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gE(TION4. ]hu~u]ixscoFthe is to effect a _
' ~ ~ ' ~ · lel'unding debt scixicc saxina and tax
relief
SECllON 5. ~, ccitificd copx oFtl~is ~ct'undh~B bond ordinance as adopted on fii st
readin~ has been filed M[h [l~e Di~ecto] ol'the Dkision oF l.ocal Government Se~xiccs
in thc Dcpammcm of Community Xit~qi]'s of the State of Ne;; Jersey i)~ior to final
adoption
sECrlOl~ 6. ins bond ordinance shalI take effect 20 days after the lhst publication
fl~e~eofafie~ final adoption aspmxidedbvt}~eLocalBondLax~.pmxidedthatthe
consent ofll~c I~ocal l-inance Board has been endorsed upon a certified copy oFthis
ordinance as finally adopted
RECOI,[D OF COUNCIL VOTE
I [ ~:Ot NCiL~IAN WES Xi~ ~I ,(.11. COONCILMAN
X
Vole
Ad[}ptcd on firs[ tcuding of thc Council ol the Boiough of C[uteicL N J, oa November 5 ~ 1998
, I ~dOl)lcd Oll st-colld i cading aftei heill lng ~m _ ~~-~
Ii Al)PROVED BY _ ,',- ' 2' /; ~ '" /
REFUNDING BOND OI~,I)INAN('I:~ OF III[ BOROI'GII OF
CAI/I'ERFT. IN Till'7 ('()['N'l'h' ()F MIDDLESEX, NEV¥
PROVIDING FOIl TIlE REFUNDING OF ALI. OR A PORTION
OF THK CAI.LABI.E GENERAl. IMI:'ROVEMENT BONDS OF
THE BOROUGIt DATED DECEMBER 1, 1995, APPROPRIATING
$2.750,000 THEREFOR ~ND Al THORIZING THE ISSllANCE OF
$2.750.000 REFI NDIN(; BONDS OF lllE BOROUGII FOR
FINANCING IHE COST THERI(OF
BI". IT ORDAINI':I) BY Till{ BOROIiGII ('el!Nell, OF THE BOROITGII OF
C:\RI'ERICI'. IN THE ('OITNTh' OF MII)DI~ESEX. NEV,,: JERSE5 (not less
than tx,. o-thir ds of all members thc~ cot' aflkmativclv concurring) AS FOLLO~VS:
.SECIION I. IheBo~oughof'(mtcret. inthc('ountvof\liddlese×.NewJe~se; is
he~cbx autho~i×¢d to retired al/ et a portion of the callable Oonera] Improvement
Bonds oflhe Borough dated December 1. 1995 and issued in the original principal
amount of S3 (¢)(M)O0 (the "Refimded Bonds") I'he Refhnded Bonds are callable
and afic~ December I. 2003 at a ~edemplion price of par pkts accrued interest and
be rethnded in otdct to p~oxide debl se~xice savings Such re/kmding will
accomplished bx dcpositing thc proceeds of lhc Relhnding Bonds (hei cinafler defined)
into an escrow account to acquire United <,tares '1 reasutw Obligations or olhe~ similar
imcstments ~1 alllO[lll[5 S[lf}]Cielll. xd~cn due to provkte fi>r the payment of the debt
se~xicc of such Refunded Bonds until theh matunt5
SECTION 2. lnordet to financcthc cost ofthc purpose described in <,ection I
hereol7 ne?tiable rd'ttndmg bonds (the 'Rcfimding Bonds") are he~ cbv authorized lo
be issued in II~e ag? cgatc pnncipal amount not to exceed 52.750.000 pin suant to thc
local Bond Law of'the Slate ot'Nex~ .lersev
SI:X' lION 3. \n aggregate amotml not exceeding $200.00() tbr items of expense
listed in and pcunitted under NJ<, .\ 40A2 ql(b) has been included in the aggregate
l>~inCil:,al amount of Reftmding Bo~qds authorized herein