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Home My Public Portal AboutOrd. 17-11AN No 17 -1 1 of tht �hirvug4 of Carte e #, �K - T- Councilman Presents the following Ordinance Seconded by Councilman ORDINANCE PROVIDING FOR THE CARTERET WATERFRONT MARINA PROJECT IN AND BY THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $6,588,055 THEREFOR AND AUTHORIZING THE ISSUANCE OF $6,588,055 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 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 $6,588,055, including a grant expected to be received from the State of New Jersey Department of Environmental Protection's Office of Natural Resource Restoration's - Passaic River Natural Resource Restoration: Newark Bay Complex, in the amount of $6,588,055 (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 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 $6,588,055 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. (a) The improvement hereby authorized and the purpose for the financing of which the bonds are to be issued is the Carteret Waterfront Marina 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. INC PAGE 2 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 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 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. 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 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 ordinance, is 15 years. No. 17 -11 PAGE 3 (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 $6,588,055, and the obligations authorized herein will be within all debt limitations prescribed by the Local Bond Law. (d) An aggregate amount not exceeding $1,500,000 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 ordinance and to use the proceeds to pay or reimburse expenditures for the costs of the purposes described in Section 3(a) of this 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, 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 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 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. 1 7 -11 PAGE 4 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. DO NOT USE SPACE BELOW TI [IS LINE RECORD Or COUNCIL VOTE COUNCILMAN 1'TS NO NV A.B. COUNCILMAN YTS NO NV A.B. BELLINO X JOHAL X DIAL KRUM DIMASCIO NAPLES X - Indicate Vote All - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto Adopted on first reading of the Council of the Borough of Carteret, N.J., oA 22 2017 Adopted on second ' ter hearing o C ] n, APPROVED BY - MAY ON _ C MUNICIPAL CLERK IM 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: July 12, 2017 BOROUGH OF CARTERET ORDINANCE #17 -11 ORDINANCE STATEMENT AND SUMMARY The 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 July 6, 2017 and the 20 day period of limitation within which a suit, action or proceeding clue tioning the validity of such ordinance can be commenced, as pro- vided 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 Cler- k's office for members of the general public who request the same. The summary of the terms of such ordinance follows: Title: ORDINANCE PROVIDING FOR THE CARTERET WATERFRONT MARINA PROJECT IN AND BY THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $6,588,055 THEREFOR AND AUTHORIZING THE ISSUANCE OF $6,588,055 BONDS OR NOTES OF THE BOROUGH TO FINANCE PART OF THE COST THEREOF Purpose: The improvement hereby authorized and the purpose for the financing of which the bonds are to be issued is the Carteret Waterfront Marina Project, including all work and materials neces- sa y therefor and incidental thereto and further including all relat- ed costs and expenditures incidental thereto. Appropriation: $6,588,055 Bonds/Notes Authorized: $6,588,055 Grants Appropriated: $6,588,055 from a State Grant expected to be received from the State of New Jersey Department of Environmen- tal Protection's Office of Natural Resource Restoration's — Passaic River Natural Resource Restoration: Newark Bay Complex. Section 20 Costs: $1,500,000 Useful Life: 15 years PUBLISH: Wednesday, July 12, 2017 Kathleen Barney, Clerk ($39.60) 226552901 Notary Public ew ij ersey 9ARMA POGORZELSKI WARY AMUC OF NEW JERSEY ^ y COMM186M Expires 9/27/2017 Sworn and subscribe before me this __`�day of Kathleen M. Barney, MC Municipal Clerk J01 rn BORG I OFCARTB:;U--T n� OFU NANCE #17 -11 OFDIN1,411 ESrATHv1B4TANDB,JMMARY The ordinance, the summary terms of which are included herein, hasbeen finally Cb adopted by the Borough of rteret, in the county of Middlesex, Sate of New Jersey on July 6, 2017 and the 20 day period of limitation within which a suit, action or proceeding ques- tioning the validity of such ordinance can be commenced, as pro- vided in the Local Bond Lew, has begun to run from the date of the first publication of thisstatement. Cbpiesof the full ordinance are available at no cost and during regular business hours at the Oer- k'sofficefor membersof the general publicwho requeA the same. The summary of thetermsof such ordinance follows Title: ClFSJINANCE PROMDING FOR THE CARFBFEf WATEFTFUNT MARNA Ffa,T IN AND BY THE BOFOUGH OF CA RT13a =T, IN THE CDUNTY OF MIDDL®C, NBN J9ZEEY , AFR;CFRATING $6,588,055 TFI[TEORAND AUTHORZJNG THE I_IELIANCE OF$6,588,055 BONDS OR NOTES OF THE BOFZJUGH TO RNANCE PART" OF THE OOSF TF-E3RECF Rrrpose, The improvement hereby authorized and the purpose for the financing of which the bonds are to be issued is the Cbrteret Waterfront Marina Troject, including all work and materialsneces sary therefor and incidental thereto and further including all relat- ed coctsand expenditures incidental thereto. Appropriation: $6,588,055 Bonds(NotesAuthorized: $6,588,055 Grants Appropriated: $6,588,055 from a Elate Grant expected to be received from the Bate of New Jersey Deportment of Environmen- tal R Office of Natural F42.vurce Restoration's — Passaic laver Natural Fissource Fbqoration: Newark Bay Cbmplex. Section 20 Cbsts $1,500,000 Useful Life: 15 years F3JBU9 -L' Wednesday, July 12. 2017 Kathleen Barney, Clerk ($39.60) 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: July 12, 2017 , L< ,Z Kathleen M. Barney, MMC Municipal Clerk 0 1 -) „ ( tu �_ L i q Notary Pu -b ' Ne ersey Sworn and subscribed before me this day of l BOROUGH OF CARTERET ORDINANCE #17 -11 ORDINANCE STATEMENT AND SUMMARY The 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 July 6, 2017 and the 20 day period of limitation within which a suit, action or proceeding ques- tioning the validity of such ordinance can be commenced, as p ro- vided 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 Cler- k's office for members of the general public who request the same. The summary of the terms of such ordinance follows: Title: ORDINANCE PROVIDING FOR THE CARTERET WATERFRONT MARINA PROJECT IN AND BY THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $6,588,055 THEREFOR AND AUTHORIZING THE ISSUANCE OF $6,588,055 BONDS OR NOTES OF THE BOROUGH TO FINANCE PART OF THE COST THEREOF Purpose: The improvement hereby authorized and the purpose for the financing of which the bonds are to be issued is the Carteret Waterfront Marina Project, including all work and materials neces- sary therefor and incidental thereto and further including all relat- ed costs and expenditures incidental thereto. Appropriation: $6,588,055 Bonds/Notes Authorized: $6,588,055 Grants Appropriated: $6,588,055 from a State Grant expected to be received from the State of New Jersey Department of Environmen- tal Protection's Office of Natural Resource Restoration's — Passaic River Natural Resource Restoration: Newark Bay Complex. Section 20 Costs: $1,500,000 Useful Life: 15 years PUBLISH: Wednesday, July 12, 2017 Kathleen Barney, Clerk ($39.60) BOF;I7L)GH OF CARFEFa=T- OFCINANCFF#17 -11 OFDI NANCF ST-ATEM BIT AND 3JMMAF:ZY The ordinance, the sunrnary terms of which are included herein, hasbeen finally adopted by the Borough of Carteret, in the Obunty of Middlesex, Elate of New Jersey on July 6, 2017 and the 20 day period of limitation within which a suit, action or proceeding ques tioning the validity of such ordinance can be commenced, as pro- vided in the Local Bond taw, hasbegun to run from the date of the first publication of thisstatement. (bpiesof the full ordinance are available at no cost and during regular business hours at the Oer- k'sofficefor members of the general publicwho request the same. The summary of the terms of such ordinance follows Title: OF4DINANCF F PCKADING FOR THE CARfBaET WATEFTUW MARNA PR IN AND BY THE E DFZ7UC+1 OF CARFE3a =T-, IN THE OJUNW OF MIDDLESD(, NEW JEF;EEY, AR=FUF RATING $6,588,055 THBHORAND ALIINORZJNG THE I-IELJANCE OF$6,588,055 BONDS OR NOTES OF THE BORDUG i TO F1NAMM PART OF THE COST TF$8]F Purpose: The improvement hereby authorized and the purpose for the financing of which the bonds are to be issued is the Carteret Waterfront Marina Roject, including all work and materialsneoes nary therefor and incidental thereto and further including all relat- ed costsand expenditures i nd dental thereto. Appropriation: $6,588,055 Bonds'NotesAuthori zed: $6,588,055 Grants Appropriated: $6,588,055 from a Elate Grant expected to be received from the Elate of New Jersey Department of Environmen- tal Protection's Office of Natural Rs!source Restoration's — Passaic laver Natural Re-source Restoration: Newark Bay Cbmplex ection 20 Cbsts $1,500,000 Useful Life: 15 years J01 n FUBU9 -i: Wednesday, athleen Barney, Oerk ($39.60) ay July 12, 2017