such times as may be determined by the chief financial officer; provided that no note shall mature later than one year from its date. The notes shall bear interest at such rate or rates and be in such form as may be determined by the chief financial officer. The chief financial officer shall determine all matters 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 determinations. All notes issued hereunder may be renewed from time to time subject to the provisions of the Local Bond Law. The chief financial officer is hereby authorized to sell part or all of the notes from time to time at public or private sale and to deliver them to the purchasers thereof upon receipt of payment of the purchase price plus accrued interest from their dates to the 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 is made. Such report must include the amount, the description, the interest rate and the y schedule of the notes sold, the price obtained and the name of the purchaser. Section 5. The Borough hereby certifies that it has adopted a capital budget or a temporary capital budget, as applicable. The capital or temporary capital budget of the Borough 2 No. 11 -20 PAOI� of S is hereby amended to conform with the provisions of this ordinance to the extent of any inconsistency herewith. To the extent that the purposes authorized herein are inconsistent with the adopted capital or temporary capital budget, a revised capital or temporary capital budget has been filed with the Division of Local Government Services. Section 6. The following additional matters are hereby determined, declared, recited and stated: (a) The improvement or purpose described in Section 3(a) of this bond ordinance is not a current expense. It is an improvement or purpose that the Borough may lawfully undertake as a general improvement, and no part of the cost thereof has been or shall be specially assessed on property specially benefitted thereby. (b) The period of usefulness of the improvement or purpose within the limitations of the Local Bond Law, according to the reasonable life thereof computed from the date of the bonds authorized by this ordinance, is 15 years. (c) The Supplemental Debt Statement required by the Local Bond Law has been duly prepared and filed in the office 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. Such statement shows that the gross debt of the Borough as defined in the Local Bond Law is increased by the authorization of the bonds and notes provided in this bond ordinance by $650,000, and the obligations authorized herein will be within all debt limitations prescribed by that Law. (d) An aggregate amount not exceeding $120,000 for items of expense listed in and permitted under N.J.S.A. 40A:2 -20 is included in the estimated cost indicated herein for the purpose or improvement. NG 11 -20 4 of 5 PAGC Section 7. The Borough hereby declares the intent of the Borough to issue bonds or Bond anticipation notes in the amount authorized in Section 2 of this bond ordinance and to use the proceeds to pay or reimburse expenditures for the costs of the purposes described in Section 3(a) of this bond ordinance. This Section 7 is a declaration of intent within the meaning and for purposes of Treasury Regulations. Section 8. Any grant moneys received for the purpose described in Section 3 hereof shall be applied either to direct payment of the cost of the improvement or to payment of the obligations issued pursuant to this ordinance. The amount of obligations authorized but not issued hereunder shall be reduced to the extent that such funds are so used. Section 9. The chief financial officer of the Borough is hereby authorized to prepare and to update from time to time as necessary a financial disclosure document to be distributed in' connection with the sale of obligations of the Borough and to execute such disclosure document on behalf of the Borough. The chief financial officer is further authorized to ether into the appropriate undertaking to provide secondary market disclosure on behalf of the Borough pursuant to Rule 15c2 -12 of the Securities and Exchange Commission (the "Rule ") for the benefit of holders and beneficial owners of obligations of the Borough and to amend such undertaking from time to time in connection with any change in law, or interpretation thereof, provided such undertaking is and continues to be, in the opinion of a nationally recognized bond counsel, consistent with the requirements of the Rule. In the event that the Borough fails to comply with its undertaking, the Borough shall not be liable for any monetary damages, and the remedy shall be limited to specific performance of the undertaking. Section lo. The full faith and credit of the Borough are hereby pledged to the punctual payment of the principal of and the interest on the obligations authorized by this bond ordinance. NO. 11-20 5 of 5 PACE The obligations shall be direct, unlimited obligations of the Borough, and the Borough shalt be obligated to levy ad valorem taxes upon all the taxable real property within the Borough for the payment of the obligations and the interest thereon without limitation of rate or amount. Section 11. This bond ordinance shall take effect 20 days after the first publication 'hereof after final adoption, as provided by the Local Bond Law. RECORD OF COUNCIL VOTE COUNCILMAN YES NO N9' I A.B. COUNCILMAN YES NO NY A. B. BELLING X KRUM X PL S X DIMASCIO X SITARZ X - Indicate Vole AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto JU y 2 Adopted on first reading of the Council of the Borough of Carteret, N.J., on 1 Adopted on second readingaller hear' g on Ch—LOIY Y 20 2011 APPROVEDBY MAYOR ,.-- G� ON ..ia / \ZUNI .IPA . CI FRR CPDIIffa #11 -20 BOND ORDNANCE STATEMENT AND SUMMARY The bond ordinance, the summary terms of which are included herein, has been finally adopted by the Borough of Carteret, in the County of Middlesex, State of New Jersey on (itch -r 20 , 2011 and the 20 day period of limitation within which a suit, action or proceeding questioning the validity of such ordinance can be commenced, as provided in the Local Bond Law, has begun to run from the date of the first publication of this statement. Copies of the full ordinance are available at no cost and during regular business hours, at the Clerk's office for members of the general public who request the same. The summary of the terms of such bond ordinance follows: Title: BOND ORDNANCE PROVIDNG FOR IMPROVEMENTS TO CARTERET PARK N AND BY THE BOROUGH OF CARTERET, N THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $650,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $650,000 BONDS OR NOTES OF THE BOROUGH TO FINANCE PART OF THE COST THEREOF. Purpose(s): improvements to Carteret Park, including all work and materials necessary therefor and incidental thereto. Appropriation: $650,000 Bonds/Notes Authorized: $650,000 Grants Appropriated: $325,000 Green Acres Grant Section 20 Costs: $120,000 Useful Life: 15 years Kathleen M. Barney, Clerk fir, BOROLGH OF CARET n,r�.d cd� zan�a, the summa, te.ms of ch � nc' d_tl he' n h- � nnally a ct.d b tt [3waagh �v �a - n thz t , •on o � d'3 •IZ[zd N J trr 2 9 and C ti d t . p-:'od o` x hick a t, aL b r- ,; m a„ , on -g :h. va h; d a'eu ch ord Lz ran b., --cad, a., .orided in Lu:a -.-3 La Law, , hz n to m hft. darn puSl c a v this Etat> -f al toll ad avada- at and dw ng rz;ufar barons at tF. "farhs ottea fo ethers of gvrs of V �I c "h. r -W , tha nca mary Y tha toms d Each bc�J w- rrdlo,r:. RoM) (AMI:NAWE FHWIOWG FOR ,,t Fa9., nace•sa., ear;. A. •-n Aoes ,ears 423810 G010',GH7 UITEREI rvonrEc t Pith d N. 3 z& o f Fc t I I"I'l, f tl '� Bi v th? C of Nltldest, N s � T idy 21 ZJtl it t.v c,xa i. - / Sr 6'1 uacaaca a tvd/ :o b1 r?m at the Nun ? Fwszh on Oct.o "' yrvc:} pm Dvmg tha to and pia ro and n;'.:dng ih? d. n. t Cvpits of the 131 wd' of no Co^ and tams Fwos -;�1, pioxme'G to fait ?eet Fart. ir:Laing all ww Y, and ma[aials 66 neC- �A Al, thmNo; t) da ihtreN V„ynrennr, '5],OD 9cndii \a! ?s T. - z ?dj550, OJ0 ants Avv a�a� +d. (325,000 hr.:.�n Ave S?c6.n� re I f , . h L".D,UJO Usuiut re LS yazs Sat na T J P x M Barn /. Clerk he i4s is puCls` ?] v- +t+ar3 to tiJBA 3C!4' (524.84) 413306 L t j/i 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: October 1, 2011 Notary Public of New Jersey K thleen M. Barney, MMC Municipal Clerk LINDA A. RIVERA NOTARY PUBLIC OF NEW JERSEY SworAcYQW9WAR9 MAY 2 2016 me this3/v.,V day of C ct" ,� r- t„Z c) 40A:2 -1J. ($24.84) 413306 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: Qctob 25, Notary Public of New Jersey Kathleen M. Barney, MMC LINDA A. RIVERA Municipal Clerk NOTARY PUBLIC OF NEW JERSEY Sworn M iCOI�IMIS, ION �X�,IRES MAY 2 me this,? day of ' L i cI1. e