The URL can be used to link to this page

Home My Public Portal AboutOrdinance 00:17 oo-. Councilman Presents the followin~ Ordinance Seconded by Councilman BOND ORDINANCE PROVIDING FOR VARIOUS CAPITAL IMPROVEMENTS OF THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY APPROPRIATING THE AGGREGATE AMOUNT OF $1,211,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $1,153,000 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 affin~atively concurring) AS FOLLOWS: Section 1. The several improvements described in Section 3 of this bond ordinance are hereby respectively authorized to be undertaken by the Borough of Carteret, New Jersey as general improvements. For the several improvements or purposes described in Section 3, there are hereby appropriated the respective sums of money therein stated as the appropriation made for each improvement or purpose, such sums amounting in the aggregate to $1,211,000, including the aggregate sum of $58,000 as the several down payments for the improvements or purposes required by the Local Bond Law. The down payments have been made available by virtue of provision for down payment or for capital improvement purposes in one or more previously adopted budgets. Section 2. In order to finance the cost of the several improvements or purposes not covered by application of the several down payments, negotiable bonds are hereby authorized to be issued in the principal amount of $1,153,000 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. The several improvements hereby authorized and the several purposes for which the bonds are to be issued, the estimated cost of each improvement and the appropriation therefor, the estimated maximum amount of bonds or notes to be issued for each improvement and the period of usefulness of each improvement are as follows Estimated Maximum Appropriation Amount of And Estimated Bonds or Period of Purpose Cost Notes Usefulness a)Acquisition and Installation of Communications equipment For the Emergency Management Department $ 28,500 $ 27,140 10 years PAGE_ NO.. 00-17 Estimated Maximum Appropriation Amount of And Estimated Bonds or Period of Purpose Cost Notes _Usefulness b)Acquisition of a new equipped fire engine $ 400,000 $ 380,950 10 years c)Acquisition of equipment for the Fire Department consisting of a four-wheel drive vehicle, air conditioners and fire gear $ 70,000 $ 66,590 5 years d)Acquisition of a copier for the Health Department $ 7,000 $ 6,600 5 years e)improvement of Borough park facilities involving acquisition and installation of playground equipment and site improvements $100,000 $ 95,235 15 years f)Acquisition of mowers and a tractor for the Parks Department $ 72,000 $ 69,000 5 years g)Rehabilitation of evidence room and prisoner cells at the Police Department $ 56,400 $ 53,710 15 years h)Acquisition of equipment for the Police Department consisting of in-car video, radar, finger printing, monitoring and radio equipment, a recorder, a generator and dries $109,500 $104,285 10 years i)Acquisition of office furniture for the Police Department $ 10,000 $ 9,500 5 years j)Acquisition of equipment for the Streets & Roads Department consisting of a backhoe, a mini- roller, an air compressor and a salt spreader $ 82,000 $ 78,000 5 years PAGE_ 3 NO. 1'~3-17 . Estimated Maximum Appropriation Amount of And Estimated Bonds or Period of Purpose Cost Notes Usefulness k)Acquisition and installation of telecommunications equipment $ 65,000 $ 61,900 5 years 1)Major repairs to all municipally-owned buildings $100,000 $ 95,235 20 years m)Removal and replacement of underground storage tanks $110,000 $104,855 15 years TOTALS: $1,211,000 $1,153,000 The excess of the appropriation made for each of the improvements or purposes aforesaid over the estimated maximum amount of bonds or notes to be issued therefor, as above stated, is the amount of the down payment for each purpose. 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 Financial 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 N.J.S.A. 40A:2-8 (a). 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 meeting next succeeding the date when any sale or delivery of the notes pursuant to this ordinance 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 capital budget of the Borough of Carteret is hereby amended to conform with the provisions of this ordinance to the extent of any inconsistency herewith. The resolution in the form promulgated by the Local Finance Board showing full detail of the amended capital budget and capital program as approved by the Director of the Division of Local Government Services is on file with the Clerk and is available there for public inspection. Section 6. The following additional matters are hereby determined, declared, recited and stated: (a) The purposes described in Section 3 of this bond ordinance are not current expenses. They are all improvements that the Borough may lawfully undertake as general improvements, and no part of the costs thereof has been or shall be specially assessed on property specially benefited thereby. PAGE ~ -- ~0, _ 00-17 (b) The average period of usefulness, computed on the basis of the respective amounts of obligations authorized for each purpose and the reasonable life thereof within the limitations of the Local Bond Law, is 10.66 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 bond ordinance by $l,153,000 and the obligations authorized herein will be within all debt limitations prescribed by that Law. (d) An aggregate amount not exceeding $242,200 for items of expense listed in and permitted under N.J.S.A. 40A:2-20 is included in the estimated costs indicated herein for the purpose of improvements. Section 7. Any grant moneys received for the purposes described in Section 3 hereof shall be applied either to direct payment of the cost of the improvements 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 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 bond 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 9. This bond ordinance shall take effect 20 days after the first publication thereof after final adoption, as provided by the Local Bond Law. DO NOT USE SPACE BELOW THIS LINE RECORD OF COUNCIL VOTE CR. bbEy _.__ X F&I;EKAS 0 ' BRIEN X X - h~dica{¢ Vole AB - Abscn{ NV - Not Voth~g XOR - Indicu{cs Vole 1o Ov~rrulc Veto SUPPLEMENTAL DEBT STATEMENT -- Carteret ~1~ 4 ~ ~0~q~ Niddlesex County of ~rough of ..................................................... ~'~ ..... The net debt of ~he locnl unit offer ~ivinD effect ~o ohli~ntions about ~o be nu~hor- 21,656,000 ized, is (pa~e ~, line 4) $ ................................ Eqnalized wlu~ion b~sis (the averaDe of the equalized vnluatlons of real includln~ improvements, and the assessed valu~ion of class H rMlroad proper~y of ~he loc~ uni~ for ~he i~s~ 3 precedin~ years) as st~ed in ~he Annu~l Debt ment or the revision thereof I~st flied (~) 1~.~].. EquMized VMuation ReM Property with ~mprovemen~s plus ~ssessed $959 138,052 valuation of Class H R.R. property .............................. (2) ~9..98-- Equalized VMu~ion Renl Proper~y with ~mprovemen~s plus ~ssessed $980 462 556 whmtion of Class H B.R. property ....................... (3) ~9..~9_ EquMized VMu~tion Be~l Property with improvements plus assessed $983 098 295 valuation o~ Class H R.R. property ........................... $974,232,968 ~ Equalized VMua~ion ~aMs -- AveraDe of (1), (2) and (3) ................................ ~et debt (Line 1 above) expressed ns a percentage of such equMized vMuation bnsis (Line ~ ~bove) ~ ~d ~enty-~ ~e H~eths ~ ~ ........................................... per cen~ STATE OF NEW JERSEY COUNTY OF ~iddlesex Patrick J DeBlasio , being duly sworn, deposes and says: Deponent is the chief ~nancial officer of the Borough ..... Ca.~-~e!~ ..................... County of ............}~.ddlesex. ................................................. here and in the statement hereinafter mentioned called "the local unit." The Supplemental Debt State- rc annexed hereto and heret;y made a part hereof is a true statement of the debt condition of the local un.-as of the date therein stated and is computed as provided by the Local Bond Law of New Jersey. Suoscr bet and sworn to before me ....... ~- ~-'--'-' ...................... this 4th. day of May ~ 2000 Title .~e-~'-.}'.~---n~---9--e---gff±cer ................. ..................... Borough of Carteret 20 Cooke Avenue dt ,~<.. ~/,f , .,~ Address ...... ~,~:~'~.~;'-~"~-~z'"~'~'~§ ................ ~ GLORIA -/--- Not~ry Public of New Jersey ...... /cd GOODRICH ' NOTARY PUBLIC OF NEW JERSEY My Commission Exp.~ov 3, 2004. (NOTE--In all ease~ t~:o eop~es of Supplemental Del~t Statement must be filed with:) DIVISION OF I,OCAL GOVERNMENT SERVICES CN 803 TRENTON, NEW JERSEY 08625-fl258 2 1. The net debt of the local unit, as stated in the Annual Debt Statement made as of December 31, 19 ........ or the revision thereof last filed, with respect to the following classes of bonds and notes, the amount by which each class has been increased by the authorization of additional debt, and the amount by which each class has been decreased by payment of outstanding debt or reduction of the authorization to incur debt, is as follows: Ne~ Debt am l~er star,me-at (Sinae December ~1, ~st Past) Ne~ Debt Bonds and notes for ~chool purposes $ ............................ $ ........................... $ ........................... $ ........................ Bonds and notes for ~elf- liquidatin~ purposes $ ............................ $ ............................ $ ............................ $ ........................ Other bonds and notes ..... * ........... ........... ............ ..... 2. Net debt at the time of this statement is: $-~-~-~}~-~[ ........ 8.The amounts and purposes separately itemized of the obligations about to be anthorized, and any deductions which may be made on account of each such item are: (aec no~e "~' below) ................................................ $ ........................ $ ......................... $ .................. ........................................... $ ........................... $ ....................... $ ........... 4. The net debt of the local unit determined by the addition of the net amounts stated in items 2 and 3 above ia: $..2_]:_:.6...5..5_:_.0..0..0. ....... NOTES A. If authorization of bonds or notes is permitted by an exception to the debt limitation, specify the particular paragraph of N.J.S. 40A:2-7 or other section or law providing' such exception. B. This form i$ also to be used in the bonding of separate (not Type 1) school districts as required by N.J.S. 18A:24-16, and filed before the school district election. In such case pages 4, 5, and 6 should be completed to set forth computation supporting' any deduction in line 3 above. C. Only the acount of honda or notes about to be authorized shonld be entered. The amount of the "down payment" pro- vided in the bond ordinance should not be included nor shown as a deduction. SPECIAL DEBT STATEMENT BORROWING POWER AVAILABLE UNDER N.J.S. 40A:2-?(f) ~,. Amount of accumulated debt incurring capacity under R. S. 40:1-16(d) as shown on the I~test Annual Debt Statement. $ .............................. 2. Obligations heretofore authorized in excess of debt limitation and pursuant to: (a) N.J.S. 40A:2-7, paragraph (d) $ .......................... (b) N.J.S. 40A:2-7, paragraph (f) $ .......................... (c) N.J.S. 40A:2-7, paragraph (g) $ ............................. Total $ .............................. 3. Available deht incurring capacity (N.J.S. 40A:2-7(f)) $ .......................... 4. Obligations about to be authorized pursuant toN.J.S.40A:2-7(f) $ ..................... (If item 3 eqnals or exceeds item 4, obligations ma}' be author- ized) BORROWING POWER AVAILABLE UNDER N.J.S. 40A:2-7(9) 'T. Total appropriations made in local unit budget for current fiscal year for payment of obligations of local nnit included in Annual Debt Statement or revision thereof last filed as of pre- ceding December 31 $ ................ 2. Less the amount of such obligations which constitute utility and assessment obligations: $ ..................... 3. Excess of item 1 over item 2: $ ...................... 4. Ammmt raised in the tax levy of the current fiscal year by the local unit for the payment of bonds or notes of any school district $ ........................... 5. Amount equal to 2/3 of the sum of item 3 and item 4 $ ............. ~. (a) Amount of obligations heretofore authorized under N.J.S.40A:2-7(g) in current fiscal year $ ........................ (h) Ammlnt of authorizations included in 6(a) which ~vere heretofore repealed $ ...................... lc) Excess of item 6(a) over item 6(b) $ ........................ ~:- Excess of item 5 over item fl(c) $ .......................... 8. Obligations about to be authorized $ .................. 9. Borrowing capacity still remaining after proposed authorization (item 7 less item 8) $ ................... (If item 7 equals or exceeds item 8, obligations may be authorized' Not Applicable COMPUTATION OF SCHOOL INDEBTEDNESS AND DEDUCTIONS UNDER PROVISIONS OF N, J. S. 18A: 24-17 *Note: Ina "Consolidated" School District, lines 18 to 24 must first be filled in. N. J. S. 18A: 24-19 (Lines I to 7) 1. Average of equalized valuations (page 1, line 3) $ ............................... '2. Gross School District Debt outstanding and autborized and unissued (not includ- ing proposed issue) $ ................................ - 3. Less: Sinking funds held for payment of School Debt, by Sinking Fund Commission 4. Net debt for school purposes (line 2, minus line 3) $ ................................ ,5. Debt deduction for school purposes: ................ % (as per line .below) $ ................................ (al 2~/-2% Kindergarten or Grade 1 through Grade 6 $ ............................... (b) 3 ~ Kindergarten or Grade l-through Grade 8 $ ................................ (c) 3!/~5~: Kindergarten or Grade 1 through Grade 9 $ ................................ (d) 4 % Kindergarten or Grade 1 through Grade 12 $ ................................ (el Other (insert applicable description) 03 Additional State School Building Aid Bonds N.J.S. 18A: 58-33.4 (d)) (if included in line 2) $ ........................... 6. Available debt deduction (excess, if any, of line 5 over line 4 -- enter on page 2, line 3 as "Deduction," not exceeding, however, the "Amount" shown in that line.) $ ................................ *7. School Bonds about to be authorized $ ................................ Note: Omit lines 8 to 13, if line 6 equals or exceeds line 7, or if shown on line 17 -N. J. S. 1SA: 24-22 (Lines 8 to 13) 8. Excess of line 7 over line 6 $ ............................... 9. Municipal Debt Limit (3~,,/~ of line 1 above) $ ................................ 10. Net Debt (page 2, line 2) $ ................................ 11. Available Municipal Borrowing Margin (excess, if any, of line 9 over line 10) $ ............................... 12. U,se of Municipal Borrowing Margin (line 8 not exceeding line 11) $ ............................ 13. Remaining Municipal Borrowing Margin after authorization of proposed School Bonds (line 11 minus line 12l $ ................................ Note: Omit lines 14 to 16, if line 11 equals or exceeds line 8, or ifshown on line 17 N. J. S. 18A: 24-24 (lines 14 to 16) 14. Amount of line 7 $ ................................ 15. Amount of Deduction: (al Amount of line 6 $ .................. (ti) Amotmt of line It $ ......................... Total $ ............................ 16. Lxcess of line 1,l over line 15 $ ............... N.J.S. 1SA: 58-33.4(d) (line 17'1 17. Additional State School Building Aid Bonds about to be aotborized (amount of line 7) $ ..................... 18. Total of average equalized valuation basis of each municipality in xvhole School District MUNICIPALITY AMOUNT 19. Gross School District Debt outstanding and a,thorized and unissued (not includ- ing proposed issue) $ ............................. Not Applicable 6 2,9. Les~: School District Debt apportioned to other municipalities, N.J.S. 40A:2-43 Total of average equalized vahmtion basis of each municipality in whole School District $ .............. (line 18, minus line 1) $ ........................................... equals $ ............ times line 19 ~ivided by total of average equalized valuation basis of each mumclpahty in whole School District $ ................................. (line 18) $ ................................ 21. Gross School District Debt of this municipality only (line 19 minus line 20) $ ................................ 22. School Bonds about to be authorized $ ................................ 23. Less: Share of Bonds (line 22) apportioned to other municipalities, N.J.S. 40A:2-43 Total of average equalized valuation basis of each municipal/fy'in whole School District $ ............................ (line 18, minus line 1) $ ......................................... equals $ ............................... times line 22 divided by total of average eqnalized valuation basis of each mun c pal ty in whole School District $ ................................. (line 18) $ .............................. 24. This local unit's share of Bonds about to be authorized (line 22 minus line 23) $ ............................... *Note: In a "Consolidated" School District the amount shown on line 21 must be entered on line 2 and the amonnt shown on line 24 must be entered on line 7. COMPUTATION AS TO INDEBTEDNESS FOR IMPROVEMENT OR EXTENSION OF AN EXISTING MUNICIPAL PUBLIC UTILITY, N.J.S. 40A:2-?(h); N.J.S. 40A:2-47(a) Municipal Public Utility ........................................................................................... 1. Anmml Debt Statement. December 31, 19 ..... excess in revenues of utility $ .................. 2. Less: Interest and debt redemption charges computed as provided in N.J.S. 40A :2-47 (a) for all obligations heretofore authorized but not issued to the extent not already charged to income in annual debt statement. $ ............... 3. Excess in revenues remaining prior to authorization of proposed obligations (line 1 minus line 2) $ ............................ 4. Interest and debt redemption charges calculated for the obligations about to be anthorized (N.,I.S. 40A :2-17 (al) (al Interest for one year at 4~/2% $ ................. (bi First installment of serial bonds legally issuable $ ..................... _ (c) Total charges (Items (al and (b)) $ ........................ Note: If line 3 equals or exceeds line 4, obligations may be authorized under the provisions of N.J.S. ,10A:2-7(h) as limited by N.J.S. 40A:2-47(a). 1, ~,~ f/..,.o ~ ~,--,, , Director of the Division of Local Government Services in the Department of Community Affairs of the State of New Jersey DO HEREBY cERTIFY that I have compared this copy of a Supplemental Debt Statement of the above local unit with the original Supplemental Debt Statement 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 on 4;/,~,?,/,-'~, , and that this is a true copy of said Statement ami the whole thereo~ IN \¥1TNESS \VHEREOF, I have hereunto set my hand as Director of the Division of Local Goven~ment ~ervices in the Department of Community Affairs of the State of New Jersey, this For acknowledgement of receipt of Annual Debt Statement, Suppl~m~atal Debt Statement, or Capital Budg, at D/rector