HomeMy Public PortalAboutOrd. 16-0209zxMnalice
No. 16 -2 of 14e
Plano f of Cgurterim"
Councilman Pre" e die following Ordinance Seco.i led by Councilman
(I ORDINANCE PROVIDING FOR VARIOUS CAPITAL
IMPROVEMENTS IN AND BY THE BOROUGH OF
CARTERET,IN THE COUNTY OF MIDDLESEX, NEW
JERSEY.
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(a) of this Ordinance is
authorized to be undertaken by the Borough of Carteret, in the County of
New Jersey (the 'Borough ") as a general improvement. For the
or purpose described in Section 3(a), there is hereby appropriated the
sum of $2,500,000, including the sum of $125,000 as the down payment required by the
Bond Law. The down payment is now available by virtue of provision for down
or for capital improvement purposes in one or more previously adopted
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 $2,375,000 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.
Section 3. (a) The improvement hereby authorized and the purpose for the
financing of which the bonds are to be issued is various capital improvements, including
NO. 16-2
� PAGE--2
the Waterfront Project, consisting of improvements to the marina and all related
improvements, including all work and materials necessary therefor and incidental]
thereto and further including all related costs and expenditures necessary therefor andl
incidental thereto.
(b) The estimated maximum amount of bonds or bond anticipation notes to
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
the appropriation herein made therefor.
Section 4. All bond anticipation notes issued hereunder shall mature at
times as may be determined by the chief financial officer; provided that no bond
anticipation note shall mature later than one year from its date. The bond anticipation
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 bond anticipation notes issued pursuant to this Ordinance,
and the chief financial officer's signature upon the bond anticipation notes shall be
conclusive evidence as to all such determinations. All bond anticipation 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 bond
anticipation 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 or delivery of the bond anticipation notes pursuant to this Ordinance is made.
Such report must include the amount, the description, the interest rate and the maturity
schedule of the bond anticipation notes sold, the price obtained and the name of the
purchaser.
NO. 16 -2
PAG 3
Section 5. The Borough hereby certifies that it has adopted a capital budget or
a 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 been filed with the Division of Local Government
Services.
Section 6. The following additional matters are hereby determined, declared,
and stated:
(a) The improvement or purpose described in Section 3(a) of this
is not a current expense. It is an 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 benefitted thereby.
(b) The period of usefulness of the improvement or purpose within the
limitations of the Local Bond Law, according to the reasonable life thereof computed
from the date of the bonds authorized by this Ordinance, is 28 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 debt of the Borough as defined in the
Local Bond Law is increased by the authorization of the bonds and notes provided in
this Ordinance by $2,375,000, and the obligations authorized herein will be within all
debt limitations prescribed by the Local Bond Law.
(d) An aggregate amount not exceeding $125,000 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. 16 -2
PAGE 4
(e) The improvement or purpose described in Section 3(a) of this Ordinance
is self - liquidating as the Borough intends to make payments on the bonds and /or notes
with funds received as host community benefit fees from Soil Safe in the amount of
$1.35 per ton of soil accepted and received for processing by Soil Safe at its facility
located within the Borough. The Borough anticipates generating approximately
$500,000 per year from these fees for five years.
Section 7. The Borough hereby declares the intent of the Borough to issue
bonds or bond anticipation notes in the amount authorized in Section 2 of this
Ordinance and to use the proceeds to pay or reimburse expenditures for the costs of the
purposes described in Section 3(a) of this Ordinance. This Section 7 is a declaration of
intent within the meaning and for purposes of Treasury Regulations.
Section 8. Any grant moneys received for the purpose described In Section
3(a) 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 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 documant
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
to enter into the appropriate undertaking to provide secondary markel
on behalf of the Borough pursuant to Rule 15c2 -12 of the Securities and
Commission (the 'Rule ") for the benefit of holders and beneficial owners of
obligations of the Borough and to amend such undertaking from time to time in
connection with any change in law, or interpretation thereof, provided such undertaking
is and continues to be, in the opinion of a nationally recognized bond counsel,
with the requirements of the Rule. In the event that the Borough fails
comply with its undertaking, the Borough shall not be liable for any monetary
and the remedy shall be limited to specific performance of the undertaking.
NO. 16 -2
PAGE_
Section 10. The full faith and credit of the Borough are hereby pledged to the
,tual payment of the principal of and the interest on the obligations authorized b)
Ordinance. The obligations shall be direct, unlimited obligations of the Borough
the Borough shall be obligated to levy ad valorem taxes upon all the taxable rea
erty within the Borough for the payment of the obligations and the interest thereon
limitation of rate or amount.
Section 11. This Ordinance shall take effect 20 days after the first publication
f after final adoption, as provided by the Local Bond Law.
DO NOT
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
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A.B.
CO[NCILh1AN
NV
X
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taunt
4YESNO
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D
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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 :., on JmLaLy 14, 2016
Adopted on second reading after hearing on j9mi= 28
,v
APPROV DB
4MA1
�ry�
h1UN1 P LCL
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:
ORDINANCE #16-2
NOTICE OF PENDING ORDINANCE
January 21, 2016 AND SUMMARY
The ordinance, the summary terms
of which are Included herein, was In-
at a meeting of
the terms of such ordinance `•
vs
"Ordinance. Providing for Vad
apital Improvements In and by I
Borough of Carteret, In the
to
: $125,000
ars _
1®
Notary Public of New Jersey Kathleen M. Barney, M
Municipal Clerk
Sworn and Subscribed before LINDA A, RIVERA
Me this; day of d- NOTARY PUBLIC OF NEW JERSEY
` YtOMMISSION I „PIKES 11i"IiY 2, 2016
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 3, 2016
Notary Public of New Jersey kathleen M. Barney, M�VI
Municipal Clerk
Sworn and Subscribed before
Me this -2 day of 2L -
LINDA A. RIVERAt
NOTARY PUBLIC OF NEW JERSEY
MY COMMISSION EXPIRES MAY 2, 2016
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