The URL can be used to link to this page

Home My Public Portal AboutOrd. 14-18Oz binuttce No. 14-18 _ of # YT Q �Bozoq4 of &Mere#, Councilman Presents the following Ordinance Seconded by Councilman - LO >N +�Rr:PI N ?i Or i'r= RCUG 0. CARiaRSF, IN T' COUNTi O; STAI C, OF 1E'N JERSEY A PROVING ?.ND AUTi -OR0MG THE ENTERENG INTO, EXECUTION AHD D OF A LOAN AND SECURITY AGREEMErIT WITH THE MIDDLESE: COUNTY IMPROVEMENT AUTHORITY FOR THE UNDERTAKING Or VARIOUS 201" CAPITAL IMPROVEMENTS AND THE ACQUISITION AND INSTALLATION, AS APPLICABLE, OF VARIOUS EQUIPMENT WITH AN ESTIMATED COST OF $225,000, THE COST OF SUCH IMPROVEMENTS ACID EQUIFi19ENT TO BE FiN.AACED THROUGH THE ISSUANCE OF COUNTY-GUARANTEED CAPITAL EQUIPMENT AND IMPROVEMENT REVENUE BONDS, SERIES 201 -`. OF THE MIDDLESEX COUNTY PIPROVEMENT .AUTHORITY V the Middlesex County Improvement Authority (the "Authority ") is authorized to issue its tends pursuant to the provisions of the County Improvement Authorities Law, chapter 183 of the Laws of New Jersey of 1960, as amended and supplemented (N.JS.A. 40:37A -44 at sue.) (the "Country Improvement Authorities Law'), and other applicable provisions of law; and NfHERE:AS, -the Authority has determined to issue its revenue bonds for the purpose of financing the various capital improvements to he undertaken by and the acquisition, installation and, as applicable, subsequent leasing of certain capital equipment, including but not limited to police and passenger vehicles, to various governmental entities within the County of Middlesex, State of New Jersey (the "County'), including the County and the Authority (the "2014 Program "); and WHEREAS, the Borough of Carteret, in the County of Middlesex, State of New Jersey (the "P,iunicipality") has determined to participate in the 2014 Program and to finance various capital improvements and acquire and install certain capital equipment through the Authority; and WHEREAS, there has been prepared and submitted to the Municipality the form of the Loan and Security Agreement (the "Loan Agreement "), to be entered into by and beluveen the Authority and the Municipality, vmich Loan Agreement has been approved by the Authority and vmich is attached hereto as Exhibit A , providing for the financing of various capital improvements and the acquisition and installation of certain capital equipment through the Authority, which improvements and items of equipment are described in Exhibit B attached hereto and incorporated by this reference herein. All terms used 'herein and not otherwise defined shall have the same meanings ascribed to such terms under the Loan Agreement. N04Y THEREFORE, BE IT ORDAINED AND ENACTED BY THE GOVERNING BODY OF THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, SLATE OF NEW JERSEY (not less than tvo- thirds of all members thereof affirmatively concurring), AS FOLLOWS: Secflon 1. (a) The various capital improvements and the acquisition and installation, as applicable, of certain Hems of equipment by the Municipality described in Exhibit B attached to this loan ordinance and by this reference made a pad hereof are hereby authorized as general capital improvements or purposes to be undertaken by the Municipality. For financing such improvements, purposes or loan, there is hereby appropriated the not to exceed sum of $235,000. (b) For the financing of the general capital improvements, purposes or loan and to provide monies to fund the not to exceed $235,000 appropriation, a loan from the Authority to the >75MV 1(10'375.111) k1unlcipal'ity Is hereby authorized in a not to exceed amount of $235,000 pursuant to tha County Improvement Authorities Law and the Local Bond Law, NWS.A. 40 -:2 -1 at sec, as amended and supplemented (the "Local Bond Law'), (c) The general capital Improvements hereby authorized and the purposes for which the above - described loan is authorized are the various capital improvements to be undertaken and the acquisition and Installation, as applicable, of certain items of equipment by the Municipality described IF, Exhibit 3 attached hereto. (d) The estimated maximum amount of the loan for the various capital Improvements and the acquisition and Installation, as applicable, of certain items of equipment by the Municipality described in Exhibits attached hereto is 5235,000. (a) The estimated cost of said general capital imerovemerts or purposes is 5225,COQ °.vtth a not to exceed amount of $235,000, :vhich not to exceed amount includes all cuss of issc'ance and items of expanse listed in and perm'md under s=cticn 20 of the Local Bond Lay. NO. PAGE_ Section 2. Pursuant to the County Improvement Authorities Law and U.S.A. 40:23- 1 at sea., the Municipality is hereby authorized and directed to enter into and perform the Loan Agreement, which Loan Agreement provides for various capital improvements to be undertaken and the acquisition and installation, as applicable, of certain Items of equipment by the Municipality to be financed with the proceeds of County - Guaranteed Capital Equipment and Improvement Revenue - Bonds, Series 2014 (the "Bonds ") to be issued by the Authority under a resolution to be adopted by the Authority entitled, "Resolution of the Middlesex County Improvement Authority Authorizing the Issuance of County - Guaranteed Capital Equipment and Improvement Revenue Bonds" (the "General Bond Resolution "). The Loan Agreement, in the form submitted herewith in Exhibit A (a copy of which is on file in the office of the Clerk of the Municipality), is hereby approved M h such changes, amendments or modifications as may be approved by counsel or bond counsel to the Municipality and bond counsel to the Authority and the County. Section 3. The full faith and credit of the Municipality are hereby pledged to the punctual payment of the obligations set forth in the Loan Agreement authorized by this ordinance, including without limitation, (i) all Basic Loan - Payments and Loan Payments obligations of the Municipality under the Loan Agreement, including Authority Administrative Expenses and Additional Loan Payments, (it) all amounts due and owing to the County as a result of payments made by the County on behalf of the Municipality under the Loan Agreement pursuant to the County Guarantee, including County Guarantee Costs, and (iii) all direct and indirect costs of the Authority and the County related to the enforcement of the Loan Agreement and the County Guarantee ((i), (it) and (iii) collectively, the "Loan Payment Obligation "), The Loan Payment Obligation under the Loan Agreement shall he a direct, unlimited and general obligation of the Municipality, not subject to annual appropriation by the Municipality pursuant to the County Improvement Authorities Low, and unless paid from other sources, the Municipality shall be obligated to levy ad valorem taxes upon all the taxable property within the Municipality for the payment of the Loan Payment Obligation thereunder without limitation as to rate or amount. An Authorized Municipal Representative (as defined in the Loan Agreement) is hereby authorized and directed to execute the Loan Agreement on behalf of the Municipality in the form as attached hereto in Exhibit A , along with any of the aforesaid necessary changes, and the Clerk of the Municipality is hereby authorized to attest to such signature and affix the seal of the Municipality thereto and the Loan Agreement is authorized to he delivered to the Authority. All representatives, officials and employees of the Municipality are hereby authom_ed and directed to enforce and to implement provisions of the Loan Agreement. Section 4. The following additional matters are hereby determined, declared, recited and stated: (a) The maximum Loan Payment Obligation for which the Municipality shall be obligated hereunder, which, interalia, will be used for the payment of principal of and interest on the Bonds of the Authority, shall not exceed the sum necessary to (a) undertake the various capital improvements and the acquisition and installation, as applicable, of certain items of equipment by the Municipality and described in Exhibit B , (b) pay interest on the Authority's Bonds allocated to the Municipality's various capital improvements and items of equipment, and (c) pay the Municipality's share of the costs of issuance, Authority Administrative Expenses, Additional Loan Payments, County Guarantee Costs and all other amounts required to be paid by the Municipality under the Loan Agreement, as and If applicable. (b) The Bonds shall mature no later than 10 years from the date of issue. (c) The Loan Payment Obligation authorized herein shall remain effective until all the Authority's Bonds shall have been paid in full in accordance with their terms and/or when all obligations of the Municipality under the Loan Agreement have been satisfied, notwithstanding the occurrence of any other event. (d) The various capital improvements and items of equipment described in Exhibit B attached hereto are hereby approved to be undertaken and fmanced through the Authority in accordance with the terms of the Loan Agreement, with such changes, amendments or modifications as may be approved by counsel or bond counsel to the Authority. - (e) The average percd of usefulness of the various capital improvements and items of equipment described in Exhibit B attached 'hereto within the limitations of the Local Bond Law, according to the reasonable useful life thereof computed from the dated date of the loan authorized by this loan ordinance, shall not exceed 10 years. (r� The supplemental debt statement required by the Local Bond Law has been duly ' the has e a n d l i he Offi of the Dir of of Le al Go erment Services, Department of Community Affairs, and such statement sho that the gross dart cited Municipality as ordinance by S235IOCd and the s said Moan authorized b; fit; Is [ordinanc p r o vided 111 be withi ll debt limitations prescribed by the Local Bond Law. No 2 14Q P..AGe 3 (g) An aggregate ocaunt 570,000 rot items of e -c-n— it st== in end p c v d undar szcnon 20 or the Local pond Laty is in not axceeding cluded in the estimated cost indicated mere_ - in tore z,,� venous capital imprcvemems and items or=_quipment dexhbsd in Ex'i C s tt_ - =ahed he - " O the =' ^.ant the P'jmjc,calib is the Fula (s heraina � =_r donned)), the Municipalii hereby eo Obligated Person" (as d ;trod under - �' ' oar es t comply with the requirements of Rule f 5c &12 (the " ! ') promulgated by the Securities and Exchance Commis ion oursuaN to tire Securities Exchanea :=,c, cr 19 =, as amended end supplemented, including the secondary market disclosure rouiramems contained th =rain, and agrees to covenant to such compliance in the Loan Agraement, The Mavor, Clerk, Chief Financial Officer or any other Authorized S4unicipal Representative era each herby authorized and directed to execute and deliver a Continuing Disclosure Agreement, approve and 'deem final" the Preliminary and Final Official SLtements of the Authority to the extent the information contained uierain re elates fa tiro fp1unicioality and to axe cut= and deliver all czrti in znumzrat ilcatzs, documents and agreements fire Autttoriry in connection there:vith and to file budgetary, d ee f and operating data of the Municipeliry on an annual basis and notices enumerate as required to comply with and in accordance with the provisions of be of Rule. Secacu 5. The Mayor, Clerk, Chief Financial Officer of the Municioalij or other Authorized Municipal R =_presentative are each hereby authorized and directed to execute and deliver any and all certricaies, documents and inscunents and to do and cause to be done any and all acts and things necessary or proper far carrying out the execution and delivery of the Loan Agreement, the undertaking of the various capital improvements and the acquisition and installation, as applicable, of certain items of equipment by the Municipality and all related transactions contemplated by this ordinance. Seciicn 7. Upon the payment or all amounts r-_fer_nced in Section ^(c) herain, the cull faith and credit pledge of the Municipality as to its Loan Payment Obligation authorized herein shall cease to exist. Section Q. The capital budget of fire Pdunicipaliry is hereby amended to conform with the provisions of this ordinance to the e cent of any inconsistency herewith. The resolution in the tom promulgated by Lie Local Finance Board shoving till detail of the amended capital budget and capital program as approved by the Director Of the Division of Local Government Services, Ne:v Jersey Department of Community Affairs is on file with the Clerk or the Municipality and is available for public inspection. =�.wn ?. The provisions of this ordinance are severable. To the exte any clause, phrase, sentence, paragraph or provision of this ordinance shall be declared invalid, illegal or unconsfibinfional, the remaining provisions shall continue to be in full force and affect. Sec 10. The Municipality reasonably ezpacts to reimburse any zxozndifuras toward the costs of the various capital improvements and items of equipment described in Exhibit 8 2fla vi d to this loan ordinance and paid adcr to the entering into of the loan authorized by This loan ordinance with the proceeds of such loan. This Secion 10 is intended to be and hereby is a declaration of the iblunicipalfi'/s of intent to reimburse any exoenditures toward the costs of the various capital improvements and items of equipment described in Exhibit B attached to this loan ordinance to be incurred and paid prior to antenna into or the loan authorized herein all in accordance with the Internal Revenue Code of 1956, as amended (the 'Cede ") and any regulations promulg=ated thereunder. Sao' con 17. The Clerk of the Pduniclpa icy is hereby authorized and directed to cause the publication of the text of this ordinance in full after introduction and final adoption in accordance with applicable law and to arrange for the public hearing thereon and final adoption thereof. __cticn '.2. This ordinance shall late :.act hr: arty (20 - Publication in accordance •Kith applicable law. ) d ' "s -"ter renal adcpL'n a - ,d 00 NOT USE SPACE' BELOW THIS LINE RECORD OF COUNCIL VOTE COUNCILNIAN YES NO NV A.B. COUNCILMAN YES X _ MLM (— X � ( Tn X ( STTq X X Indicate Veto AB - Absent NV Tint Voting XOR - Ldicatee `lot, in Ovcr Ic Vet P o t,d on first reading July 1 201 .0 p � of [he Council of the Borough are Carta ?t, i�i ]., nn _ r --�- -� rdopredon ce^ond rending aU FI t - 7 a iwa"Iir:3 fa�s'AIcJc: C9�iiC jiii pCov rn cl.T Au, :V 2 and Itil;+ Fit;._., �!ltrg o — ran t�2��i "',S S�aYutla i? F %ec Ceuani, Est, Cos: tisaful E its ^'1 oz Yc4R PROD =C 15 Loan Slrael Sva °per ; ye,'190,0W.00 $Years SUV/Truck 1 305000.00 oYears Subtotal $225,OOO.CJ Laasa 0 gt05,mn.00 oYears Police. Vahic!es $105,000.00 Subtotal Fite Year Projeeis Subtotal: ; „OU,000,60 Em ;'E PRFROJEC —s 6 30_OG 10 Years None Tan Yaar Projects Subtotal; $0'00 FlFT-EM YEAR PROJECTS 0 'x0_,00 iS Year. More Flfteaa Year Project. Sabiotal; $0,00 r!VEn!ryy ,drR- R'JJEC 0 3000 40Year3 N� Tviem -1 Year Projects Subtotal: $0,0A 6aasa TntaL• 705,WO.GI Loan Total; Carterat SOrouah Total 51crmwlno: 5.90.00O,Oi AFFIDAVIT OF PUBLICATION The following is a true copy of an Ordinance or Resolution of the Borough of Carteret that has appeared in the Home News Tribune, a newspaper which is printed in Freehold, New Jersey and published in Neptune, in said County and State and of general circulation in said county. One (1) time(s), on in each issue as follows. BOROIGHOFWTERET ORDINANCE , -18 C NO7ICEi July 22, 2014 same. proprialion. of to Fxceed $235,000 BondarNOles Not to Exceed $235,000 Section si Pr�57000U None Useful Life; Not toExceed Trve lO Years 'KATHLEEN K BARNEY Clark of the Borough of Carteret EXHIBIT B NOTARY PUBLIC OF NEW JERSEY Municipal Clerk SwoAggq gMg�5 N ffg 016 me this--) day of ✓ �t-c/ y, Capital Equipment and improvement FlnandnS ProgRram .. - ProJec f 1.lsf or .; Carter Bogh Pro ecl Quant. Est. Cost Useful Life P/ YEAR PROJECTS '1 190,000.00 5 Years as eP er 1 " 1225 00E,OOD,60� 5 Years SW/TRUC K 8 SUblola, P.2 05 2 - 0 . Vehicles 3 105,000 .00 S Veers Subtotal 'Flue Year Proleds Subtotal: 330 000.00 T N YEAR PROJECTS 0 0 10 Years on, ten Year Pro77777ects Subtotal• 50.00 lF7EENY 0. 50.00 15 Years fifteen Year Pro ects Subtotal $0.00 TWENTY YEAR PR�JECiS 0 W $0.00 20 Years Twen{{yy Year Projects Subtotal: 0.00 105,000.00 Loa Total: Loan n Total 225 000.00 Carteret Borough Total Borrowing 0 ($73.84) 103818 rse Notar y Publ ' f N �I � d� y ��NBH R Kathleen M. Barne y MC NOTARY PUBLIC OF NEW JERSEY Municipal Clerk SwoAggq gMg�5 N ffg 016 me this--) day of ✓ �t-c/ y, AFFIDAVIT OF PUBLICATION The following is a true copy of an Ordinance or Resolution of the Borough of Carteret that has appeared in the Home News Tribune, a newspaper which is printed in Freehold, New Jersey and published in Neptune, in said County and State and of general circulation in said county. One 1 time(s), once in each issue as follows: August 14, 2014 �, Notary Pu1WrOrsey NOTARY PUBLIC OF NEW JER, l' S worn MY COMMISSION e EXPPI NAY me this day of Kathleen M. Barney, MMC