HomeMy Public PortalAboutr 02:354No. 02-354 Date of Adoption. October 17, 2002
RESOLUTION PROVIDING FOR THE COMBINATION OF
CERTAIN ISSUES OF GENERAL IMPROVEMENTBONDS OF
THE BOROUGH OF CARTERET, IN THE COUNTY OF
MIDDLESEX, NEW JERSEY INTO A SINGLE ISSUE OF
BONDS AGGREGATING $6,007,000 IN PRINCIPAL
AMOD-NT.
BE IT RESOLVED BY THE BOROUGH COUNCIL OF THE BOROUGH OF
CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY AS FOLLOWS:
Section 1. Pursuant to the provisions of N.J.S.A.
40A:2-26{f), the Bonds of the Borough of Carteret, in the County of
Middlesex, New Jersey authorized pursuant to the bond ordinances of
the Borough heretofore adopted and described in Section 2 hereof
shall be combined into a single and combined issue of General
Improvement Bonds in the principal amount of $6,007,000.
Section 2. The principal amount of Bonds authorized by
each ordinance to be combined into a single issue as above
provided, the bond ordinances authorizing the Bonds described by
reference to the number, the improvement description and the date
of adoption, and the period or average period of usefulness
determined in each of the bond ordinances are respectively as
follows:
NO. 02-354 PAGE
Principal Description of Improvement
Amount of Number of and Date of Adoption of
Bonds Ordinance Ordinance Useful Life
$ 476,000 1999-30 Providing for a technology 5 years
upgrade for Year 200(
~ompliance, finally adopted
September 20, 1999.
1,153,000 2000-17 Providing for various 10.66 years
Eapital improvements,
finally adopted May 25,
2000.
3,428,000 2000-34 Providing for Year 2000 40 years
Sewer System Capital
Improvement Program,
finally adopted August 29,
2000.
950,000 2002-10 Providing for various 27.71 years
:apital improvements,
finally adopted May 2,
2002.
Section 3. The following matters are hereby determined
with respect to the combined issue of Bonds:
a. The average period of usefulness, computed on
the basis of the respective amounts of Bonds presently authorized
to be issued pursuant to each of the bond ordinances and the
respective periods or average period of usefulness therein
determined, is not less than 29.65 years.
b. The Bonds of the combined issue shall be
designated "General Improvement Bonds" and shall mature within the
average period of usefulness herein determined.
c. The Bonds of the combined issue shall be sold
and issued in accordance with the provisions of the Local Bond Law
applicable to the sale and the issuance of bonds authorized by a
single bond ordinance and accordingly may be sold with other issues
of bonds.
Section 4. The following additional matters are hereby
determined, declared, recited and stated:
a. None of the Bonds described in Section 2 hereof
has been sold or issued heretofore, and the several bond ordinances
described in Section 2 have not been rescinded and now remain in
full force and effect as authorizations for the respective amounts
of Bonds set opposite the descriptions of the bond ordinances in
Section 2.
b. The several purposes or improvements authorized
by the respective bond ordinances described in Section 2 hereof are
NO. 02-354 PAGE. 3
purposes for which bonds may be issued ~aw~fl¥ ~ur~a~{ t~ the
Local Bond Law and are all purposes for which no deduction may be
taken in any annual or supplemental debt statement.
Section 5. This resolution shall take effect immediately.
Adopted this 17th day of October 2002
and certified as a true copy of the
original on October 18, 2002.
KATHLEEN M. BARNEY RMC/CMC
Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN YES NO NV A.B. COUNCILMAN YF.S NO NV A.II.
PARISI X SANTORO X
REIMAN X SOHAYDA X
RIOS X SOSNOWSKI X
X - Indicate Vole AB - Absent NV - Not Voling XOR - htdicatca Vole to Overrule Vett~
Adop~.ed at a meeting of the Municipal Council
.;,October 17, 2002