HomeMy Public PortalAboutordinance 03:13Councilman Presents the following Ordinance Seconded by Councilman
AN ORDINANCE OF IHE~ BOROUGH OF CARTERET~
IN THE COUNTY OF MIDDLESEX, STATE OF NEW
JERSEY, APPROVING AND AUTHORIZING THE
ENTERING INTO, EXECUTION AND DELIVERY OF A
LEASE AND AGREEMENT WITH THE MIDDLESEX
COUNTY IMPROVEMENT AUTHORITY RELATING TO
THE ISSUANCE OF COUNTY-GUARANTEED CAPITAL
EQUIPMENT LEASE REVENUE BONDS, SERIES 2003 OF
THE MIDDLESEX COUNTY IMPROVEMENT AUTHORITY
WHEREAS, the Middlesex County Improvement Authority (the "Authority") is
authorized to issue its bonds pursuant to the provisions of the County Improvement
Authorities Law, chapter 183 of the Laws of New Jersey of 1960, as amended and
supplemented (NJ.S.A. 40:37A--44 et seq.) (the "County Improvement Authorities
Law"), and other applicable provisions-~f law; and
WHEREAS, the Authority has determined to issue its revenue bonds for the
purpose of financing the acquisition of capital equipment for the purposes of leasing the
same to various municipalities located in the County of Middlesex in the State of New
Jersey (the "2003 Program"); and
WHEREAS, the BOROUGH of CARTER]ET, in the County of Middlesex,
State of New Jersey (the "Municipality`') has deterr~ined to participate in the 2003
Program and to lease certain capital equipment from the Authority; and
WHEREAS, there has been prepared and submitted to the Municipality the form
of the Lease and Agreement (the "Lease"), to be entered into by and between the
Authority and the Municipality, which Lease has been approved by the County of
Middlesex, State of New Jersey (the "County") and which is attached hereto as Exhibit
_A, providing for the acquisition and leasing of certain Items of Equipment from the
Authority, which Equipment is described in Exhibit B attached hereto and incorporated
by reference herein. All terms used herein and not otherwise defined shall have the
same meanings ascdbed to such terms under the Lease.
NOW THEREFORE, BE IT ORDAINED AND ENACTED BY THE GOVERNING
BODY OF THE BOROUGH OF CART]ERE'T, IN THE COUNTY OF MIDDLESEX,
STATE OF NEW JERSEY (not less than two-thkds of all members thereof affirmatively
conc~Jrring) AS FOLLOWS:
Section 1. Pursuant to section 78 of the County Improvement Authorities Law,
N.J.S.A. 40:48-1 e..Jt seq., the Municipality is hereby authorized and directed to enter into
and perform the Lease, which Lease provides for the leasing of certain Items of
Equipment acquired with the proceeds of County-Guaranteed Capital Equipment Lease
Revenue Bonds, Series 2003 (the "Bonds") to be issued by the Authority under a
resolution of the Authority to be adopted by the Authority entitled, "Resolution of the
Middlesex County Improvement Authority Authorizing the Issuance of County-
Guaranteed Capital E?ipment Lease Revenue Bonds" (the "Gen~era[ Bond
Resolution"). The Lease, in substantially the form submitted herewith in Exhibit A (a
copy of which is on file in the office of the Clerk of the Municipality), is hereby approved
with such changes, amendments or modifications as may be approved by counsel or
bond counsel to the Municipality and bond counsel to the Authority and the County.
03-13 PA(3E 2 of 3
Section 2. The full faith and credit of the Municipality are hereby pledged to the
punctual payment of the obligations set forth in the Lease authorized by this ordinance,
including without limitation, (i) all Basic Rent and Rent obligations of the Municipality
under the Lease including, Authority Administrative Expenses and Additional Rent, (ii)
all amounts due and owing to the County as a result of payments made by the County
on behalf of the Municipality under the Lease pursuant to the County Guarantee,
including County Guarantee Costs and (iii) all direct and indirect costs of the Authority
and the County related to the enforcement of the Lease and the County Guarantee ((i),
(ii) and (iii) collectively, the "Lease Payment Obligation"). The Lease Payment
Obligation under the Lease shall be a direct, unlimited and general obligation of the
Municipality, not subject to annual appropriation by the Municipality pursuant to the
County Improvement Authorities Law, and unless paid from other sources, the
Municipality shall be obligated to levy ad valorem taxes upon all the taxable property
within the Municipality for the payment of the Lease Payment Obligation thereunder
without limitation as to rate or amount.
The Mayor or other Authorized Municipal Representative (as defined in the
Lease) is hereby authorized and directed to execute the Lease on behalf of the
Municipality in substantially such form as attached heretc in Exhibit A and the Clerk of
the Municipality is hereby authorized and directed to attest to such signature and affix
the seal of the Municipality thereto and the Lease is authorized to be delivered to the
Authority. All representatives, officials and employees of the Municipality are hereby
authorized and directed to enforce and to implement provisions of the Lease.
Section 3. The following additional matters are hereby determined, declared,
recited and stated:
(1) The maximum Lease Payment Obligation for which the Municipality shall
be obligated hereunder, which, inter alia, will be used for the payment of principal of and
interest on the Bonds of the Authority shall not exceed the sum necessary to (a) acquire
the Municipality's Equipment described in Exhibit B which will be subject to the Lease,
(b) pay interest on the Authority's Bonds allocated to the Municipality and used to
acquire the Municipality's Equipment, and (c) pay the Municipality's share of the costs of
issuance, Authority Administrative Expenses, Additional Rent, County Guarantee Costs
and all other amounts required to be paid by the Municipality under the Lease.
(2) The Bonds shall mature within ten (10) years from the date of issue.
(3) The Lease Payment ObligatiOn authorized herein shall remain effective
until all the Authodty's Bonds shall have been paid in full in accordance with their terms
and/or when all obligations of the Municipality under the Lease have been satisfied,
notwithstanding the occun'ence of any other event, including but not limited to the
termination of the Lease with respect to some or all of the Items of Equipment leased
thereunder.
(4) The Items of Equipment described in Exhibit B are hereby approved to be
leased from the Authority in accordance with the terms of the Lease, with such changes,
amendments or modifications as may be approved by counsel or bond counsel to the
Authority.
NO. 03-13 PAGE 3 Of 3
Section 4. To the extent the Municipality is an "Obligated Person" (as defined under
the Rule (as hereinafter defined)), the Municipality hereby agrees to comply with the
requirements of Rule 15c2-12 (the "Rule") promulgated by the Securities and
Exchange Act of 1934, as amended and supplemented, including the secondary
market disclosure requirements contained therein, and agrees to convenant to such
compliance in the Lease. The Mayor, Clerk, Chief Financial Officer or other
Authorized Municipal Representative are each hereby authorized and directed to
execute and deliver a Continuing Disclosure Agreement, approve and "deem final"
the Official Statement of the Authority and the preliminary form thereof to the extent
the information contained therein relates to the Municipality and to execute and
deliver all certificates, documents and agreements to the Authority in connection
therewith and to file budgetary, financial and operating data of the Municipality on an
annual basis and notices of certain enumerated events as required to comply with and
in accordance with the provisions of the Rule.
Section 5. The Mayor, Clerk, Chief Financial Officer or Authorized Municipal
Representative are each hereby authorized and directed to execute and deliver any
and all certificates, documents and instruments and to do and cause to be done any
and all acts and things necessary or proper for carrying out the execution and delivery
of the Lease, the leasing of the Equipment which is to be the subject of thc Lease and
all related transactions contemplated by this ordinance.
Section 6. Upon the payment of all amounts referenced in Section 3 (3) herein, the
full faith and credit pledge of the Municipality as to its Lease Payment Obligations
authorized herein shall cease to exist.
Section 7. The provisions of this ordinance are severable. To the extent any clause,
phrase, sentence, paragraph or provision of this ordinance shall be declared invalid,
illegal or unconstitutional, the remaining provisions shall continue to be in full force
and effect.
Section 8. This ordinance shall take effect twenty (20) days after final adoption and
publication in accordance with applicable law
DO NOT USE SPACE BELOW THIS LINE
RECORD OF COUNCIL VOTE
COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NV A.B.
KRUlq X RIOS X
NAPLES X S ITARZ X
PARISI X SOSNO{~SKI X
X - Indicate Vole AB - Absenl NV - Nol Voting XOR * Indicates Vote to Overrule Veto
Adopted on first reading of the Council of the Borough of Carteret, N.J., on APRIL 14. ~ 2003
he r n on APRIL 24,
Adopted on second reading after a i g 2003
ONAPPROVED ~~'~ B M~OR
MU I~1'' C x
2003 CAPITAL EQUIPMENT LEASE PROGRAM
Participation Form
Governmental Entity Borough of Carteret
Contact Person Patrick J. De Blasio
(Please print)
Telephone # 732-541-3820 Fax # 732-541-2884
E-Mail: De RialtO P @ Carteret.Net
EST. TOTAL
EQUIPMENT COST OF ITEM ESTIMATED
QTY DESCR/PTION OF EQUIPMENT USEFUL_____LIFE
1. 2 Mason Dump Truck 35,000 each= 70,000 7 Yrs.
2. 1 Elgin Street Sweeper 125,000 10 Yrs.
3. 1 Salt Shed 50~000 15 Yrs.
4. 1 Box Compactor 15,000 10 Yrs.
5.
6.
7.
8.
9.
10,
Please check here if you are NOT interested in the 2003 Capital Equipment
Lease Program.
Return this form no later than January 15, 2003 to:
Richard Pucci, Executive Director
Middlesex County Improvement Authority
c/o Finance Department
101 Interchange Plaza- Suite 202
Cranbury, NJ.08512
or fax this form immediately to (609) 655-4748
Affidavit of Publication
Publisher's Fee $211.20Affidavit Charge $17.00
State of New Jersey } ss.
MIDDLESEX COUNTY
Personally appeared LINDA DIAZ
of the I--Iome l~l®ws 'l'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 {0#E) times, once In each Issue, as follows
~i~.~
NOTARY FUSLiC OF NEV~ JERSE KD., a~ ~ ~/~
MY COMMIS~IRES OCT. 2, 2005 Sworn and sub.rind before me this
Notary Pubhc of New Jersey
~GH ~ ~R~
bythe County o M d~esex, State of ~w
Lease is hereby author zed and directed to execute the Lease on behalf of
the Mun c pality in substantially such form as attached hereto in Exhibit A and
the C ark of the Mun c pa ty s hereby authorized and directed to attest to
such sgnature and affix the seal of the Munici ality thereto and the Lease is
authorized to be delivered to the Authority, A~I representatives, officials and
em Ioyees of the Municipality are hereby authorized and directed to enforce
an~Pto implement provisions of the Lease.
S~tloll :3. The following additional matters are hereby determined, de-
clared, recited and stated:
(1) The maximum Lease Payment Obli atior~ for which the Municipality shall
be obligated hereunder, which, inter a~la, will b~ used for the payment of
pr nc pal of and nterest on the Bonds of the Authority shall not exceed the
sum necessary to (a acquire the Munici ality's. Equipment describe[J in
Exhibit ~ which will be subject to the Lease, ~o) pay interest on the Authorlty's
Bonds allocated to the Munici airy and used to acquire the Municipality's
Equipment and c) pay the ~u~nicipalit~"s share of the costs of issuance,
Author ty Adm n strative Expenses Additional Rent CountyGuarantee Costs
and a other amounts required to be paid by the Municipality under the Lease.
2 The Bonds shall mature within ten (10) years from the date of issue.
135 The Lease Payment Obligat on authorized herein shall remain effective
unt la the Authority's Bonds shall have been paid in full in accordance with
the r arms and/or when ail obligations of the Municipality under the Lease
have been satisfied, notwithstanding the occurrence o.~f ~ other event,
includin but not limited to the termination Of the Lease with respect to some
or a or'the Items of Equipment leased thereunder.
(4) The items of Equipment described In Exhibit B are hereby approved to
be eased rom the Authority irt accordance with the terms of the Lease, with
such changes, amendments or modifications as may be approved by counsel
or bond counse to the Authority.
S~IiOll 4. To the extent the Municipality is an "Oblillgaated P?son"(aas
de ned under the Rule (as hereinafter defined), the Municipality
agrees to comp y with the requirements of Rule 15c2-]2 (the Rule
romulgated by the Secur res and Exchan · Commission pursuant to the
~ecuritles Exchange Act of ]934, as amen~igeld and supplemented, including
the secondary market disclosure re uirements containedtherein, and a reis
to covenant to such comp ance an the Lease. The Mayor, Clerk, ~iqlef
Financial Offcer or other Authorzed Municipal Representative are each
hereby authorized and d retted to execute and deliver a Continuing Disclosure
Al~reement approve and "deem na ' the offc a Statement of the Authority
and the preliminar orm thereof to the extent the information contained
therein relates to t~e Mun cipality and to execute and deliver al~ certificates,
dccumertts and agreements to the Author ty in connection therewith and to
S~d~rt 5, The Mayor, Cler~, Chief Financial Office[ or Authorized M .unicipa, I
Borough of Carteret held April 14, 2003 when it was a~[opted on F!rst Read)n8~
200~ at approximat~i~y 7:00 P.M., Municipal 9our~/~olice.Fasility, ~O Roonses-
{~(~SC RIPTION 70,~30~ 7 Yrs.
l.z' Mason Dump Truck
2~. ~1 El in Street Sweeper 125,0OO 10 Yrs.
Affidavit of Publication
Publisher's Fee $208.56 Affidavit Charge $17.00
State of New Jersey } ss.
MIDDLESEX COUNTY ~?i~ ~ /:~'~
Personally appeared LINDA DIAZ .~?,
of the I-Iome lqews Tri. bune, a newspaper printed In Freehold, NJ and published In NEPTUNE, In said
County and State, and of general circulation In said county, who being duly sworn, deposeth and salth
that the advertisement of which the annexed Is a true copy, has been published In the said newspaper
1 (0#L:} times, once In each Issue, as follows
A.D., ~J~
jEAN L. ESPOSITO _/~'Zz~ ~
NOTARY PUBLIC OF NEW JERSEY
MY COMMISSION EXPIRES dAN, 27, 2005 Sworn and subscribed before me this
29th day of April, A.D., 2003
¢ of New Jersey
BO~UGH ~ CAI~RET
ORDINANCE # 03-13
AN ORDINANCE OF THE BOROUGH OF CARTERET N THE COUNTY OF
~HER~A.$ the Au,hor'~y ha~* ~term. ine~..to.i$$u~ ,ts r~v~o~rU~heb0Dn~r~D foos~stho~
~TATE OF "~c~R~n~6~am ~o-thirds of .11 members thereof
vatore~ t ..... pon ' the taxable proper~ wthn the Mum~ipaht fo~
Lease is hereby authorized and directed to execute the Lease on behalf of
the Mun c pality in substantially such form as attached hereto in E~hibit A_ and
the Clerk of the Municipality s hereby authorized and d rected to attest to
such signature and affix the seal of the Munc ality thereto and the Lease
authorized to be delivered to the Authority. A~I representatives, officials and
em oyees of the Municipalib~ are hereby authorized and directed to enforce
an~Pto mplement provsons of the Lease.
S~tlon3. The following additional matters are hereby determined,
clared recited and stated
(]) ~e max mum Lea~ Payment Obli ation fo~ which the Municipality shall
be obligated hereunder, ~[ch, inter a~a, will be used for the payment of
tinct al o and interest on the Bonds of the Authority shall not exceed t~e
P P to a ac uire the Muflicl ality's Equipment descrlbe~ n
Bonds allocated to the Munci ality and used to acquire the Munlcipality*s
E u ment and c) pay the ~nicipel~ty's share of the c~ts of issuance,
A~t~rity Administrat ve E~penses Add tionel Rent, ~un~ ~uarantee ~oszs
and all other a~ounts required to be pa d by the Mun c pah~ under the Lease.
2 ~e Bonds shall mature wthn ten (]0) years from the date of issue.
3 ~e Lease Pa ment Obl~et on author zed herein ~a remain effective
u~l~ afl the Author ~'s Bonds shall have been paid in ~11 in accordance with
ther terms and/or when all obligations o the Municipality ~nder the Lease
have bee~ satisfied, notwithstandin~ the occurrence of ~ other event,
includ ~ but not mired to the termination of the Lease with resp~t to some
or all o~the Items o Equipment leased thereunder.
(4) The Items of Equipment de.rind n Exhi~t ~are hereby approved to
be leased from the Author ty n accordance with the terms of the Lease with
such changes, amendments or modi~ations as may be e~roved by counsel
or bond counsel to the Au~orl~. ,, ,,
a=rees to comply ~th ~he requirements of ~ule ~5~2-[2 (the · ~1~
~[~l~s Exchange Act of 1934, as amended and ~upplemeqted, I~cluding
.... t di~losure re uirements contalneathereln, eno a re~s
~ 7. ~e peovisions of this ~dlna~_~r~2~~
~ 8 This oral ...... hall. take ~ t[e~, f~) days after final
pr~d n~ questi .... the va[idit of such ordln~c~
prowded m the L~el~ond Law, ~as besun to run f