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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 /,� .