HomeMy Public PortalAboutOrd. 17-10(fir dtuaure
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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 2017 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.
40:37A44 et seq.) (the "County Improvement Authorities Law "), 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 to various municipalities
located in the County of Middlesex in the State of New Jersey (the "County"), including the
County and the Authority (the "2017 Program "); and
WHEREAS, the Borough of Carteret, in the County of Middlesex, State of New Jersey
(the "Municipality ") has determined to participate in the 2017 Program and to lease certain
police 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 on file in the office
of the Clerk of the Municipality, providing for the acquisition and leasing of certain police
vehicles from the Authority, which police vehicles are described in Exhibit A 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 et seq., the Municipality is hereby authorized and directed to enter into and
perform the Lease, which Lease provides for the leasing of certain police vehicles acquired with
the proceeds of County - Guaranteed Capital Equipment and Improvement Revenue Bonds, Series
2017 (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, Series 2017" (the "General Bond Resolution "). The Lease, in the form 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.
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 ((i), (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 act ralorem tares upon all the taxable property within the
17 -10
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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 on file in the office of the Clerk of the Municipality 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 vehicles described in Exhibit A 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 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 vehicles leased thereunder; and
(4) The police vehicles described in Exhibit A 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.
Section 5. 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 ofthe Lease, the leasing of
the police 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.
No 1 -10 ., . - - 3 of
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.B.
COUNCILMAN
YES
NO
NV
A.B.
BQI INO
X
JMAL
X
DIAZ
x
(Ry
X
DI MECIT
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SPIES
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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.I.,
on JUE 8, 2017
Adopted on second reading after hearing on
APPROVE BY CJ%
,. MAYOR
; S "
MUNICrPAL CLERK.
UU NU t Uat bt ACt 6LLUW THIS LINE
Exhibit A
Improvement: Estimated Cost: Useful Life:
Three Police Vehicles $110,000.00 5 Years
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
athleen M. Barney, MMC
Municipal Clerk
BOROUGH OF CARTERET
O -A j411A ry j, ,I
Notiiry Publ c ew J ey
CARMELA POGORZELSKI
NOTARY PUSUC OF NEW JERSEY
W Commission Expi, es 9/2712017
Sworn and subscribed efore
me thisay ofuh . 0 7
ORDINANCE #17 -10
NOTICE OF PENDING LEASE
ORDINANCE AND SUMMARY
The lease ordinance, the sum-
mary terms of which are in-
cluded herein, was introduced
and passed upon first reading at
a meeting of the governing
body of the Borough of Carter-
et, in the County of Middlesex,
State of New Jersey, on June
8, 2017. It will be further con-
sidered for final passage, after
public hearing thereon, at a
meeting of the governing body
to be held at the Municipal
Building the Borough on June
22 , 2017 at 6:00 o'clock p.m.
During the week prior to and up
to and including the date of
such meeting, copies of the full
lease ordinance will be available
at no cost and during regular
business hours at the Clerk's of-
fice for the members of the gen-
eral public who shall request the
same. The summary of the terms
of such lease ordinance follows:
Title: AN ORDINANCE OF THE
BOROUGH OF CARTERET, IN THE
COUNTY OF MIDDLESEX, STATE
OF NEW JERSEY, APPROVING
AND AUTHORIZING THE ENTER-
ING INTO, EXECUTION AND DE-
LIVERY OF A LEASE AND AGREE-
MENT WITH THE MIDDLESEX
COUNTY IMPROVEMENT AU-
THORITY RELATING TO THE IS-
SUANCE OF COUNTY -
GUARANTEED CAPITAL EQUIP-
MENT AND IMPROVEMENT REV-
ENUE BONDS, SERIES 2017 OF
THE MIDDLESEX COUNTY IM-
PROVEMENT AUTHORITY
Purpose: Lease three (3) police
vehicles (at an estimated cost of
5110,000.00) from and approve
the entering into of a Lease
Agreement with the Middlesex
County Improvement Authority.
Appropriation: As set forth in
the Lease Agreement
Bonds/Notes Authorized: NI A
Grants Appropriated: NIA
Section 2 -20 Costs: As set forth
in the Lease Agreement Useful
Life: 5 years
Kathleen M. Barney, Clerk
($29.04)
AFFIDAVIT OF PUBLICATION
Publisher's Fee $29.04 Affidavit $35.00 -�OGH Op
State of New Jersey }SS.
Middlesex County JUN 1 b Lul —'
Personally appeared �^I ►'� V_ 1 JQ fr�l� U `��f�
s or-
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:
06/14/17 A.D 2017
Public of New Jersey
Ad Number: 0002206302
M E Lq�i�''i
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- 2
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w 2 b ,.
OF NEW J%,`��
11!1111++
Ad Number: 0002206302 Run Dates: 06/14/17
BOROUGH OF CARTERET
ORDINANCE #17 -10
NOTICE OF PENDING LEASE
ORDINANCE AND SUMMARY
The lease ordinance, the sum-
mary terms of which are in-
cluded herein, was introduced
and passed upon first reading at
a meeting of the governing
body of the Borough of Carter-
et, in the County of Middlesex,
State of New Jersey, on June
8, 2017. It will be further con-
sidered for final passage, after
public hearing thereon, at a
meeting of the governing body
to be held at the Municipal
Building the Borough on June
22 , 2017 at 6:00 o'clock p.m.
During the week prior to and up
to and including the date of
such meeting, copies of the full
lease ordinance will be available
at no cost and during regular
business hours at the Clerk's of-
fice for the members of the gen-
eral public who shall request the
same. The summary of the terms
of such lease ordinance follows:
Title: AN ORDINANCE OF THE
BOROUGH OF CARTERETJN THE
COUNTY OF MIDDLESEX, STATE
OF NEW JERSEY, APPROVING
AND AUTHORIZING THE ENTER
ING INTO, EXECUTION AND DE-
LIVERYOF A LEASEAND AGREE-
MENT WITH THE MIDDLESEX
COUNTY IMPROVEMENT AU-
THORITY RELATING TO THE IS-
SUANCE OF COUNTY -
GUARANTEED CAPITAL EQUIP-
MENT AND IMPROVEMENT REV-
ENUE BONDS, SERIES2017 OF
THE MIDDLESEX COUNTY IM-
PROVEMENT AUTHORITY
Purpose: Lease three (3) police
vehicles (at an estimated cost of
$110,000.00) from and approve
the entering into of a Lease
Agreement with the Middlesex
County Improvement Authority.
Appropriation: As set forth in
the Lease Agreement
Bonds /Notes Authorized: NI A
Grants Appropriated: NIA
Section 2 -20 Costs: As set forth
in the Lease Agreement Useful
Life: 5 years
Kathleen M. Barney, Clerk
($29.04)
002206302.01
oF CA,%rF
F
O
L4Q
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
Kathleen M. Barney, MM u
Municipal Clerk
BOROUGH OF CARTERET
'•RMELA POGORZELSKI
lY PUBLIC OF NEW JERSEY
imissinni. CX 92712017
Sworn and subscribed before
me this day of 1
ORDINANCE #17 -10
LEASE ORDINANCE STATEMENT AND SUMMARY
The lease 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 penod of limitation within which a suit, action or proceed-
ing questioning the all of such lease 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 lease ordinance are available at no cost and during regular office b ubl c request s he members of th
terms of such
P ease ordinance follows: IN THE
Title:
OUNTY OF MIDDLESEX STATE OF NEW JERSEY, A PROVING AND
AUTHORIZING THE ENTERING INTO, EXECUTION AND DELIVERY OF
A LEASE AND AGREEMENT WITH THE COUNTY IM-
PR EMENT AUTHORITY RELATING THE MIDDLESEX I ISSUANCE OF COUNTY -
GUARANTEED THE MEDDLE EX I C I OUNTY n IMPROVEMENT
AUTHORITY
Purpose: Lease three (3) police vehicles (at an estimated cost of
$110,000.00) from and approve the entering into of a Lease Agree-
ment with the Middlesex County Improvement Authority.
Appropriation: As set forth in the Lease Agreement
Bonds/Notes Authorized: N/A
Grants Appropriated: N/A
Section 2 -20 Costs: As set forth in the Lease Agreement
Useful Life: 5 years
($36.08)
Kathleen M. Barney, Clerk
AFFIDAVIT OF PUBLICATION
Publisher's Fee $36.08 Affidavit $35.00
State of New Jersey }SS.
Middlesex County
Jul
Personally appeared r i - G
r
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 A.D 2017
i
z > NOV. !F5
19 � w=
y 2019
STATE 13�
Ad Number: 0002240445
Ad Number: 0002240445 Run Dates: 06/29/17
BOROUGH OF CARTERET
ORDINANCE #17 -10
LEASE ORDINANCE STATEMENT AND SUMMARY
The lease 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 lease 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 lease 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 follows:
Title: AN ORDINANCE OF THE BOROUGH OF CARTERET, IN THE
COUNTY OF MIDDLESEX, STATEOF NEW JERSEYAPPROVING AND
AUTHORIZING THE ENTERINGINTO, EXECUTIONAND DELIVERYOF
A LEASE AND AGREEMENT WITH THE MIDDLESEX COUNTY IM-
PROVEMENTAUTHORITY RELATINGTO THE ISSUANCEOF COUNTY -
GUARANTEED CAPITAL EQUIPMENT AND IMPROVEMENT REVENUE
BONDS, SERIES2017 OF THE MIDDLESEX COUNTY IMPROVEMENT
AUTHORITY
Purpose: Lease three (3) police vehicles (at an estimated cost of
$110,000.00) from and approve the entering into of a Lease Agree-
ment with the Middlesex County Improvement Authority.
Appropriation: As set forth in the Lease Agreement
Bonds /Notes Authorized: N/A
Grants Appropriated: N/A
Section 2 -20 Costs: As set forth in the Lease Agreement
Useful Life: 5 years
($36.08) Kathleen M. Barney, Clerk
002240445 -01