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No. 18 -251 Date of Adoptio ]k-etit� 11, 20 18
RESOLUTION PROVIDING FOR THE COMBINATION
OF CERTAIN ISSUES OF GENERAL IMPROVEMENT
BONDS, SERIES 2019 OF THE BOROUGH OF
CARTERET, IN THE COUNTY OF MIDDLESEX, NEW
JERSEY INTO A SINGLE ISSUE OF BONDS
AGGREGATING $24,900,000 IN PRINCIPAL AMOUNT.
BE IT RESOLVED BY THE BOROUGH COUNCIL OF THE BOROUGH OF
CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY AS FOLLOWS:
Section 1. Pursuant to the provisions of N.J.S.A. 40A:2- 26(f), the Bonds of
the Borough of Carteret, in the County of Middlesex, New Jersey (the 'Borough ")
authorized pursuant to the bond ordinances of the Borough heretofore adopted and
described in Section 2 hereof shall be combined into a single and combined issue of
General Improvement Bonds, Series 2019, in the principal amount of $24,900,000 (the
"Bonds ").
Section 2. The principal amount of Bonds authorized by each bond
ordinance to be combined into a single issue as above provided, the bond ordinances
authorizing the Bonds described by reference to the number, the improvement
description and the date of adoption, and the period or average period of usefulness
determined in each of the bond ordinances are respectively as follows:
Bond
Principal
Ordinance
Amount of
Description of Improvement and Date of
Number
Bonds
Adoption of Bond Ordinance
Useful Life
#11 -28
$10,750,000
Various improvements within the Special
38.16 years
Improvement District, finally adopted
December 19, 2011.
#12 -06
$1,900,000
Various park improvements, finally
15 years
adopted April 12, 2012.
#14 -1
$9,400,000
Various capital improvements, finally
16.25 years
adopted Jan ary 23, 2014.
#18 -03
$2,850,000
2018 Municipal Road Program, finally
10 years
adopted Feb uary 22, 2018.
TOTAL
$24,900,000
24.89 years
Section 3. The following matters are hereby determined with respect to the
combined issue of Bonds:
a. The average period of usefulness, computed on the basis
of the respective amounts of Bonds presently authorized to be issued pursuant to each
NO. 18 -251 2
PAGE
of the bond ordinances and the respective periods or average period of usefulness
therein determined, is not less than 24.89 years.
b. The Bonds of the combined issue shall be designated
"General Improvement Bonds, Series 2018" and shall mature within the average period
of usefulness herein determined.
C. The Bonds of the combined issue shall be sold and issued
in accordance with the provisions of the Local Bond Law applicable to the sale and the
issuance of bonds authorized by a single bond ordinance and accordingly may be sold
with other issues of bonds.
Section 4. The following additional matters are hereby determined, declared,
recited and stated:
a. None of the Bonds described in Section 2 hereof have
been sold or issued heretofore, and the several bond ordinances described in Section 2
have not been rescinded and now remain in full force and effect as authorizations for the
respective amounts of Bonds set opposite the descriptions of the bond ordinances in
Section 2 hereof.
b. The several purposes or improvements authorized by the
respective bond ordinances described in Section 2 hereof are purposes for which bonds
may be issued lawfully pursuant to the Local Bond Law and are all purposes for which
no deduction may be taken in any annual or supplemental debt statement.
Section 5. This resolution shall take effect immediately.
Adopted this 27th day of December, 2018 and
Certified as a true copy of the
Original on December 28, 2018.
KATHLEEN M. BARNEY, MMC
Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.B.
COUNCILMAN
YES
NO
NV
A.B.
B E LIM
x
JC RAL
x
DIAZ
x
KRM
x
04kpao
x
n»
X
X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto
Adopted at a meeting of the Municipal Council
27 2
CLERK
I