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HomeMy Public PortalAboutOrd. 20-02OrbinanIM No. 120-2 �µy �`y/' '�y1�1yY t {� h,Q tn»fT� Councilman Presents the following Ordinance Seconded by Councilman ORDINANCE PROVIDING FOR VARIOUS CAPITAL IMPROVEMENTS IN AND BY THE BOROUGH OF CARTERET,IN THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $5,200,000 THEREFOR AND AUTHORIZING THE FINANCING OF $5,200,000 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 several improvements described in Section 3 of this ordinance are hereby respectively authorized to be undertaken by the Borough of Carteret, in the County of Middlesex, New Jersey (the 'Borough ") as general Improvements, For the several Improvements or purposes described in Section 3, there are hereby appropriated the respective sums of money therein stated as the appropriation. made for each improvement or purpose, such sums amounting in the aggregate to $5,200,000. Pursuant to N.J.S.A. 40A:2- 11(c), no down payment is provided for the costs of the improvements in Section 3, as the projects are being funded by New Jersey Department of Transportation State Grants (the "State Grants "). Section 2. In order to finance the cost of the several improvements or purposes not covered by application of the down payment and receipt of the State Grants, negotiable bonds are hereby authorized to be issued in the principal amount of $5,200,000 pursuant to the Local Bond Law. In anticipation of the issuance of the bonds, negotiable notes are hereby authorized to be issued, on an as needed basis, pursuant to and within the limitations prescribed by the Local Bond Law. Section 3. The several improvements hereby authorized and the several purposes for which the bonds are to be issued, the estimated cost of each improvement and the appropriation therefor, the estimated maximum amount of bonds or notes to be No. I #20 -2 PAG 2 issued for each improvement and the period of usefulness of each improvement are as to Purpose a) Providing for improvements to Carteret A enue extension project, l4luding all work and materials necessary therefor and incidental thereto. b)ilmprovements to the Industrial Highway & Middlesex Avenue project, including all work and materials necessary therefor and incidental thereto. c)i Improvements to the Carteret Pedestrian & Cyclist Waterfront Access improvement project, including all work and materials necessary therefor ' and incidental thereto. TOTAL I Appropriation & Estimated Cost $700,000 $4,000,000 $ 500.000 Estimated Maximum Period of Amount of Usefulness Bonds & Notes $700,000 10 years $4,000,000 $ 500.000 �1 er6 10 years 10 years Section 4. All notes Issued hereunder shall mature at such times as may be determined by the chief financial officer; provided that no such note shall mature later than i o1 a year from its date, unless such bond anticipation notes are permitted to mature at such later date in accordance with applicable law. The notes shall bear interest at such ra I �e or rates and be in such form as may be determined by the chief financial officer. The cljief financial officer shall determine all matters in connection with notes issued pursuant tol this ordinance, and the chief financial officer's signature upon the notes shall be conclusive evidence as to all such determinations. All notes issued hereunder may be renewed from time to time subject to the provisions of the Local Bond Law. The chief financial officer Is hereby authorized to sell part or all of the notes from time to time at pl bllc 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 notes pursuant to this ordinance is made. Such report must include the amount, the description, the interest 411- 1606 -0340, v. 2 NO. #20 -2 PAG 3 rate and the maturity schedule of the 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 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 improvements or purposes described in Section 3(a) of this ordinance are not current expenses. They are all improvements or purposes that the Borough may lawfully undertake as general improvements, and no part of the cost thereof has been or shall be specially assessed on property specially benefitted thereby. (b) The average period of usefulness, computed on the basis of the respective amounts of obligations authorized for each purpose and the reasonable life thereof within the limitations of the Local Bond Law, is 10 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 ordinance by $5,200,000, and the obligations authorized herein will be within all debt limitations prescribed by that Law. (d) An aggregate amount not exceeding $1,000,000 for items of expense listed in and permitted under U.S.A. 40A:2-20 is included in the estimated cost indicated herein for the purposes or improvements. Section 7. The Borough hereby declares the intent of the Borough to issue bonds or notes in the amount authorized In Section 2 of this ordinance and to use the proceeds to pay or reimburse expenditures for the costs of the purposes or improvements described in Section 3 of this ordinance. This Section 7 is a declaration of intent within the meaning and for purposes of Treasury Regulations. 4831 -1606 -0340, v. 2 NO. X20 -2 PAGE 4 Section 8. Any grant moneys received for the purpose described In Section 3(a) hereof, including the State Grant referenced in Section 1 hereof, shall be applied to either to direct payment of the cost of the improvement or to payment of the obligations Issued pursuant to this 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 authorized by this 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 ordinance shall take effect 20 days after the first publication thereof after final adoption, as provided by the Local Bond Law. RECORD OT COUNCIL VOTE COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NV A.B. BELLINO X JONAL X DIAZ X KRUM X DIMASCIO X •NAPLES X X- Indicate Vote AB- Absent NV -Not Voting XOR- Indicates Vote to Overrule Veto Adopted on first reading of the Council of the Borough of Carteret, N.7., on Adopted on second reading after hearing on March 5, 2020 .r February 6, 2020 APPROVED BY , 'MAYOR - MU N CIPA CLE K - 4831 - 1606 -0340, v. 2 l.i, 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: February 14, 2020 . unicipal Clerk Notary Public of New Jersey DANA C. ARCHEVAL NOTARY PUDLIC OF NEW JERSEY MY COMMISSIon Expires 1/1212022 ,Sworn and subscribed before -me this i 0i day of e r _&r ,?a � 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 16, 2020 Notary ublic of New Jersey Sworn and subscribed before me this 1 !ate day of I MARGARET M. �s l RU �O i NOTARY PUBLIC OE NEVI / jE2SF.Y My Commission Expires April 4, MOMo Annfonflation & $70( ------- _.._ reto, ants to the Carteret Pedestrian aterfront Access Improvement S 500,0 500 00 Ming . all work and materials refor and Incidental thereto. $5,200M SUM= $5,200,000 ruthorized: $5,200,000 ,riated: New Jersey Department of Transportation Grants Is: $1,000,000 years Carmela Pogo Acting Municipal l Perk