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Home My Public Portal AboutOrd. 20-03orbiltaltU No. #20 -3 of t4Q �Rorvug I of 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. 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 $500,000, including the sum of $25,000 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 $475,000 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 the construction of the Carteret Performing Arts Center and/or other capital Improvements, including land acquisitions associated with the acquisition of property for parking, and further including all work and materials necessary therefor and incidental thereto and all related costs and expenditures necessary therefor and Incidental thereto. NO. #20 -3 PAGE 2 (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 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. 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 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. 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 staled: (a) The improvement or purpose described in Section 3(a) of this 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. 4852 - 2107 -6660, v. 1 No. #20 -3 PAGE--!- (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 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 Slate 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 $475,000, and the obligations authorized herein will be within all debt limitations prescribed by the Local Bond Law. (d) An aggregate amount not exceeding $100,000 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 purpose or improvement. 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 Ordinance and to use the proceeds to pay or reimburse expenditures for the costs of the purposes described in Section 3(a) of this Ordinance. This Section 7 is a declaration of Intent within the meaning and for purposes of the Treasury Regulations. Section S. Any grant moneys received for the purpose described in Section 3(a) hereof shall be applied 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 16c2 -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 4862-2107-6660, v. 1 NO. '#20 -3 PAGE 4 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. DO NOT USE SPACE BELOW THIS LINE RECORD OT COUNCIL VOTE COUNCILMAN YES NO NV A.D. COUNCILMAN YES NO NV A.B. BELLING X JOI-IAL X DIAZ X KRUM X DIMASCIO X NAPLES X X - Indicate Vole AB- Absent NV -Not Voting XOR- Indicates Vote to Overrule Veto Adopted on first reading of the Council of the Borough of Carteret, N.I„ on February 6, 2020 Adopted on second reading after hearing on March 5 2020 ' APPROV BY -' . -� -� ON ° ffi F "L.�:?$, `b1A R 4852- 2107 -6660. v. 1 MUNICIPALCLF I I 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: February 14, 2020 Notary Public of New Jersey DANA C. ARCHEVAL NOTARY PUBLIC Of NEW JERSEY My Commission Expires 111212022 Sworn and subscribed before me this /�A day of j! o Acting Municipal Clerk 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 r Carmela Pogor<zelski Acting Municipal Clerk BOND ORDINANCE STATEMENT AND SUMMARY Notary ublic of New Jersey The bond ordinance, the summary terms of which are Included herein, has been finally adopted of Carteret, in the County of Middlesex, State of New Jersey on March 5, 2020 and the 20 day perk within which a suit, action or proceeding questioning the validity of such bond ordinance. can h as provided In the Local Bond Law, has begun to run from the date of the first publication of 1 Copies of the full bond ordinance are available at no cost and during regular business hours, at tr for members of the general public who request the same. The summary of the terms of such b follows: Title: BOND ORDINANCE PROVIDING FOR VARIOUS CAPITAL IMPROVEMENTS IN AND BY THE Sworn and subscribed before CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY me this l b - w -day of f` 4VO-e- o ,. .. and incidental thereto MARGARET M. RlJSSO Appropriation: $500,000 NOTARY PUBLIC OF NEW JERSEY My COITUrnission EXpiteSApril4, 2020 Bonds /Notes Authorized: $475,000 Grants Appropriated: N/A Section 20 Costs: $100,000 Useful Life: 20 years Carmela Pogc Publish: March 16,2020