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Home My Public Portal AboutOrd. 21-06(oxblunnce No #21 -6 of t t OxOLY C� of garf d, a �M Councilman Presents the following Ordinance Seconded by Councilman BOND ORDINANCE PROVIDING FOR THE ACQUISITION OF PROPERTY IN THE CHROME WATERFRONT REDEVELOPMENT AREA IN AND BY THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $14,000,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $14,000,000 BONDS OR NOTES OF THE BOROUGH TO FINANCE PART OF THE COST THEREOF. WHEREAS, pursuant to an agreement by and between the Borough of Carteret (the "Borough "), in the County of Middlesex (the "County"), New Jersey and E.I. Du Pont de Nemours and Company ( "DuPont), dated April 30, 2020, the Borough will acquire, from DuPont, the property designated as Block 304, Lot 2.01 on the Borough's tax map; and WHEREAS, portions of the purchase price for the above - referenced property will be funded (through direct payment and /or reimbursement) by a grant in the approximate amount of $1,000,000 expected to be received from the State of New Jersey Department of Environmental Protection Green Acres Program (the "State Grant ") and a grant in the approximate amount of $4,500,000 expected to be received from the County (the "County Grant" and, together with the State Grant, the "Grants "). 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 as a general Improvement. For the improvement or purpose described in Section 3(a), there is hereby appropriated the sum of $14,000,000, No down payment is required pursuant to N.J.S,A. 40A:12A37(c) as this bond ordinance authorizes obligations for the purpose of aiding the Borough as redevelopment entity with respect to the Chrome Waterfront Redevelopment Plan dated February 2003, as amended by ordinance adopted June 16, 2011 (the "Redevelopment Plan ") and pursuant to No._ #21 -6 U.S.& 40A:2 -11(c) since a portion of the cost of the purpose described in Section 3(a) hereof is being funded by the State Grant. Section 2. In order to finance the cost of the improvement or purpose, negotiable bonds are hereby authorized to be issued in the principal amount of $14,000,000 pursuant to the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A -1 et se . (the "Redevelopment 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 and the Redevelopment 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 located on Roosevelt Avenue, which property is designated on the official tax map of the Borough as Block 304, Lot 2.01 and is subject to the Redevelopment Plan, including all related costs and expenditures 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 I #21 -6 PACE 3 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. 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 fled 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 pursuant to the Redevelopment Plan, and no part of the cost thereof has been or shall be specially assessed on property specially benefitted thereby. (b) Pursuant to U.S.A. 40A:12A- 37(c), the obligations authorized herein shall mature in annual installments commencing not more than two and ending not more than forty years from the date of issuance. (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 NO, #21 -6 PAGE 4 Borough as defined in the Local Bond Law is increased by the authorization of the bonds and notes provided in this bond ordinance by $14,000,000. (d) An aggregate amount not exceeding $700,000 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 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 grant moneys received for the purpose described in Section 3(a) hereof, including the Grants, shall be applied either to direct payment of the cast 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. APPROVED BY MAYOR ON YES -Diaz, DiMascio, Johal, - - -- ABSENT -Be 11ino MBNICIP¢ CL R No. #21-6 PAGE 5 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. DO NOT USE SPACE BELOW THIS LING RECORD OF COUNCIL VOTE COUNCILMAN YCS NO NV A.II. COUNCILMAN YES NO NV A.B. BELLIQTO 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,L, on A ril 22, 2021 Adopted on second reading afterhe gon May M 6, 2021 F1NA.I. ADO May 20, 2021 (vote on botto ) Krum, Naples �� `— 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: April 29, 2021 Notary Public of New Jersey DANA C. ARCHEVAL NOTARY PUBLIC OF NEW JERSEY My COMMISSIon Expires 111212022 Sworn and subscribed 4efore me this c;?l4 day of 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: May 12, 2021 Notavy Public of New Jersey DANA C. ARCHEVAL NOTARY PUBLIC OF NEW JERSEY My COMMIssbn Expires 1/12/2022 Sworn and subscribed before me this 1.2A day of .20a Carmela Pogo'rzi 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: May 26, 2021 Notary Public of New Jersey DANA C. ARCHEVAI NOTARY PUBLIC Of NEW JERSEY My Commission Expires 1/1212022 Sworn and subscribed before me this day of0� 1vtumcipal uierk 0