HomeMy Public PortalAboutOrdinance 00:05 (0ri inance
Councilman Presents the following Ordinance Seconded by Councilman
BOND ORDINANCE PROVIDING FOR THE REMOVAL AND
REPLACEMENT OF UNDERGROUND PETROLEUM STORAGE
TANKS IN AND BY THE BOROUGH OF CARTERET, IN THE
COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $80,000
THEREFOR AND AUTHORIZING THE ISSUANCE OF $76,000 BONDS
OR NOTES OF THE BOROUGH 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 improvement described in Section 3 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 3,
there is hereby appropriated the sum of $80,000, including the sum of $76,000
expected to be received from the New Jersey Economic Development Authority
and the New Jersey Department of Environmental Protection as a no interest
loan and the sum of $4,000 as the down payment required by the Local Bond
Law. The down payment is now available by virtue of provision for down
payment or for capital improvement purposes in one or more previously adopted
budgets.
Section 2. In order to finance the cost of the improvement or purpose not
covered by application of the down payment, negotiable bonds are hereby
authorized to be issued in the principal amount of $76,000 pursuant to the Local
Bond Law.
NO. 00-5 PAGE 2
In anticipation of the issuance of the bonds, negotiable bond anticipation notes
are hereby authorized to be issued pursuant to and within the limitations
prescribed by the Local Bond Law.
Section 3. (a) The improvement hereby authorized and the purpose
for the financing of which the bonds are to be issued is the removal and
replacement of underground petroleum storage tanks at various locations
throughout the Borough, including all work and material necessary therefor or
incidental thereto.
(b) The estimated maximum amount of bonds or notes to be issued for
the improvement or purpose is as stated in Section 2 hereof.
(c) The estimated cost of the improvement or purpose is equal to the
amount of the appropriation herein made therefor.
Section 4. All bond anticipation notes issued hereunder shall mature
at such times as may be determined by the Chief Financial Officer; provided that
no 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 Officer shall determine all matters
in connection with notes issued pursuant to this ordinance, and the Chief
Financial Officer's 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 N.J.S.A. 40A:2-8(a). The Chief Financial
Officer is hereby authorized to sell part or all of the notes from time 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. The Chief Financial Officer is directed to report in
writing to the governing body at the meeting next succeeding the date when any
sale of 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.
NO. 00-5 PAGE 3
Section 5. 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 amended capital budget and capital
program as approved by the Director of the Division of Local Government
Services is on file with the Clerk and is available there for public inspection.
Section 6. The following additional matters are hereby determined,
declared, recited and stated:
(a) The improvement or purpose described in Section 3 of this bond
ordinance is not a current expense. It is 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 property specially
benefited thereby.
(b) The period of usefulness of the improvement or purpose within the
limitation of the Local Bond Law, according to the reasonable life thereof
computed from the date of the bonds authorized by this ordinance, is 15 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 filed in the office of the Director of the
-- Division of Local Government Services in the Department of Community
Affairs of the State of New Jersey.
Such statement shows that the gross dept of the Borough as defined in
the Local Bond Law is increased by the authorization of the bonds and notes
provided in this bond ordinance by $76,000, and the obligations authorized
herein will be within all debt limitations prescribed by that Law.
(d) An aggregate amount not exceeding $16,000 for items of expense
listed in and permitted under N.J.S.A. 40A:2-20 is included in the estimated
cost indicated herein for the purpose or improvement.
NO, 00-5
PAGE
Section 7. Any grant moneys received for the purpose described in
Section 3 hereof shall be applied either to direct payment of the cost of the
improvement 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.
Section 8. 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 bond ordinance. The obligations shall be direct, unlimited
obligations of the Borough, and the Borough shall be obligated to levy ad
velorem 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.
Section 9. This bond ordinance shall take effect 20 days after the first
publication thereof after final adoption, as provided by the Local Bond Law.
DO NOT USE SPACE BELOW THIS LINE
RECORD OF COUNCIL VOTE
COUNCILMAN YES NO NV A.I~. COUNCILMAN YES NO NV A.B.
CRILLEY x QUINONES x
FAZEKAS x SANTORO x
0 ' BRIEN x SOHAYDA x
X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto
Adopted on first reading of the Council of the Borough of Carteret, N.J., on ~ 2~ 2000
Adopted on second reading afl. er hearing on [qarc_~h 16, 2000
. ~__~.._ ~ MAYOR ~~~
ON
'~~MU ICIPA CLERK · /