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Home My Public Portal Aboutordinance 02:04No. 02-04 'ouncilman Presents the following Ordinance Seconded by Councilman REFUNDING BOND ORDINANCE OF THE BOROUGH OF CARTERET, IN 'FILE COUNTY OF MIDDLESEX, NEYV JERSEY PROVIDING FOR THE CURRENT REFUNDING OF CERTAIN GENERAL OBLIGATION SE~,VER REFUNDING BONDS, APPROPRIATING $3,500,000.00 THEREFORE AND AUTHORIZING TItE ISSUANCE OF $3,$00,000.00 REFUNDING BONDS OF THE BOROUGH FOR FINANCING TIlE COST THEREOF BE IT ORDAINED by the Borough of Council oFthe Borough ot'Carterct, itl thc Col_lilly of Middlesex, New Jersey (not less than two-thirds of all members tlnereof aflirmatively concurring) As Follow's: Section 1. Tile Borough of Carterel, in tile County of Middlesex, Now Jersey is hereby attthorized to retired a portion of tile original principal anaount of its S4,415,000.00 General Obligation Sewer Rcflmding Bonds, dated December 15, 1992 (the "Prior Bonds"), maturing on or after September 1, 2003. The Prior Bonds maturing on September 1, 2003 and thereaftcr are subject to redemption at tine option of the Borough at a redemption price of 101.5% of the Prior Bonds to bc redeemed; and Section 2. Itl order to finance the cost of thc purpose dcscribccl in Section 1 hereof and tine cost of tine issuance of thc Refunding Bonds, negotiable reftmding bonds (the ~Refundmg Bonds") arc hereby autborizcd to be isstted in tho aggregate principal amoont not to exceed S3,460,000.00 pursuant lo the Local Bond Law of'tine State of New Jersey. Section 3. Tine Borougb desires to provide for tine refunding of a portion of tile principal amount of Prior Bonds outstanding after the redemption date and thc intcrcsl thereon in ordcr to provide for savings in debt service as a result of Io;,,er interest rates in the bond market. Section 4. An aggregate amount not excccding 5120.000.00 lot- items of expense listed in and permitted under N.J.S.A. 40A:2-51(b)Inns bccn included m tile aggregate principal amount of Refunding Bonds attthorized before Section 5. Thc purpose of lhe reEunding is to reduce tile mmoal debt service expenses of tile Borough. Section 6. A certified copy of this rel~unding bond nrdinance as adopted on ; first reading should be filcd with tine Director of tine Division of Local NO 02-04 PAGE Goxernment Services in the Department of` Community Af`fairs of thc State o~' Nc,,,,' Jersey prior to final adoption. Seclion 7. This bond ordinance shall take cf`feet 20 days after thc lirst publication thereof after final adoption as provided by tl]e Local Bond Lax',, proxided that the consent of' the Local finance Board has been endorsed upon a cerlified copy of this ordinance as finally adopted. DO NOT USE SPACE BELOW THIS LINE RECORD OF COUNCIL VOTE ii COUN( I_PARIs~ REIMAN RIOS LMAN YES NO NV ~II. COUNCILMAN 'YES N° NVA.B. x SANIORfl x x SO~AYfiA x x SflSNflWRgl X / - Indicate Vote AB - Absent NV Not Voting XOR - lndicatcs Vote to Overrule Veto Adoptcd on first reading of the Council of the Borough of Carteret, N.J., on February Adopted on second reading after hearing on M~r'c'h 7. 2002 oN 21, 2002 · MUNICIPAL CLE K ~