HomeMy Public PortalAboutOrd. 19-03No. .19 of tht
�vrvugh of Eartmet, �K. J,
Councilman
Presents the following Ordinance Seconded by Councilman
BOND ORDINANCE PROVIDING FOR THE
CONSTRUCTION OF A PERFORMING ARTS CENTER IN
AND BY THE BOROUGH OF CARTERET, IN THE
COUNTY OF MIDDLESEX, NEW JERSEY,
APPROPRIATING $3,250,000 THEREFOR AND
AUTHORIZING THE ISSUANCE OF $3,095,238 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 bond 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 $3,250,000, including the sum of $154,762 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 $3,095,238 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 hereby authorized and the purpose for the
financing of which the bonds are to be issued is the construction of a performing arts
center at the corner of Cooke and Washington Avenues in the Borough, including all
work and materials necessary therefor and incidental thereto and including all related
costs and expenditures necessary therefor and incidental thereto.
No. 19-3
PAGE 2
(b) The estimated maximum amount of bonds or bond anticipation notes to be
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 of
the appropriation herein made therefor.
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, unless such bond
anticipation notes are permitted to mature at such later date in accordance with
applicable law. 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 or other applicable 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 bond 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 bond 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) of this bond
ordinance 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 specially benefitted thereby.
fuel
19-3 PAGE 3
(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 20 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 bond ordinance by $3,095,238, and the obligations authorized herein will be within
all debt limitations prescribed by the Local Bond Law.
(d) An aggregate amount not exceeding $700,000 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.
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 bond
ordinance and to use the proceeds to pay or reimburse expenditures for the costs of the
purposes described in Section 3(a) of this bond ordinance. This Section 7 is a
declaration of intent within the meaning and for purposes of Treasury Regulations.
Section 8. Any (i) grant moneys received for the purpose described in Section
3(a) hereof, (ii) payments received by the Borough pursuant to that certain Settlement
Agreement by and between the Borough and United States Metals Refinancing
Company and (iii) payments received by the Borough pursuant to a Lease Agreement
dated as of June 20, 2018 by and between the Borough and Acelero Learning
Monmouth /Middlesex County, Inc., shall be applied either to direct payment of the cost
of the improvement or to payment of the obligations issued pursuant to this bond
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
NO. 19-3
PAGE 4
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 with 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 bond ordinance. The obligations shall be direct, unlimited obligations of the
Borough, and the Borough shall be obligated to levy ad 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 bond 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 BELOW THIS LINE
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.B.
COUNCILMAN
YES
NO
NV
A.B.
BQ.LRA
X
JAL
DTAZ
X
KR LM
X
MIN=
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NARES
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X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote Veto
Adopted on first reading of the Council of the Borough of Carteret, N.J., on
Adopted on se rea after hearin Ma r d h 7 , 2019
7 tto ,, Overrule
FC"L`r`�Y 21, 2019
APPROVED BY
ON March 8 ,
---
201 rAYOR
MUNICIPAL CLERK
V
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:
January 25, 2019
Notary Public of New Jersey
CARMELA POGORZELSKI
NOTARY PUBLIC OF NEW JERSEY
My Commission Expires 912712022
Kathleen M. Barney, MMC
Municipal Clerk ORDINANCE #19 -3
NOTICE OF PENDING BOND ORDI-
NANCE AND SUMMARY
The bond ordinance, the summary
terms of which are included herein,
was introduced and passed upon
first reading at a meeting of the gov-
erning body of the Borough of
Carteret, in the County of Middlesex,
State of New Jersey, on February 21,
2019, it will be further considered
for final passage, after public hear-
ing thereon, at a meeting of the
governing body to be held at the
Municipal Building, in the Borough
on March 7, 2019 at 6:00 o'clock
Sworn and supscribeq before p.m. During the week prior to and
G1 , I up to and including the date of such
`
me this �, _, - day of r tta f L , L' �� 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: BOND ORDINANCE PROVIDING
FOR CONSTRUCTION OF A PER-
FORMING ARTS CENTER IN AND BY
THE BOROUGH OF CARTERET, IN
THE COUNTY OF MIDDLESEX, NEW
JERSEY, APPROPRIATING $3,250,OOC
THEREFOR AND AUTHORIZING THE
ISSUANCE OF $3,095,238 BONDS OR
NOTES OF THE BOROUGH TO FI-
NANCE PART OF THE COST THEREOF
Purpose(s): The improvement au-
thorized and the purpose for the fi-
nancing of which the bonds are to
be issued is the construction of a
performing arts center at the corner
of Cooke and Washington Avenues
in the Borough, including all work
and materials necessary therefor
and incidental thereto and includ-
ing all related costs and expendi-
tures necessary therefor and inci-
dental thereto.
Appropriation: $3,250,000
R— rk /Nntps Authorized: $3,095,238
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:
March 14, 2019
athleen M. arney, MMC
Municipal Clerk ORDINANCE #19-3
BOND ORDINANCE STATEMENT AND
SUMMARY
The bond 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
March 7, 2019 and the 20 day period
of limitation within which a suit, ac-
tion or proceeding questioning the
validity of such bond 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
Swo and u SC rlbe before
r
bond ordinance are available at no
cost and during regular business
'
me this of kA& K IU J
hours, at the Clerk's office for mem-
re-
_j*Jday
bers of the general public who
quest the same. The summary of
the terms of such bond ordinance
follows:
Title: BOND ORDINANCE PROVIDING
FOR CONSTRUCTION OF A PER-
FORMING ARTS CENTER IN AND BY
THE BOROUGH OF CARTERET, IN
THE COUNTY OF MIDDLESEX, NEW
JERSEY, APPROPRIATING $3,250,000
THEREFOR AND AUTHORIZING THE
ISSUANCE OF $3,095,238 BONDS OR
NOTES OF THE BOROUGH TO FI-
NANCE PART OF THE COST THEREOF
Purpose(s): The improvement au-
thorized and the purpose for the fi-
nancing of which the bonds are to
be issued is the construction of a
performing arts center at the comer
of Cooke and Washington Avenues
in the Borough, including all work
and materials necessary therefor
and incidental thereto and includ -',
ing all related costs and expendi-
tures necessary therefor and inci-
dentalthereto.
Appropriation: $3,250,000
Bonds /Notes Authorized: $3,095,238
Grants (if any) Appropriated: N/A
Section 20 Costs: $700,000
Useful Life: 20 years
Kathleen M. Barney, Clerk
311n110 580.60
P OGORZELSKI
' % OF NEW JERSEY
��:. Expires 9 12712022
Star Ledger
LEGAL AFFIDAVIT
AD #:0009041814 Total $178.35
State of New Jersey,) ss
County of Middlesex)
MEDINAH JONES being duly swam, deposes that he /she is principal clerk of NJ Advance Media; that Star Ledger is a public
newspaper, with general circulation in Atlantic, Burlington, Cape May, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth,
Morris, Ocean, Passaic, Somerset, Sussex, Union, and Warren Counties, and this notice is an accurate and true copy of this notice as
printed in said newspaper, sprinted and published in the regular edition and issue of said newspaper on the following date(s):
Star Ledger 02/25/2019 F
Principal Clerk of he Publisher
Swom to and subscri ed before m his 25th ay of February 2019
Notary Public
ORDINANCE #19 -3
NOTICE OF PENDING BOND ORDI-
NANCE AND SUMMARY
The bond ordinance, the summary
terms of which are included herein,
was introduced and passed upon
first reading at a meeting of the gov-
erning body of the Borough of
Carteret, in the County of Middlesex,
State of New Jersey, on February 21,
2019. It will be further considered
for final passage, after public hear-
ing thereon, at a meeting of the
governing body to be held at the
Municipal Building, in the Borough
on March 7, 2019 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: BOND ORDINANCE PROVIDING
FOR CONSTRUCTION OF A PER-
FORMING ARTS CENTER IN AND BY
THE BOROUGH OF CARTERET, IN
THE COUNTY OF MIDDLESEX, NEW
JERSEY, APPROPRIATING $3,250,OOC
THEREFOR AND AUTHORIZING THE
ISSUANCE OF $3,095,238 BONDS OR
NOTES OF THE BOROUGH TO FI-
NANCE PART OF THE COST THEREOF
Purpose(s): The improvement au-
thorized and the purpose for the fi-
nancing of which the bonds are to
be issued is the construction of a
performing arts center at the corner
% RI411
fI CH[RILYPi H. t,LSi09t
�.�n,rnis 5 j n 'u'' � SOi�IG
of Cooke and Washington Avenues
in the Borough, including all work
and materials necessary therefor
and incidental thereto and includ-
ing all related costs and expendi-
tures necessary therefor and inci-
dental thereto.
Appropriation: $3,250,000
Bonds /Notes Authorized: $3,095,238
Grants (if any) Appropriated: N/A
Section 20 Costs: $700,000
Useful Life: 20 years
Kathleen M. Barney, Clerk
This Notice is published pursuant to
N J.S.A. 40A:2 -17.
2/25/19 $88.35
ADVANCE
media
State of New Jersey,) ss
County of Middlesex)
Corey Prisco being duly s
with general circulation in
Passaic, Somerset, Suss
newspaper, was printed e
Star Ledger 031141 1i
Principal Clerk of the
Star Ledger
LEGAL AFFIDAVIT
AD #:0009068147 Total $170.60
s that he /she is principal clerk of NJ Advance Media; that Star Ledger is a public newspaper,
ngton, Cape May, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean,
I Warren Counties, and this notice is an accurate and true copy of this notice as printed in said
in the regular edition and issue of said newspaper on the following date(s):
Sworn to and subscribed before me this 14th day of March 2019
Notary Public
ORDINANCE #19 -3
BOND ORDINANCE STATEMENT AND
SUMMARY
The bond 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
March 7, 2019 and the 20 day period
of limitation within which a suit, ac-
tion or proceeding questioning the
validity of such bond 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
bond ordinance are available at no
cost and during regular business
hours, at the Clerk's office for mem-
bers of the general public who re-
quest the same. The summary of
the terms of such bond ordinance
follows:
Title: BOND ORDINANCE PROVIDING
FOR CONSTRUCTION OF A PER-
FORMING ARTS CENTER IN AND BY
THE BOROUGH OF CARTERET, IN
THE COUNTY OF MIDDLESEX, NEW
JERSEY, APPROPRIATING $3,250,OOC
THEREFOR AND AUTHORIZING THE
ISSUANCE OF $3,095,238 BONDS OR
NOTES OF THE BOROUGH TO FI-
NANCE PART OF THE COST THEREOF
Purpose(s): The improvement au-
thorized and the purpose for the fi-
nancing of which the bonds are to
be issued is the construction of a
performing arts center at the corner
of Cooke and Washington Avenues
in the Borough, including all work
Darian N Alexander
Notary Public
New Jersey
My Commission Expires November 13, 2022
No.50071877
and materials necessary therefor
and incidental thereto and includ-
ing all related costs and expendi-
tures necessary therefor and inci-
dental thereto.
Appropriation: $3,250,000
Bonds /Notes Authorized: $3,095,238
Grants (if any) Appropriated: N/A
Section 20 Costs: $700,000
Useful Life: 20 years
Kathleen M. Barney, Clerk
3/14/19 $80.60