HomeMy Public PortalAboutr 14-259No, 14 - 259 Date of Adoptio Da3aimr18, 2014
RESOLUTION PROVIDING FOR THE COMBINATION OF
CERTAIN ISSUES OF GENERAL IMPROVEMENT
BONDS, SERIES 2015 OF THE BOROUGH OF CARTERET,
IN THE COUNTY OF MIDDLESEX, NEW JERSEY INTO A
SINGLE ISSUE OF BONDS AGGREGATING $12,928,000 IN
PRINCIPAL AMOUNT.
BE IT RESOLVED BY THE BOROUGH COUNCIL OF THE BOROUGH Of
CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY AS FOLLOWS:
Section 1. Pursuant to the provisions of N.J.S.A. 40A:2- 26(f), the Bonds of the
Borough of Carteret, in the County of Middlesex, New Jersey (the "Borough ") authorized
pursuant to the bond ordinances of the Borough heretofore adopted and described in Section 2
hereof shall be combined into a single and combined issue of General Improvement Bonds,
Series 2015 in the principal amount of $12,928,000 (the "Bonds ").
Section 2. The principal amount of Bonds authorized by each ordinance to be
combined into a single issue as above provided, the bond ordinances authorizing the Bond
described by reference to the number, the improvement description and the date of adoption, an
the period or average period of usefulness determined in each of the bond ordinances are
respectively as follows:
No. 14-259
PAGE .2 of 3
Principal
Amount of
Number of
Description of Improvement and Date of
Bonds
Ordinance
Adoption of Ordinance
Useful Life
$2,360,974
#04 -10
Providing for various capital improvements,
finally adopted June 17, 2004.
21 years
Capital improvements within the Special
Improvement District, finally adopted August 9,
$3,200,000
404 -25
2004.
15 years
Various sewer improvements, finally adopted
$3,453,970
#OS -11
March 10, 2005.
40 years
Acquisition of land, finally adopted July 6,
$3,463,056
405 -39
2005.
40 years
Various sewer and roadway improvements,
$450,000
#06 -45
finally adopted August 24, 2006.
32 years
Section 3.
The following matters are hereby determined with respect to the combined
issue of Bonds:
-
a. The period of usefulness, is not less than 30.06 years.
b. The Bonds of the combined issue shall be designated "General
Improvement Bonds,
Series 2015" and shall mature within the average period of usefulness
herein determined.
C. The Bonds of the combined issue shall be sold and issued in
accordance with the
provisions of the Local Bond Law applicable to the sale and the issuance of
No. 14 -259
PAGE of 3
bonds authorized by a single bond ordinance and accordingly may be sold with other issues
bonds.
Section 4. The following additional matters are hereby determined, declared,
and stated:
a. None of the Bonds described in Section 2 hereof have been sold or
issued heretofore, and the several bond ordinances described in Section 2 have not been
rescinded and now remain in full force and effect as authorizations for the respective amounts c
Bonds set opposite the descriptionsof the bond ordinances in Section 2.
b. The several purposes or improvements authorized by the respective
bond ordinances described in Section 2 hereof are purposes for which bonds may be issued
lawfully pursuant to the Local Bond Law and are all purposes for which no deduction may be
taken in any annual or supplemental debt statement.
Section 5. This resolution shall take effect immediatelo
Adopted this 18 day of Docarber, 2014
aryl certified as a tnle copy of the
original on Docatber 19, 2014.
KKIHIM M. &1RU, MC
Mmicipal Clerk
RECORD OF COUNCIL VOTE
BELLING X r`null #Xtj
DIAZ NAPL X
DIh1ASCI0 X SITARZ
X - Indicate Vote AB - Absent NV - Not Voting XOR. Indicates Vole to Overrule Veto
Adopted at a meeting of the Municipal Council 18, 2014