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Home My Public Portal About98:46 BOND ORDINANCE PROVIDING A SUPPLEMENTAL APPROPRIATION OF $600,000 EOR CONSTRUCI1ON OF A NEXY I,IBRARY AND SENIOR CITIZEN (ENTER IN AND BY THE BOROEGII OF CARTERET, IN TIlE COUN[Y OF MIDDLESEX, NEV¢ JERSEY AND AUTIIORIZING THE ISSUANCE OF $571,000 BONDS OR NOTES OF TttE BOROUGII FOR FINANCING PART OF THE APPROPRIATION BE I'I'ORDAINED BY THE BOROUGIt COUNCIL OF THE BOROUGH OF CARTERET IN THE COUNTY OF MIDDLESEX, NE~¥ JERSEY (not less than two-thirds of all members thereof aflkmativcly concurring) AS FOLLO~YS: SE('TION 1. qbe impro;emcnt described in Section 3 of this bond ordinance has heretotbrc been authorized 1o be undertaken by thc Borough of ('a~teret. New Jersey as a general improvement For the improvemenl or purpose described in Section 3. II, ere is hereby appropriated the supplemental amount o1'$000.000, such sum being in addition to the S2,g00,000 appropriated thelefbr by Section 3(a) of Bond Ordinance ~95-316 of the Borough finall3 adopted April 6. 199~ as amended by Bond Ordinance #97-37 of the Borough finallx adopted Novembei o. 1997 and Bond Ordinance Borough linally adopted Jtme 18. 1998 and the $2.000,000 appropriated the~etkn- by Bond Ordinance ffOg-2g of the Borot,gh finalb adopted June 18. 199g and including thc sum of S20.000 as the additional down payment required by the Local Bond Law ['he additional down paylnent is now available by virtue of p~ovision lbr dok~n p%ment or ibr capital improvement purposes in one or more previously adopted bc~dgcts SECI'ION 2. In oldc~ to finance the additional cost of'the improvement or purpose not covered by application of thc additional do~n payment, negotiable bonds are hereby authorized to be issued in the principal amount of $571.000 pursuant to the I.ocal Bond Law In anticipation of the issuance oi'the bonds, negotiable bond anticipation notes are h¢l ebv amhorizcd to be issued pursuant to and ~Mthin the limitations presc~ ibed by thc Local Bond [.axx S F. CTI()N 3. (a) lhe imptoxcment hcretot'o~c authorized and the propose lk)r the financing of xdfich tho bonds arc to be issued isthe provision of a new Lib~a~x and Senio~ Citizens ('eme~ as described in Bond Ordinance ~95-16 of the Borough finall> adopted April O. 19o5 as amended b~ Bond O~dmance ~97-37 of thc Borough linally adopted Nox ember O. 1997 and as amended and supplemented by Bond Ordinance ~98 28 of' thc Borough finall5 adopted Jtmc 18, 1998 PAGI~ 2 98-46 ~ (b) The estimated maximum amount of bonds or notes to be issued [i)r the imp~oxement or purpose is $5,141.000 including the $2.665.500 bonds or notes authorized bv Section 3(a) of bond Ordinance 495-16 of the Borough finally adopted April 0. 1095 as amended as albresaid lhe $1.904.500 bonds or notes authorized bx Bond Ordinance ~98-28 of the Borough fina[I) adopted June 18 1~98 and thc $571.000 bonds or notes authorized herein (c) l'he estimated cost of thc improxement or ptt~ pose is $5.400.000 including thc $2.800.000 appropriated b) Section 3(a) el' Bond Ordinance/¢95-16 of thc Borough finally adopted April O. 19c)5 as amended as atbresaid, the $2.000.000 appropriated by Bond O~dinance ¢98-28 of the Borough finall3 adopted June 18. 1908 anti the S()00,000 appropriated herein SECTION 4. All Bond anticipation notes issued hereunder shall mature at S[ICI~ times as may be determined by the ('hieff }:inancial OtEcer: Noxided that no note shall mature Inlet than one year l?om its date Thc notes shall bear interest at such rate or rates and be in such tbrm as may be determined by the Chief Financial Officer Tho Chiet'Financial ()flbcc~ 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 hcretmder may be renex~cd tYom time to time subject to the provisions of N J SA 40A:2 8(a) The CNet' Financial Officer is hereby authorized to sell part or all of thc notes ti om time to time at public or pri~ate sale and 1o delixer them to the purchasers thereof upon ~eceipt of payment of the purchase price plus accrued interest fi'om their dates lo thc dale of delix cr~ theleof The Chief Financial Oilicer is directed to report in ~riting to the Goxerning Body at the tneeting next succeeding the date when any sale or delixe~¥ oFthe notes pursuant to this ordinance is made Such repo~ must include tine amounL thc description, the intc~ cst rate and the maturity schedule oF the notes sold, the price obtained nod the name of the purchaser S I,]CI'ION 5. 'line capital budge! of the Borough of Carte~ ct is hereby amended to con~'orlll with thc p~oxisions of this ordinance to the extent of any inconsislency herewith Thc resolution in the ~bm~ promulgated by the Local Finance Board showing thll detail of the amended capital budget and capital program as approx ed by the Diiector oFthe l)Msion ofkocal Government Sc~wices is on file with the C~erk and is available there lb] public inspection SECTION 6. qbe following additional matte~ s are herebx detelmmed, declared, recited and stated (a) qhc implovement o~ purpose described m Section 3 of this bond ordinance is not a ctn~cnt expense It is an inq~rovcment or purpose that the Borough ma3 lawlUllx undertake as a general improvemenk and ]30 pair of the cost thereof has been or shall bo speciallx~ assessed on propcrt} specially benefited thereby (b} The period ofusefuloess of the improvement purpose within the limitations of thc local Bond l_ax~, according to the reasonable lit~ thereof computed flora Ihe date of the bonds authorized by this bond ordinance is thirty (30) years 98-46 (c) I'hc Supplemental Debt Statement Fcquired by the l.ocal Bond l.ax,~ bas been duly prepaFed and tiled iii the office of the Clerk, and a complete executed duplicate tide;eof has been filed in the ottice of the Director of the Division of Local Gox ernment Services in the Department of Community A}}hirs of thc State of New Je~se> Such statement shoxxsthat the gross debl of the Borough asdefined m the Local Bond law is increased by thc authorization of the bonds and notes pro*ided in this bond ordinance bx $q71,000 and the obligations authorized herein will be within all debt limilations prescribed by that l~axx (d) An aggFegate amount not exceeding $970.000 for items of expense listed in and pcmfittcd undeF N JSA 40A 2-20 is included in the estimated cost indicated herein for the propose or impFosement Of this amount $420.000 was esfimated fOF these items ofexpeuse in Bond (it dinance #98-28 of the Borough finally aciopted June 18, 10o8 and an additional $150,000 is estimated therefor heFein SECI ION '7. Any grant moneys received fbi' tine purpose described in Section 3 hereof shall be applied either to direct payment of thc cost of the improvement or to payment of the obligations issued pursuant to this ordinance ]'lie amount of obligations authofixed but no! issued hercundeF shall bc ~educed to the extent that such funds are so used SECTION 8. The fifll fitith and credit of thc Borough are hereby pledged to the punctual payment of thc principal of and the interest on the obligations authorized by this bond oldinance l'be obligations shall be dilect, unlm~ited obligations oFthe Borough, and the Borough shall be obligated to lex,v ad valorem taxes upon all thc taxable real pFoperty xxithin the Borough tbr the paynlent of thc obligations and tile interest theFeon ;sithotlt limitation of rate OF amount ;I SECI'ION 9. ,, This bond oFdinance shall take eft'ecl tx, sent5 (20) days after tile lkst publication thCFeof after final adoption, as pros, ided bx the l,ocal Bond La~ DON(ii USE SPACE BELOW FIIISL.iNE lilt, CORD OF COUNCIL VOTE CRILLEY X GOTO~SKI _ ~ FAZEKAS X O ' BRIEf ~ · Xdoptcd on thst ~cading of thc Conncil OI thc BOlOtlgh el Canc~et, N.J, oil S~m~r 17 ~ oN_APPROVED/BY. G'--- '/ MAYOR ¢"4' /¢ f~ d -MUNICIPA~CLERK SUPPLEMENTAL DEBT STATEMENT -- OF-- Borough of Car/ere/ County of Nidd] esex As of Sephe[~ber 17th. . .. , 19 98 1. The p. et debt of the local unit after giving effect to obligations about to be author- ized, is (page 2, line 4) $.~2 ~276 ~00 2. EquaNzed valuation basis (the average of the equalized valuations of real estate, b~cluding improvements, and the assessed valuation of class [I raih'oad property of the local unit for the last 3 preceding' years) as stated in the Annual Debt State- ment or the rev/sion thereof last flied (1) 19 05 Equalized Valuation Real Property with [mproxements plus assessed valuation of Class I[ R.R. property $1,_~1,1.,~,1,.,65.6n,~ ~ w 12) 19 96 Equalized Valuation Real Property with Improvements plus assessed valuation of Class ii R.R. property $ 96,1,692,627 (:~) 19 97 Equalized Valuation Real Property with Improvenmnts plus assessed valuation of Class II R.R. property $ ....p~).,.~a.t Qp2 3. Equalized Valuation Basis ~ Average of (1), (2) and (3) $.. 989,_549,.~_4.5 4. Net debt (Li~e 1 above) expressed as a percentage of such equalized valuation basis (Line 3 above) is: 2 25 Two and Twenty Five I!undredths og One per cent ( ' . %) STATE OF NEW JERSEY j [ SS. COUNTY OF Middlesex ~ Patrick J. DeBl. asio , being duly sworn, deposes and says: Depone~:t is the chief flmmcial olNcer of the Borough of Car tore[ County of Middlesex ........... here and in the statement hereinaftcr mentioned ea]Ied "the local trait." The Supplemental Debt State- ment annexed hereto ami hereh' made a part hereof is a true statement of the debt condition of the local unit as of the date therein stated and is cem~puted as pr~vided by the Local Bond ~w of Ne~ Jersey. this 17th. day of September , 19 98 Title Chief Finance Officer 20 Cooke Avenue, CartereL, N.J.07008 Add ress I)IXlSI()N ()1' 1.OCAI. (;()VI{RNMI(NT SI{RVI(:I;S CN 803 TR[~NT(IN. NI'XV.JI(RSI:Y Jl8625 0258 1. The net debt of the local unit, as stated in the Annual Debt Statement made as of December 31, 19 '~? , or the revision thereof last filed, with respect to the following classes of bonds and notes, the amount by which each class has been increased by the authorization of additional debt, and the amount by which each class has been decreased by payment of outstanding debt or reduction of the authorization to incur debt, is as follows: Net Debt a~ per Annual Debt Decrease Increase Statement (Since December 31, ~st Past) Net Debt Bonds and notes for school purposes $ Bonds and notes for self- liquidating purposes $ ........................... $ 2. Net debt at the time of this statement is: $._.~.~_f~.[!_~[~0_0 ~ 3. the amounts and purposes separately itemized of the obligations about to be authorized, and any deductions which may be made on account of each such item are: (se* note "C" below) Purpose Amount Deduct'ivn Net Supp] emental-Const. of ~71 NAA ......... ......... .N~w Lihr~r.g___,%. Sr_.___£L~.i $ Center ................................... $ .................... $ ............................ $ ............................ $ .................... $ ................ $ ..................... ............................ $ ........... $ .......... $ ................. .......................................... $ ............... $ ................. $ 571,000 ......................... $ .................. $ .............. $ 4. The net debt of the local unit determined hy the addition of the net amounts stated in items 2 and 3 above is: NOTES A If authorization ef bonds or notes is permitted by an exception to the debt limitation, specify the particular t:ara~raph of N.J S. 40A:2-? or other section or law pro~ding such exception. B. This form is also to be used in the bonding of separate Inet Type I) school districts as required by N.J.S~ 18A:24-1b, and filed before the school district election. In such case pages 4, 5, and 6 should be completed to set forth computatmn supporting any deduction in line 3 above. C Only the accunt of bonds er notes about to be authorized should be entered. The amount of the "down payment" pro- vided in the bond ordinance should not be included nor shown as a deduction. SPECIAL DEBT STATEMENT BORROWING POWER AVAILABLE UNDER N.J.S. 40A:2-7(fl 1. Anlnunt of accumulated debt in,:urrh:~ eap;~.city under R. S. Jr 'l-lG(d) as shown on the ]~te~t Annual Debt Statement $. 2 ()tdi~at~,ms heretofl~re authorfzed in ext'esa of deht ]imitathm (a) N.J.S 40A:2-7, paragraph Id) (b) N.J.S. 40A:.-~, paragraph (f) $ (c) N.J.S. 40A:2-7, paragraph (g) Total :L Available debt incurring capm:ity (N.J.S. 10A:2-7(f)) $. 1. Oblisr:~t[r)ns about to be auth.rized pursuant toN.J,SA{IA :2-7 (f) $ (It' item 2 cqnals or exceeds item 4, obligations may be author- ized I BORROWING POWER AVAILABLE UNDER N.J.S. 40A:2-7(9} 1. 'I',~ta~ appropriations made in local unit budget for ctn'rell[ fiscal year fur payment of obli~ath)ns of local unit included in Annual Debt Statement or rexision thereof last filed as of pre- ce<ling December 31 $ 2. Less the amuunt of such obligations which constitute utility an<l assessment obligations: 2. Excess of item 1 ~Jver item 2: -I Amount raised in the tax levy of the current fiscal year by the IncaI nnit for the payment of bonds or notes nf any schnol distri<t 5 Amount equal to 2 3 of the sum of item 3 and item-I 6. fa) Amount <)f obligations heretnfore authorized under N.J.S. InA:2-7(g) in current fiscal year (hiAmount of authorizations inclmled in 6(a) whieh were heretofore repealed ~:) Excess of item 6(a) over item 6lb) $ 7. I~xcess of item 5 over item f~(c) $ ~. ()bligati<ms about to be authorized 9. Ih)troy, inK capadty still remaining after proposed authorization (If item 7 equals or exceeds item 8, nbligatbms may be authorized) Not Applicable Not Applicabl. e COMPUTATION OF SCNOOL INDEBTEDNESS AND DEDUCTIONS UNDER PROVISIONS OF N. J. S. 18A: 24-17 *.N'/!te: In a "(~m~o]Jliated" ~choo] District, lh/e~, 18 to 24 must first be filled in. N J. S. ISA: 2.1-19 (Lines I to 7) 1. Average of equalized valuations (pa~e 1, line 3) $ . . *'2. Gross ScM~nl I)Jstrict Debt outstanding and authorized and unissued (not includ- in;r proposed issue) $ 3. Less: Sinking ftHld:~ held for payment r~f SC}l~nOl Debt, l)y Sinking Fund C~nmrnfssion $ ............. ,1. Net debt for school purposes (l/ne 2, minus line 3) 5. Debt deduction for school purposes: . ~: (as per line below) g ................. (a) _°~,%. Kindergarten or Grade I through Grade 6 $ . (b) 3 (; Kindergarten or Grade 1.through Grade 8 $ .... (e) 3~:z% Kindergarten or Grade 1 through Grade 9 $ ...... (d) ,1 ¢; I(imtergarten or Grade 1 through Grade 12 $ ......... (el Other (insert applicable desc~ption) % .... $ . . (~ Additional State School Building Aid Bomls N.J.S. 1SA: 58-33.,1 (d~) (ii included in line 2) g. Available debt deduction (excess, if any, of lhne 5 over line -I ~ enter on page ~,~ ~[ne 3 as D ~d,Jctmn,' not pxc~e~,.ng,' ' ]; ~ however, the "Amount" shown in that line,) $ ...... "7, Scb)ol B)n(ls abrmt to be authorized $ . Note: Omit ]im:~ S t~; 13, if line 6 equals or exceeds line 7, or if shown on line 17 ,N. J. S. 1SA: z4-~ (Lines 8 to 13) 8. Excess r)f line T oxer line G $ ...... 9. Municipal Debt Limit ~'i ;zq of line I above/ $ . 10, Nez Debt (page 2, line 2) il. Axaflable Municipal H(>rro,.~ink. Margin (excess, if any, of line 9 over line 10) $ 12. Use of Municipal I3orrox~fn~ Margin {line 8 tu)t exceedin,r line 11) 13. Remaining Munh:ipal I ~( ,~,ag Margina' ~t ' aufl:orization of proposed Bonds (line 1I m:m~s line 12) $ Note: Omit ]ine:~ I1 to 16, if lhe 11 er.als t,r exceeds line 8, orifshown on line 17 N. J. S. 1SA: .4-_4 (lines 14 to 16) bl. Amount of I/ne 7 $ N. J. 5. iSA: 5;4-33.41d)(line authorized{amount of linc ~ each municipality irt '.vh<di! St'h<o] I)iMrict ,\SI()l'Nq' ' $ $ Not ~pplicable I,ess: ,~ch.nl Iqstrict Debt apporlioned t~> nther mulfi~fp:t[fties, N.J.S. -10A:2-13 Total of ax'erag~e equalized vahmtion basis nf each municipality in Sch~ol District $ (line la, minus line 1) S . equal* $ . times line 1~ Divided by total of avera~re equalized vahmii~m basis ~f each municipality in x~lm]e School District $ (line 18) $ ...... 21. Gross School District Debt of this municipality only (line I*) minus line 20} 22. Sc}m,)] Bonds about to be authorized 23. Less: Share of B,mds (line 22) apportioned to otne m c mi t e~. N.J.S. 40A:243 Total of average equalized valuation basis cf each municipality' in whole School District S (line 18, minus line 1) $ , equals S , times line 22 dixided b" total of average eqtm]ized vMuati~m basis of each municipality in whole School District $ (line 18) $ This loom unit's share of Bonds about to be authorized ¢line 22 minus lhae 23) *N.te: In a ['¢ soI'datet ~chool District the :mn~nnt shown ~m line 21 must be entered on line 2 and COMPUTATION AS TO INDEBTEDNESS FOR IMPROVEMENT OR EXTENSION OF AN EXISTING MUNICIPAL PUBLIC UTILITY, N.J.S. 40A:2-Tthl; N.J.S. 40A:2-~7(a) Municipal Public Utility I. Annual Del)r Statement, I)ecember 31, 19 , excess in revenues of utility $ 2. I.ess: Interest and debt redemption charges computed as provided in N.J.S. 40A:247(ai for all obl]gation~ herotof()re authorized but not issued to the extent n~)t already charged to income in annual debt statement. Ilitx*~ 1 nfinus line 2) t. Interest and debt redemption charges calculated f()r the obligations at)out to be auth~q'ized (N.J.S. 4i)A:2-17(a)) Interest fl,r one year at .112~ First installment of serial bonds IegaIly issuable Tntal charges (Items (a) and (t))) Note: If line 3 equals or exceeds line ,1, obligations may be authorized under the }rovisi,ms nf N.I.S. 40A:2-7(h) as limited by N.J.S. ,10A:2-47(a). 1, l)ire(tor ot the Division ol Lo(al (Jov('rlllllltlll 5mviccs in the l)ej)artmcnl oJ' (]ommuniW Atthirs of dw Slate oJ' New .Jersey I)O IIElilLBY Ct:it{I'II:Y that I have ('ompare(l lllis copy of a SUl)l)lemental Debt ~tillitlllelll oJ' the al)ore lo(al unit with thc original SUl)l)h'menml l)et)l ~lillPIillql[ filed in the ()t'llce ot the l)ireclor IN WITNESS ~IIERI~OI'. I ha~e hcruunlo scl mx hand as Director ot Hw Division ()t (;~)vcrtlmmH Sm'vilus in die Del)arhncnl ol (]ummunily Alhdrs of thc Slaw of New JoistS, this day ~t , 19