HomeMy Public PortalAboutOrd. 19-17No. 1947 of th
3oro* of C arterd, � 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 $3,300,000 THEREFOR
AND AUTHORIZING THE ISSUANCE OF $3,135,000
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 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 $3,300,000, including the sum of $165,000 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 $3,135,000 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.
r
NO. __ 19-17
PAGE Z
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.
(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.
NO. 19-17
PAGE 3
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 $3,135,000, 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.
NO. 19-17 PAGE 4
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 in connection with the
redevelopment of the area including Block 6411, Lots 8 - 11 on the Borough's tax
map and (iii) payments received by the Borough in connection with the
redevelopment of the area including Block 6502, Lots 1 -15 on the Borough's tax
map, 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 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
NO. 19-17
PAGE 5
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.
BFUUaD
X
,aic
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Drat
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KRIM
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DDASM
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X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto
Adopted on first reading of the Counc' oft Borough of Carteret, N.J., on July 18, 2019
Adopted on second tng a h ing on t 1, 2019
APPROVED RY
ON
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MUNICI A CLERK
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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:
July 24, 2019
L L1
Noiary Pub'f icc-&f ersey
CAPJdtEIA POGORZELSKI
NOTARY PURR Of NEW JERSEY
my CWd6lb DO" 9wrm
LIL
Kathleen M. Barney, MMC
Municipal Clerk
Sworn and subscribed fore
me this =��day of b I,-,t ,
ORDINANCE #19 -17
NOTICE OF PENDING
BOND 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 July 18,
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 August 1, 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 $3,300,OOC
THEREFOR AND AUTHORIZING THE
ISSUANCE OF $3,135,000 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: $3,300,000
Bonds /Notes Authorized: $3,135,000
Grants (if any) Appropriated: N/A
Section 20 Costs: $700,000
Useful Life: 20 years
Kathleen M. Barney, Clerk
This Nntire is naihlisharl nurcnant
<z ` tPCn
ADVA F
M la
Star Ledger
LEGAL AFFIDAVIT
AD #:0009255895 Total $178.35
late of New Jersey,) ss
junty of Middlesex)
Julia Gaffey being duly sworn, 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 07/24/2019
Principal Cle he u lishe
UHUINANLt iF I V- I /
NOTICE OF PENDING
BOND 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-
•ning body of the Borough of
_arteret, in the County of Middlesex,
State of New Jersey, on July 18,
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 August 1, 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 $3,300,OOC
THEREFOR AND AUTHORIZING THE
ISSUANCE OF $3,135,000 BONDS OR
'OTES OF THE BOROUGH TO FI-
aANCE 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
My Commission Expires November 13, 2022
No.50071877
r .........ng 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: $3,300,000
Bonds /Notes Authorized: $3,135,000
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.
7/24/2019 $88.35
Sworn to and subscribed before me this 26th day of July 2019
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:
August 7, 2019
l.-C
f n ,
Kathleen M. Barney, MMC
Municipal Clerk
ORDINANCE #19 -17
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
August 1, 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 PROVID-
ING FOR CONSTRUCTION OF A PER-
FORMING ARTS CENTER IN AND BY
THE BOROUGH OF CARTERET, IN
THE COUNTY OF MIDDLESEX, NEW
JERSEY, APPROPRIATING $3,300,OOC
THEREFOR AND AUTHORIZING THE
ISSUANCE OF $3,135,000 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: $3,300,000
Bonds /Notes Authorized: $3,135,000
Grants (if any) Appropriated: N/A
Section 20 Costs: $700,000
Useful Life: 20 years
Kathleen M. Barney, Clerk
8/7/2019 $80.60
Sworn and subscribed before
me this day of
CARMELA POGORZELSKI
NOTARY PLUM OF NEW JERSEY
IViy COmrnln Expdees7