HomeMy Public PortalAboutOrd. 23-12.x1 f fog
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Councilman Presents the following Ordinance Seconded by Councilman
II
BOND ORDINANCE PROVIDING FOR THE RECONSTRUCTION Or THE
PORT READING INTERCEPTOR BY THE TOWNSHIP OF WOODBRIDGE,
IN THE COUNTY OF MIDDLESEX, NEI W JERSEY, ON BEHALF OF ITSELF
AND THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLE SEX,
NEW JERSEY, APPROPRIATING $8,000,000 THE, AND
AUTHORIZING THE ISSUANCE OF $8,000,000 BONDS OR NOTES
OF THE BOROUGH TO FINANCE THE COST THE,
BE IT ORDAINED BY THE BOROUGH COUNCIL OF THE BOROUGH OF CARTERET, IN
THE COUNTY OF MIDDLESEX, NEW JERSEY (not less than two -thuds 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 on behalf of the Borough of Carteret, in the County of Middlesex,
New Jersey (the 'Borough") by the Township of Woodbridge, New Jersey (the "Township"). For
the improvement or purpose described in Section 3(a), there is hereby appropriated the sum of
Pursuant to N.J.S.A. 40A:2-11(c), no down payment is provided for the costs of the
since the project described in Section 3(a) hereof is being funded by the New Jersey
Bank and because the purpose authorized herein is deemed self-liquidating and the
ds and bond anticipation notes authorized herein are deductible from the gross debt of the
ough, as more fully explained in Section 6(e) of this bond ordinance.
Section 2. In order to finance the cost ofthe improvement or purpose, negotiable bonds
hereby authorized to be issued in the principal amount of $8,000,000 pursuant to the Local
td Law. In anticipation of the issuance of the bonds, negotiable bond anticipation notes are
.by authorized to be issued pursuant to and within the limitations prescribed by the Local Bond
Section 3. (a) The improvement hereby authorized and the purpose for the financing
which the bonds are to be issued is the reconstruction of the Port Reading Interceptor by the
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Township on behalf of itself and the Borough, including all work and materials
and incidental thereto.
(b) The estimated maximum amount of bonds or bond anticipation notes to be issued
the Borough's share of the cost of the improvement or purpose is as stated in Section 2 hereof.
(c) The Borough's share of the estimated cost of the improvement or purpose is equal
the amount of the appropriation herein made therefor.
Section 4. All bond anticipation notes issued hereunder shall mature at such times
may be determined by the chief financial officer; provided that no bond anticipation note
mature later than one year from its date, unless such bond anticipation notes are permitted
mature at such later date in accordance with applicable law. The bond anticipation notes shall
rates and be in such form as may be determined by the chief financial
chief financial officer shall determine all matters in connection with bond anticipation
pursuant to this bond ordinance, and the chief financial officer's signature upon the
shall be conclusive evidence as to all such determinations, All
es issued hereunder may be renewed from time to time subject to the provisions of the Local
nd Law or other applicable law. The chief financial officer is hereby authorized to sell part or
of the bond anticipation notes from time to time at public or private sale and to deliver them to
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
the price obtained and the name of the purchaser.
No. #23-12
PAGB 3 of 5
Section 5. The Borough hereby certifies that it has adopted a capital budget or a
rry capital budget, as applicable. The capital or temporary capital budget of the Borough is
amended to conform with the provisions of Us bond ordinance to the extent of
To the extent that the purposes authorized herein are inconsistent with
capital or temporary capital budget, a revised capital or temporary capital budget has
led with the Division of Local Government Services.
Section 6. The following additional matters are hereby determined, declared, recit
id stated:
(a) The improvement or purpose described in Section 3(a) of this bond ordinance is r
current expense. it is an improvement or purpose that the Borough may lawfully undertake
ive undertaken on its behalf as a self-liquidating purpose of a municipal public utility. No p
been or shall be specially assessed on property specially benefitted
(b) The period of usefulness of the improvement or purpose within the limitations
al Bond Law, according to the reasonable life thereof computed from the data of the bonds
>ed by this bond ordinance, is 30 years.
(c) The Supplemental Debt Statement required by the Local Bond Law has been duly
prepared and Sled in the office of the Clerk, and a complete executed duplicate thereof has been
the office of the Director of the Division of Local Government Services in the Department
Affairs of the State of New Jersey. Such statement shows that the gross debt of the
defined in the Local Bond Law is increased by the authorization of the bonds and notes
this bond ordinance by $8,000,000, but that the net debt of the Borough determined as
in the Local Bond Law is not increased by this bond ordinance. The obligations
authorized herein will be within all debt limitations prescribed by the Local Bond Law.
No. #23-12
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(d) An aggregate amount not exceeding $2,305,000 for items of expense listed in an
permitted under N.J.S.A. 40A:2.20 is included in the estimated cost indicated herein for the
purpose or improvement.
(e) This bond ordinance authorizes obligations of the Borough solely for purposes
described inN.J.S.A. 40A:2-7(h). The obligations authorized herein are to be issued for apurpos�
that is deemed to be self-liquidating pursuant to N.J.S.A. 40A:2-47(a) and are deductible from the
gross debt of the Borough pursuant to NIS.A. 40A:2-44(c).
Section 7. The Borough hereby declares the intent of the Borough to issue bonds or)
id anticipation notes in the amount authorized in Section 2 of this bond ordinance and to use
proceeds to pay or reimburse expenditures for the costs of the purposes described in Section
) of this bond ordinance. This Section 7 is a declaration of intent within the meaning and for
poses of the Treasury Regulations.
Section 8. Any grant moneys received for the purpose described in Section 3 hereof
a be applied either to direct payment of the cost of the improvement or to payment of the
gallons issued pursuant to this bond ordinance. The amount of obligations authorized but not
ed 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
to update from time to time as necessary a financial disclosure document to be distributed in
iection 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 ofholders
and beneficial owners of obligations of the Borough and to amend such undertaking from time to
NO. #23-12
PAGE
in connection with any change in law, or interpretation thereof, provided such undertaking is
continues to be, in the opinion of a nationally recognized bond counsel, consistent with the
ments of the Rule. In the event that the Borough fails to comply with its undertaking, the
h shall not be liable for any monetary damages, and the remedy shall be limited to specific
uance 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 property within the Borough for the
it 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
after final adoption, as provided by the Local Bond Law.
SPACE EBLOW THIS LINE
RECORD Or COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.B.
COUNCILMAN
YES
NO
NV
A.B.
BELLINO
X
I
JOHAL
g
DIAZ
X
KRUM
X
DIMASCIO
X
NAPIES
X- Indicate Vote AB- Absent
NV -Not Voting XOR- Indicates
Vote to Overrule Ve[o
Adopted on first reading of the Council or the Borough of Carteret, N.J., on
27
Adopted on second reading after hearing on April J 2023
April 13, 2023
r
APPRO E BY >
ON MAYOR
u a
j
V U I' �
I�fUNICI�BRK
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 Home News
Tribune, a newspaper which is printed in Freehold, New
Jersey and published in Neptune, in said County and State and
of general circulation in said county. One 1 time(s), once in
each issue as follows:
April 18.2023
Car j ela Po oriels C
Municipal Clerk
K . L, v-� i v
of New Jersey
Sworn and subscribed before
me this 19't day of d, c> 7
AFFIDAVIT OF PUBLICATION
The following is a true copy of an Ordinance or Resolution of
the Borough of Carteret that has appeared in the Home News
Tribune, a newspaper which is printed in Freehold, New
Jersey and published in Neptune, in said County and State and
of general circulation in said county. One 1 time(s), once in
each issue as follows:
May 2, 2023
an4o—
Notary tic of New Jersey
IENNIFER K. OTE 0
Note y Publb • Stale of New Jersey
Commission # 50.18.8983
M Comm. Ex Ires Mar, 31 2027
Sworn and subscribed before
me this J� day of Oo?
Municipal Clerk
TATEMENT AND SUMMARY
the summary terms of which are Included herein, has been finally adopt in the County of Middlesex, State of New Jersey on April 27, 2023 and 1 Within
which a suit, action or proceeding questioning the valldlty of
mmenced, as provided In the Local Bond Law, has begun to run from tr :of this statement Copies of the Lull bond ordinance are available at ns
less hours at the Clerk s oNlce for members of the general public who re
of the terms of such bond ordinance follows:
NCE PROVIDING FOR THE RFC0HcTm,,,-. __.
—
e(s): Reconstruction of the Port Reading Interceptor by the Township on behalf of Itself and the
h, Including all work and materials. necessary therefor and Incidental thereto.
irlation: $8,000,000
Jotet Authorized. $8,00D,000
;If any) Appropriated: $0
20 Costs: $2,305,000
Ife: 30 years
i.Poorzelskl, RMC
al Clerk