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Home My Public Portal AboutOrd. 19-07wrbtltalice No. 19-7 of tht orlaugh Ulf Carteret, Councilman Presents the following Ordinance Seconded by Councilman ORDINANCE PROVIDING FOR VARIOUS SEWER IMPROVEMENTS IN AND BY THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $4,800,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $4,800,000 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 $4,800,000. Pursuant to N.J.S.A. 40A:2- 11(c), no down payment is provided for the cost of the improvement since the project described in Section 3(a) hereof is being funded by the New Jersey Infrastructure Bank. 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 $4,800,000 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. Section 3. (a) The improvement hereby authorized and the purpose for the financing of which the bonds are to be issued is various sewer improvements, including but not limited to, repairs and replacing equipment at various pump stations, including but not limited to the Roosevelt Avenue Pump Station and further including all work and materials necessary therefor and incidental thereto. NO. 19-7 PAGE 2 (b) The estimated maximum amount of bonds or bond anticipation notes to be 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 appropriation herein made therefor. Section 4. All bond anticipation notes issued hereunder shall mature at such as may be determined by the chief financial officer; provided that no bond anticipation no shall mature later than one year from its date, unless such bond anticipation notes ai permitted to mature at such later date in accordance with applicable law. The bor anticipation notes shall bear interest at such rate or rates and be in such form as may t determined by the chief financial officer. The chief financial officer shall determine all matte in connection with bond anticipation notes issued pursuant to this ordinance, and the chi financial officer's signature upon the bond anticipation notes shall be conclusive evidence as 1 all such determinations. All bond anticipation notes issued hereunder may be renewed froi time to time subject to the provisions of the Local Bond Law or other applicable law. The chic financial officer is hereby authorized to sell part or all of the bond anticipation notes from tirr to time at public or private sale and to deliver them to the purchasers thereof upon receipt < payment of the purchase price plus accrued interest from their dates to the date of deliver thereof. The chief financial officer is directed to report in writing to the governing body at th meeting next succeeding the date when any sale or delivery of the bond anticipation note pursuant to this ordinance is made. Such report must include the amount, the description, th interest rate and the maturity schedule of the bond anticipation notes sold, the price obtaine and the name of the purchaser. Section 5. The Borough hereby certifies that it has adopted a capital budget or temporary capital budget, as applicable. The capital or temporary capital budget of the Boroug is hereby amended to conform with the provisions of this ordinance to the extent of an inconsistency herewith. To the extent that the purposes authorized herein are inconsister with the adopted capital or temporary capital budget, a revised capital or temporary capiti budget has been filed with the Division of Local Government Services. 4814 -0070 -4658, v. 1 NO. 19-7 PAGE 3 Section 6. The following additional matters are hereby determined, decla recited and stated: (a) The improvement or purpose described in Section 3(a) of this ordinance is not current expense. It is an improvement or purpose that the Borough may lawfully undertake a general improvement, and no part of the cost thereof has been or shall be specially assesse on property specially benefitted thereby. (b) The period of usefulness of the improvement or purpose within the limitations c the Local Bond Law, according to the reasonable life thereof computed from the date of th bonds authorized by this ordinance, is 40 years. (c) The Supplemental Debt Statement required by the Local Bond Law has been prepared and filed in the office of the Clerk, and a complete executed duplicate thereof hz been filed in the office of the Director of the Division of Local Government Services in th Department of Community Affairs of the State of New Jersey. Such statement shows that th gross debt of the Borough as defined in the Local Bond Law is increased by the authorization c the bonds and notes provided in this ordinance by $4,800,000, and the obligations authorize herein will be within all debt limitations prescribed by the Local Bond Law. (d) An aggregate amount not exceeding $600,000 for items of expense listed in an permitted under N.J.S.A. 40A:2 -20 is included in the estimated cost indicated herein for th purpose or improvement. Section 7. The Borough hereby declares the intent of the Borough to issue bonds bond anticipation notes in the amount authorized in Section 2 of this ordinance and to use th, proceeds to pay or reimburse expenditures for the costs of the purposes described in Sectioi 3(a) of this ordinance. This Section 7 is a declaration of intent within the meaning and fo purposes of the Treasury Regulations. Section 8. Any grant moneys received for the purpose described in Section hereof shall be applied either to direct payment of the cost of the improvement or to payn of the obligations issued pursuant to this ordinance. The amount of obligations authorized not issued hereunder shall be reduced to the extent that such funds are so used. 4814 - 0070 -4658, v. 1 NO. 19-7 PAGE 4 Section 9. The chief financial officer of the Borough is hereby authorized to pr and to update from time to time as necessary a financial disclosure document to be distribute[ in connection with the sale of obligations of the Borough and to execute such disclosur( document on behalf of the Borough. The chief financial officer is further authorized to ente into the appropriate undertaking to provide secondary market disclosure on behalf of th( Borough pursuant to Rule 15c2 -12 of the Securities and Exchange Commission (the 'Rule ") foi the benefit of holders and beneficial owners of obligations of the Borough and to amend sucl 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 recognizec bond counsel, consistent with the requirements of the Rule. In the event that the Borough fair to comply with its undertaking, the Borough shall not be liable for any monetary damages, anc 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 thi ordinance. The obligations shall be direct, unlimited obligations of the Borough, and th Borough shall be obligated to levy ad valorem taxes upon all the taxable real property withii the Borough for the payment of the obligations and the interest thereon without limitation c rate or amount. Section 11. This ordinance shall take effect 20 days after the first publication th 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. Bu za>u X JCEIAL X DIAZ X KR IM X Drnk9aO X NAFLES X X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto Adopted on first reading 4he t Borough of Carteret, N.]., on April 4, 2019 Adopted on second readin 2. 2019 APPROV D M OR ON dR1d-n F; i MCIPAL 01RI fib ADVANCE media State of New Jersey,) ss County of Middlesex) Corey Prisco being duly sworn, with general circulation in Atla ic, Passaic, Somerset, Spssex nigi newspaper, wasp ted Star Ledger 0411,8/2019 Principal Clerk Star Ledger LEGAL AFFIDAVIT AD#: 0009 117212 Total $169.05 that he/she is principal clerk of NJ Advance Media; that Star Ledger is a public newspaper, ington, Cape May, Essex, Hudson, Hunterdon, Mercer, Middlesex, Monmouth, Morris, Ocean, d 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 19th day of April 2019 Notary Public ORDINANCE #19 -7 NOTICE OF PENDING ORDINANCE 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 April 4, 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 May 2, 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: ORDINANCE PROVIDING FOR VARIOUS SEWER IMPROVEMENTS IN AND BY THE BOROUGH OF CARTERET, IN THE COUNTY OF MID- DLESEX, NEW JERSEY, APPROPRIAT- ING $4,800,000 THEREFOR AND AU- THORIZING THE ISSUANCE OF $4,800,000 BONDS OR NOTES OF THE BOROUGH TO FINANCE PART OF THE COST THEREOF Purpose(s): Various sewer improve- ments, including but not limited to, repairs and replacing equipment at various pump stations, including but not limited to the Roosevelt Darian N Alexander Notary Public New Jersey 'My (commission Expires November 13, 2022 No.50071877 Avenue Pump Station Appropriation: $4,800,000 Bonds /Notes Authorized: $4,800,000 Grants (if any) Appropriated: N/A Section 20 Costs: $600,000 Useful Life: 40 years Kathleen M. Barney, Clerk This Notice is published pursuant to N J.S.A. 40A:2 -17. 4/18/19 $79.05 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: May 8, 2019 �,s, GCLLt- GC' -Cil � i � Kathleen M. Barney, MM Municipal Clerk Sworn and subscribed before me this day of Z&A I ORDINANCE #19 -7 ORDINANCE STATEMENT AND SUM- MARY 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, StaWk of New Jersey on May 2, 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 j 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: ORDINANCE PROVIDING FOR VARIOUS SEWER IMPROVEMENTS IN AND BY THE BOROUGH OF CARTERET, IN THE COUNTY OF MID- DLESEX, NEW JERSEY, APPROPRIAT ING $4,800,000 THEREFOR AND AU- THORIZING THE ISSUANCE OF $4,800,000 BONDS OR NOTES OF THE BOROUGH TO FINANCE PART' OF THE COST THEREOF Purpose(s): Various sewer improve- ments, including but not limited to, repairs and replacing equipment at various pump stations, including but not limited to the Roosevelt Avenue Pump Station Appropriation: $4,800,000 Bonds /Notes Authorized: $4,800,000 Grants (if any) Appropriated: N/A Section 20 Costs: $600,000 Useful Life: 40 years Kathleen M. Barney, Clerk 5/8/19 $71.30 Im ADVANCE media Star Ledger LEGAL AFFIDAVIT AD #:0009149598 Total $161.30 State of New Jersey,) ss County of Middlesex) Cherilyn Alston 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 0510812019 c� Principal Clerk of the Publisher Sworn to and subscribed before me this 14th day of May 2019 Notary Public ORDINANCE #19 -7 ORDINANCE STATEMENT AND SUM- MARY 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 May 2, 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: ORDINANCE PROVIDING FOR VARIOUS SEWER IMPROVEMENTS IN AND BY THE BOROUGH OF CARTERET, IN THE COUNTY OF MID- DLESEX, NEW JERSEY, APPROPRIAT- ING $4,800,000 THEREFOR AND AU- THORIZING THE ISSUANCE OF $4,800,000 BONDS OR NOTES OF THE BOROUGH TO FINANCE PART OF THE COST THEREOF Purpose(s): Various sewer improve- ments, including but not limited to, repairs and replacing equipment at various pump stations, including but not limited to the Roosevelt Avenue Pump Station Appropriation: $4,800,000 Darian N Alexander Notary Public New Jersey NAy Commission Expires November 13, 2022 No.50071877 Bonds /Notes Authorized: $4,800,000 Grants (if any) Appropriated: N/A Section 20 Costs: $600,000 Useful Life: 40 years Kathleen M. Barney, Clerk 5/8/19 $71.30