HomeMy Public PortalAbout97:14 AN ORDINANCE PROVIDING FOR THE FUNDING OF A
REGIONAL CONTRIBUTION AGREEMENT IN AND BY
THE BOROUGH OF CARTERET, IN THE COUNTY OF
MIDDLESEX, NEW JERSEY AND APPROPRIATING
$680,000. THEREFOR TO BE PAID BY THE TOWNSHIP
OF CRANBURY
BE IT ORDAINED BY THE BOROUGH COUNCIL OF THE BOROUGH OF
CARTERET IN THE COUNTY OF MIDDLESEX, NEW JERSEY AS FOLLOWS:
SECTION 1. The improvement described in Section 2 of this Bond Ordinance is
hereby authorized to be undertaken by the Borough of Carteret, New Jersey as a
general improvement. For the improvement or purpose described in Section 2, there
is hereby appropriated the sum not to exceed of $680,000., said $680,000. being the
amount to be paid to the Borough pursuant to a regional contribution agreement.
SECTION 2. The improvement hereby authorized is the creation and/or
rehabilitation of not less than thirty-four (34) housing units for low and moderate
income households including administrative and other associated expenses all in
accordance with the regional contribution agreement between the Borough and the
Township of Cranbury.
SECTION 3. In the event the Borough is able to satisfy its obligation regarding
creation or rehabilitation of the minimum number of low and moderate income units
set forth in Section 2 hereof, without expending all of the funds paid by the Township
of Cranbury to the Borough, then in that event such funds shall be used for the
creation or rehabilitation of additional low and moderate income housing units in the
Borough.
SECTION 4. The capital budget of the Borough of Carteret is hereby amended to
conform with the provisions of this ordinance to the extent of any inconsistency
herewith. The resolution in the form promulgated by the Local Finance Board
showing full detail of the amended capital budget and capital program approved by
the Director of the Division of Local Government Service is on file with the Clerk and
is available there for public inspection.
SECTION 5. The improvement or purpose described in Section 3 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 properly specially benefited thereby.
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NO. 97-14
SECTION 6. This Ordinance shall take effect upon final adoption thereof.
Adopted this 15 day of May, 1997
and certified as a tree copy of the
original on
KATHLEEN M. BARNEY,
Municipal Clerk
DO NOT USE SPACE III:A,OW Tills LINE
RECORD OF COUNCIl. VOTE ~~ _~
-?-UPONT
X - lndicalc Vote AB - Absent NV - Not Voting XOR - lndicalcS Vole to Overrule Veto
Adoplcd on first reading of thc Council of the Borough of Cartcrct, N.J.,
Adopted on sccond reading after hearing m~ _ May 15~ 1997
ON~