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HomeMy Public PortalAboutordinance 03:08No, 03-08 Councilman Pr*scnts thc following Ordinance Sccondexi by Councilman BOND ORDINANCE PROVIDING FOR IMPROVEMENTS AT CARTERET PARK AND SPORTSMAN'S FIELD IN AND BY THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $500,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $250,000 BONDS OR NOTES OF THE BOROUGH FOR FINANCING THE COST THEREOF TO BE FUNDED BY THE GREEN ACRES PROGRAM 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 improvement described in Section 3 of this bond ordinance is hereby authorized to be undertaken by the Borough of Carteret, New Jersey (the "Borough") as a general improvement. For the improvement or purpose described in Section 3, there is hereby appropriated the sum of $500,000 or which $250,000 will be provided in the form of a grant and $250,000 will be provided in the form of a loan from the State of New Jersey, Department of Environmental Protection, Green Acres Program ("Green Acres"). No down payment is required pursuant to :N.J.S.A. 40A:2-11 (c) as this bond ordinance authorizes obligations which involve projects funded by Green Acres. Section 2. In order to finance the cost of the improvement or purpose, negotiable bonds (the "Bonds") are hereby authorized to be issued in the principal amount of $250,000 pursuant to the Local Bond Law. In anticipation of the issuance of the bonds, negotiable bond anticipation notes are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law. Section 3. (a) The improvement hereby authorized and the purpose for the financing of which the Bonds are to be issued is the improvement of Carteret Park and Sportsman's Field as described in the grant application to Green Acres, including thereto. A copy of the grant application to Green Acres is on file with the Clerk. (b) The estimated maximum amount of bonds or 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 therefore. 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 note shall mature later than one year from its date. The 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 notes issued pursuant to this ordinance and the chief financial officer's signature upon the notes shall be conclusive evidence as to all such determinations. All notes PAOE 2 ~o._0~3z_08 - issued hereunder may be renewed from time to time subject to the provisions of the Local Bond Law. The chief financial officer is hereby authorized to sell part of all of the 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 dare when any sale or delivery of the notes pursuant to this ordinance is made. Such a report must include the amount, the description, the interest rate and the maturity schedule of the notes sold, the price obtained and the name of the purchaser. Section 5. The capital budget of the Borough is hereby amended to conform with the provisions of this ordinance to the extent of any inconsistency herewith. The resolution in the form promulgated by the Local Finance Board showing full detail of the Director of the Division of Local Government Services is on file with the Clerk and is available there for public inspection. Section 6. The following additional matters are hereby determined, declared, recited and stated: (a) The improvement or purpose described in Section 3 of this bond ordinance is not a current expense. It is an improvement of 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 benefited 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 ordinance, is 15 years. (c) 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 Government 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 $250,000 and the obligations authorized herein will be within all debt limitations prescribed by that Law. (d) An aggregate amount not exceeding $50,000 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. NO. Oq-OR PAGE 3 Section 7. The Borough expects to receive a Green Acres Grant in the amount of $250,000 to finance partially the purpose described in Section 3 hereof. Any additional grant moneys which are received for the purpose described in Section 3 hereof shall be applied either to direct payment of the cost of the improvement or to payment of the obligations issued pursuant to this ordinance. The amount of obligations authorized but not issued hereunder shall be reduced to the extent that such funds are so used. Section 8. 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 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 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 remedy shall be limited to specific performance of the undertaking. Section 9. 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 10. This bond ordinance shall take effect 20 days after the first publication thereof after final adoption, as provided by the Local Bond Law. DO NOT USE SPACE BELOW THIS LINE RECORD OF COUNCIL VOTE COUNCILMAN YES NO NV A.B, COUNCILMAN YES NO NV A.B. KRUM X RIOS X NAPLES ~ SITARZ X PARISI X SOSNOb/SK]~ X X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overrole Veto Adopted on first reading of the Council of the Borough of Carteret, N.J., on FEBROARY 20. 2003 Adopted on second reading after hearing on ~ 6, 2003 Affidavit of Publication Publisher's Fee $165.00 Affidavit Ch ge $17.00 State of New Jersey ss. ' ,::. MIDDLESEX COUNTY Personally appeared LINDA DIAZ of the Home ~lews '~ribune, a newspaper printed In Freehold, NJ and published In NEPTUNE, In said County and State, and of general circulation in said county, who being duly sworn, deposeth and salth that the advertisement of which the annexed Is a true copy, has been published In the said newspaper 1 (ONE) times, once In each Issue, as follows 2/25/03, A.D., 2003 PATRICIA W. TOWNSEND NOTARY PUBL. OF NEW JERSEY sworn and subsq~bed before me this ~ MY COMMIS.q PIRES OCT. 2, 2005 ,.,~~ ~:7/~],~z,,.)j~~ ~ 2Sth dayof February. A.D., 2~3 Notary Public of New Jersey BOND ORDINANCE ~OVIDING FOR IMPRO~MENTS AT CARTER~ TERE, IN THE COU~ OF MI~ES~ N~ JERS~, A - CO~ THEREOF TO ~ FUNDED BY THE GREEH ACRES PROGRAM BE ~ ORDAINED BY ~E ~ROUGH COUNCIL OF THE BOROUGH OF THAN ~O-THiRDS OF ALL MEMBERS THEREOF AFFIRMATIVEL~ CONCU - RING) AS FOLLOWS: ~lon 1. The improvement described i~ Sectio~ 3 of this bond ordina~ce is hereb authorized to be undertaken by the Borough of Carteret, New ~ersey the '~BorouEh") as a genera improvement. For the improvement or purpose described n Section 3 there is hereby appropriated the sum of $500,O~ or wh ch $250 000 will be provded in the form of a rant and $250 ~O will be form of a loan rom the Sta e of ~ew Jersey, Department of ~nvironmental Protecbon, Gree~ Acres ProErem ( Green ~cres ) N . payment is requ red pursuant to NJ.S~ 40A:2-] ] (c) as th~s bond ordinance autho zes ob i~ations wh ch involve pro~ects funded by Green Acres. S~ 2. In order to finance the cost o the mprovement or purpose, helot able bonds (the "Bonds") are hereby author zed to be issued in the principal amount of $250,~ pursuant o the Local ~ond Law. In anticipation of the issuance of the bonds, negot able bond ant Clpation notes are hereby authorized to be issued ~rsuant to and within the limitations pre~ribed by the Local Bo~d Law. ~ion 3. a) The improvement hereb~ authorized an~ the purpose for the f naflclnR of which the Bonds are to be ssued is the im rovement of Certeret Park and Sportsman's Fie d as described in the ~ran~epplication to Green Acres including thereto. A copy of the grant application to Green Acres is on file with the Cerk. ~b The est mated maximum amount of bonds or notes to be issued for the mprovement or ur~se is as stated n Section 2 hereof. c) The estimate~cost of the i~provement or purpose is equal to the amount of the appro r atio~ herein made there o e times as may be determined by the chle naflc al omcer, pro 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 n connection with notes ssued pursuant to this ordinance and the chief financial o cer's sig.ature upon the notes shaft be conclusive evidence as to a such de erin net ons Al notes issued hereunder ma be renewed from time to time sub ect to he provs OhS o the Loca Bond ~aw. The chief f~nanci~l o cer is hereby author zed to sell pert of ~11 o he notes from t~me to time at race p~ of payment of the purchase pr ce plus accrued interest from t~eir made Such a report must include the amount the description, the Snterest Se~on 5. The capital bud~et of the Borou[h s he eby amended to conform herewith. ~e resolution n the orm promulgated by he Loca~Finance Board m~ law. Ply undertake as a eflera m rovement, and no part of the cost benefited thereb . (b) The period o~ usefulness of the improvement or purpose within the ~ limitat ohs of the Local Bond Law, according fin the rea~onabl? life thereof computed from the date of the bonds authorized by this ordinance, is 15 (c~esa~p .... ta Debt Statement requ red by the Local Bond Law has been duly prepared and lied in the office o the Clerk and a complete executed duplicate thereof has been filed in the off ce of The Director o the Division of Local Government Services in the De artment of Community Affairs of the State o New Jersey Such statementPshows that the gross debt of the Borou h as de ined in the Local Bond Law is increased by the authoriza- tion o~the bonds and notes p nv dad in th s bond ordinance by $250,CO0 and the obligations authorized herein will be within all debt limitations prescribed by that Law (d) An aggre ate amoun not exceedin $~0,~300 for items of expense listed in and permitted under NJSA 40A:2-~0 m included m the esbmated cost indicated herein or the purpose or improvement. Section 7 The Borough expects to race vea Green Acres Grant in the amount o $250000 to finance pa tally the purpose descr bed in Section 3 hereof. Any add t one grant moneys which are ace red for the purpose described in Sec on 3 hereof she be applied either to direct payment of the cost of the imp ovemen or to payment of the obligations issued pursuant to this ordinance. The amount of obli ations authorized but not issued hereunder shall be reduced to the extent ~l~at such funds are so used. Section 8. The ch e nancial officer o the Borough s hereby authorized to p epare and to update om time to time as necessar a financial disclosure document to be distributed in connection w th the sa~/e of obligations of the Borou h and to execute such disclosure document on behalf of the Borough. The c~ief financial officer is further author zed to enter into the appropriate undertaking to prov de secondary market disc osure on behalf of the Borou pursuant to Rule ]5c2-]2 of the Secur t es and Exchange Commission (t~ee "Rule ) for the benefit of holders and benegcia owners o obligations Of the Borough and to amer~d such undertaking from time to t me in con~3ection with any change n aw or interpretation hereof provided such undertaking is and cont hues to be in the op n on of a nationally recognized bond counsel, consistent with the equirements of the Rue In the event that the Borou h fails to comply with its undertakinl~, the remedy shall be limited to specie e ormance of the undertaking~ ~ect!ort 9 The u alth and credit of the Borough are hereby pledged to the punctual payment of the p ncipa[ of and the nterest o~ the obli ations authorized by this bond ordinance, The ob get OhS shall be direct, u~imited ob gations of the Borou h and the Borough she be obli ated to levy ad vaorem taxes upon all I~he taxabe property wthn the ~orou~h for the payment of the ob gat ohs and the interest thereon without llmita¢lon o rate Borough of Ce teret he d February 20, 2003 when ~ was adopted on First Readin The sa d ordinance will be further considered on Second Reading for final e~pt on at a meeting o sa d Council of the Borough of Carteret on March 6, 2003 at epproximatel 230 Roosevelt Avenue, Cartere[ New Jersey at which bme and place at~l {$165.G0) (Page 2 of #12957 ) Affidavit of Publication Publisher's Fee $167.64Affidavit Charge $17.00 State of New Jersey } ss. MIDDLESEX COUNTY Personally appeared LINDA DIAZ 0f the ~o~e ~ews I~une, a newspaper printed In Freehold, NJ and published In NE~UNE, In said County and State, and 0f general circulation In said county, who ~lng duly sworn, dep0~th and salth that the adve~lsement of which t~e annexed Is a true copy, has been published In the said newspaper I (0~E~ times, once In each Issue, as follows NOTARY pUBLIC OF NEW JERSEY sworn and ~uB~rl~d B~r8 mo this ¢~ ~~)j ~ ~ 1, th day of March, A.D., 2~3 N~tary Public 0f New Jersey ~ - ~GH ~ BOND ORDI~NC~ PROVIDING FOR iMPRO~MENTS AT CARTER~ lNG $~O0,~ THEREFOR AND ~RIZING THE ISSUANCE OF BE IT ORDAINED BY ~E ~ROUGH COUNCIL OF THE ~ROUGH OF THAN ~O-TH RDS OF ALL MEMBERS THEREOF AFFIRMATIVELY CONCUR- RING) AS FOLLOWS: hereb~ authorized to be undertaken by the Borough of Carteret New Jersey de~ribed in Section 3, there is hereby a~ropriated the sum of $5~,~0 or which $250,0~ will ~ provided in the form of agrant and $250,~ will Environmental Proration, Green ~res Program ("Green ~cres'). No down payrment is required pursuant to N.J.S~ 40A;2-]1 c) as this bond ordinance authorizes obligations which involve proj~ts funded by Green Acre~ ~lon 2. In order to finance the cost of the improvement or purpose, negotiable bonds the "Bonds") are hereb~y authorized to be issued in the the Local Bond Law. S~lon 3, (a) The improvement hereby authorized and the ~rpose for the Park and Sportsmaffs Field as de.rind In the grant application to Green Acres, including thereto. A copy of the grant applicatio~ to Green Acres is file with the Clerk. (bi The estimated maximum amount of bonds or notes to be issued for the (c) The estimated cost of the improvement or purpo~ is equal to the amount times as may be determined by the chief financial officer; provided that interest et such rate or rates and be in such form as may ~ determined by the chief financial officer. The chief financial officer ~all determine all matters financial officer*s signature upon the notes shall be conclusive evidence as to to time subject to the provisions of the Local Bond Law. The chief financial date when any sale or delivery of the notes pursuant to this ordinance is rate and the maturity schedule of the notes soJd, the price obtained and the herewith. The resolution in the form promulgated by the Loca/Finance Board ~orou~g lyh ma Jawfully undertake as a generai improvement, and no part of the cost thereof has been or shali be specially assesse~ on property specially (b) The verioa of useful ..... f the imp ....... t limitations of the Local Bond Law, accord ng to the reasonable life thereof computed from the date of the bonds authorized by this ordinance, is 15 years. (c) Suppemental Debt Statement equired b the Local Bond Law has been duly p epa ed and ed n the o ce o the ~llerk and a complete executed duplicate thereof has been f ed n the office of The D rector o the Division of Local Government Services in the Department of Community Affairs of the State of New dersey Such statement shows that the ross debt of the Boroush as defined n the Local Bond Law is increased by t~e authorization of the bonds and notes provided in this bond ordnance ~)y $250,OOO and the obligations authorized herein will be within all debt limitations prescribed by that Law. (d) An a~regate amount not exceedin $,50.,O~ for i~ems of e~.pense listed valorem taxes upon all ~he taxebe property wthin the ~orou~h for the ~u~ This bond ordinenc* ~he'l take e~ect ~ de s affe~o~i~t provided in the Local~ond Law, ~as begun to run from the date of the ~lr