HomeMy Public PortalAboutOrd. 17-19�►b AN
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No._ 17 -1 of th
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Councilman Presents the following Ordinance Seconded by Councilman
ORDINANCE PROVIDING A SUPPLEMENTAL APPROPRIATION OF
$2,500,000 FOR VARIOUS WATER AND STORMWATER IMPROVEMENTS IN
AND BY THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX,
NEW JERSEY, AND AUTHORIZING THE ISSUANCE OF $2,500,000 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 affirmatively concurring) AS FOLLOWS:
Section 1. The improvement described in Section 3(a) of Ordinance #15 -01 of the
Borough of Carteret, in the County of Middlesex, New Jersey (the "Borough'). finally
adopted February 26. 2015 ("Ordinance #15 -01 "). as amended by Ordinance #17 -13 of
the Borough, finally adopted August 17. 2017 ( #17 -13 ") has heretofore been
authorized to be undertaken by the Borough as a general improvement (as amended,
"Section 3(a) For the improvement or purpose described in Section 3(a), there is
hereby appropriated the supplemental amount of $2.500.000, such sum being in addition
to the $8.700.000 appropriated therefor by Ordinance #15 -01 and the previous
supplemental amouni of $2.000,000 appropriated by Ordinance #17 -13. Pursuant to
N.J.S.A. 40A:2 -I I(c), no down payment is provided for the costs of the improvement
since the project described in Section 3(a) is being funding by the Nev, Jersey
Environmental Infrastructure Trust ("NJEIT ").
Section 2. In order to finance the additional cost of the improvement or purpose.
negotiable bonds are hereby authorized to he issued in the principal amount of
$2.500.000 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. (a) The improvement heretofore authorized and the purpose for the
financing of which the bonds are to be issued is the project described in Section 3(a).
(b) The estimated maximum amount of bonds or bond anticipation notes
to be issued for the improvement or purpose is $13.200.000. including the $8.700.000
NO 17 -19
PAGE 2
authorized by Ordinance #15 -01 and the $2.000.000 authorized by Ordinance #17 -13.
and the $2.500.000 bonds or bond anticipation notes authorized herein.
(c) The estimated cost of the improvement or purpose is $13.200.000.
including the $10.700.000 appropriated by Ordinance #15 -01 and #17 -13 and the
$2.500.000 appropriated herein.
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 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 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) 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 specialty 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 40 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
NO 17 -19 PAGE 3
ordinance by $2,500.000, and the obligations authorized herein will be N %ithin 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. Of this amount, $890.000 was
estimated for these items of expense in Ordinance 415 -01. $110.000 was estimated for
these items of expense in Ordinance #17 -13. and an additional $500.000 is estimated
therefor herein.
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 purpose described in
Section 3(a). 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) 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 NNith 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
ordinance. The obligations shall be direct. unlimited obligations of the Borough. and the
Borough shall be obligated to levy ud 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 B ELOW THIS LiNE
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.B.
COUNCILMAN
YES
NO
NV
A.B.
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JMAL
X
DIAZ
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NAPLES
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X - Indicate Vote AB - Absent NV - Not Voting XOR - indicates Vote to Overrule Veto
Adopted on first reading of the Co cil of the Borough of Carteret. N.J.. on _
Adopted on se con ading after ring on October 19 20 17
5MtgLxr 21, 2017
APPROVED BY
MAYOR
ON
MUNI iPAL CLERK
rim
Ar r 11JA V 11 "r r U MLA1.1 -v 11lJlr
The following is a true copy of an Ordinance or Resolution of
the Borough of Carteret that has appeared in the Star Ledger,
a newspaper which is printed in Newark, New Jersey and
published in Essex County, of general circulation in said
county and state. One 1 time(s), once in each issue as follows:
October 9, 2017
Notary Pub,Yic'of New rsey
Sworn and subscribed before
me this L �L) day of
RMELA POGORZELSKI
1 PUBLIC OF NEW JERSEY
ommission Expires 9/27/2022
Kathleen M. Barney, MP C
Municipal Clerk
ORDINANCE #17 -19
NOTICE OF PENDING ORDINANCE
AND SUMMARY
The ordinance, the summary terms
of which are included herein, was in-
troduced and passed upon first
reading at a meeting of the govem-
ing body of the Borough of Carteret,
in the County of Middlesex, State of
New Jersey, on September 21, 2017.
It will be further considered for final
passage, after public hearing there-
on, at a meeting of the governing
body to be held at the Municipal
Building, in the Borough on October
19, 2017 at 6:00 o'clock 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 reg-
ular business hours at the Clerk's of-
fice for the members of the general
public who shall request the same.
The summary of the terms of such
ordinance follows:
Title: ORDINANCE PROVIDING A
SUPPLEMENTAL APPROPRIATION OF
$2,500,000 FOR VARIOUS WATEF
AND STORMWATER IMPROVEMENTS
IN AND BY THE BOROUGH OF
CARTERET, IN THE COUNTY OF MID-
DLESEX, NEW JERSEY, AND AUTHOR-
IZING THE ISSUANCE OF $2,500,000
BONDS OR NOTES OF THE BOR-
OUGH TO FINANCE PART OF THE
COSTTHEREOF.
Purpose: To further supplement Or-
dinance #15 -01 of the Borough of
Carteret, in the County of Middlesex,
New Jersey, finally adopted Febru-
ary 26, 2015, to provide an addition-
al $2,500,000.
Appropriation: $2,500,000
Bonds /Notes Authorized: $2,500,000
Grant Appropriated: N/A
Section 20 Costs: $500,000
Useful Life: 40 years
Kathleen M. Barney, Clerk
This Notice is published pursuant to
NJ.S.A. 40A:2 -17.
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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 Star Ledger,
a newspaper which is printed in Newark, New Jersey and
published in Essex County, of general circulation in said
county and state. One 1 time(s), once in each issue as follows:
October 25, 2017
No ary P &fic; e' ersey
Sworn and subscribed before
me this Z 6t6 day of
CARMELA POGORZELSKI
NOTARY PUBLIC OF NEW JERSEY
My Commission Expires 912712022
e
Kathleen M. Barney, MMC
Municipal Clerk
ORDINANCE #17 -19
ORDINANCE STATEMENT AND
SUMMARY
The ordinance, the summary terms
of which are included herein, has
been finally adopted by the Bor-
ough of Carteret, in the County of
Middlesex, State of New Jersey on
October 19, 2017 and the 20 day pe-
riod 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 ordinance follows:
Title: ORDINANCE PROVIDING A
SUPPLEMENTAL APPROPRIATION
OF $2,500,000 FOR VARIOUS WATER
AND STORMWATER IMPROVEMENTS
IN AND BY THE BOROUGH OF
CARTERET, IN THE COUNTY OF MID-
DLESEX, NEW JERSEY, AND AU-
THORIZING THE ISSUANCE OF
$2,500,000 BONDS OR NOTES OF
THE BOROUGH TO FINANCE PART
OF THE COST THEREOF.
Purpose: To further supplement Or-
dinance #15 -01 of the Borough of
Carteret, in the County of Middlesex,
New Jersey, finally adopted Febru-
ary 26, 2015, to provide an addition-
al $2,500,000.
Appropriation: $2,500,000
Bonds /Notes Authorized: $2,500,000
Grant Appropriated: N/A
Section 20 Costs: $500,000
Useful Life: 40 years
Kathleen M. Barney, Clerk
10/25/17 $71.30
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