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Home My Public Portal AboutOrd. 12-06No. 12-6 of .t.11j �0OrVIIA laf 91rterjkl, �q' T- Councilman Presents the following Ordinance Seconded by Councilman (I ORDNANCE PROVIDNG FOR VARIOUS PARK hNIPROVEMENTS N AND BY THE BOROUGH OF CARTERET, N THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $2,000,000 THEREFOR AND AUTHORIZING THE FINANCING OF $1,900,000 TO FINANCE PART OF THE COST THEREOF. WHEREAS, the Borough desires to finance a portion of the cost of improvements to parks located throughout the Borough through the issuance of bonds, or notes issued in thereof; and WHEREAS, the Borough anticipates that it will issue debt under this ordinance on a short-term basis, only as needed; and WHEREAS, while this is a general obligation under the Local Bond Law (as defined r), the Borough anticipates that there will be sufficient dedicated revenues from sources than municipal tax revenues to pay the costs incurred under this ordinance. BE IT ORDAINED BY THE BOROUGH COUNCIL OF THE BOROUGH OF CARTERET, N THE COUNTY OF MIDDLESEX, NEW JERSEY (not less than two- thirds of ill members thereof affirmatively concurring) AS FOLLOWS: Section 1. The improvement described in Section 3(a) of this ordinance is hereby red to be undertaken by the Borough of Carteret, in the County of Middlesex, New Jersey "Borough") as a general improvement. For the improvement or purpose described in 3(a), there is hereby appropriated the sum of $2,000,000, including the sum of $100,000 the down payment required by the Local Bond Law. The down payment is now available by rme of provision for down payment or for capital improvement purposes in one or more adopted budgets. a a a �o. 12-6 PACE_ Section 2. In order to finance the cost of the improvement or purpose not covered of the down payment, negotiable bonds are hereby authorized to be issued in principal amount of $1,900,000, on an as needed basis, pursuant to the Local Bond Law. anticipation of the issuance of the bonds, negotiable bond anticipation notes are to be issued, on an as needed basis, pursuant to and within the limitations the Local Bond Law. Section 3. (a) The improvement hereby authorized and the purpose for which the ire to be issued is various park improvements, including the development of lands for parks, )pen space, boating or similar uses for public outdoor recreation and/or conservation of including all work and 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 may be determined by the chief financial officer; provided that no note shall mature later than me 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 natters in connection with notes issued pursuant to this ordinance, and the chief financial )fficer's signature upon the notes shall be conclusive evidence as to all such determinations. All issued hereunder may be renewed from time to time subject to the provisions of the Local 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 nest 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 schedule of the notes sold, the price obtained and the name of the purchaser. N No. 12-6 PAG 3 Section 5. The Borough hereby certifies that it has adopted a capital budget or a try capital budget, as applicable. The capital or temporary capital budget of the Borough hereby amended to conform with the provisions of this ordinance to the extent of any herewith. To the extent that the purposes authorized herein are inconsistent adopted capital or temporary capital budget, a revised capital or temporary capital budget t filed with the Division of Local Government Services. Section 6. The following additional matters are hereby determined, declared, recited stated: (a) The improvement or purpose described in Section 3(a) of this ordinance is not a tut expense. It is an improvement or purpose that the Borough may lawfully undertake as a :ral 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 red and filed in the office of the Clerk, and a complete executed duplicate thereof has been in the office of the Director of the Division of Local Government Services in the trnent 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 of bonds and notes provided in this ordinance by $1,900,000, and the obligations authorized t will be within all debt limitations prescribed by that Law. (d) An aggregate amount not exceeding $200,000 for items of expense listed in and tted under N.J.S.A. 40A:2 -20 is included in the estimated cost indicated herein for the se or improvement. Section 7. The Borough hereby declares the intent of the Borough to issue bonds or anticipation notes in the amount authorized in Section 2 of this ordinance and to use the eds to pay or reimburse expenditures for the costs of the purposes described in Section 3(a) this ordinance. This Section 7 is a declaration of intent within the meaning and for purposes Treasury Regulations. NO. 12-6 PAGE 4 Section 8. An _ -- e punpo - Any grant moneys received for the u ose described in Section 3(a) bereof 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 hereunder shall be reduced to the extent that such finds are so used. Section 9. The chief financial officer of the Borough is hereby authorized to 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 ion behalf of the Borough. The chief financial officer is farther authorized to enter into the appropriate undertaking to provide secondary market disclosure on behalf of the Borough pursuant to Rule 15e2 -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 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 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 ordinance shall take effect 20 days after the first publication thereof final adoption, as provided by the Local Bond Law. RECORD OF COUNCIL VOTE X X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto Adopted on first root C until of the r otough of Carteret, NJ., nn Mardi 22 , 212 Adopted on sec o reading after aring on A,rri l 12, MI APPROVED AFFIDAVIT OF PUBLICATION The following is a true copy of a Classified /Help Wanted Ad 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: ' ^T . ?RDINp E #12-6 _ March 29, 2012 The ordinance the summary terms of which are includ- ed herein, was introduced and passed upon first reading at a meeting of the governing body of the Borough of Carteret, in the county of Middlesex, State of New Jersey On March 22, 2012. it will be forth r considered for fi- nal passage, after public hearing thereon, at a meeting of the governing body to be held at the council Chambers Municipal Building in the Borough on April 12, 2012 at 6:00 o'clock p.m. During the week prior and up to and including the date of such meeting, copies of the full ordinance will be available at no cost and during regular business hours at the clerk's of- fice for the members of the general public who shall request the same. The summary f the terms of such ordinance follows: Title: ORDINANCE PROVIDING FOR VARIOUS PARK IMPROVE - MEIJTS IN AND BY THE ROR- OUGH OF CARTERET. IN THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $2,000,000 THEREFOR AND AUTHORIZING THE FINANCING Purpose(s): Various park improvements, including the development of lands for parks, open space, boating or similar uses for public outdoor recrea- tion and /or conservation of natural resources, in- cluding all work and mate- rials necessary therefor and incidental thereto Appropriation: $2,000,000 Bonds /Notes Authorized: $1,900,000 Grants Appropriated: N/A Section 20 Costs: 5200,000 useful Life: 15 Years Kathleen M.Sarney Clerk This Notice is published pursuant to N.J.S.A. 4OA:2 -17 $7 6.56 Notary Public of rse athleen M. Barney, MMC� "�v AIVERA Municipal Clerk v NOTARY PUBLIC OF NEW JERSEY MY COMMISSION EXPIRES MAY 2, 2016 Sworn and Subscribed before Me thiQ `Irk day of /'1 a, d I2 AFFIDAVIT OF PUBLICATION The following is a true copy of a Classified/Help Wanted Ad 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: April 25, 2012 LINDA A. RIVERA NOTARY PHLIC OF NEW JERSEY MY COMMISSiON EXPIRES MAY 2 Notary Public of New Jersey Kathleen M. Barney, C Municipal Clerk Sworn and Subscribed before Me this, of Cr r