The URL can be used to link to this page

Home My Public Portal AboutOrd. 15-01C�r�txr�xrcQ No. 15 -1 .[r tllQ Pvraug4 of (an & N 0, Councilman Presents the following Ordinance Seconded by Councilman ORDINANCE PROVIDING FOR VARIOUS SEWER AND STORMWATER DAPROVEMENTS IN AND BY THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $8,700,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $8,700,000 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 ordinance is hereby authorized to be undertaken by the Borough of Carteret, in the County of Middlesex, New Jersey (the "Borough "). For the improvement or purpose described in Section 3, there is hereby appropriated the sum of $8,700,000. Pursuant to N.J.S.A. 40A:2 -11(c) and contingent upon Local Finance Board approval, no down payment is provided for the costs of the improvement since the project described in Section 3(a) hereof is being funding by the New Jersey Environmental Infrastructure Trust ( "NJEIT "). Section 2. In order to finance the cost of the improvement or purpose, negotiable bonds are hereby authorized to be issued in the principal amount of $8,700,000 pursuant to the Local Bond Law. 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. NO. 19-1 rnce 2 Section 3. (a) The improvement hereby authorized and the purpose for the financing of which the bonds are to be issued is for the construction of stone sewer collection infrastructure upgrades, construction of an equalization basin, a stormwater pump station, a force main, a discharge outfall to Noes Creek with a tide gate, and collection system upgrades along Noe Street, Harris Street, Pershing Avenue, Emerson Street, Lowell Street, Industrial Highway, Leick Avenue, Thomall Street, Whittier Street and wheeler Avenue including the replacement of storm water pipes, and the acquisition and installation of all equipment and materials and all work necessary therefore 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 £mancial 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 the Local Bond Law. 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 NO. 15 -1 PAGE 3 meeting next succeeding the date when any sale or delivery of the notes pursuant to this 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 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 filed with the Division of Local Government Services. Section 6. The following additional matters are hereby determined, declared, recited and stated: (a) The improvement or purpose described in Section 3 of this ordinance is not a current expense. It is an improvement or purpose that the Borough may lawfully undertake, and ao 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 limitations of he Local Bond Law, according to the reasonable life thereof computed from the date of the authorized by this ordinance, is 20 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 I led electronically in the office of the D 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 debt of the Borough as defined in the Local Bond Law is increased by the authorization of No. 15 -1 PACE 4 the bonds and notes provided in this ordinance by $8,700,000, and the obligations authorized herein will be within all debt limitations prescribed by that Law. (d) An aggregate amount not exceeding $1,000,000 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 Purpose or improvement. (e) This ordinance authorizes obligations of the Borough solely for a described in N.J.S.A. 40A:2 -7(d). This purpose is in the public interest and is for the health, welfare, convenience or betterment of the inhabitants of the Borough. The amounts to be expended for this purpose pursuant to this ordinance are not unreasonable or exorbitant, and the issuance of the obligations authorized by this ordinance will not materially impair the credit of the Borough or substantially reduce its ability to pay punctually the principal of and the interest on its debts and to supply other essential public improvements and services. If required, the Local Finance Board, in the Division of Local Government Services of the Department of Community Affairs of the State of New Jersey has heretofore made a determination to this effect and has caused its consent to be endorsed upon a certified copy of this ordinance as passed upon First reading. 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 Borough hereby makes the following covenants and declarations with respect to obligations determined to be issued by the Chief Financial Officer on a tax- exempt basis. The Borough hereby covenants that it will comply with any conditions subsequent No. 15 -1 PAGE-- imposed by the Internal Revenue Code of 1986, as amended (the "Code "), in order to press the exemption from taxation of interest on the obligations, including, if necessary, requirement to rebate all net investment earnings on the gross proceeds above the yield on ligations. The Chief Financial Officer is hereby authorized to act on behalf of the Borough can the obligations authorized herein as bank qualified for the purposes of Section 265 of t ode, when appropriate. The Borough hereby declares the intent of the Borough to issue bon bond anticipation notes in the amount authorized in Section 2 of this ordinance and to use t: )seeds to pay or reimburse expenditures for the costs of the purposes described in Section 3 s ordinance. This Section 8 is a declaration of intent within the meaning and for purposes Treasury Regulations § 1.150 -2 or any successor provisions of federal income tax law. 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 further 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 )enefit of holders and beneficial owners of obligations of the Borough and to amend such sing from time to time in connection with any change in law, or interpretation thereof, I such undertaking is and continues to be, in the opinion of a nationally recognized bond consistent with the requirements of the Rule. In the event that the Borough fails to 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. No. 15 -1 6 o f 6 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. Section 11. This ordinance shall take effect 20 days after the fast publication thereof after adoption, as provided by the Local Bond Law, RECORD OF COUNCIL VOTE COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO I NV A.B. BELLINO X NAPLES D SITARZ X - Indicate Vote AB-Absent NV - Not Voting XOR - holicates Voce to Overrule Veto Adopted on fast reading of the Council of the Borough of Carteret, N.J., on JANDARY 4 2015 Adopted on second reading after hearing on Fehnteryr 26, 2015 APPROVED BY t. VOR ON ,a ,, nnarn lr.R ri EaF� 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: February 19, 2015 Jr NOTICE OF PENDING ORDINANCE AND SUh1M. a The ordinance the summry" terms of whic� are includ- ed herein.. was introduced and Passed upon its first.,, reading at a meeting o£ the governing body of the;,� Borough of carteret, the county of Middlesex state of New j er s e y , will n January 4, be further considered. - for "I final passage, af ter "pub - lic hearing thereon at'` - -� meeting of the gove rning`'', body to be held at the nicipal Building, in the4 ^, Borough on Februar 26(,x` 2015 at 6:00 o'clock p.mt During the - week prior ton -= and up t o and include ng�j '¢ he date of such Mee tingW. -r copies of the' full or nonce will he available at.r no cost and during regul ar_;'1 .business hours at the, - clerk's office for the members of. the general,..,., public who shall request „? itle: ORDINANCE PROVIDING DR VARIOUS SEWER AND fORMWATER IMPROVEMENTS IN VD BY THE BOROUGH OF SRTERET, IN THE COUNTY OF IODLESEX, NEW JERSEY, PP . ROPRIATING $8,700,00_.;. HEREFOR AND AUTHORIZUNG -`- HE ISSUANCE OF $8,700,000 ONDS OR NOTES OF THE BOR UGH TO FIANCE PART OF THE DST THEREOF. - UrpoSe(S): The construC ion of storm Sewer col_,_=, ection infrastructure -up- Fades, construction of an - qualization basin, a tormwater pump station, a_ orce main, a discharge - mtfall of Noes creek witr tide gate, and collec_- :ion system upgrades along loe Street, Harris Street,' Pershing Avenue, Emerson street. Lowell Street, In. ,venue, 1"..1 -1 . shittier street and wheel -.s,. it Avenue including the replacement of storm water.,. eipes, and the acquisition installation nstallation of all” equipment and materials" - and all work necessary therefore and incidental; thereto. -' %ppropriation: $8,700,000 sends /Notes Authorized' £8,700,000 section 20 Costs: $1,,000 :.� Useful 000 Life: 20 Years Kathleen M. Barney Cl ` This Notice is published hed. pursuant to N.J.S.A.. 4OA:2 -17. $93.901,� 9lOZ'Z AdW �d I�( 5� 1l�� A e sey Ax" 111VV11 its. 1 "L fiV�, I�1�0 Municipal Clerk OUR MIN JO 0119Ad AHVION AW&WAN Subscribed before Me this i %V day of ne -t-�j, "-9- r r 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 follo ORDINANCE #15 - 1 ORDINANCE STATEMENT AND SUMMARY February 27 2015 The Ordinance owhch are incl udY terms herein .whit a been ed herei, has bn 0rO ly adopted by he Borough of Carteret, .n the county. of Middlesex, State 0f.New Jersey on February 26, 2015 and the 20 day period limitation within which a suit, actidn or proceeding questioning the validity of such ordinance can be commenced. as orovided in Lo run rrom the auto first ,publication S statement. Copies nance fice members of the general public who request the same. The summary of the terms of. such �ordi- nance follows: ' Title: ORDINANCE PROVIDING FOR VARIOUS SEWER AND STORMWATER IMPROVEMENTS IN AND BY THE BOROUGH, OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY, AP- PROPRIATING $8,700,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $8,700,000 BONDS OR .NOTES OF THE BOR- OUGH TO FINANCE PART OF THE COST THEREOF. Purpose(S): The construc- tion of storm sewer col- lection .infrastructure up- grades, :construction of an equalization basin, a stormwater . pump station, a force main. 'a discharge L Yli7'1�LC'Gx -.-✓ L.C. /ul'' . Notary Public o f New Jersey Kath Mun NOTARY PUBLIC OF NEW JERSEY MY COMMISSION EXPIRES MAY 2, 2016 Sworn and Subscribed before Me this 2L_&� day of Noe - Street, HarrlS Street, Pershing Avenue,.. Emerson Street, Lowell street, in- dustrial Highway, Leick Avenue, Thornall Street, Whittier street. and Wheel- er. Avenue.' including the replacement of .storm water. and nstal lation Quof equipment and :,materials and all work necessary L therefore or incidental thereto. Appropriation: $8,700,000 Bonds,Dies Authorized: Wuf $8,7000,000 section 20 costs: Useful useful Life: 20 years Kathleen M. Barney, Clerk $84.6