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