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HomeMy Public PortalAboutOrd. 19-15AN wrbinanrt No. 19-15 of tht 19rrrvug4 of Ca rteret, 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 2019 OF THE MIDDLESEX COUNTY IMPROVEMENT AUTHORITY WHEREAS, the Middlesex County Improvement Authority (the "Authority") is authorized to issue its bonds pursuant to the provisions of the County Improvement Authorities Law, chapter 183 of the Laws of New Jersey of 1960, as amended and supplemented (N.J.S.A. 40:37A -44 et seq.) (the "County Improvement Authorities Law "), and other applicable provisions of law; and WHEREAS, the Authority has determined to issue its revenue bonds for the purpose of financing the lease of certain items of capital equipment to various municipalities located in the County of Middlesex, State of New Jersey (the "County") including the County and the Authority (the "2019 Program "); and WHEREAS, the Borough of Carteret, in the County of Middlesex, State of New Jersey (the "Municipality") has determined to participate in the 2019 Program and to lease various items of capital equipment (the "Equipment ") from the Authority for use by various departments within the Municipality; and WHEREAS, there has been prepared and submitted to the Municipality the form of the Lease and Agreement (the "Lease "), to be entered into by and between the Authority and the Municipality, which Lease has been approved by the Authority and which is attached hereto as Exhibit A, providing for the acquisition and leasing of certain Equipment from the Authority, which Equipment is described in Exhibit B attached hereto and incorporated by reference herein. All terms used herein and not otherwise defined shall have the same meanings ascribed to such terms under the Lease. NOW THEREFORE, BE IT ORDAINED AND ENACTED BY THE GOVERNING BODY OF THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, STATE OF NEW JERSEY (not less than two- thirds of all members thereof affirmatively concurring) AS FOLLOWS: Section 1. Pursuant to section 78 of the County Improvement Authorities Law, N.J.S.A. 40:37A -44 et �gq., the Municipality is hereby authorized and directed to enter into and implement the provisions of the Lease, which Lease provides for the leasing by the Municipality of certain Equipment acquired with the proceeds of County- Guaranteed Capital Equipment and Improvement Revenue Bonds, Series 2019 (the 'Bonds ") to be issued by the Authority under a resolution of the Authority to be adopted by the Authority entitled, "Resolution of the Middlesex County Improvement Authority Authorizing the Issuance of County- Guaranteed Capital Equipment and Improvement Revenue Bonds" (the "General Bond Resolution "). The Lease, in the form submitted herewith in Exhibit A (a copy of which is on file in the office of the Clerk of the Municipality), is hereby approved with such changes, amendments or modifications as may be approved by counsel or bond counsel to the Municipality and bond counsel to the Authority and the County. Section 2. The full faith and credit of the Municipality are hereby pledged to the punctual payment of the obligations set forth in the Lease authorized by this ordinance, including without limitation, (i) all Basic Rent and other Rent obligations of the NO. 19-15 PAGE 2 Municipality under the Lease, 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 under the Lease without limitation as to rate or amount. Section 3. The Mayor or other duly Authorized Municipal Representative (as defined in the Lease) is hereby authorized and directed to execute the Lease on behalf of the Municipality in the form as attached hereto in Exhibit A and the Clerk of the Municipality is hereby authorized and directed to attest to such signature and affix the seal of the Municipality thereto and the Lease is authorized to be delivered to the Authority. All representatives, officials and employees of the Municipality are hereby authorized and directed to enforce and to implement provisions of the Lease. Section 4. The following additional matters are hereby determined, declared, recited and stated: (1) The maximum Lease Payment Obligation for which the Municipality shall be obligated hereunder, which, inter alia, will be used for the payment of principal of and interest on the Bonds of the Authority shall not exceed the sum necessary to (a) acquire the Municipality's Equipment described in Exhibit B attached hereto which will be subject to the Lease, (b) pay principal of and interest on the Bonds allocated to the Municipality and used to acquire the Municipality's Equipment, and (c) pay the Municipality's share of the costs of issuance, Authority Administrative Expenses, Additional Rent, County Guarantee Costs and all other amounts required to be paid by the Municipality under the Lease. (2) The Bonds shall mature within the useful life set opposite the respective purposes or improvements set forth in Exhibit B . (3) The Lease Payment Obligation authorized herein shall remain effective until the Municipality's share of the Bonds shall have been paid in full in accordance with their terms and/or when all obligations of the Municipality under the Lease have been satisfied, notwithstanding the occurrence of any other event, including, but not limited to, the termination of the Lease with respect to some or all of the Equipment leased thereunder. (4) The Equipment described in Exhibit B are hereby approved to be leased from the Authority in accordance with the terms of the Lease, with such changes, amendments or modifications as may be approved by counsel or bond counsel to the Authority. Section 5. To the extent the Municipality is an "Obligated Person" (as defined under the Rule (as hereinafter defined)), the Municipality hereby agrees to comply with the requirements of Rule 15c2 -12 (the "Rule ") promulgated by the Securities and Exchange Commission pursuant to 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 the Lease. The Mayor, Clerk, Chief Financial Officer or other Authorized Municipal Representative are each hereby authorized and directed to execute and deliver a Continuing Disclosure Agreement, approve and "deem final" the Official Statement of the Authority and the preliminary form thereof to the extent the information contained therein relates to the Municipality, and to execute and deliver all certificates, documents and agreements to the Authority in connection therewith, and to file budgetary, financial and operating data of the Municipality on an annual basis and notices of certain enumerated events as required to comply with, and in accordance with, the provisions of the Rule. Section 6. The Mayor, Clerk, Chief Financial Officer or Authorized Municipal Representative are each hereby authorized and directed to execute and deliver any and all NO. 19-15 PAGE 3 certificates, documents and instruments and to do and cause to be done any and all acts and things necessary or proper for carrying out the execution and delivery of the Lease, the leasing of the 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, phrase, sentence, paragraph or provision of this ordinance shall be declared invalid, illegal or unconstitutional, the remaining provisions shall continue to be in full force and effect. Section 9. This ordinance shall take effect twenty (20) days after final adoption and publication hereof in accordance with applicable law. ADOPTED ON FIRST READING DATED: - _IjM 90 , 2019 Kathleen M. Barney, Clerk of the Borough of Carteret ADOPTED ON SECOND READING DATED: _ . J� 11 , 2019 Kathleen M. Barney, Clerk of the Borough of Carteret DO NOT U SE SPACE BELOW THIS LINE RECORD OF COUNCIL VOTE COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NV A.B. B ELLM X JCRAL X DIAZ KF M X DIIIMCIO X NAPLES X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto Adopted on first reading of the Counci of the Borough of Carteret, N.7., on Adopted on second re to • ing n h/ 11, 2019 JUDE! 20. 2019 APPRO ED BY ON M R / i MUNICIPAL CL RK Exhibit B Middlesex County Improvement Authority 2019 Capital Equipment and Improvement Financing Program Project List Carteret Borough Project Est. Cost Useful Life LOAN None Subtotal LEASE Performing Arts Center Furniture and Fixtures Performing Arts Center Furniture and Fixtures Subtotal 0.00 5 Years $0.00 $1,185,579.00 5 Years $814,421.00 10 Years $2,000,000.00 Loan Total: $0.00 Lease Total: $2,000,000.00 Carteret Borough Total Projects: $2,000,000.00 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 27, 2019 a t Kathleen M. Barney, MMC1� Municipal Clerk ORDINANCE #19 -15 BOROUGH OFCARTERET PUBLIC NOTICE Sworn and subscribed before me this day of .7 k1 NOTICE OF PENDING LEASE 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 was body of the Borough of Carteret, in the County of Middlesex State of New Jersey, on June 20, 2019. It will be further considered for final passage, after public hearing thereon, at a meeting of the governing body to be held at the Municipal Building, in the County of Middlesex, on July 11, 2019 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 2019 OF THE MIDDLESEX COUNTY IMPROVEMENT AUTHORITY Purpose(s): Lease certain Equipment (described in Exhibit B to the Lease Ordinance) from, and approve the entering into of a lease agreement with, the Middlesex County Improvement Authority Appropriation: Amount sufficient to amortize the lease payment obligations Bonds/Notes Authorized: None Grants (if any) Appropriated: None Section 20 Costs: Costs of issuance to be allocated pro rata Useful Life: The Bonds shall mature within the useful life set opposite the respective purposes or improvements set forth in the attached Exhibit B. Kathleen M. Barney, Clerk of the Borough of Carteret Middlesex County Improvement Authority 2019 Capital Equipment and Improvement Financing Program Project List Carteret Borough Project Est. Cost . Useful Life LOAN None $0.00 5 Years Subtotal $0.00 LEASE Performing Arts Center Furniture and Fixtures $1,185,579.00 5 Years Performing Arts Center Furniture and Fixtures $814 ,421.00 10 Years Subtotal $2,000,000.00 Loan Total: $0.00 awca Tnt.1 1 2_ non _000. 00 CARMELA POGOR7_ELSKi NOTARY FUBLC OF NEW Jr: ISEY My cmr.6 on Eow 912712022 AFFIDAVIT OF PUBLICATION Publisher's Fee $66.00 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: 06/27/19 A.D 2019 j%JI I N l E C, ��t, �ssro C111 Ff -o Nov, y —° 1 9 g >: y 2019 c� STATE 0 � /111111/ Ad Number: 0003645351 Ad Number: 0003645351 Run Dates: 06/27/19 ORDINANCE #19 -15 BOROUGH OF CARTERET PUBLIC NOTICE NOTICE OF PENDING LEASE 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 20, 2019. It will be further considered for final passage, after public hearing thereon, at a meeting of the governing body to be held at the Municipal Building, in the County of Middlesex, on July 11, 2019 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 CARTERETIN THE COUNTY OF MIDDLESEX, STATEOF NEW JERSEYAPPROVING AND AUTHORIZING THE ENTERINGINTO, EXECUTIONAND DELIVERYOF A LEASE AND AGREEMENT WITH THE MIDDLESEX COUNTY IMPROVEMENT AUTHORITY RELATING TO THE ISSUANCE OF COUNTY - GUARANTEED CAPITAL EQUIPMENT AND IMPROVEMENT REVENUE BONDS, SERIES 2019 OF THE MIDDLESEX COUNTY IMPROVEMENT AUTHORITY Purpose(s): Lease certain Equipment (described in Exhibit B to the Lease Ordinance) from, and approve the entering into of a lease agreement with, the Middlesex County Improvement Authority Appropriation: Amount sufficient to amortize the lease payment obligations Bonds /Notes Authorized: None Grants (if any) Appropriated: None Section 20 Costs: Costs of issuance to be allocated pro rata Useful Life: The Bonds shall mature within the useful life set opposite the respective purposes or improvements set forth in the attached Exhibit B. Kathleen M. Barney, Clerk of the Borough of Carteret Middlesex County Improvement Authority 2019 Capital Equipment and Improvement Financing Program Project List Carteret Borough Project Est. Cost Useful Life LOAN None $0.00 5 Years Subtotal LEASE Performing Arts Center Furniture and Fixtures $1,185,579.00 5 Years Performing Arts Center Furniture and Fixtures $814,421.00 10 Years Subtotal $2,000,000.00 Loan Total: $0.00 Lease Total: $2,000,000.00 Carteret Borough Total Projects: $2,000,000.00 ($66.00) 3645351 -01 AFFIDAVIT OF PUBLICATION Publisher's Fee $60.72 Affidavit $35.00 STATE OF NEW JERSEY 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: 07/23/19 AD 2019 Notary Public. tate of Wisconsin, County of - Brown 3 .011 /a a-- My commission expires I K /OFti��''% i �pTAR y _ alp. •.40 _ A,' ;co ......... O \ F I 1I l 1 �G�\\\\\\. Ad Number: 0003692895 Run Dates: 07/23/19 ORDINANCE 419 -15 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 body of the Bor- ough of Carteret, in the County of Middlesex, State of New Jersey on July 11, 2019 and the twenty (20) day period of limitation within which a suit, action or proceeding questioning the validity of such ordinance can be commenced, as provided in the Local Bond Law, has begun to run from the date of the first publication of this state- ment. Copies of the full ordinance are available at no cost and dur- ing regular business hours, at the Clerk's office for members of the general public who 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 JERSEYAPPROVING AND AUTHORIZING THE ENTERINGINTO, EXECUTIONAND DELIVERYOF A LEASE AND AGREEMENT WITH THE MIDDLESEX COUNTY IM- PROVEMENTAUTHORITY RELATINGTO THE ISSUANCEOF COUNTY - GUARANTEED CAPITAL EQUIPMENT AND IMPROVEMENT REVENUE BONDS, SERIES2019 OF THE MIDDLESEX COUNTY IMPROVEMENT AUTHORITY Purpose(s): Lease certain Equipment (described in Exhibit B to the Lease Ordinance) from, and approve the entering into of a lease agreement with, the Middlesex County Improvement Authority Appropriation: Amount sufficient to amortize the lease payment obligations Bonds /Notes Authorized: None Grants (if any) Appropriated: None Section 20 Costs: Costs of issuance to be allocated pro rata Useful Life: The Bonds shall mature within the useful life set oppo- site the respective purposes or improvements set forth in the at- tached Exhibit B. Kathleen M. Barney, Clerk of the Borough of Carteret Middlesex County Improvement Authority 2019 Capital Equipment and Improvement Financing Program Project List Carteret Borough Project Est. Cost Useful Life LOAN None $0.00 5 Years Subtotal $0.00 LEASE Performing Arts Center Furniture and Fixtures $1,185,579.00 5 Years Performing Arts Center Furniture and Fixtures $814,421.00 10 Years Subtotal $2,000,000.00 Loan Total: $0.00 Lease Total: $2,000,000.00 Carteret Borough Total Projects $2,000,000.00 ($60.72) 03692895 -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: July 23, 2019 Y� � �_, Kathleen M. Barney, MMC Municipal Clerk Sworn and subscribed 4efore me this t day of J L'I ! v g POGO M ivo �' O y F � NEV p � � L�j, ORDINANCE #19 -15 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 body of the Bor- ough of Carteret, in the County of Middlesex w Jersey , State of Ne on July 17, 2079 and the twenty (20) day period of limitation withisucn which a suit, action or proceeding questioning the validity of h ordinance can be commenced, as provided in the Local Bond Law, me% begun opies of the full ordinance o ordin nte the re available at no cost and dur- ing regular business hours, at the Clerk's office for members of the general public who 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 D A LEASE AND AGREEMENT WITH THE MIDDLESEX COUNTY IM- PROVEMENT AUTHORITY RELATING TO THE ISSUANCE OF COUNTY - GUARANTEED CAPITAL EQUIPMENT AND IMPROVEMENT REVENUE BONDS, SERIES 2019 OF THE MIDDLESEX COUNTY IMPROVEMENT AUTHORITY Purpose(s): Lease certain Equipment (described in Exhibit B to the Lease Ordinance) from, and approve the entering into of a lease agreement with, the Middlesex County Improvement Authority Appropriation: Amount sufficient to amortize the lease obligations payment Bonds /Notes Authorized: None Grants (if any) Appropriated: None Section 20 Costs: Costs of issuance to be allocated pro rata Useful Life: The Bonds shall mature within the useful life set oppo- site the respective purposes or improvements set forth in the at- tached Exhibit B. Kathleen M. Barney, Clerk of the Borough of Carteret Middlesex County Improvement Authority 2019 Capital Equipment and Improvement Financing Program Project List Carteret Borough Project Est. Cost Useful Life LOAN None $0.00 Subtotal $0.00 5 Years LEASE Performing Arts Center Furniture and Fixtures $1,185,579.00 Performing Arts Center Furniture 5 Years and Fixtures $814,421.00 10 Years Subtotal $2,000,000.00 Loan Total: $0.00 Lease Total: $2,000,000.00 Carteret Borough Total Projects $2,000,000.00 ($60.72)