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HomeMy Public PortalAboutOrd. 11-028MrbriktaltU No. 11-28 elf t48 P-0ro 4 VT anthrel, �" DI Councilman Presents the following Ordinance Seconded by Councilman ORDNANCE PROVIDNG FOR VARIOUS CAPITAL hVIPROVEMENTS WITHIN! THE SPECIAL MIPROVENIENT DISTRICT N AND BY THE BOROUGH OF CARTERET, N THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $12,250,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $12,250,000 BONDS OR NOTES OF THE BOROUGH TO FINANCE PART OF THE COST THEREOF TO BE REPAID WITH CONTRIBUTIONS FROM SPECIAL IMPROVEMENT DISTRICT. WHEREAS, by ordinance number 03 -47, duly adopted by the Borough Council ( "Borough Council ") of the Borough of Carteret (the "Borough") on December 13, 2003, i Borough created a special improvement district (the "Special Improvement District') pursuant N.J.S.A. 40:56 -65 et seq.; and WHEREAS, the Special Improvement District is pvcmed by a district corporation, as that term is defined in N.J.S.A. 40:56 -66c, entitled "Carteret Partnership, Inc." (tile "CBP "); and WHEREAS, the Borough desires to help finance the cost of improvements to be iken within the Special Improvement District through the issuance of bonds, or notes in anticipation thereof, pursuant to the Local Bond Law, N.J.S.A. 40A:2 -1 or seq.; and WHEREAS, the purposes of the above - described improvements are the promotion of the ric and general welfare of the Special Improvement District and the Borough; and WHEREAS, the CBP has adopted a resolution pursuant to which it will contribute to the Borough a portion of the revenues collected each year by the CBP to pay the debt service due on the notes and/or bonds described above and authorized herein; and �i t: PAGE 2 WHEREAS, the Borough and the CBP will enter into an agreement, in substantially the e form as that on file with the Borough Clerk, to memorialize the obligation of the CBP to :e annual payments to the Borough described above and the obligation of the Borough to ly such funds to the payment of the debt service on the debt authorized herein; and WHEREAS, as a result of the CBP's obligation to make the payments described above the Borough's obligation to apply such funds to the payment of the debt service on the debt herein, the debt authorized herein is self - liquidating and is deductible from the of the Borough pursuant to N.J.S.A. 40A:2 -44f; and WHEREAS, pursuant to N.J.S.A. 40A:2 -1 le and 2 -7h, no down payment is required. BE IT ORDAINED BY THE BOROUGH COUNCIL OF THE BOROUGH IN THE COUNTY OF MIDDLESEX, NEW JERSEY (not less than hvo -thuds members thereof affirmatively concurring) AS FOLLOWS: Section 1. The several improvements described in Section 3 of this bond ordinance respectively authorized to be undertaken by the Borough as general improvements. For several improvements or purposes described in Section 3, there are hereby appropriated e sums of money therein stated as the appropriation made for each improvement or such sums amounting in the aggregate to $12,250,000. No down payment is required to N.J.S.A. 40A:2 -11(c) as the several purposes authorized herein are deemed self - g and the obligations authorized herein are deductible from the gross debt of the as more fully explained in Section 6(e) of this bond ordinance. Section 2. In order to finance the cost of the several improvements or negotiable bonds are hereby authorized to be issued in the principal amount of $1 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 by the Local Bond Law. Section 3. (a) The several improvements hereby authorized and the several purposes for the bonds are to be issued, the estimated cost of each improvement and the therefor, the estimated maximum amount of bonds or notes to be issued for each the period of usefulness of each improvement, all of which are to be undertaken with the special improvement district, are as follows: 1 11-28 PAGE --3- (b) The estimated maximum amount of bonds or notes to be issued for the several or purposes is as stated in Section 2 hereof. (c) The estimated cost of the several improvements or purposes is equal to the amounts of the appropriations 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 I 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 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 offi cer is hereby authorized to sell part or all of the notes from II time to time at public or private sale and to deliver them to the purchasers thereof upon receipt of Estimated Appropriation Maximum Amount and Estimated of Bonds or Period of Purpose Cost Notes Usefulness a) Portion of Borough's share of costs of construction and installation of a marine ferry terminal and marina, including dredging and all work and materials necessary therefor - and incidental thereto. $5,500,000 $5,500,000 40 years b) Construction or installation of structured parking facility, including all work and materials necessary therefor and incidental thereto. $6,000,000 $6,000,000 40 years Estimated Appropriation Maximum Amount and Estimated of Bonds or Period of Puroose Cost Notes Usefulness c) Portion of Borough's share of costs of construction or installation of various road improvements and traffic signal system improvements at or adjacent to the Post BoulevardNlinue Street/ Roosevelt Avenue intersection, _ including all work and materials necessary therefor and incidental thereto. $750.000 $750,000 10 years TOTALS 512250.000 $12.250.000 (b) The estimated maximum amount of bonds or notes to be issued for the several or purposes is as stated in Section 2 hereof. (c) The estimated cost of the several improvements or purposes is equal to the amounts of the appropriations 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 I 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 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 offi cer is hereby authorized to sell part or all of the notes from II time to time at public or private sale and to deliver them to the purchasers thereof upon receipt of NO. x-28 PAG 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 ordinance is made. Such report must include the amount, the description, the interest rate and the maturity schedule of the notes sold, the price obtained and the name of the purchaser. Section 5. The capital budget of the Borough is hereby amended to conform with the provisions of this ordinance to the extent of any inconsistency herewith. The resolution in the form promulgated by the Local Finance Board showing full detail of the amended capital budget and capital program as approved by the Director of the Division of Local Government Services is on file with the Clerk and is available there for public inspection. Section 6. The following additional matters are hereby determined, declared, recited and stated: (a) The improvements described in Section 3 of this bond ordinance are not current expenses. They are all improvements that the Borough may lawfully midertake as general improvements, and no part of the costs thereof has been or shall be specially assessed on property specially benefitted thereby. (b) The average period of usefulness, computed on the basis of the respective amounts of obligations authorized for each purpose and the reasonable life thereof within the limitations of the Local Bond Law, is 33.16 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 i I 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 512,250,000, but that the net debt of ttie Borough determined as provided in the Local Bond Law is not increased by this bond ordinance. The obligations authorized herein will be within all debt limitations prescribed by that Law. (d) An aggregate amount not exceeding $2,450,000 for items of expense listed in and permitted tinder N.J.S.A. 40A:2 -20 is included in the estimated cost indicated herein for the purposes or improvements. NO. 11-28 I PAGE S (e) This bond ordinance authorizes obligations of the Borough solely for purposes described in N.J.S.A. 40A:2 -7(h). The obligations authorized herein are to be issued for purposes for which.there are accounts receivable or amounts which may be payable, which funds are applicable only to the payment of the gross debt authorized herein and are deductible from gross debt pursuant to N.J.S.A. 40A:2 -44(t) and, thus, such purposes are self - liquidating. (f) The Mayor is hereby authorized to execute an agreement with the CBP, in substantially the same form as that on file with the Borough Clerk, for the purpose of memorializing the obligation of the CBP to make payments to the Borough for the purpose of making debt service payments in connection with the debt authorized herein. Section 7. The Borough hereby declares the intent of the Borough to issue the bonds or bond anticipation notes in the amount authorized in Section 2 of this bond ordinance and to use proceeds to pay or reimburse expenditures for the costs of the purposes described in Section 3 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 purposes described in Section 3 hereof shall be applied either to direct payment of the cost of the improvements or to payment of the obligations issued pursuant to this ordinance. The amomnt 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 ti 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 enter 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 comnection 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. NO. 11 -2$ PAGE 6 Section 10. 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. The obligations shall be direct, unlimited obligations of the Borough, and the Borough shall 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 thereof after final adoption, as provided by the Local Bond Law. RECORD OF COUNCIL VOTE - COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NV A.B. B ULL X KRUN x DW X IQAFLES x DIMMO X SrMz x X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto Adopted on first reading of the Council of the Borough of Carteret, NJ., on Adopted on second reading after hearing on December 19, 2011 DxaTbPx 1, 2011 APPROVED BY A idAYOR ON r AfiiNlPl 1 v v it_ 17 N � �'► The following is a true copy of a Ordinance or Resolution of the Borough of Carteret that has appeared in the Star Ledger, a newspaper which is printed in Newark, New Jersey and published in Essex County, of general circulation in said county and state. One (1) time(s) once in each issue as follows: December 10, 2011 V , X The following is a true copy of a Ordinance or Resolution of the Borough of Carteret that has appeared in the Star Ledger, a newspaper which is printed in Newark, New Jersey and published in Essex County, of general circulation in said county and state. One (1) time(s) once in each issue as follows: December 10, 2011 m /U77\T /'f 1[17 Nrlll[I7►1 The following is a true copy of a Ordinance or Resolution of the Borough of Carteret that has appeared in the Star Ledger, a newspaper which is printed in Newark, New Jersey and published in Essex County, of general circulation in said county and state. One (1) time(s) once in each issue as follows: December 24, 2011 Notary Public of New Jersey Kathleen M. Barney, M C Municipal Clerk Sworn and Subscribed before LINDA A. RIVERA Me this -3 day of NOTARY PUBLIC OF NEW JERSEY 11Y COMMISSION EX"iRES MAY 2, 2016