HomeMy Public PortalAboutOrd. 20-15Orbs aurt
No. #20 -15 of f 4
Porol 4 of Cruxbut,
Councilman Presents the following Ordinance Seconded by Councilman
BOND ORDINANCE PROVIDING FOR THE ACQUISITION OF PROPERTY IN
AND BY THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX,
NEW JERSEY, APPROPRIATING $4,100,000 THEREFOR AND
AUTHORIZING THE ISSUANCE OF $3,895,000 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
$4,100,000, including the sum of $205,000 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
$3,895,000 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 acquisition of
property designated on the official tax map of the Borough as
Block 6303, Lots 8 and 9, including all related costs and
expenditures incidental thereto.
No, #20 -15 PAG 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, wiless 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. #20 -15
pAG 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 benefrtted 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 40 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 $3,895,000, and the obligations authorized herein
will be within all debt limitations prescribed by the Local Bond
Law.
No. #20 -15 pAC, 4
(d) An aggregate amount not exceeding $200,000 for items of
expense listed in and permitted under N.d.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 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 the Treasury
Regulations.
Section 8. Any giant 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 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. hi the event
NO, #20 -15
PAGE 5
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 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.
RECORD OR COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.B.
COUNCILMAN"
YES
NO
NV
A.B.
BELLINO
X
JOHAL
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.J., on
A ust 27 2020
Adopted on second reading after hearing on
July
23
2020
APPROV D H
Lit
AC ING MUNIG G K,'
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:
NnTIrG:
July 30, 2020
Nota,>ry'Public of New Jersey
QANA C. ARCHEI/AL
NOTARY PUBLIC OF NEW JERSEY
My CommMon Exphu 1/1911022
Wd5
first
ernl
Sworn and subscribed before
me this J0" , day of L7 v/ 'a)�� Title; BOND ORDIN,
FOR THE ACQVISp
TY IN AND BY TH
rARTCRCT IAI Tut I
ING $4,
proper.
Acting Clerk
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:
September 2, 2020
_ Z4 6" l', ac,4
Notary Public of New Jersey
DANA C. ARCHEVAL
NOTARY PUBLIC OF NEW JERSEY
My Commission Expires 111212022
Sworn and Subscribed before run frorr
cation o'!,
me this 91)"1 day of Seoh the full
ble at n
business
for mem
who regt
ry of the
PROVIDING
TY iN AND BY THE
CARTERET, IN THE C(
DLESEX, NEW JERSE'
ING $4,100.000 THEF
THE BOROUGH TO FINANCE PART
OF THE COST THEREOF
Purpose: The acquisition of property
designated on the omcial . tax map'
of the Borough as Block 6303. Lots 8;.
thereto:'
)0
Acting Municipal Clerk