HomeMy Public PortalAboutOrd. 17-09tA
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No 17-9 of the
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BOND ORDINANCE PROVIDING FOR THE ACQUISITION
OF VEHICLES IN AND BY THE BOROUGH OF
CARTERET, IN THE COUNTY OF MIDDLESEX, NEW
JERSEY, APPROPRIATING $340,000 THEREFOR AND
AUTHORIZING THE ISSUANCE OF $323,809 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 affirmatively concurring) AS FOLLOWS:
Section 1. The improvement described in Section 3(a) of this bond 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 $340,000, including the sum of $16,191 as the down payment required by the
Local Bond Law. The down payment is now 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 improvement or purpose not
covered by application of the down payment, negotiable bonds are hereby authorized to
be issued in the principal amount of $323,809 pursuant to the Local Bond Law. In
anticipation of the issuance of the bonds, negotiable bond anticipation notes are hereby
No 17 -9
PAGE 2 of 5
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 the acquisition of vehicles, including
garbage trucks and pick -up trucks 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
appropriation herein made therefor.
Section 4. All bond anticipation notes issued hereunder shall mature at such
Itimes as may be determined by the chief financial officer; provided that no bond
nticipation note shall mature later than one year from its date. The bond anticipation
otes shall bear interest at such rate or rates and be in such form as may be
ined by the chief financial officer. The chief financial officer shall determine all
in connection with bond anticipation notes issued pursuant to this bond
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
M
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17 -9
Irnc;e3_ 5
irected to report in writing to the governing body at the meeting next succeeding the
ate when any sale or delivery of the bond anticipation notes pursuant to this bond
rdinance is made. Such report must include the amount, the description, the interest
ate and the maturity schedule of the bond anticipation notes sold, the price obtained
Ind the name of the purchaser.
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 bond 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.
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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 bond
ordinance 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 bond ordinance, is 5 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
NO 17 -9
PAUE 4of 5
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 t
Local Bond Law is increased by the authorization of the bonds and notes provided in
this bond ordinance by $323,809, and the obligations authorized herein will be within all
debt limitations prescribed by the Local Bond Law.
(d) An aggregate amount not exceeding $35,000 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.
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 bond
ordinance and to use the proceeds to pay or reimburse expenditures for the costs of the
purposes described in Section 3(a) of this bond 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 bond 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 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
11
No. 17 -9 PAGE _ 5 of 5
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.
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 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 11. 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 Or COUNCIL VOTE
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Adopted on first reading of the Council of the Borough of Carteret, N.I., an June 8, 2017
Adopted on second reading after hearing on J e 22 2@17
APPROVED BY •
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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:
June 14, 2017
Kathleen M. Barney, MMC
Municipal Clerk
BOROUGH OFCARTERET
Sworn and subscribed hefore
me this lay of
ORDINANCE #17 -9
NOTICE OF PENDING BOND
ORDINANCE AND SUMMARY
The bond ordinance, the sum-
mary terms of which are includ-
ed 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 June 8 2017.
It will be further considered for
final passage, after public hear-
ing thereon, at a meeting of the
governing body to be held at
the Municipal Building , in the
Borough on June 22, 2017 at
6:00 o'clock p.m. During the
week prior to and u to and in-
cluding the date of such meet-
ing, copies of the full bond ordi-
nance 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 request the
same. The summary of the
terms of such bond ordinance
follows:
Title: BOND ORDINANCE PRO-
VIDING FOR THE ACQUISITION
OF VEHICLES IN AND BY THE
BOROUGH OF CARTERET, IN THE
COUNTY OF MIDDLESEX, NEW
JERSEY, APPROPRIATING
$340,000 THEREFOR AND AU-
THORIZING THE ISSUANCE OF
$323,809 BONDS OR NOTES OF
THE BOROUGH TO FINANCE
PART OF THE COST THEREOF
Purpose: The acquisition of vehi-
cles, including garbage trucks
and pick -up trucks and further
including all related costs and;
expenditures incidental thereto
AppropPriation: $340,000
Bonds/Notes
Authorized: $323,809
Grant Appropriated: N/A
Section 20 Costs: $35,000
Useful Life: 5 years
Kathleen M. Barney, Clerk
This Notice is published pur-
suant to N.J.S.A. 40A:2 -17.
($27.28)
CARMELA POGORZELSKI
NOTARY PUBLIC OF NEW JERSEY
MY Commission Expires 9127rnl7
AFFIDAVIT OF PUBLICATION
Publisher's Fee $27.28 Affidavit $35.00
State of New Jersey }SS. 90 \JGH o,
Middlesex County
lGl, —mi
Personally appeared
Of the Home News Tribune, a newspaper printed in Freehold, New Jersey and published to 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:
06/14/17 A.D 2017
Public of New Jersey
Number: 0002206276
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Ad Number: 0002206276 Run Dates: 06/14/17
BOROUGH OF CARTERET
ORDINANCE #17 -9
NOTICE OF PENDING BOND
ORDINANCE AND SUMMARY
The bond ordinance, the sum-
mary terms of which are includ-
ed 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 June 8 2017.
It will be further considered for
final passage, after public hear-
ing thereon, at a meeting of the
governing body to be held at
the Municipal Building , in the
Borough on June 22, 2017 at
6:00 o'clock p.m. During the
week prior to and up to and in-
cluding the date of such meet-
ing, copies of the full bond ordi-
nance 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 request the
same. The summary of the
terms of such bond ordinance
follows:
Title: BOND ORDINANCE PRO-
VIDING FOR THE ACQUISITION
OF VEHICLES IN AND BY THE
BOROUGH OF CARTERETJN THE
COUNTY OF MIDDLESEX, NEW
JERSEY, APPROPRIATING
$340,000 THEREFOR AND AU-
THORIZING THE ISSUANCE OF
$323,809 BONDS OR NOTES OF
THE BOROUGH TO FINANCE
PART OF THE COST THEREOF
Purpose: The acquisition of vehi-
cles, including garbage trucks
and pick -up trucks and further
including all related costs and
expenditures incidental thereto
Appropriation: $340,000
Bonds /Notes
Authorized: $323,809
Grant Appropriated: N/A
Section 20 Costs: $35,000
Useful Life: 5 years
Kathleen M. Barney, Clerk
This Notice is published pur-
suant to N.J.S.A. 40A:2 -17.
($27.28)
002206276.01
OJ,\-\ pF CgRT ��' �
F
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:
June 29, 2017
athleen M. Barney, MMC
Municipal Clerk
BOROUGH OF CARTERET
ORDINANCE #17 -9
BOND ORDINANCE STATEMENT AND SUMMARY
Sworn and subscribed efore
me this 'day of ✓u- j J _-�
The bond ordinance, the summary terms of which are included
herein, has been finally adopted by the Borough of Carteret, in the
County of Middlesex, State of New Jersey on June 22, 2017 and the
20 day period of limitation within which a suit, action or proceed-
ing questioning the validity of such bond ordinance can be com-
menced, 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 bond 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
bond who follows:
Title: BOND ORDINANCE PROVIDING FOR THE ACQUISITION OF VE-
HICLES IN AND BY THE BOROUGH OF CARTERET, IN THE COUNTY
MID AUTHORIZING R ISSUANCE OF 09 BONDS OR
OF THE BOROUGH TO FINANCE PART OF THE COST THEREOF
Purpose: The acquisition of vehicles, including garbage trucks and
pick -up trucks and further including all related costs and cks an i-
tures incidental thereto
Appropriation: $340,000
Bonds/Notes Authorized: $323,809
Grant Appropriated: N/A
Section 20 Costs: $35,000
Useful Life: 5 years
($34.32)
Kathleen M. Barney, Clerk
CARMELA POGORZELSKI
NOTARY PUBLIC OF NEW JERSEY
Mif C"IMMISSkIn Eon 9/27/2017
AFFIDAVIT OF PUBLICATION
Publisher's Fee $34.32 Affidavit $35.00
State of New Jersey }SS.
Middlesex County
Personally appeared '� f+ ` ' n ro✓ 6
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:
06/29/17 AD 2017
1E C
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} NOV. * -
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AU tvumner: UUUY14U451
Ad Number: 0002240452 Run Dates: 06/29/17
BOROUGH OF CARTERET
ORDINANCE #17 -9
BOND ORDINANCE STATEMENT AND SUMMARY
The bond ordinance, the summary terms of which are included
herein, has been finally adopted by the Borough of Carteret, in the
County of Middlesex, State of New Jersey on June 22, 2017 and the
20 day period of limitation within which a suit, action or proceed-
ing questioning the validity of such bond ordinance can be com-
menced, 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 bond 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
bond ordinance follows:
Title: BOND ORDINANCE PROVIDING FOR THE ACQUISITION OF VE-
HICLESIN AND BY THE BOROUGH OF CARTERET,IN THE COUNTY
OF MIDDLESEX, NEW JERSEYAPPROPRIATING$340,000 THEREFOI
AND AUTHORIZING THE ISSUANCEOF $323,809 BONDS OR NOTE
OF THE BOROUGH TO FINANCE PART OF THE COST THEREOF
Purpose: The acquisition of vehicles, including garbage trucks and
pick -up trucks and further including all related costs and expendi-
tures incidental thereto
Appropriation: $340,000
Bonds /Notes Authorized: $323,809
Grant Appropriated: N/A
Section 20 Costs: $35,000
Useful Life: 5 years
($34.32) Kathleen M. Barney, Clerk
002240452.01