HomeMy Public PortalAboutOrdinance 01:15 Councilman Presents the following Ordinance Seconded by Councilman
AN ORDINANCE REFUNDING BOND ORDINANCE OF THE BOROUGH OF
CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY PROVIDING
FOR THE CURRENT REFUNDING OF CERTAIN GENERAL OBLIGATION
SEWER REFUNDING BONDS, APPROPRIATING $7,845,000 THEREFORE
AND AUTHORIZING THE ISSUANCE OF $7,845,000 REFUNDING BONDS OF
THE BOROUGH FOR FINANCING 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 Borough of Carteret, in the County of Middlesex, New Jersey is
hereby authorized to refund a portion of the outstanding principal amount of its
$10,930,000 General Obligation Sewer Refunding Bonds, dated March 15, 1993 (the
"Prior Bonds"), maturing on or after October 1, 2001. The Prior Bonds maturing on
October 1, 2001. The Prior Bonds maturing on October 1, 2001 and thereafter are subject
[o redemption at the option of the Borough at a redemption price of 100.5% of the Prior
Bonds to be redeemed; and
SECTION 2. In order to finance the cost of the purpose described in Section I bereof
and the cost of the issuance of the Refunding Bonds, negotiable refunding bonds (the
"Refunding Bonds") are hereby authorized to be issued in the aggregate principal amounl
not to exceed $7,845,000 pursuant to the Local Bond Law of the State of New Jersey.
SECTION 3. The Borough desires to provide roi' the refunding of a portion of the
- ~ principal amount of Prior Bonds outstanding after the redemption date and the interest
thereon in order to provide for savings in debt service as a result of lower interest rates in
the bond market.
SECTION 4. An aggregate amount not exceeding $125,000 for items of expense listed in
and permitted under N.J.S.A. 40A:2-51(b) has been included in the aggregate principal
amount of Refunding Bonds authorized herein.
SECTION 5. The purpose of the refunding is to reduce the annual debt service expenses
of the Borough.
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SECTION 6. A certified copy of this refunding bond ordinance as adopted on first
reading should be filed with the Director of the Division of Local Government Services
in the Department of Community Affairs of the State of New Jersey p~5or to final
adoption.
SECTION 7. This bond ordinance shall take effect 20 days after the first publication
thereof after final adoption, as provided by the Local Bond Law, provided that the
consent of the Local Finance Board has been endorsed upon a certified copy of this
ordinance as finally adopted.
DO NOT USE SPACE BELOW THIS LINE
RECORD OF COUNCIL VOTE
COUNCILMAN YES NO ] NV A.B. COUNCILMAN YES NO NV A.B.
FAZEKA$ X RIOS X
QIITNONES X SANTORO X [
REIMAN X SOHAYDA X
X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto
cp
Adopted on first reading of the Council of the Borough of Carteret, N.J., on M.ar'r._h 1 · 91313'1
Adopted on second reading after hearing on lq~wo¼ ] 5 ~ 9(3t31
· ' MUNICIPAL CLERK