HomeMy Public PortalAboutOrd. 14-01(l�rbixtatice
No. 14 -1 Of the
�OrOIIB4 of Qlar #ere#, Y_ �.
Councilman Presents the following Ordinance Seconded by Councilman
ORDINANCE PROVIDING FOR VARIOUS CAPITAL
IMPROVEMENTS IN AND BY THE BOROUGH OF
CARTERET, IN THE COUNTY OF MIDDLESEX, NEW
JERSEY, APPROPRIATING $12,000,000 THEREFOR AND
AUTHORIZING THE FINANCING OF $11,400,000 TO
FINANCE PART OF THE COST THEREOF'.
BE IT ORDAINED BY THE BOROUGH COUNCIL OF THE BOROUGH OF
CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY (not less than two-
thirds of all members thereof affirmatively concurring) AS FOLLOWS:
Section 1. The several improvements described in Section 3 o this ordinance
are hereby respectively authorized to be undertaken by the Borough of Carteret, in the
County of Middlesex, New Jersey (the 'Borough ") as general improvements. For the
several improvements or purposes described in Section 3, there are hereby
appropriated the respective sums of money therein stated as the appropriation made for
each improvement or purpose, such sums amounting in the aggregate to $12,000,000,
including the aggregate sum of $600,000 as the several down payments for the
improvements or purposes required by the Local Bond Law. The down payments have
been made available by virtue of provision for down payment or for capital improvement
purposes in dhe or more previously adopted budget=_.
Section 2. In order to finance the cost of the several improvements or
purposes not covered by application of the several down payments, negotiable bonds
are herebyauthorized -to be issued in the principal. amount of $11,400,000 pursuant to
the Local Bond Law. In anticipation of the issuance of the bonds, negotiable notes are
hereby authorized to be issued, on an as needed basis, pursuant to and within the
limitations prescribed by the Local Bond Law.
.Section 3. The several improvements hereby authorized and the several
purposes for which the bonds are to be issued, the estimated cost of each improvement
and the appropriation therefor, the estimated maximum amount of bonds or notes to be
issued for each improvement and the period of usefulness of each improvement are as
follows:
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14 -1
Puroose
a) Road paving and
reconstruction, as more fully
described on a list on file in
the Office of the Clerk which
is hereby incorporated by
reference as if set forth at
length, including all work and
materials necessary therefor
and incidental thereto.
b) Sanitary sewer and storm
water improvements,
including all work and
materials necessary therefor
and incidental thereto.
c) Intersection improvements,
as more fully_ described on a
list on file in the Office of the
Clerk which is hereby
incorporated by reference as
if set forth at length, including
all work and materials
necessary therefor and
incidental thereto.
TOTAL:
Appropriation &
Estimated Cost
$9,000,000
$2,500,000
$ 500.000
$ 12.000 000
$2,375,000 40 years
$ 475.000 10 years
$ 11.400.000
The excess of the appropriation made for each of the improvements or purposes
aforesaid over the estimated maximum amount of bonds or notes to be issued therefor,
as above stated, is the amount of the down payment for each purpose.
Section I. All notes issued hereunder shall mature at such times as may be
determined by the chief financial officer; provided that no such note shall mature later
than one year from its date. The notes shall bear interest at such rate or rates and be in
such form as may be determined by the chief financial officer. The chief financial ofcer .
shall determine all ma,,ers in connection with notes issued pursuant to this ordinance, .
and the chief financial officers signature upon the notes shall be conclusive evidence as
to all such determinations. All notes issued hereunder may be renewed from time to
time subject to the provisions of the Local Bond Law. The chief financial officer is
hereby authorized to sell part or all of the notes from mtime to time at public or private
sale and to deliver them to the purchasers thereof upon receipt of payment of the
purchase price plus accrued interest from their dates to the date of delivery thereof.
2
PAGE
Estimated
Maximum
Amount of
Period of
Bonds & Notes
Usefulness
$8,550,000
10 years
$2,375,000 40 years
$ 475.000 10 years
$ 11.400.000
The excess of the appropriation made for each of the improvements or purposes
aforesaid over the estimated maximum amount of bonds or notes to be issued therefor,
as above stated, is the amount of the down payment for each purpose.
Section I. All notes issued hereunder shall mature at such times as may be
determined by the chief financial officer; provided that no such note shall mature later
than one year from its date. The notes shall bear interest at such rate or rates and be in
such form as may be determined by the chief financial officer. The chief financial ofcer .
shall determine all ma,,ers in connection with notes issued pursuant to this ordinance, .
and the chief financial officers signature upon the notes shall be conclusive evidence as
to all such determinations. All notes issued hereunder may be renewed from time to
time subject to the provisions of the Local Bond Law. The chief financial officer is
hereby authorized to sell part or all of the notes from mtime to time at public or private
sale and to deliver them to the purchasers thereof upon receipt of payment of the
purchase price plus accrued interest from their dates to the date of delivery thereof.
NO. 14 -1
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The chief financial Officer is directed to report in writing to the governing body at the
meeting next succeeding the date when any sale or delivery of the notes pursuant to
this ordinance is made. Such report must include the amount, the description, the
interest rate and the maturity schedule of the notes sold, the price obtained and the
name of the purchaser,
Section 5. The Borough hereby certifies that it has adopted a capital budget or
a temporary capital budget, as applicable. The capital or temporary capital budget of the
Borough is hereby amended to conform with the provisions of this ordinance to the
extent of any inconsistency herewith. To the extent that the purposes authorized herein
are inconsistent with the adopted capital or temporary capital budget, a revised capital
or temporary capital budget has been filed with the Division of Local Government
Services.
Section 6. The following additional matters are hereby determined, declared,
recited and statBd:
(a) The improvements or purposes described in Section 3(a) of this ordinance
are not current expenses. They are all improvements or purposes that the Borough
may lawfully undertake as general improvements, and no part of the cost thereof has
been or shall be specially assessed on property specially benefitted thereby.
(b) The average period of usefulness, computed on the basis of the
respective amounts of obligations authorized for each purpose and the reasonable life
thereof within the limitations of the Local Bond Law, is 16.25 years. -
(c) The Supplemental Debt Statement required by the Local Bond Law has
been duly prepared and filed in the office of the Clerk, and a complete executed
duplicate thereof has been tiled in the office of the Director of the Division of Local
Government Services in the Department of Community A of the State of New
Jersey. Such statement shows that the gross debt of the Borough as defined in the
-ocal Bond Law is increased by the authorization of the bonds and notes provided in
his ordinance by $11,400,000, and the obligations authorized herein will be within all
lebt limitations prescribed by that Law.
(d) An aggregate amount not exceeding $1,700,000 for items of expense
sted in and .permitted .under N.J.S.A. 40A:2 -20 is included in the estimated cost
idicated herein for the purposes or improvements.
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PAGE 4
Section 7. The Borough hereby declares the intent of the Borough to issue
bonds or notes in the amount authorized in Section 2 of this ordinance and to use the
proceeds to pay or reimburse expenditures for the costs of the purposes or
improvements described in Section 3 of this ordinance. This Section 7 is a declaration
of intent within the meaning and for purposes of Treasury Regulations.
Section 8. Any grant moneys received for the purposes or improvements
described in Section 3 hereof shall be applied either to direct payment of the cost of the
improvements or to payment of the obligations issued pursuant to this ordinance. The
amount of obligations authorized but not issued hereunder shall be reduced to the
extent that such funds are so used.
I Section 9. The chief financial officer of the Borough is hereby authorized to
prepare and to update From time to time as necessary a financial disclosure document
to be distributed in connection with the sale of obligations of the Borough and to execute
such disclosure document on behalf of the Borough. The chief financial officer is furher
authorized to enter into the appropriate undertaking to provide secondary market
disclosure on behalf of the Borough pursuant to Rule 15c2 -12 of the Securities and
Exchange Commission (the "Rule ") for the benefit of holders and beneficial owners of
obligations of the Borough and to amend such undertaking from time to time in
connection with any change in law, or interpretation thereof, provided such undertaking
is and continues to be, in the opinion of a nationally recognized bond counsel,
consistent with the requirements of the Rule. In the event that the Borough fails to
comply with its.undertaking, the Borough. shall not be liable for any monetary damages,
and the remedy shall be limited to specific performance of the undertaking.
Section 10. The full faith and credit of the Borough are hereby pledged to the
punctual payment of the principal of and the interest on the obligations authorized by
this ordinance. The obligations shall be direct, unlimited obligations of the Borough, and
the Borough shall be obligated to levy ad valorem taxes upon all the taxable real
property within the Borough for the payment of the obligations and the interest thereon
without limitation of rate or amount.
No. 14 -1 5
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11 •• •
X - Indicate Vote AB - Absent NV Not Voting XOR - Indicates Vote to Overrode Veto
Adopted on first reading of the Council of the Borough o1 et, N.7., on Jamm 5 201-4
Adopted on secon after hcaring_on January 201
ACCORD Or COUNCIL VOTE
AFFIDAVIT OF PUBLICATION
The following is a true copy of an Ordinance or Resolution of
the Borough of Carteret that has appeared in the Star Ledger,
a newspaper which is printed in Newark, New Jersey and
published in Essex County, of general circulation in said
county and state. One (1) time(s) once in each issue as follows:
Notary Pub ic N yg e�rsey athleen M. Barney, �'W
AW ��VV Municipal Clerk
NOTARY PUBLIC OF NEW 11
MY COMMISSION EXPIRES MAY 21 2016
Sworn and Subscrib.pd before
Me this c -, day of ��� ,
AFFIDAVIT OF PUBLICATION
The following is a true copy of an Ordinance or Resolution of
the Borough of Carteret that has appeared in the Star Ledger,
a newspaper which is printed in Newark, New Jersey and
published in Essex County, of general circulation in said ,
2014county and state. One (1) time(s) once in each issue as
follows:
January 31, 2014
ORDINANCE #141
ORDINANCE STATEMENT AND SUMMARY
as more fully described on a list
on file in the office of the Clerk
which is hereby incorporated by
reference as if set forth at
length, including all work and
materials necessary therefore
and incidental thereto.
b) sanitary sewer and storm
water improvements, including
all work and materials necessary
therefore and incidental
thereto.
c) Intersection improvements, as
more fully described on a list
on file in the office of the Clerk
which is hereby incorporated by
reference as if set forth at
length, including all work and
materials necessary therefore
and incidental thereto.
TOTAL:
Appropriation: 512,000,000
Bonds /Notes Authorized: $11,400,000
Grants Appropriated: N/A
section 20 Costs: $1,700,000
useful Life: 16.25 years
The bond ordinance, the summary terms of which are included herein, has been finally adopted by the
Borough of Carteret, in the county of Middlesex, sate of New Jersey on January 23, 2014 and the 20
day period of limitation within which a suit, action or proceeding questioning the validity of such
ordinance can be commenced, as provided in the Local Bond Law, has begun to run from the date of the
first publication of this statement. copies of the full ordinance are available at no coast and during
regular business hours, at the Clerk's office for members - of the general public who request the same. The
summary of the terms of such ordinance follows:
Title: "ORDINANCE PROVIDING FOR VARIOUS CAPITAL IMPROVEMENTS IN AND BY THE BOROUGH OF CARTERET, IN THE
COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $12,000,000 THEREFORE AND AUTHORIZING THE FINANCING OF
$11,400,000 TO FINANCE PART OF THE COST THEREOF"
Purpose Appropriation & Estimated Maximum A,ount Period of Usefulness
Estimated Cost of Bonds & Notes
a) Road paving and reconstruction, $9,000,000 $8,550,000 10 years
$2,50D,000
$2,375,000
40
years
$500,000
$475,000
10
years
$12,00MOO $11,400,000
Kathleen M. Barney, Clerk
$219.24
Notary PublWU &U*sey
NOTARY PUBLIC OF NEW JERSEY
MY COMMISSION EXPIRES MAY 2, 2016
K athleen M. Barney, MM
Municipal Clerk
Sworn and Subscribed before
Me this P day of c