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Home My Public Portal AboutOrd. 16-13fflrNnanu No. 16 -13 of the Porvug4 of &rteref, N� 5 - Councilman Presents the following Ordinance 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 2016 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 et sec.) (the "County Improvement Authorities Lae /'), 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 "2016 Program "); and WHEREAS, the Borough of Carteret, in the County of Middlesex, State of New Jersey (the "Municipality') has determined to participate in the 2016 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 at seq., 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 2016 (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. 16 -13 PAGE 2 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, (i) all Basic Rent and Rent obligations of the Municipality under the Lease, including Authority Administrative Expenses and Additional Rent, (ii) 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 ((r), (ii) 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 alia, 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 allocated to the Municipality and used to acquire the Municipality's police and /or passenger vehicles, and (c) pay the Municipality's share of the costs of issuance, Authority Administrative Expenses, Additional Rent, 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 authorized herein shall remain effective until all the Authority's Bonds shall have been paid in full in accordance with their terms 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 16 -13 PAGE 3 Section S. 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 8. This ordinance shall take effect twenty (20) days after final adoption and publication in accordance with applicable late. DATED: EDSJON F RST READING KATHLEEN M. BARNEY, Clerk of the Borough of Carteret ADOPTED - ON SECOND READING DATED: Al1 t 18 1 2016 KATHLEEN M. BARNEY, Clerk of the Borough of Carteret 00 NOT U S E S PACF, BELOW THIS LINE RECORD OF COUNCIL VOTE COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NV A.B. Inn, X X lum DIM= X _ NAM ES X X - Indicate Vote AB Absem NV Not Voting XOR - Indicates Vote to Overrule Vno Adapted on first reading of the Council of the Borough of Carteret, N.J. un J1 Y 71 2016 Adopted an second reading after hear idg'o.rr At rR 1 h 18 901 br APPROVED BY Ah1Ay0R ON r f;t - to �`" "'.o n AIti NICIPAL CLERx Middlesex County Improvement Authority 2016 Capital Equipment and Improvement Financing Program Project List Carteret Borough Project VOVlul Quart Est Cost Life FIVE YEAR PROJECTS Loan DPW Trucks with Plows Subtotal Lease Police SUVs and Equipment Subtotal Five Year Projects Subtotal: $150.000.00 5 Years $150,000.00 $105.000.00 5 Years $105,000.00 $255,000.00 Loan Total: $150,000.00 Lease Total: $105.000 00 Total Borrowing: $255,000.00 AFFIDAVIT OF PUBLICATION Publisher's Fee $58.96 Affidavit $35.00 State of New Jersey }SS. 'Ziddlesex County ti. Personally appemed� ) ,i `t �.` ?'_ t { ,f , Q t� i Of the Home News Tribune, a newspaper printed in Freehold, New Jersey and published in East Brunswick, in said County and State, and of general circulation in said county, who being duly sworn, deposeth and saith that the advertisement of which the annexed is a true copy, has been published in the said newspaper 1 times, once in each issue as follows: 07/12/16 A.D 2016 l l \} t� Ad Number: 0001420348 Sworn and subscribed before me, this 12 day of July, 2016 `e �lrinnrrr� i A A � vo fN 2010 ? / � ��`` Of Qr .Hl� ltV� Ad Number: 0001420348 Run Dates: 07/12/16 BOROUGH OFCARTERET ORDINANCE #16 -13 PUBLIC NOTICE NOTICE OF PENDING LEASE ORDINANCE AND SUMMARY The lease ordinance, the summary terms of which are included herein, was introduced and passed upon first reading at a meeting of the governing body of the Borough of Carteret, in the County of Middlesex, State of New Jersey, on July 7, 2016. It will be further considered for final passage, after public hearing thereon, at a meeting of the governing body to be held at Municipal Building, 61Cooke Ave., Carteret in the County of Middlesex, on August 18, 2016 at 6:00 p.m. During the week prior to and up to and in- cluding the date of such meeting copies of the full ordinance will be available at no cost and during regular business hours, at the Clerk's office for the members of the general public who shall re- quest the same. The summary of the terms of such lease ordi- nance follows: Title: AN ORDINANCE OF THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, STATE OF NEW JERSEY, APPROVI NG AND AUTHORIZING THE ENTER ING INTO, EXECUTION AND DELIVERY OF A LEASE AND AGREEMENT WITH THE MIDDLESEX COUNTY IMPROVEMENT AUTHORITY RELATING TO THE ISSUANCE OF COUNTY - GUARANTEED CAPITAL EQUIP- MENT AND IMPROVEMENT REVENUE BONDS, SERIES 2016 OF THE MIDDLESEX COUNTY IMPROVEMENT AUTHORITY Purpose(s): Lease certain 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 r- Citryr +`F Appropriation: Amount sufficient to amortize the lease Authorized: Grants (if any) Appropriated: Section 20 Costs Useful Life: payment obligations Bonds /Notes None None Costs of issuance to be allocated pro rata Not to Exceed Five (5) Years s ?j 1,; KATHLEEN M. BARNEY, Clerk of the Borough of Carteret ATTACH EXHIBIT B HERETO FOR PUBLICATION Middlesex County Improvement Authority 2016 Capital Equipment and Improvement Financing Program Project List Carteret Borough Project Quant. Est. Cost Useful Life FIVE YEAR PROJECTS Loan DPW Trucks with Plows Subtotal Lease Police SUVs and Equipment Subtotal Five Year Projects Subtotal: 1 150,000.00 5 Years 150.000.00 $105,000.00 5 Years $105,000.00 $255,000.00 Loan Total: $150,000.00 Lease Total: $105,000.00 Total Borrowing: $255,000.00 ($58.08) 00142034801 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 f ollows • BOROUGH OF CARTERET ORDINANCE 01613 `PUBLIC NOTICE NOTICE OF PENDING LEASE ORDINANCE AND SUMMARY The lease ordinance,' the summary a terms of which are Included herein, was introduced and passed upon first reading at meetirrg r,_ ................ ...... . ..... July 12 2016 x, Jtaie of rvew lerzey, on Jul /, [ulb.. t h oe .d for final passage, after public hearing thereo of the governing body to be held at Municlpai B Ave., Carteret In the County of Middlesex, on at "" M. During the week prior to and up to he date of such meeting copies of the full ordlna bleat no cost and during regular badness hours `f ice for the members of the general public who a same. The summary of the terms of such lea 110M: IN THE COUNTY OF MIDDLESEX, STATE NEW JERSEY, APPROVING AND AUTHORIZING THE ENTER ING INTO, EXECUTION AND DELIVERY OF A LEASE AND AGREEMENT WITH THE MIDDLESEX COUNTY -; IMPROVEMENT AUTHORITY RELATING TO THE ISSUA OFL MENT AND IMPROVEMENT ENT CO REVENUE EQU SERIES 2016 PROVEENT REUE BONDS, SERIBS: 2016 OF THE MIDDLESEX COUNTY IMPROVEMENT -,'- ^AUTHORITY : Purpose(s): tease certain police and /or assenger vehicles (described In Exhibit 8 below) from and approve the entering into of a lease agreement with the Middlesex County Improvement Authority Appropriation: Amount sufficient to amortize the lease ppayment obligations Bonds /Notes.. Authorised: ''None Grant: (If an Appropriated: None Section Costs: Costs of Issuance to allocated pro rata Useful Life: Not to Exceed Five (5) 5) Years KATHLEEN M. BARNEY, Clerk of the Borough of Carteret "ATTACH EXHIBIT B HERETO FOR PUBLICATION Middlesex County Improvement Authority 2016 Capital Equipment and Improvement Financing Program Project List Carteret Borough Project Quant Est. Cost Useful Life FIVE YEAR PROJECTS Loan DPW Trucks with Plows 3 $150,000.00 5 Years Subtotal .$150.000.00 Lease Police SUVs and Equipment 3 $105,000.00 5 Years Subtotal 6105,000.00 Five Year Projects Subtotal: $255,000.00 Loan Total $150,000.00 Lease Total: $105,000.00 Total Borrowing: $255,000.00 ($58.08) 4103881 _.r�,�°xem`�r?W --' �C.. /d' 1/° v,- �C, ,,t� ��L!k1C�, � "!'2_,.c', _� ----• Notary Public of New JerL5WA A. RIVERA Kathleen M. Barney ;, MC NOTARY PUBLIC S Municipal Clerk I'A "f E OF NEW JERSEY MY COMMISSION EXPIRES MAY 2, 2021 Sworn and subscribed before me this day o 1 , L x L ;)--c j 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 #16.13 BOROUGH OF CARTERET PUBLIC NOTICE'' LEASE ORDINANCE STATEMENT AND SUMMARY C August ZS 216 The lease ordinance, the s . terms 5 of which are Included 1 's gh of Ca, a,, the �COtmly of h Midd esex,� tate of e New Jersey on August -18, 2016 and the twenty _(20) :day period of limitation within which a suiq action orj. proceeding questioning the .validity of such ordinance can be commenced, as provided in the Local Bond Law, has begun to runfrom the date of the first' publication of this statement: Copies of the full ordinance are': available at no cost and dwing regular business hours, at the` Clerk's office for members of the general public who request the same. The summary of the terms ofsuch lease ordinance fol -+ lows: Mn vamcnt wu.nsrnnr Perpose(s): tease certaln police andlor ' passenger vehides scribed - In Exhibit 8 below) from and approve the entering In a lease agreement: with the Middlesex County Improvement , Us "'Y , Appropriation: Amount sufficient to amortize the lease pay obi lgations Bonds/Notes Authorized: None Grants (if any) Appropriated: None Section 20 Costs: Costs of Issuance to be allocated pro rata L Life: Not to Exceed Five (5) Years KATHLEEN M. BARNEY, Clerk of the Borough of Carteret - EXHIBIT 8 Middlesex County Improvement Authority `2016 Capital Equipment and Im provemen6 Financing Program Project List Carteret Borough Useful Project Quant. Est. Cost fife FIVE YEAR PROJECTS Loan DPW Trucks with Plows 3 5150,000.00 5 years Subtotal 55150,000.00 Lease Police SUVs and Equipment r 3 x150,000.00 5 years Subtotal 5150,000.00 Five Year Projects Subtotal: $255,000.00 Loan Total $150,000.00 Total: 105,000.00 Lease T 'Lease otal: ino 255.000100 .rtes )Z Notary Public of Nqg J % Kathleen M. Barney, �IMC NOTARY PUBLIC Municipal Clerk STATE OF NEW JERSEY MY COMA ISSI XPI o Y 021 2, 2 Sworn and subscriDeXNe me this - U-6� day of 'i2 c;> r Ad Number: 0001526645 Run Dates: 08/25/16 BOROUGH OFCARTERET ORDINANCE #16 -13 BOROUGH OFCARTERET PUBLIC NOTICE LEASE ORDINANCE STATEMENT AND SUMMARY The lease ordinance, the summary terms of which are included herein, has been finally adopted by the governing body of the Bor- ough of Carteret, in the County of Middlesex, State of New Jersey on August 18, 2016 and the twenty (20) day period of limitation within which a suit, action or proceeding questioning the validity of such ordinance can be commenced, as provided in the Local Bond Law, has begun to run from the date of the first publication of this statement. Copies of the full ordinance are available at no cost and during regular business hours, at the Clerk's office for members of the general public who request the same. The summary of the terms of such lease ordinance fol- lows: Title: AN ORDINANCE OF THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, STATE OF NEW JERSEY, APPROVI NG AND AUTHORIZI NG THE ENTERING INTO, EXECUTION AND DE- LIVERY OF A LEASE AND AGREEMENT WITH THE MIDDLESEX COUN- TY IMPROVEMENT AUTHORITY RELATING TO THE ISSUANCE OF COUNTY - GUARANTEED CAPITAL EQUIPMENT AND IMPROVEMENT REVENUE BONDS, SERIES 2016 OF THE MIDDLESEX COUNTY IM- PROVEMENT AUTHORITY Purpose(s): Lease certain police and /or passenger vehicles (de- scribed in Exhibit B below) from and approve the entering into of a lease agreement with the Middlesex County Improvement Au- thority 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 Carteret EXHIBIT B Middlesex County Improvement Authority 2016 Capital Equipment and Improvement Financing Program Project List Carteret Borough Project FIVE YEAR PROJECTS Loan DPW Trucks with Plows Subtotal Useful Quant. Est. Cost Life $150,000.00 5 years $150,000.00 Lease Police SUVs and Equipment Subtotal Five Year Projects Subtotal: $150,000.00 5 years $150,000.00 $255,000.00 Loan Total: $150,000.00 Lease Total: $105,000.00 Total Borrowing: $255,000.00 ($58.08) 001626616 -01 AFFIDAVIT OF PUBLICATION Publisher's Fee $58.08 Affidavit $35.00 State of New Jersey SS. AUf, Middlesex County Personally appeared Of the Home News Tribune, a newspaper printed in Freehold, New Jet ( A ii d published in East Brunswick, in said County and State, and of general circulation in said county, who being duly sworn, deposeth and saith that the advertisement of which the annexed is a true copy, has been published in the said newspaper 1 times, once in each issue as follows: 08/25/16 A.D 2016 ti Act Number: 0001526645 and subscribed before me, this 25 2016 `e � 4 Nttttrr t � r I E w °)4f V Ffq >. NOV. x, r m 2019 e �fit rntts N