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Home My Public Portal Aboutr 17-193�6svlufi laf #hP �.V`Uugh u No. 17 -193 Date of Adoptio vMb,, 9, No 20 17 RESOLUTION OF THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY, DETERMINING THE FORM AND OTHER DETAILS OF ITS "NOTE RELATING TO THE INTERIM FINANCING TRUST LOAN PROGRAM OF THE NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST ", TO BE ISSUED IN THE PRINCIPAL AMOUNT OF UP TO $13,200,000, AND PROVIDING FOR THE ISSUANCE AND SALE OF SUCH NOTE TO THE NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST, AND AUTHORIZING THE EXECUTION AND DELIVERY OF SUCH NOTE BY THE BOROUGH IN FAVOR OF THE NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST, ALL PURSUANT TO THE NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST INTERIM FINANCING TRUST LOAN PROGRAM. WHEREAS, the Borough of Carteret (the "Local Unit"). in the County of Middlesex, New Jersey, has determined that there exists a need within the Local Unit to acquire, construct. renovate or install a project consisting of the construction of a new stormwater pump station and detention basin at the Noe Street drainage area including the acquisition and installation of equipment and materials and work necessary therefor or related thereto (the "Project "). and it is the desire of the Local Unit to obtain financing for such Project through participation in the financing program (the "Environmental Infrastructure Financing Program " ") of the New Jersey Environmental Infrastructure Trust (the "Trust'). WHEREAS, the Local Unit has deternined to temporarily finance the acquisition, construction. renovation or installation of the Project prior to the closing with respect to the Environmental Infrastructure Financing Program, and to undertake such temporary financing with the proceeds of an interim loan to be made by the Trust (the "Interim Loan ") to the Local Unit, pursuant to the Interim Financing Trust Loan Program of the Trust (the "Interim Financing Program""): WHEREAS, in order to (i) evidence and secure the repayment obligation of the Local Unit to the Trust with respect to the Interim Loan and (ii) satisfy the requirements of the Interim Financing Program, it is the desire of the Local Unit to issue and sell to the Trust the "Note Relating to the Interim Financing Trust Loan Program of the New Jersey Environmental Infrastructure Trust" in an aggregate principal amount of up to $1 (the "Note' "), WHEREAS, it is the desire of the Local Unit to authorize, execute, attest and deliver the Note to the Trust pursuant to the terms of the Local Bond Law of the State of New .Jersey. constituting Chapter 2 of Title 40A of the Revised Statutes of the State of New Jersey (the "Local Bond Law "), and other applicable law: and WHEREAS, Section 28 of the Local Bond Law allows for the sale of the Note to the Trust, without any public offering, and N.J.S.A. 58:11B -9 allows for the sale of the Note to the Trust without any public offering, all under the terms and conditions set forth herein. NOW, THEREFORE, BE IT RESOLVED by the governing body of the Local Unit as follows: Section 1. In accordance with Section 28 of the Local Bond Law and N.J.S.A. No. 17 - 193 PAG 2 58:11 B -9, the Local Unit hereby authorizes the issuance, sale and award of the Note in accordance with the provisions hereof. Time obligation represented by the Note has been appropriated and authorized by bond ordinances 415 -01. 17 -13 and 17 -19, respectively. of the Local Unit. which bond ordinances are entitled "Ordinance Providing for Various Sewer and Stormwater Improvements in and by the Borough of Carteret. in the County of Middlesex. New Jersey, Appropriating $8,700,000 Therefor and Authorizing the Issuance of $8.700,000 Bonds or Notes of the Borough to Finance Part of the Cost Thereof% '`Ordinance Amending Section 3 of Ordinance #15 -01 and Providing a Supplemental Appropriation of $2.000.000 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 $2,000,000 Bonds or Notes of the Borough to Finance Part of the Cost Thereof', and "Ordinance Amending Section 3 of Ordinance #15 -01 and 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'. The aforementioned ordinances were finally adopted by the Local Unit at meetings duly called and held on February 26, 2015, August 17, 2017 and October 19, 2017, respectively, at which times a quorum was present and acted throughout, all pursuant to the terms of the Local Bond Law and other applicable law. Section 2. The Chief Financial Officer of the Local Unit (the "Chief Financial Officer") is hereby authorized to determine, in accordance with the Local Bond Law and pursuant to the terms and conditions hereof, (i) the final principal amount of the Note (subject to the maximum limitation set forth in Section 4(a) hereof), and (ii) the dated date of the Note. Section 3. Any determination made by the Chief Financial Officer pursuant to the terns hereof shall be conclusively evidenced by the execution and attestation of the Note by the parties authorized pursuant to Section 4(h) hereof. j Section 4. The Local Unit hereby determines that certain terms of the Note shall be as follows: (a) the principal amount of the Note to be issued shall be an amount up to $13,200,000. (b) the maturity of the Note shall be upon the issuance of permanent financing: (c) the interest rate of the Note shall be set by the Trust; (d) the purchase price for the Note shall be par: (e) the Note shall be subject to prepayment prior to its stated maturity in accordance with the terns and conditions of the Note: (f) the Note shall be issued in a single denomination and shall be numbered "IFP -201 (g) the Note shall be issued in fully registered form and shall be payable to the registered owner thereof as to both principal and interest in lawful money of the United States of America. and (h) the Note shall be executed by the manual or facsimile signatures of the Mayor and the Chief Financial Officer under official seal or facsimile thereof affixed.. printed. engraved or reproduced thereon and attested by the manual signature of the Local Unit Clerk. Section 5. The Note shall be substantially in the form attached hereto as Exhibit A Section 6. The law fine of McManimon. Scotland & Baumann. LLC is hereby authorized to arrange for the printing of the Note, which law firm may authorize McCarter & English. LLP, bond counsel to the Trust for time Interim Financing Program. to arrange for same. NO 17 -19 PAG 3 Section 7. The Authorized Officers of the Local Unit are hereby further severally authorized to (i) execute and deliver, and the Local Unit Clerk is herebv further authorized to attest to such execution and to affix the corporate seal of the Local Unit to, any document, instrument or closing certificate deemed necessary, desirable or convenient by the Authorized Officers or the Secretary of the Local Unit, as applicable. in their respective sole discretion. after consultation with counsel and any advisors to the Local Unit and after further consultation with the Trust and its representatives, agents. counsel and advisors, to he executed in connection the issuance and sale of the Note and the participation of the Local Unit in the Interim Financing Program, which determination shall be conclusively evidenced by the execution of each such certificate or other document by the party authorized hereunder to execute such certificate or other document, and (ii) perform such other actions as the Authorized Officers deem necessary, desirable or convenient in relation to the execution and delivery of the Note and the participation of the Local Unit in the Interim Financing Program. Section 8. This resolution shall take effect immediately. Section 9. Upon the adoption hereof, the Local Unit Clerk shall forward certified copies of this resolution to McManimon. Scotland & Baumann. LLC, bond counsel to the Local Unit. David Zimmer, Executive Director of the Trust. and Richard T. Nolan, Esq.. McCarter & English. LLP, bond counsel to the Trust. Adopted this 9'l' day of November, 2017 and certified as a true copy of the original on KATHLEEN M. BARNEY. MMC Municipal Clerk RECORD OF COUNCIL VOTE COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NV A.B. BQLUU X X DIAZ DD A= X X KRy X X i X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto Adopted at a meeting of the Municipal Council Novetber 9 2017 C RK