HomeMy Public PortalAboutOrd. 19-06(9xbtnanlrt
No. 19-6 of thP
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Councilman Presents the following Ordinance Seconded by Councilman
II 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 $3,050,000
THEREFOR AND AUTHORIZING THE ISSUANCE
OF $2,904,760 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 JOersey (the "Borough ") as a general
improvement. For the improvement or purpose described in Section 3(a), there
is hereby appropriated the sum of $3,050,000, including the sum of $145,240 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 $2,904,760 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
NO. 19-6
PAGE 2
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.
(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,
together with the $3,095,238 in bonds and bond anticipation notes authorized to
be issued pursuant to Bond Ordinance #19 -3, finally adopted on March 7, 2019.
(c) The estimated cost of the improvement or purpose is equal to the
amount of the appropriation herein made therefor, together with $3,250,000
appropriated by Bond Ordinance #19 -3, finally adopted on March 7, 2019.
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
NO. 19-6 PAGE 3
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.
(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 $2,904,760, and the
obligations authorized herein will be within all debt limitations prescribed by the
Local Bond Law.
NO. 19-6 PAGE 4
(d) An aggregate amount not exceeding $650,000 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 Redevelopment Agreement dated as of February 27, 2019 by and
between the Borough and 700 Federal Boulevard Urban Renewal 2016 LLC and
(iii) payments received by the Borough pursuant to a Redevelopment Agreement
dated as of February 27, 2019 by and between the Borough and 120
Raskulinecz Road Urban Renewal LLC, 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 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
NO. 19-6
PAGE 5
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
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COUNCILMAN
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X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto
Adopted on first reading of the Co cil of the Borough of Carteret, N.J., on
Adopted on second reading aft aring on �HaLTh 21, 291-
M%:c11 7, 2019
7 APPRD BY �\ MAYOR
ON
MU ICIPAL CLE
% ' — //
Star Ledger
ADVANCE
media LEGAL AFFIDAVIT
AD #:0009068184 Total $178.35
State of New Jersey,) ss
County of Middlesex)
Corey Prisco being duly sworn, po es that he /she is principal clerk of NJ Advance Media; that Star Ledger is a public newspaper,
with general circulation in Atlan c, Bu ington, Cape May, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean,
Passaic, Somerset, Sus U ionyan Warren Counties, and this notice is an accurate and true copy of this notice as printed in said
newspaper, was print d and , p bl' he in the regular edition and issue of said newspaper on the following date(s):
Star Ledger 03/14/ 19
Principal Clerk of
Sworn to and subscribed before' me this 14th day of March 2019
Notary Public
ORDINANCE #19 -6
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 March 7,
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 21, 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 $3,050,OOC
THEREFOR AND AUTHORIZING THE
ISSUANCE OF $2,904,760 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
Darian N Alexander
Notary Public
New Jersey
Vy Cornmission Expires November 13, 2022
No.50071877
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: $3,050,000
Bonds /Notes Authorized: $2,904,760
Grants (if any) Appropriated: N/A
Section 20 Costs: $650,000
Useful Life: 20 years
Kathleen M. Barney, Clerk
This Notice is published pursuant to
N J.S.A. 40A:2 -17.
3/14/19 $88.35
Star Ledger
ADVANCE �lfJ,�
media 2019 LEGAL AFFIDAVIT
In AD #:0009085755 Total $170.60
State of New Jersey,) ss \zt 01G
County of Middlesex) ��.•
Gabrielle Sennon being duly swom, 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, was printed and published in the regular edition and issue of said newspaper on the following date(s):
Star Ledger 03127/2019
Principal Clerk of the Publisher
Sworn to and subscribed before me this 27th day of March 2019
k - N �\ Lj:
Notary Public
ORDINANCE #19 -6
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 21, 2019 and the 20 day peri-
od of limitation within which a suit,
action 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 publi-
cation of this statement. Copies of
the full bond ordinance are availa-
ble 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 bond ordi-
nance 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 $3,050,OOC
THEREFOR AND AUTHORIZING THE
ISSUANCE OF $2,904,760 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
M Commission Expires November 13.
No, 50071877
dna mdiendis necessdry urereror
and incidental thereto and includ-
ing all related costs and expendi-
tures necessary therefor and inci-
dental thereto.
Appropriation: $3,050,000
Bonds /Notes Authorized: $2,904,760
Grants (if any) Appropriated: N/A
Section 20 Costs: $650,000
Useful Life: 20 years
Kathleen M. Barney, Clerk
3/27/19 $80.60
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 27, 2019
Kathleen M. Barney, MMC V
ORDINANCE #19 -6
Municipal Clerk 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 21, 2019 and the 20 day peri-
od of limitation within which a suit,
action 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 publi-
cation of this statement. Copies of
the full bond ordinance are availa-
Sworn and subscribed before
ble at no cost and during regular
����
me this 121- day of ,Y l
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 bond ordi-
nance 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 $3,050,OOC
THEREFOR AND AUTHORIZING THE
ISSUANCE OF $2,904,760 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: $3,050,000
Bonds /Notes Authorized: $2,904,760
Grants (if any) Appropriated: N/A
Section 20 Costs: $650,000
Useful Life: 20 years
CARMELA POGORZELSKI
NOTARY PUBLIC OF NEW JERSEY
My Commission Expires 9/27/2022