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Home My Public Portal AboutOrd. 15-18WrNltartU No. 15-18 of t4E Purog4 a£ Tirteret, Councilman Presents the follo-+ing'irdinance Seconded by Councilman AN ORDINANCE OF THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, STATE OF NEW JERSEY, APPROVING AND AUTHORIZING THE ENTERING INTO, EXECUTION AND DELIVERY OF A LEASE AND AGREEMENT WITH THE MIDDLESEX COUNTY IMPROVEMENT AUTHORITY RELATING TO THE ISSUANCE OF COUNTY - GUARANTEED CAPITAL EQUIPMENT AND IMPROVEMENT REVENUE BONDS, SERIES 2015 OF THE MIDDLESEX COUNTY IMPROVEMENT AUTHORITY WHEREAS, the Middlesex County Improvement Authority (the "Authority ") is authorized to issue its bonds 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.J.S.A. 40:37A -44 at seg.) (the "County Improvement Authorities Law'), and other applicable provisions of law; and WHEREAS, the Authority has determined to Issue its revenue bonds for the purpose of financing the various capital improvements to be 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 municipalities located in the County of Middlesex in the State of New Jersey (the "County") including the County and the Authority (the "2015 Program "); and WHEREAS, the Borough of Carteret, in the County of Middlesex, State of New Jersey (the "Municipality ") has determined to participate in the 2015 Program and to lease certain police and/or passenger vehicles from the Authority; and WHEREAS, there has been prepared and submitted to the Municipality the form of the Lease and Agreement (the "Lease "), to be entered into by and between the Authority and the Municipality, which Lease has been approved by the Authority and which is attached hereto as Exhibit A , providing for the acquisition and leasing of certain police and/or passenger vehicles from the Authority, which police and /or passenger vehicles are described in Exhibit B attached hereto and Incorporated by reference herein. All terms used herein and not otherwise defined shall have the same meanings ascribed to such terms under the Lease. NOW THEREFORE, BE IT ORDAINED AND ENACTED BY THE GOVERNING BODY OF THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, STATE OF NEW JERSEY (not less than two- thirds of all members thereof affirmatively concurring) AS FOLLOWS: Section 1. Pursuant to section 78 of the County improvement Authorities Law, N.J.S.A. 40:48 -1 et ss6q., the Municipality is hereby authorized and directed to enter into and perform the lease, which Lease provides for the leasing of certain police and /or passenger vehicles acquired with the proceeds of County - Guaranteed Capital Equipment and Improvement Revenue Bonds, Series 2015 (the "Bonds ") to be Issued by the Authority under a resolution of the Authority 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 Lease, 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 with 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. NO. 15-18 PAG Section 2, The full faith and credit of the Municipality are hereby pledged to the punctual payment of the obligations set forth in the Lease authorized by this ordinance, including without limitation, (1) all Basic Rent and Rent obligations of the Municipality under the Lease, including Authority Administrative Expenses and Additional Rent, (li) all amounts due and owing to the County as a result of payments made by the County on behalf of the Municipality under the Lease 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 Lease and the County Guarantee ((i), (it) and (iii) collectively, the "Lease Payment Obligation'). The Lease Payment Obligation under the Lease shall be a direct, unlimited and general obligation of the Municipality, not subject to annual appropriation by the Municipality pursuant to the County Improvement Authorities Law, 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 Lease Payment Obligation thereunder without limitation as to rate or amount. The Mayor or other Authorized Municipal Representative (as defined in the Lease) is hereby authorized and directed to execute the Lease on behalf of the Municipality In the form as attached hereto in Exhibit A and the Clerk of the Municipality is hereby authorized and directed to attest to such signature and affix the seal of the Municipality thereto and the Lease Is authorized to be delivered to the Authority. All representatives, officials and employees of the Municipality are hereby authorized and directed to enforce and to Implement provisions of the Lease. Section 3. The following additional matters are hereby determined, declared, recited and stated: (1) The maximum Lease Payment Obligation for which the Municipality shall be obligated hereunder, which, inter alla, 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) acquire the Municipality's police and /or passenger vehicles described in Exhibit B attached hereto which will be subject to the Lease, (b) pay interest on the Authority's Bonds allocafed__to the Municipality and used to acquire the Municipality's police and /or passenger vehicles and (c) pay the Municipality's share of fhe costs of issuance, Additional. Rent Authority Administrative Expenses, , County Guarantee Costs and all other amounts required to be paid by the Municipality under the Lease. (2) The Bonds shall mature within five (5) years from the date of issue, (3) The Lease Payment Obligation until all he Authority's Bonds hall have ben pad i in full in accordance their and /or when all obligations of the Municipality under the Lease have been satisfied, notwithstanding the occurrence of any other event, including but not limited to the termination of the Lease with respect to some or all of the police and /or passenger vehicles leased thereunder. (4) The police and /or passenger vehicles described in Exhibit B are hereby approved to be leased from the Authority in accordance with the terms of the Lease, with such changes, amendments or modifications as may be approved by counsel or bond counsel to the Authority. Section 4, To the extent the Municipality is an "Obligated Person" (as defined under the Rule (as hereinafter defined)), the Municipality hereby agrees to comply with the requirements of Rule 15c2 -12 (the "Rule") promulgated by the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended and supplemented, including the secondary market disclosure requirements contained therein, and agrees to covenant to such compliance in the Lease, The Mayor, Clerk, Chief Financial Officer or other Authorized Municipal Representative are each hereby authorized and directed to execute and deliver a Continuing Disclosure Agreement, approve and "deem final" the Official Statement of the Authority and the preliminary form thereof to the extent the information contained therein relates to the Municipality and to execute and deliver all certificates, documents and agreements to the Authority in connection therewith and to file budgetary, financial and operating data of the Municipality on an annual basis and notices of certain enumerated events as required to comply with and in accordance with the provisions of the Rule. NO. 15-18 PAGE 3 Section 6. The Mayor, Clerk, Chief Financial Officer or Authorized Municipal Representative are each hereby authorized and directed to execute and deliver any and all certificates, documents and instruments and to do and cause to be done any and all acts and things necessary or proper for carrying out the execution and delivery of the Lease, the leasing of the police and/or passenger vehicles which is to be the subject of the Lease and all related transactions contemplated by this ordinance. Section 6, Upon the payment of all amounts referenced in Section 3(3) herein, the full faith and credit pledge of the Municipality as to its Lease Payment Obligations authorized herein shall cease to exist. Section 7. The provisions of this ordinance are severable. To the extent any clause, phrase, sentence, paragraph or provision of this ordinance shall be declared invalid, illegal or unconstitutional, the remaining provisions shall continue to be In full force and effect. Section S. This ordinance shall take effect twenty (20) days after final adoption and publication in accordance with applicable law. 00 RECORD OF COUNCIL VOTE COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NV A.B. 130-Luc x [dtli t x DIAZ x x DII PM0 x STPARZ x X - Indicate We 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 July Adopted on second read in after hearing on JLl).Y 23 2015 , APPROV DB W ON j.(� htAYOft ... �,.,�! AL CUEnn On W C LL. 'O p Q E 4* O y � G 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: BOROUGH OF CARTERET ORDINANCE 15 -18, PUBLIC NOTICE NOTICE OF PENDING LEASE ORDINANCE AND SUMMARY July 2015 The lease ordinance, the summary terms of .which are included herein, was Introducad and prised - d l 7 Oe upon first reading'at a meeting of the governing body 91 the Borough of Carteret, in the founds of Middlesex, State. of New Jersey, on July 2, 2075. it w111 be further considered for final ppassagge, ,after public hearing thereon at a meeting o the governing body. to be held at Municipal Bnlldl 61 Cq_gke Avenue, Carteret' in trse County of Mtcidlesex; on lu y 23, 2015 at 6:00�pp.m. During the week prior to and up to and Including the date of such meeting copues of the full ortllnan<e will be available at gnat anel ,inrinn V ( any) Appropriated; None in 20 Casts: Costs of Issuance to be allocated pro rata I Life: Not to Exceed five (5) Years Notary Public of New Jersey Sworn and subscribed before me this , day of ., , f , ;1 S - -, Kathleen M. Barney, Mmc Muni. 10AI V fft NOTARY PUBLIC OF NEW JERSEY MY COMMISSION EXPIRES MAY 2, 2016 KATHLEEN M. BARNEY, Clerk of the Borough of Carteret EXHIBIT sex County Improvement Authority apical Equipment and Improvement Financing Program. List PRELINUINARY t Borough AR PROJECTS uant. Est. Cost Useful Life is/Security Equipment (Parks& Playgrounds) 1 3500,000.00 5 Years tai 5500,000.00 rehides 3 5700.000.00 5Years tai 5100,000,00 ear Projects Subtotal $800,000.00 AR PROJECTS uilding Improvements Shed i SOQ,pp0.00 10 Years rage Facilities 1 100 000.00 10 Vears ear Projects Subtotals 5600,000.00 I YEAR PROJECTS I Year Projects Subtotal 0 ! 0.00 50.00 15 Years Y YEAR PROJECTS 0 0.00 20 Years YearProjeds Subtotal g,0p 'tai " 00,000.0 otal 00,00 0.00 t Borough Total Borrowing:. $7,200,000.00 Notary Public of New Jersey Sworn and subscribed before me this , day of ., , f , ;1 S - -, Kathleen M. Barney, Mmc Muni. 10AI V fft NOTARY PUBLIC OF NEW JERSEY MY COMMISSION EXPIRES MAY 2, 2016 Ad Nwnber: 0000571933 Run Dates: 07/08/15 BOROUGH OF CARTERET ORDINANCE 15 -18 PUBLIC NOTICE NOTICE OF PENDING LEASE ORDINANCE AND SUMMAF The lease ordinance, the summary terms of which are included herein, v� upon first reading at a meeting of the governing body of the Borough of July Middlesex, State of New Jersey, on Jul 2, 2015. It will be further consider public hearing thereon, at a meeting of the governing body to be held at Mr Avenue, Carteret, in the County of Mtddlesex, on July 23, 2015 at 6:00 p.m. and up to and including the date of such meeting copies of the full ordinal cost and during regular business hours, at the Clerk's office for the members shall request the same. The summary of the terms of such lease ordinance folio Title: AN ORDINANCE OF THE BOROUGH OF CARTERET, IN THE COUNTY NEW JERSEY, APPROVING AND AUTHORIZING THE ENTERING INTO, EXECUI LEASE AND AGREEMENT WITH THE MIDDLESEX COUNTY IMPROVEMENT , THE, ISSUANCE OF COUNTY - GUARANTEED CAPITAL EQUIPMENT AND IMPROVI SERIES 2015 OF THE MIDDLESEX COUNTY IMPROVEMENT AUTHORITY Purpose(s): Lease certain police and /or passenger vehicles (described in E approve the entering into of a lease agreement with the Middlesex County Iml Appropriation: Amount sufficient to amortize the lease payment obligations Bonds /Notes Authorized: None Grants (if any) Appropriated: None Section 20 Costs: Costs of issuance to be allocated pro rata Useful Life: Not to Exceed Five (5) Years KATHLEEN M. BARNEY, Clerk of the Borough of C Middlesex County Improvement Authority E XHIBIT B 2015 Capital Equipment and Improvement Financing Program Project List - PRELIMIINARY Carteret Borough Project_ _ uant. Est. FIV YE P Loan Cameras /Security Equipment (Parks& Playgrounds) 1 $500,0( Subtotal $500,0( Le Police Vehicles 3 $ 100,0( Subtotal $100,0( Five Year Projects Subtotal $600,0( TEN YE P Police Building Improvements 1 500,0( Salt Storage Shed Facilities 1 $100,0 ( Ten Year Projects Subtotals $600,0( FIFTEEN YEAR PROJ None 0 Fifteen Year Projects Subtotal TWENTY YEAR PROJECTS None 0 Twenty YearProjects Subtotal Loan Total $1 100,0( Lease Total 100 0( Carteret Borough Total Borrowing: ($87.12) $1,200,0( 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: July 30. 2015 LINDA A. RIVERA NOTARY PUBLIC OF NEW (IFRSFY MY COMMISSION EXPIRES Kathleen M. Barney, MMC ricipal Clerk BOROUGH OF CARTERET ORDINANCE 15 -18 PUBLIC NOTICE LEASE ORDINANCE STATEMENT AND SUMMARY Notary Public of New Jersey The lease ordinance, the summary terms of which are Included herein, has beet finally adopted by 'he'ggovemin9 body of the Borough of Carteret, in the County of Middlesex, State of New Jersey, on July 23, 2015 and the twenty (20) day period of limitation within which a suit, action :orproceeding questioning the validity of such ordinance can be commenced, as provided In4he Local Bond Law, : has begun to run from the. date of the first publication of this st available at atement.COpiez of the full ordinance are e no cost and during regular business hours, at the Clerk's office for the members of the general public who shall request the same. The summary of the terms of such lease ordinance follows: Sworn an subscribed before LtA>t N. Aonccmuvi — THE, ISSUANCE OF COUNTY - GUARANTEED CAPITAL EQUIPMENT AND IMPROVEMENT REVEN E BONDS t SERIES 2015 OF THE MIDDLESEX COUNTY IMPROVEMENT AUTHORITY me thisl day of f Purpose(s): lease carta In police and /or passenger vehicles (described In Exhibit B below) from and approve the entering into of a lease agreement with the Middlesex County Improvement Authority p' Approppriation: Amount sufficient to amortize the lease payment obligations ' BondsMotes Authorized: None Grants Of any) Appropriated: None Section 20 Costs: Costs of Issuance to be allocated pro rata Useful Life: Not to Exceed Five (5) Years KATHLEEN M. B rough o Clerk of the Borough of Carteret EXHIBIT B Middlesex County Improvement Authority 2015 Capital Equipment and Improvement Financing Program Project List- PRELIMIINARY Carteret Borough Project Quant. Est. Cost Useful Life FIVE YEAR PROJECTS oat n Cameras/Security Equipment (Parks& Playgrounds) 1 5500,000.00 5 Years Subtotal 5500,000.00 Lease ` Police Vehicles, 3 1100000.00 5Years Subtotal '$100,000.00 Five Year Projects Subtotal 5600,000.00 TEN YEAR PROJEC Police Buildingg Improvements 1 500,000.00 10 Years Salt Storage Sh ed Facilities. 1 100000.00 1100 Years Ten Year Projects Subtotals $600,000.00 FIFTEEN YEAR PROJECTS 0 0.00 15 Years None Fifteen Year Projects Subtotal 0.00 , TWENTY YEAR P 0 $0.00 20 Years None Twenty YearProjects Subtotal - $0.00 Loan Total $ I 100,000.00 5100.00000 Lease Total -:. Carteret Borough Total Borrowing: $1,200,000.00 ($87.12) ----------