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Home My Public Portal AboutOrd. 16-11Ortrina U of the lgorog4 of Tarterd, Y Councilman Presents the following Ordinance Seconded by Councilman ORDINANCE PROVIDING FOR THE CARTERET WATERFRONT DEVELOPMENT PROJECT IN AND BY THE BOROUGH OF CARTERET. IN THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $5,000,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $5,000,000 BONDS OR NOTES OF THE BOROUGH TO FINANCE PART OF THE COST THEREOF. BE IT ORDAINED BY THE BOROUGH COUNCIL OF THE BOROUGH OF I 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 hereby authorized to be undertaken by the Borough of Carteret, in the County of Middlesex, New Jersey (the 'Borough ") as a general improvement. For the improvement or purpose described in Section 3(a), there is hereby appropriated the sum of $5,000,000, including a grant expected to be received from the Hazardous (Discharge Site Remediation Fund of the State of New Jersey Department of Environmental Protection, administered by the State of New Jersey Economic Development Authority, in the amount of $5,000,000 (the "State Grant'). Pursuant to N.J.S.A. 40A:2- 11(c), no down payment is provided for the costs of the improvements since the project described in Section 3(a) hereof is being partially funded by the State Grant. Section 2. In order to finance the cost of the improvement or purpose and in anticipation of receipt of the State Grant, negotiable bonds are hereby authorized to be issued in the principal amount of $5,000,000 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. I 16 -11 NO. PAG z Section 3. (a) The improvement hereby authorized and the purpose for the financing of which the bonds are to be issued is the Carteret Waterfront Development Project, including all work and materials necessary therefor and incidental thereto and further including all related costs and expenditures incidental thereto. (b) The estimated maximum amount of bonds or bond anticipation 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 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 officers 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. 1b -11 NO. PAGE 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, recited and stated: (a) The improvement or purpose described in Section 3(a) of this ordinance not a current expense. It is an improvement or purpose that the Borough may 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 15 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 $5,000,000, and the obligations authorized herein will be within all debt limitations prescribed by the Local Bond Law. (d) An aggregate amount not exceeding $750,000 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 -11 PAGE 4 Section 7. The Borough hereby declares the intent of the Borough to issw 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 purpose: described in Section 3(a) of this ordinance. This Section 7 is a declaration of inten within the meaning and for purposes of Treasury Regulations. Section 8. Any grant moneys received for the purpose described in Sectior 3(a) hereof, including the State Grant, 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 to the extent that such funds are so used. Section 9. The chief financial officer of the Borough is hereby authorized to 1 1 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 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, consistent with the requirements of the Rule. In the event that the Borough fails to comply 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 1b -11 PAGE 5 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 first publication thereof after final adoption, as provided by the Local Bond Law. RECORD OF rnr mrrrr. vnTx COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NV p,g, X X X X Indicare Vote AB - Abscnt NV Not Voting XOR Indicates Vote to 0vermle Vcto Adopted on first reading of the Council of the Borough of Carteret, N.1., nn �, C 2016 Adopted an second read i eanng o '—'T' A_ PPROVED BY ON A AYOR e 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: I B NOFICE PNDING I May 12, 2016 IV Kathleen M. Barnev. C Municipal Clerk Sworn and subscribed before me this L -4day of v �- CARMELA POGORZELSKI NOTARY PUBLIC OF NEW JERSEY My COMB 1001) tc003 9127/2017 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 June 8, 2016 of t Notary Pub is o0 4w Jersey Kathleen M. Barney, MC Municipal Clerk Sworn and subscribed before me this 120 day of J' avl � 6 CARMEIA POGORZELSKI NOTARY PUBLIC OF NEW JERSEY My COMMIS1 ai k1yes 91,27/2017 the Cost Thereof" ,..I