HomeMy Public PortalAboutOrd. 18-03Orbinana
No. 18 -3 of t4E
� of Ta rterd, �1- T �
Councilman Presents the following Ordinance Seconded by Councilman
ORDINANCE PROVIDING FOR THE 2018 MUNICIPAL ROAD
PROGRAM IN AND BY THE BOROUGH OF CARTERET, IN
THE COUNTY OF MIDDLESEX, NEW JERSEY,
APPROPRIATING $3,000,000 THEREFOR AND
AUTHORIZING THE ISSUANCE OF $2,850,000 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 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 $3,000,000, including the sum of $150,000 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 $2,850,000 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.
No. 18 -3
PAGE Z
Section 3. (a) The improvement hereby authorized and the purpose for
financing of which the bonds are to be issued is the 2018 Municipal Road Progre
including, but not limited to paving, curbing, road and sewer improvements, to roE
throughout the Borough, including those roads listed on file in the office of the BoroL
Clerk, including all work and materials necessary therefor and incidental then
including all related costs and expenditures necessary therefor and incidental thereto.
(b) The estimated maximum amount of bonds or bond anticipation notes to
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
the appropriation herein made therefor.
Section 4. All bond anticipation notes issued hereunder shall mature at
times as may be determined by the chief financial officer; provided that no bor
anticipation note shall mature later than one year from its date, unless such bor
anticipation notes are permitted to mature at such later date in accordance wii
applicable law. The bond anticipation notes shall bear interest at such rate or rates ar
be in such form as may be determined by the chief financial officer. The chief financi
officer shall determine all matters in connection with bond anticipation notes issue
pursuant to this ordinance, and the chief financial officer's signature upon the bon
anticipation notes shall be conclusive evidence as to all such determinations. All bon
anticipation notes issued hereunder may be renewed from time to time subject to th
provisions of the Local Bond Law or other applicable law. The chief financial officer i
hereby authorized to sell part or all of the bond anticipation notes from time to time
public or private sale and to deliver them to the purchasers thereof upon receipt c
payment of the purchase price plus accrued interest from their dates to the date c
delivery thereof. The chief financial officer is directed to report in writing to th
governing body at the meeting next succeeding the date when any sale or delivery c
the bond anticipation notes pursuant to this ordinance is made. Such report must
NO. 18-3
PAGE 3
include the amount, the description, the interest rate and the maturity schedule of
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
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 hereir
are inconsistent with the adopted capital or temporary capital budget, a revised capita
or temporary capital budget has been filed with the Division of Local Governmen
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
not a current expense. It is an improvement or purpose that the Borough may
undertake as a general improvement, and no part of the cost thereof has been or
be specially assessed on property specially benefitted thereby.
(b) The period of usefulness of the improvement or purpose within
limitations of the Local Bond Law, according to the reasonable life thereof
from the date of the bonds authorized by this ordinance, is 10 years.
(c) The Supplemental Debt Statement required by the Local Bond Law
been duly prepared and filed in the office of the Clerk, and a complete execui
duplicate thereof has been filed in the office of the Director of the Division of Lo
Government Services in the Department of Community Affairs of the State of N
Jersey. Such statement shows that the gross debt of the Borough as defined in i
Local Bond Law is increased by the authorization of the bonds and notes provided
this ordinance by $2,850,000, and the obligations authorized herein will be within
debt limitations prescribed by the Local Bond Law.
NO. 18 -3
PAGE 4
(d) An aggregate amount not exceeding $600,000 for items of expense
in and permitted under N.J.S.A. 40A:2 -20 is included in the estimated cost ind
herein for the purpose or improvement.
Section 7. The Borough hereby declares the intent of the Borough to
bonds or bond anticipation notes in the amount authorized in Section 2 of this ordinani
and to use the proceeds to pay or reimburse expenditures for the costs of the purpos(
described in Section 3(a) of this ordinance. This Section 7 is a declaration of inte
within the meaning and for purposes of Treasury Regulations.
Section 8. Any grant moneys received for the purpose described in
3(a) hereof shall be applied either to direct payment of the cost of the improvement or t
payment of the obligations issued pursuant to this ordinance. The amount of obligation
authorized but not issued hereunder shall be reduced to the extent that such funds ar
so used.
Section 9. The chief financial officer of the Borough is hereby authorized
prepare and to update from time to time as necessary a financial disclosure documer
to be distributed in connection with the sale of obligations of the Borough and to execut(
such disclosure document on behalf of the Borough. The chief financial officer is furthe
authorized to enter into the appropriate undertaking to provide secondary marke
disclosure on behalf of the Borough pursuant to Rule 15c2 -12 of the Securities an(
Exchange Commission (the "Rule ") for the benefit of holders and beneficial owners o
obligations of the Borough and to amend such undertaking from time to time it
connection with any change in law, or interpretation thereof, provided such undertakinc
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 tc
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
punctual payment of the principal of and the interest on the obligations authorized by
NO. 18-3 PAGE 5
this ordinance. The obligations shall be direct, unlimited obligations of the Borough,
the Borough shall be obligated to levy ad valorem taxes upon all the taxable rea
property within the Borough for the payment of the obligations and the interest
without limitation of rate or amount.
Section 11. This ordinance shall take effect 20 days after the first publ
thereof after final adoption, as provided by the Local Bond Law.
DO NOT USE SPACE BELOW THIS LINE
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.B.
COUNCILMAN
YES
I NO
NV
A.B.
BaLB10
X
,]CHAT,
X
DIAZ
X
Im
X
DII O
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RAFLFS
X
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 Feht:L� B, 2D18
Adopted on second reading after hearing on 22 ns
APPROVE BY
ON 2L MAY R
/
MUNICIPAL CLERK
MA
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:
February 14, 2018
Kathleen M. Barney, MMC t
Municipal Clerk
ORDINANCE #18 -3
NOTICE OF PENDING
BOND ORDINANCE AND SUMMARY
CARMELA POGORZELSKI
NOTARY PUBLIC OF NEW JERSEY
My Commission Expires 9127/2022
Sworn and subscribed before
me this 'day of -
Purpose(s): The 2018 Municipal
Road Program, including, but not
limited to paving, curbing, road and
sewer improvements, to roads
throughout the Borough, including
those roads listed on file in the of-
fice of the Borough Clerk, including
all work and materials necessary
therefor and incidental thereto in-
cluding all related costs and expen-
ditures necessary therefor and inci-
dental thereto.
Appropriation: $3,000,000
Bonds /Notes Authorized: $2,850,000
Grants (if any) Appropriated: N/A
Section 20 Costs: $600,000
Useful Life: 10 years
Kathleen M. Barney, Clerk
This Notice is published pursuant to
N.1.S.A. 40A:2 -17.
2/14/18 $105.40
The ordinance, the summary terms
of which are included herein, was in-
troduced and passed upon first
reading at a meeting of the govern-
ing body of the Borough of Carteret,
in the County of Middlesex, State of
New Jersey, on February 8, 2018. 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 Febru-
ary 22, 2018 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 bond or-
dinance 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 re-
quest the same. The summary of
the terms of such bond ordinance
follows:
Title: ORDINANCE PROVIDING FOR
THE 2018 MUNICIPAL ROAD PRO-
GRAM IN AND BY THE BOROUGH OF
CARTERET, IN THE COUNTY OF MID-
DLESEX, NEW JERSEY, APPROPRIAT-
ING $3,000,000 THEREFOR AND AU-
THORIZING THE ISSUANCE OF
$2,850,000 BONDS OR NOTES OF
THE BOROUGH TO FINANCE PART
OF THE COST THEREOF.
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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:
February 28, 2018
Notary Public of Je y
CARMELA POGORZELSKI
NOTARY PUBLIC OF NEW JERSEY
My Commission Expires 9/27/2022
Sworn and subscribed before
me this �` Jday of ljy j'
athleen M. Barney, MMC
Municipal Clerk
ORDINANCE #18 -3
BOND 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
February 22, 2018 and the 20 day
period of limitation within which a
suit, action or proceeding question-
ing the validity of such bond ordi-
nance can be commenced, as pro-
vided in the Local Bond Law, has be-
gun to run from the date of the first
publication of this statement. Cop-
ies of the full bond ordinance are
available at no cost and during reg-
ular business hours, at the Clerk's of-
fice for members of the general
public who request the same. The
summary of the terms of such bond
ordinance follows:
Title: ORDINANCE PROVIDING FOR
THE 2018 MUNICIPAL ROAD PRO-
GRAM IN AND BY THE BOROUGH OF
CARTERET, IN THE COUNTY OF MID-
DLESEX, NEW JERSEY, APPROPRIAT-
ING $3,000,000 THEREFOR AND AU-
THORIZING THE ISSUANCE OF
$2,850,000 BONDS OR NOTES OF
THE BOROUGH TO FINANCE PART
OF THE COST THEREOF.
Purpose(s): The 2018 Municipal
Road Program, including, but not j
limited to paving, curbing, road and
sewer improvements, to roads
throughout the Borough, including
those roads listed on file in the of-
fice of the Borough Clerk, including
all work and materials necessary
therefor and incidental thereto in-
cluding all related costs and expen-
ditures necessary therefor and inci-
dental thereto. �.
Appropriation: $3,000,000
Bonds /Notes Authorized: $2,850,000
Grants (if any) Appropriated: N/A
Section 20 Costs: $600,000
Useful Life: 10 years
Kathleen M. Barney, Clerk
2/28/2018 $93.00
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