HomeMy Public PortalAboutOrd. 23-19(orbs anU
No. #23-19 of #4je
19vrvulg4 of (anti ret,
Councilman
Presents the following Ordinance Seconded by Councilman
BOND ORDINANCE PROVIDING FOR VARIOUS
ROOF AND HVAC REPAIRS TO VARIOUS
MUNICIPAL BUILDINGS IN AND BY THE BOROUGH
OF CARTERET, IN THE COUNTY OF MIDDLESEX,
NEW JERSEY, APPROPRIATING $1,350,000
THEREFOR AND AUTHORIZING THE ISSUANCE OF
$685,500 BONDS OR NOTES OF THE BOROUGH TO
FINANCE PART OF THE COST THEREOF.
BE IT ORDAINED BY THE BOROUGH COUNCIL OF THE BOROUGH OF
CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY (with 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
Middlesex, New Jersey (tire 'Borough") as a general improvement. For the improvement
or purpose described in Section 3(a); there is hereby appropriated the sum of $1,350,000,
including the sum of $64,500 as the down payment required by the Local Bond Law and
also including the sum of $600,000 in Capital Fund Balance. The down payment is now
available by virtue of provision for down payment or for capital improvement purposes in
one or more previously adopted budgets.
Section 2. In order to finance the cost of the improvement or purpose not
covered by application of the down payment, negotiable bonds are hereby authorized to
be issued in the principal amount of $685,500. pursuant to the Local Bond Law. In
anticipation of the issuance of the bards, negotiable bond anticipation notes are hereby
authorized to be issued pursuant to and within the limitations prescribed by the Local
Bond Law.
NO. #23-19 PAGE-2 of 4
Section 3. (a) The improvement hereby authorized and the purpose for the
financing of which the bonds are to be issued is various roof and HVAC repairs to
various municipal buildings, including, but not limited to, St. Elias, Iloly Family,
Firehouse and West Carteret Firehouse, including all work and materials necessary
therefor or 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 capital budget of the
Borough is hereby amended to conform with the provisions of this bond ordinance to the
NO. #23-19 PACE-3 of 4
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 15 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 Govermnent
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
$685,500, and the obligations authorized herein will be within all debt limitations
prescribed by the Local Bond Law.
(d) An aggregate amount not exceeding $135,000 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 for the costs of the
purposes described hi 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
NO. #23-19 PAOE 4 of 4
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 fiuther
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.
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 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,
LINE
RECORD OF COUNCIL VOTE
COUNCILMAN
YES
NO
NV
A.B.
COUNCILMAN
YES
NO
NV
A.R.
BELLINO
X
JOHAL
.. DIAZ
X
KRUM
X
DIMASCIO
"NAPLES
X
X- Indicate Vote AB - Absent NV -Not Voting XOR- Indicates Vote to Overrule Veto
Adopted on first reading of the Coun 'I of the Borough of Carteret, N.S., on
op d second re in er ngon June 29 2023
June 8, 2023
APPROVED BY
ON
I'
MA YOR
( a
,
MUNICIPA ` ER
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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:
June 19, 2023
0 A./ ro I � L-
�)
Car ela Pogor cis C
Municipal Clerk
ry >juplic of New Jersey
Sworn and subscribed before
me this d�j day of ! 0`
NOTICE OF PENDING BOND ORDINANCE AND SUMMARY
The hand ordinance, the summary terms of which are Included herein, was
upon, first reading at a meeting of the governing bodv of the Borooah of Ca
Building, 61 Cooke Avenue, in the Borough on June 2TJ, 2023 it 6t00 o'ebek p.nn. During the week
prior to and up
to and Including line date of such meeting, copies of the full bond ordinance will be
available at no cost and during regular business hours a[ the Clerk's office for the members of the
general public who shall request the same. The summary of the terms of such bond ordinance follows:
Title: BOND ORDINANCE PROVIDING FOR VARIOUS ROOF AND HVAC ryEPAIRS TO VARIOUS MUNICIPAL
BUILDINGS IN AND BY THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDOLESEX, NEW JERSEY,
APPROPRIATING $1,350,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $685,500 BONDS OR
NOTES OF THE BOROUGH TO FINANCE PART OF THE COST THEREOF,
PurPnse(s): Various roof and HVAC repairs to various munldpal buildings, including, but not limited to,
St. Elias, Holy Famlly, Hrehouso and West Carteret Firehouse, Intl uding all work and materials
necessary therefor or incidental thereto.
Approppr'a than: $1,350,000
RondlK.1's Authorized: $685,500
Greats (If any) Ap ropriate& $0
Section 20 Costs: $135,000
Useful Life: 15 years
This Notice is published pursuant to N.1.S.A. 40A:2-17. Carmel. Pogorzelski, Clerk
($32.76)
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 tie(s), once in
each issue as follows:
July 12, 2023
4
QlEN If ER H, OTERO
Notary Pu* •State of New Jersey
Commission # 50.18 8983
M Comm. Ex Tres Mar. 31 2027
Sworn and rbscribed before
me this /� day of Da
Municipal Clerk
BOND ORDINANCE STATEMENT AND SUMMARY
be
same. The summary of the Lerms of such
Title: 80NO ORDINANCE PROVIDING FOR VARIOUS ROOF AND
HVAC REPAIRS TO VARIOUS MUNICIPAL BUILDINGS IN AND BY THE
BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW
JERSEY, APPROPRIATING $1,350,000 THEREFOR AND AUTHORIZING
THE ISSUANCE OF $685,500 BONDS OR NOTES OF THE BOROUGH
TO FINANCE PART OF THE COST THEREOF.
Purppose(s): Various roof and HVAC repairs to various municipal
bullclings, Including, but not limited to, St. Elias, Holy Family, .
Firehouse and West Carteret Firehouse, Including all Work and
materials necessary therefor or incidental thereto.
'., Appropriation: $1,350,000
Bonds/Notes Authorized: $685,500
Grants (if any) Appropriated: $0
Section 20 Costs: $135,000
Useful.Llfe; 15. years
Corm0 B Pogarzelski, Clerk
0.42) ;