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Home My Public Portal AboutOrd. 18-10wrbinanre No. 18-10 of the lgoroug4 of Carteret, Councilman Presents the following Ordinance Seconded by Councilman 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 2018 OF THE MIDDLESEX COUNTY IMPROVEMENT AUTHORITY WHEREAS, the Middlesex County Improvement Authority (the "Authority") is thorized to issue its bonds pursuant to the provisions of the County Improvement Authorities w, chapter 183 of the Laws of New Jersey of 1960, as amended and supplemented (N.J.S.A. :37A -44 et seq.) (the "County Improvement Authorities Law "), and other applicable visions of law; and WHEREAS, the Authority has determined to issue its revenue bonds for the purpose of icing the various capital improvements to be undertaken by and the acquisition, installation as applicable, subsequent leasing of certain capital equipment, including but not limited to e vehicles and capital equipment, to various municipalities located in the County of ilesex in the State of New Jersey (the "County") including the County and the Authority (the 8 Program "); and WHEREAS, the Borough of Carteret, in the County of Middlesex, State of New Jersey "Municipality") has determined to participate in the 2018 Program and to lease certain e vehicles and capital equipment from the Authority; and WHEREAS, there has been prepared and submitted to the Municipality the form of the and Agreement (the "Lease "), to be entered into by and between the Authority and the ipality, which Lease has been approved by the Authority and which is attached hereto as t A, providing for the acquisition and leasing of certain police vehicles and capital lent from the Authority, which police vehicles and capital equipment are described in t B attached hereto and incorporated by reference herein. All terms used herein and not ise defined shall have the same meanings ascribed to such terms under the Lease. NOW THEREFORE, BE IT ORDAINED AND ENACTED BY THE GOVERNING OF THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, OF NEW JERSEY (not less than two- thirds of all members thereof affirmatively ing) AS FOLLOWS: Section 1. Pursuant to section 78 of the County Improvement Authorities Law, N.J.S.A. 1 et seq., the Municipality is hereby authorized and directed to enter into and perform the which Lease provides for the leasing of certain police vehicles and capital equipment :d with the proceeds of County- Guaranteed Capital Equipment and Improvement Revenue Series 2018 (the 'Bonds ") to be issued by the Authority under a resolution of the -ity to be adopted by the Authority entitled, "Resolution of the Middlesex County cement Authority Authorizing the Issuance of County- Guaranteed Capital Equipment and cement Revenue Bonds" (the "General Bond Resolution "). The Lease, in the form ted herewith in Exhibit A (a copy of which is on file in the office of the Clerk of the ipality), is hereby approved with such changes, amendments or modifications as may be ed by counsel or bond counsel to the Municipality and bond counsel to the Authority and Section 2. The full faith and credit of the Municipality are hereby pledged to the d payment of the obligations set forth in the Lease authorized by this ordinance, including limitation, (i) all Basic Rent and Rent obligations of the Municipality under the Lease, NO. 18 -1 0 PAGE 2 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 ad valorem taxes upon all the taxable property within the jurisdiction of the Municipality for the payment of the Lease Payment Obligation thereunder without limitation as to rate or amount. Section 3. The Mayor or other Authorized Municipal Representative (as defined in the ase) is hereby authorized and directed to execute the Lease on behalf of the Municipality in form as attached hereto in Exhibit A and the Clerk of the Municipality is hereby authorized d directed to attest to such signature and affix the seal of the Municipality thereto and the ase is authorized to be delivered to the Authority. All representatives, officials and employees the Municipality are hereby authorized and directed to enforce and to implement provisions of Lease. Section 4. The following additional matters are hereby determined, declared, recited and (1) The maximum Lease Payment Obligation for which the Municipality shall be bligated hereunder, which, inter alia, will be used for the payment of principal of and interest n the Bonds of the Authority shall not exceed the sum necessary to (a) acquire the 4unicipality's police vehicles and capital equipment described in Exhibit B attached hereto ✓hich will be subject to the Lease, (b) pay interest on the Bonds allocated to the Municipality nd used to acquire the Municipality's police vehicles and capital equipment, and (c) pay the 4unicipality's share of the costs of issuance, Authority Administrative Expenses, Additional :ent, County Guarantee Costs and all other amounts required to be paid by the Municipality nder 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 Bonds shall have been paid in full in accordance with their terms and/or when all obligations the Municipality under the Lease have been satisfied, notwithstanding the occurrence of any ier event, including but not limited to the termination of the Lease with respect to some or all the police vehicles and capital equipment leased thereunder. (4) The police vehicles and capital equipment described in Exhibit B are hereby ;d to be leased from the Authority in accordance with the terms of the Lease, with such amendments or modifications as may be approved by counsel or bond counsel to the Section 5. To the extent the Municipality is an "Obligated Person" (as defined under the ule (as hereinafter defined)), the Municipality hereby agrees to comply with the requirements FRule 15c2 -12 (the "Rule ") promulgated by the Securities and Exchange Commission pursuant i 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 [e Lease. The Mayor, Clerk, Chief Financial Officer or other Authorized Municipal epresentative are each hereby authorized and directed to execute and deliver a Continuing isclosure Agreement, approve and "deem final" the Official Statement of the Authority and the .eliminary form thereof to the extent the information contained therein relates to the [unicipality and to execute and deliver all certificates, documents and agreements to the uthority in connection therewith and to file budgetary, financial and operating data of the [ unicipality on an annual basis and notices of certain enumerated events as required to comply ith and in accordance with the provisions of the Rule. Section 6. The Mayor, Clerk, Chief Financial Officer or Authorized Municipal ;ntative are each hereby authorized and directed to execute and deliver any and all ates, documents and instruments and to do and cause to be done any and all acts and NO . 18 -10 PAGE things necessary or proper for carrying out the execution and delivery of the Lease, the leasing of the police vehicles and capital equipment which is to be the subject of the Lease and all related transactions contemplated by this ordinance. Section 7. Upon the payment of all amounts referenced in Section 4(3) herein, the full faith and credit pledge of the Municipality as to its Lease Payment Obligation authorized herein shall cease to exist. Section 8. The provisions of this ordinance are severable. To the extent any clause, sentence, paragraph or provision of this ordinance shall be declared invalid, illegal or :itutional, the remaining provisions shall continue to be in full force and effect. Section 9. This ordinance shall take effect in accordance with applicable law. IO NOT USE SPACE BELOW THIS LINE RECORD OF COUNCIL VOTE COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NV A.B. BELLINO X JOHAL X DIAZ X KRUM X DIMASCIO X NAPLES 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.J., on June 7, 2018 � ' 21 2013 Adopted on second read* n after hearing on • APPROV BY PP = MAYOR ON MUNICIPIAL CL511K Exhibit B Middlesex County Improvement Authority 2018 Capital Equipment and Improvement Financing Program Project List Carteret Borough Useful Project Quant. Est. Cost Life FIVE YEAR PROJECTS Loan None 0 $0.00 5 Year; Subtotal $0.00 Lease Department of Public Works Plow Trucks 3 $150,000.00 5 Year; Police Vehicles 3 $125,000.00 5 Year; Subtotal $275,000.00 Five Year Projects Subtotal: $275,000.00 Loan Total: $0.00 Lease Total: $275,000.00 Total Borrowing: $275,000.00 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 12, 2018 Kathleen M. Barney, MMC 7 -1- S Municipal Clerk ORDINANCE #18 -10 BOROUGH OF CARTERET PUBLIC NOTICE NOTICE OF PENDING LEASE ORDINANCE AND SUMMARY Sworn and sVbscribed Pefore me this 1 A , day o 1 The lease ordinance, the summary terms of which are included herein, was introduced and passed upon first reading at a meeting of the governing body of the Borough of Carteret, in the County of Middlesex, State of New Jersey, on June 7, 2018. It will be further considered for final passage, after public hearing thereon, at a meeting of the governing body to be held at Municipal Building, 61 Cooke Avenue, in the County of Middlesex, on June 21, 2018 at 6:00 p.m. During the week prior to and up to and including. the date of such meeting copies of the full ordinance 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 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 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 2018 OF THE MIDDLESEX COUNTY IMPROVEMENT AUTHORITY Purpose(s): Lease certain police vehicles and capital equipment (de- scribed in Exhibit B below) from and approve the entering into of a lease agreement with the Middlesex County Improvement Authori- ty /s/Kathleen M. Barney, Clerk Exhibit B Middlesex County Improvement Authority 2018 Capital Equipment and Improvement Financing Program Project List Carteret Borough Project Quant. Est. Cost Useful Life FIVE YEAR PROJECTS Loan None 0 $0.00 5 Years Subtotal $0.00 Lease Department of Public Works Plow Trucks 3 $150,000.00 5 Years Police Vehicles 3 $125,000.00 5 Years Subtotal $275,000.00 Five Year Projects Subtotal: $275,000.00 Loan Total: - $0.00 Lease Total: $275,000.00 Total Borrowing: $275,000.00 ($52.80) CARMELA POGORZELSKI NOTARY PUBLIC OF NEW JERSEY My Commission Expires 9/27/2022 AFFIDAVIT OF PUBLICATION Publisher's Fee $52.80 Affidavit $35.00 State of New Jersey }SS. Middlesex County Personally appeared 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: 06/12/18 A.D 2018 N tary Public of New Jersey 1til it t C , or Ad Number: 0002969818 � A i � NOV. �' m r ,z 19 m w- ..o A 2019 a-- Jel r :rep Ad Number: 0002969818 Run Dates: 06/12/18 ORDINANCE #18 -10 BOROUGH OF CARTERET PUBLIC NOTICE NOTICE OF PENDING EASE ORDINANCE AND SUMMARY The lease ordinance, the summary terms of which are included herein, was introduced and passed upon first reading at a meeting of the governing body of the Borough of Carteret, in the County of Middlesex, State of New Jersey, on June 7, 2018. It will be further considered for final passage, after public hearing thereon, at a meeting of the governing body to be held at Municipal Building, 61 Cooke Avenue, in the County of Middlesex, on June 21, 2018 at 6:00 p.m. During the week prior to and up to and including the date of such meeting copies of the full ordinance 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 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 JERSEYAPPROVINC 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 2018 OF THE MIDDLESEX COUNTY IMPROVEMENT AUTHORITY Purpose(s): Lease certain police vehicles and capital equipment (de- scribed in Exhibit B below) from and approve the entering into of a lease agreement with the Middlesex County Improvement Authori- ty /s /Kathleen M. Barney, Clerk Exhibit B Middlesex County Improvement Authority 2018 Capital Equipment and Improvement Financing Program Project List Carteret Borough Project Quant. Est. Cost Useful Life FIVE YEAR PROJECTS Loan None 0 $0.00 5 Years Subtotal $0.00 Lease Department of Public Works Plow Trucks 3 $150,000.00 5 Years Police Vehicles 3 $125,000.00 5 Years Subtotal $275,000.00 Five Year Projects Subtotal: $275,000.00 Loan Total: $0.00 Lease Total: $275,000.00 Total Borrowing: $275,000.00 ($52.80) 2969818.01 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 27, 2018 l Kathleen M. Barney, MMC Municipal Clerk BOROUGH OFCARTERET Sworn and subscribed Ttu re me this � day of 1 ORDINANCE #18 -10 BOROUGH OF CARTERET PUBLIC NOTICE LEASE ORDINANCE STATEMENT AND SUMMARY The lease ordinance, the summary terms of which are included herein, has been finally adopted by the governing boot' of the Bor- ough of Carteret, in the County of Middlesex, State of New Jersey on June 21, 2018. Copies of the full ordinance are available at no cost and during regular business hours, at the Clerk's office for .r m y. embers of the eneral public who request the same. The summa - such "tle:thetermAN ORDINANCE r OF THE f BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, STATE OF NEW JERSEY, APPROVING AND AUTHORIZING THE ENTERING INTO, EXECUTION AND DELIV- ERY 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 2018 OF THE MIDDLESEX COUNTY IM- PROVEMENT AUTHORITY Purpose(s): Lease certain police vehicles and capital equipment (described in Exhibit B below) from and approve the entering into of a lease agreement with the Middlesex County Improvement Au- thority Kathleen M. Barney, Clerk Exhibit B Middlesex County Improvement Authority 2018 Capital Equipment and Improvement Financing Program Project List Carteret Borough Project Useful Quant. Est. Cast Life FIVE YEAR PROJECTS Loan None 0 $0.00 5 Years Subtotal $0.00 Lease Department of Public Works Plow Trucks 3 Police Vehicles 3 Subtotal Five Year Projects Subtotal: Loan Total: Lease Total: Total Borrowing: ($49.28) $150,000.00 5 Years $125,000.00 5 Years $275,000.00 $275,000.00 $0.00 $275,000.00 $275,000.00 CARMELA POGORZELSKI NOTARY PUBLIC OF NEW JERSEY My Commission Expires 9/2712022 AFFIDAVIT OF PUBLICATION Publisher's Fee $49.28 Affidavit $35.00 State of New Jersey }SS. Middlesex County Personally appeared ) LC � JUL 3 2019 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: 06/27/18 A.D 2018 G A L75 i �v �55`oN i ,��• Nis, ll% Ad Number: 0002998619 Ad Number: 0002998619 Run Dates: 06/27/18 BOROUGH OF CARTERET ORDINANCE #18 -10 BOROUGH OF CARTERET PUBLIC NOTICE LEASE ORDINANCE STATEMENT AND SUMMARY herein, lease d the n, has been ' summary f nally adopted by which are included he governing body of theBor- ough of Carteret, in the County of Middlesex, State of New Jersey on June 21, 2018. 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 summa- ry of the terms of such lease ordinance follows: Title: AN ORDINANCE OF THE BOROUGH OF CARTERET,IN THE COUNTY OF MIDDLESEX, STATE OF NEW JERSEYAPPROVINC AND AUTHORIZING THE ENTERINGINTO, EXECUTION AND DELIV- ERYOFA LEASEAND AGREEMENTWITH THE MIDDLESEXCOUNTY IMPROVEMENT AUTHORITY RELATING TO THE ISSUANCE OF COUNTY- GUARANTEED CAPITAL EQUIPMENT AND IMPROVEMENT REVENUE BONDS, SERIES2018 OF THE MIDDLESEX COUNTY IM- PROVEMENT AUTHORITY Purpose(s): Lease certain police vehicles and capital equipment (described in Exhibit B below) from and approve the entering into of a lease agreement with the Middlesex County Improvement Au- thority Kathleen M. Barney, Clerk Exhibit B Middlesex County Improvement Authority 2018 Capital Equipment and Improvement Financing Program Project List Carteret Borough Project FIVE YEAR PROJECTS Loan None Subtotal Lease Department of Public Works Plow Trucks Police Vehicles Subtotal Five Year Projects Subtotal: Useful Quant. Est. Cost Life $0.00 5 Years $0.00 $150,000.00 5 Years $125,000.00 5 Years $275,000.00 $275,000.00 Loan Total: Lease Total: Total Borrowing: ($49.28) $0.00 $275,000.00 $275,000.00 2998619.01