HomeMy Public PortalAbout97:3397-33
BOND 0HDINhNCE PROVIDING FOR TtI~ ~CQUISITION
OF A FIRE TRUCK AND RELATED EQuiPmENT IN AND
BY THE BOROUGH OF CAR%'t£RET, IN TtlE COUNTY OF
I~IDDLESEX, NEW JERSEY~ APPROPRIATING $650, 000
rf~ERE~OR ~ND ANTHORI ZING TIIE ISSUANCE OF
$500,000 BONI]S OR NOTI~S OF TI{E BOROUGH TO
PItL~NCE PART OF THE COST 'FtIEREOF_
C, ARTERWi',
~wo-tbirdg o~ all
FOLLOWS;
fiection
BE IT ORI)AIN~D BY TilS BOROUGH CGUNCIL OF THE BOROUCJH OF
IN THE COUNTY OF MIDDI,I~SH×, NEW ,TERSEY (nog ]ess than
members thereoZ aifirmatively aoncurrillg) AS
this bond ordinance is hereby author[zed to be undertz~ke~ hy Ihe
Borough of C~rteret, N~w Jersey a~ a ~e~leral improvement. For the
improvement or purpose described in Section 3, there is hereby
appropriated hhe stun of $65[},000, i*]cludillg the :~um of $150,000 as
the do~ pa~ent re~ired by the Local Bond La~;. %'h~ down pa~nent
is now available by v~rtue of provision for do%~l palling or ~or
improvement purpose~ ~n one or more previously adopted
~Jechion 2. In order LO finance tl~e ~ost of the
improvement or purpos~ not covered by application o~ the down
payment, n¢flot~able bonds are hereby authorized to he issued in the
principal amoun~ o~ $500,000 pursuant to the Local Bond Law. I~
nut: i clpation o~ the issuance ct the bonds, negot:iabl e bond
~zL~:lpation notes are hereby aunhorizcd to be issued pursnant to
and within the lJmiLat}Jons prescribed by [he Local Bond I,aw.
capital
bud~ e t s.
Section 3_ (a) q'h~ improvement hereby authorized and
the purpose ~or the f]nancJn~ of which the b(mds are ~:o be issued
is the acquisition of a fire trock and rslated equipment~
(b) The estimated maximum ~ount ~M[ bonds or notes to be
~or the improvement or pul'pose ~s as stated ~n Section 2
equal to the amount of the appropriation herein uu~de therefor.
S~ctlon 4. Al I bond anticipation nota~ issued
chief flnam':ial ~lffJcer; provided thaL no note shall mature later
r~e or rates alld be tn such ~orm as n~y t~ dete~l.Jned by the chief
financial o~ficer, The chief financial officer sh~] I determine all
and the chief flnancJal o~ficer's s:ignal:ure upoll the notes shall be
conclusive evidence as Lo al 1 such dete]-minatJons- Ali notes
issued hereu~der may b~ renewed from time to t.:ime subject to the
prov:is2o~ of N.J'.S.A, 40A:2~fl(a} . 'l'h~ chief ~ill~ncial officer ls
hereby author]zed to sell part or all of ~ih~ notes from time to
time aL public or private sale and to deliver them to the
purchasers thereof opon receipt of ~ayment of the p~lrchsse price
plus accrued ]rl~ere~h from their dales to the date o~ delivery
t]lereo£. The chief flnancia] office~ is directed to report in
writ:~n9 to the 9ove~'nin!~ body at the a/~etirqJ next su~.:ce~di-n9 the
ox'~i~l~noe J.'~ t~,de. Suoh x'a[-~ort mu'~t ~nclud~ hh~ amounh,
descripuion, the ~nterest r~tc and the ~turiny schedul~ o~
sold, the price obkalned a¥~d the name o[ the purchaser.
Carteren is hereby amended
hhe
resolukion iii tbs fe~ DrOmu],gated by the Local Finance Board
full detail of tile amended capita] budget a:]d capital
as app~ovsd by tile Director of Lhe Division o~ Local
Gover~uent Service~ iS c~n fii]e with l~he Cl.e~k and is au~ilable
a ~neral
sb~ll be
thereby.
the reasonable life tllereo~ comptited ~roI~! th~J dane
authorized by th~s o~dir~anc~, ~u 10 years.
there for publis ±nspecLion.
Section 6. Tl~e £ol]owJng addiLio~%al matters are
hereby determined, ~ecla~~ed, recited and sraUe~:
{a) 'fhe Jlnpz'ovement or purpo~]e described ~n Sectio~l
3 of th~s bond ordJ~ance is ~ot a current expense. [t is an
Jnlproven~ent or purpose that Ehe Borough ~y lawfully n~ertake as
la~prov~nent, and no part of the cost thereof has been or
specially assessed on property spec]a].ly benefited
The period of uSe~ulnesm o~ the improvement or
accordfin~ to
o~ the bonds
(c) The ~h~pDl element a 1
T,ocal Bond Law ha~ be~n duly prepared an~
~he (7Jerk, and a complete u~cu~ed ct~p]ica~e thereof has been filed
to conform with the provisior'~ Off Chis
of any inconsistency herewith. The
i~ the o£~ice o~ the DJrer~tor o£ t['H~ Division of Local ~overnment
S~Jces in the Departm~t 0~ (]~m~u~;i. ty Af~air~ o~ ~he State of New
Jersey. Such states,iL shows th~t I lie ~ross debt o~ the Borough
defined in the I,ocal Bond Law is ~ncraased by the authorization of
and the oblJgatior~s at~thozized he;z-ein w]] 1 be %;J.~hin all debt
]imitations prescribed by that Law_
itou~ o~ ~p~nse liste~ Jn and porm[~t~ un,er N.J.S.A. ROA:2 20
included in the sst~ated cost indicaL~d herein for the purpose
described in Section 3 hereof shsl] b~ applied either no direct
obliwatlens issued pursuunt [:o thi~ ordinance. The ~ount
obligations authotlzed but not issued hereunder shall be reduced CO
t~ extent that such ~t]nds are so
S~ction 8. The full faith a]~d credit of the
The obligations mh~ll be direct, nnlimited obli~st~mns of the
Borough, and ~h~ Borough sha~] be obligated to le~ ad valor~n
t~ss upon all ~he t~xable real p~operky within the I]orouqh for the
Limitation of rata or
97-33 I'AGE 5 of 5
Section 9. Thig bond ordim~mce shall take effect 20
days after the first publication the~eo~ miter final adopt~ion, as
provided by the Lo~:a] Bon(1 L~w.
COUNCIl,MAN
~BiALOWA~OZJ~g
FAII ACE
I(1~¢'()111) ()F' '()IJNf'II,Vf)TI'~
Ad~q)tcdonsccmldmadillgalh:~hc;uinl:vn OCTOBER 2, 1997