HomeMy Public PortalAbout97:1597-15
AN ORDINANCE PROVIDING FOR THE FUNDING OF A
REGIONAL CONTRIBUTION AGREEMENT IN AND BY
TOWNSHIP OF READINGTON, IN THE COUNTY OF
HUNTERDON, NEW JERSEY AND APPROPRIATING
$2,320,000. THEREFOR TO BE PAID BY THE TOWNSHIP
OF READINGTON
BE IT ORDAINED BY THE BOROUGH COUNCIL OF THE BOROUGH OF CARTERET
IN THE COUNTY OF MIDDLESEX, NEW JERSEY AS FOLLOWS:
SECTION I 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 of
$2,320,000, said $2,320,000 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 thirtv-fbur (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 Readington
SECTION 3. In the event the Borough is able to satisf~ 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 Readington to the Borough,
then in that even 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 provision of this ordinance to the extent of any inconsistency herewith. The resolution in the
fbm~ 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 pm1 of the cost thereof has been or shall be specially assessed on
property specially benefited thereby
NO. 97-L5_ PAGI~ 2
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
KATItLEEN M. BARNEY.
Municipal Clerk
I,tECORD OF COUNCIl, VOTE
Adopicd dm Iii'si reading tlf the Council ol IIic Bolough ol (?a['Icrcl, N.J, on Na~_ 1 1~97
Adi,p~cdonscuond]c,~d[ng,dlct hc,lt]ng(m . &!a~ 19~z
APPROVI!D BY ~ ' MAYOR"; c '