HomeMy Public PortalAboutOrd. 21-13No. #21 -13 of toe
lgnroug4 of Cur #ere#, �K. 3.
Councilman
Presents the following Ordinance Seconded by Councilman
BOND ORDINANCE PROVIDING FOR THE
FEDERAL BOULEVARD AND BLAIR ROAD
PROJECT IN AND BY THE BOROUGH OF
CARTERET, IN THE COUNTY OF MIDDLESEX,
NEW JERSEY, APPROPRIATING $1,450,000
THEREFOR AND AUTHORIZING THE ISSUANCE
OF $1,450,000 BONDS OR NOTES OF THE
BOROUGH TO FINANCE 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 Middledex, 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 $1,450,000, including $1,450,000 grant expected to be
received from the State of New Jersey Department of Transportation (the "State
Grant'). Pursuant to N.J.S.A. 40A:2- 11(c), no down payment is provided for the
cost of the improvement of purpose since the improvement of purpose is being
funded by the State Grant.
Section 2. In order to finance the cost of the improvement or purpose
and in anticipation of receipt of the State Grant, negotiable bonds are hereby
authorized to be issued in the principal amount of $1,450,000 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 Band Law.
No. #21 -13
PAGE 2
Section 3. (a) The improvement hereby authorized and the purpose for
the financing of which the bonds are to be issued is the Federal Boulevard and
Blair Road Project, including all work and materials necessary therefor and
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
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
NO. #21 -13
PAGE 3
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
benefitted 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 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 bond ordinance by $1,450,000, and the
obligations authorized herein will be within all debt limitations prescribed by the
Local Bond Law.
(d) An aggregate amount not exceeding $300,000 for items of expense
listed in and permitted under N.J.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
NO. #21 -13
PAGE 4
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 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. 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.
PAGE 5 _
Section 10. The full falth 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 he obligated to levy ad
valorem taxes upon all the taxable property MINN 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 OF COUNCIL VOTE
COUNCU, IAN
YE8
NO
NV
A,U,
COONCHAIAN
VBS
NO
NV
A.a.
Ea.=
X
JOtiAL
X
DIAZ
X
KKUPf
X
DIIMSCIO
X
NAPLES
X
X, hdlcala Vold
Aa.Absaal NY, Not Voting XOR• Indicates Vote to Overrule Veto
Adopted on first reading or ilia Council of I6e norough of Cnrlerel, N,1„ on __.lily (!, 90 ?1
Adopteelonace0��- s on July 22s 2021 j
APPROVQ ON�
oR
,l
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:
July 13, 2021
1 n
Notary Public of New Jersey
DANA C. ARCHEVAL
NOTARY PUBW OF NEW JERSEY
My Commission Expires 111212022
Sworn and subscribed before
me this / 6 day of %
Municipal Clerk
Municipal Clerk
This Notice Is published pursuant to
NJ.S.& OAQ -17.
7/13/21 $85,25
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:
July 27, 2021
Municipal Clerk
i
Notary Public of New Jersey
DANA C. ARCHEVAL
NOTARY PUBLIC OF NEW JERSEY
My Cpnimlgslon Expires 1/12/2022
Sworn and subscribed before
me this d7tA day of
RMC