HomeMy Public PortalAboutOrd. 12-07.ro. 12 -7 of 14e
Poa oglj of Ear er et,
Councilman
II
Presents the following Ordinance Seconded by Councilman
ORDINANCE PROVIDING FOR VARIOUS PARK
IMPROVEMENTS IN AND BY THE BOROUGH OF
CARTERET, IN THE COUNTY OF MIDDLESEX, NEW
JERSEY, APPROPRIATING $5,000,000 THEREFOR AND
AUTHORIZING THE FINANCING OF $5,000,000 TO
FINANCE PART OF THE COST THEREOF AND TO BE PAID
FROM THE bfUNICIPAL OPEN SPACE FUND.
BE IT ORDAINED BY THE BOROUGH COUNCIL OF THE BOROUGH OF
�ARTERET, IN COUNTY OF MIDDLESEX, NEW JERSEY (not less than two- thirds of
members thereof affirmatively conctu AS FOLLOWS:
Section 1. The improvement described in Section 3(a) of this ordinance is hereby
to be undertaken by the Borough of Carteret, County of Middlesex, New Jersey (the
as a general improvement. For the improvement or purpose described in Section
3(a), there is hereby appropriated the sum of $5,000,000, which amomrt will be repaid by
revenues derived from the Municipal Open Space, Recreation, Farmland and Historic
Preservation Trust Fund of the Borough. No down payment is required pursuant to N.J.S.A.
30A:2 -11(c) as the purpose authorized herein is deemed self - liquidating and the obligations
authorized herein are deductible from the gross debt of the Borough, as more fully explained in
Section 6(e) of this ordinance.
Section 2. In order to finance the cost of the improvement or purpose, negotiable
bonds are hereby authorized to be issued in the principal amount of $5,000,000, on an as needed
basis, pursuant to the Local Bond Law. In anticipation of the issuance of the bonds, negotiable
anticipation notes are hereby authorized to be issued, on an as needed basis, pursuant to and
the limitations prescribed by the Local Bond Law.
n
0
No. 12-7 PAGE _2
II
Section 3. (a) The improvement hereby authorized and the purpose for which the
bonds are to be issued is various park improvements, including the development of lands for
parks, open space, boating or similar uses for public outdoor recreation and/or conservation of
natural resources, including all work and materials necessary therefor and incidental thereto.
(b) The estimated maximum amount of bonds or notes to be issued for the improvement
or prupose is as stated in Section 2 hereof.
(c) The estimated cost of the improvement or purpose is equal to the amount of the
�opriation herein made therefor.
Section 4. All bond anticipation notes issued hereunder shall mature at such times as
be determined by the chief financial officer; provided that no note shall mature later than
year from its date. The notes shall bear interest at such rate or rates and be in such form as
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 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
maturity 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
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
I the adopted capital or temporary capital budget, a revised capital or temporary capital budget has
been filed with the Division of Local Government Services.
no. 12 -7
PAG
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 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 usefiilness of the improvement or purpose within the limitations of
Local Bond Law, according to the reasonable life thereof computed from the date of the
ds authorized by this ordinance, is 15 years.
(c) The Supplemental Debt Statement required by the Local Bond Law has been duly
pared and filed in the office of the Clerk, and a complete executed duplicate thereof has been
I in the office of the Director of the Division of Local Government Services in the
artment of Community Affairs of the State of New Jersey. Such statement shows that the
s 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 $5,000,000, but that the net debt of the
nigh determined as provided in the Local Bond Law is not increased by this ordinance. The
obligations authorized herein will be within all debt limitations prescribed by that Law.
(d) An aggregate amount not exceeding $1,000,000 for items of expense listed in and
under N.J.S.A. 40A:2 -20 is included in the estimated cost indicated herein for the
purpose or improvement.
(e) Tlus ordinance authorizes obligations of the Borough solely for purposes
,ribed in N.J.S.A. 40A:2 -7(h). The obligations authorized herein are to be issued for
Doses for which there are accounts receivable or amounts which may be payable, which funds
applicable only to the payment of the gross debt authorized herein and are deductible from
>s debt pursuant to N.J.S.A. 40A:2 -44(f) and, thus, such purposes are self - liquidating.
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 ordinance and to use
proceeds to pay or reimburse expenditures for the costs of the purposes described in Section 3(a)
of this ordinance. This Section 7 is a declaration of intent within the meaning and for purposes
of Treasury Regulations. '
NO. 19 -7
PAGE 4
Section S. 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
the obligations issued pursuant to this ordinance. The amount of obligations authorized but r
issued hereunder shall be reduced to the extent that such fiords 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 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 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
,oumsel, consistent with the requirements of the Rule. In the event that the Borough fails to
with its undertaking, the Borough shall not be liable for any monetary damages, and
shall be limited to specific performance of the undertaking.
Section 10. The fill 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 d 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
final adoption, as provided by the Local Bond Law.
DO NOT U S E S PACE BELOW THIS LINE _
RECORD OF COUNCIL VOTE
COUNCILMAN
COINCIMVIAN
YES
NO
NV
A.B.
BaLm
D
M k 7 srMZ
DDk':X:IO
X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vole to Overle Vino
%rch 22, M
Adopted on first reading of
Council of the Borough of Carteret, N.)., on
aJ cd 12, 2M
Adopted on sec readin
hearing on
APPROVE B '
j '
MA R
ON
MUNICIPAL L K
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 gp. , iMp j ac fnllnws;
NOTICE OF PENDING ORDI-
NANCE AND SUMMARY
The or c
dinane the summary
March 29 2012 terms whi are r oduce -
ed hereiei n, wa. s introduced
and passed upon first
reading n a m net he
the governing body
Borough of. Carteret, the
in
the County of Middlesex,
State of Nev! Jersey,
March 22, 2012. it for be be
further considered for fi-
nal- passage after pub c
hearing thereon, at a
meeting of the governing
body to be held at the
Council chambers Municipal
Building in the Rorough on
April 12, 2012 at 6:00
o'clock p.m. During the
week p rior to and up to
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 reguest the same.
The summary of the terms
of .such ordinance follows:
Title: ORDINACNE PROVIDING
FOR VARIOUS PARR IMPROVE-
MENTS IN AND BY THE BOB-
OUGH OF. CARTERET, IN THE
COUNTY OF MIDDLESEX, NEW
JERSEY, APPROPRIATING.
$5.000,000 THEREFOR AND
5,000,UUO TO FINANCE
OF THE COST THEREOF
TO BE PAID FROM THE
IPAE OPEN SPACE FUND,
se(s): various park
vements, including
development of lands
parks, Open space,
ngg or similar uses
wblic outdoor recrea-
and/or conservation
atural resources, in-
nn_ all work and mate-
s necessary therefor
incidental thereto.ia-
: SS.OnO -nnn
Votes Authorized:
,000
Appropriated: N/A
20 costs:
000
Life: 15 years
een M. Barney clerk
lotice is N.I. S .A. Re V to N.J,S.A.
$80,04
Notary ublic o J Kathleen M. Barne MM
y �A,lA 9 y,
Municipal Clerk 6
NOTARY PUBLIC OF NEW JERSEY
MY COMMISSION EXPIRES MAY 2, 2016
Sworn and Subscribed before
Me this,2 of Mrvj
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 PUBLIC OF NEW JERSEY
MY COMMISSION EXPIRES MAY 2 2016
suit, action or proceeding:.
questioning th e vaI id,,y"
of such ordinance can be
commenced as provided in
the 'local BOnd..Eaw, has
begun to iln.'from:ahe.date
of the first -publ i cation
of this statement. Copies .
of the full ordinance -'. are
available at no cost and
during regular business .
hours,: at the clerk's of
fice for members -'of -:the'
general public who request
the same. The summary of
the terms of such :ordi-
'
nance follows:
T l tle: ORDINANCE PROVIDING
FOR VARIOUS PARK IMPROVE-,:
MENTS IN AND BY' THE JJfBOB
-::
DUG" OF CARTERET, r. IN THE
COUNTY -.OF MIDDLESEX, NEW
JERSEY, :APPROPRIATING -
$2,000,000 THEREFOR `1, AND
AUTHORIZING THE FINANCING::
OF 55,000,000: TO FINANCE:-
PART OF THE COST THEREOF:;
AND ;. TO RE PAID >. FROM i:THE.
MUNICIPAL OPEN SPACE FOND:
Purpose(s): Various = park
improvements, including
the development Of lands
for parks, open space,
boating m• similar uses:
for public outdoor: recrea -'
t1 on and /or .conservation
of natural resources, in -.
cluding all work and mate
rials necessary therefor
and inci dental thereto
Appropriation: $5,000,000
Bonds /Notes Authorized:
$5;000,000
Grants Appropriated: N /A:d
Section 20 :%Costs:.
$11000,000
Useful Life: 15 years
Kathleen M. Barney, Clerk
r,. $70.76
f
Notary Public of New Jersey
Kathleen M. Barneyj,)WIMC
Municipal Clerk
Sworn and Subscribed before
Me this _2 ( tray of C= u /,� .