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HomeMy Public PortalAboutr 03:211No. 03-211 Date of Adoption July 9. 2003 RESOLUTION AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $2,500,000 TAX ANTICIPATION NOTES OF 2003 OF THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY. BE IT RESOLVED by the Borough Council of the Borough of Carteret, in the County of Middlesex, New Jersey (not less than the majority of the full membership of the governing body) As follows: Section 1. In anticipation of the collection of taxes during the current fiscal year, there are hereby authorized to be issued tax anticipation noted of the Borough, each to be known as "Tax Anticipation Note of 2003," in amounts no exceeding $2,500,000. The proceeds of such notes shall be applied only to purposes provided for in the budget or for which taxes are levied for the current year. Section 2. The following certificate has been prepared by the Borough and is filed in the office of the Borough Clerk: CERTIFICATE WITH RESPECT TO TAX ANTICIPATION NOTES I, Patrick J. DeBlasio, Chief Financial Officer of the Borough of Carteret, in the County of Middlesex, New Jersey HEREBY CERTIFY as follows: 1. The gross borrowing power in respect to tax anticipation noted for the fiscal year 2003, being 30 percent of the tax levy for all purposes of the fiscal year of 2002, plus 30 percent of the amount of miscellaneous revenues realized in cash during the fiscal year of 2002, is $13,970,204.24. 2. The amount of noted outstanding in anticipation of the collection of taxes of the fiscal year of 2003, except such notes as will be renewed by or paid from the proceeds of the notes to be issued, is $ 0 3. The net borrowing power, being the excess of the first over the second of the two above amounts, is $ 13,970,204.24. 4. This certificate is made with respect to $2,500,000 Tax Anticipation Notes of 203 about to be authorized by the Borough Council of the Borough of Carteret. 1N WITNESS WHEREOF, I have hereunto set my hand this 9th day of July, 2003. Patrick J. DeBlasio, Chief Financial Officer Section 3. The following matters in connection wit the notes are hereby determined: 03-211 PAOE__.2_ ....... (a) All notes issued hereunder shall mature at such times as may be determines by the chief financial officer, provided that no note shall mature later than 120 days following the end of the fiscal year. (b) All notes issued hereunder shall bear interest at such rate or rates as may be determined by the chief financial officer. (c) All notes shall be in the form prescribed by the Local Budget Law and otherwise as determined by the chief financial officer and such officer's signature upon the notes shall be conclusive as to such determination; (d) Notes issued hereunder may be renewed from time to time, provided, however, that no renewal note shall be issued later than the last day of the fiscal year. (e) All noted shall be executed by the Mayor and the Chief Financial Officer and attested by the Borough Clerk. Section 4. The chief financial officer is authorized and directed to determine all matters in connection with the notes not determined by this or by a subsequent resolution and such officer's signature upon the notes shall be conclusive as to such determination. Section 5. The chief financial officer is hereby authorized to sell the notes from time to time at public or private sale in such amounts as such officer may determine at not less than par and to deliver them from time to time to the purchasers thereof upon receipt of payment of the purchase price plus accrued interest from their dates to the date of delivery thereof and payment therefore. Section 6. Any instrument issued pursuant to this resolution shall be a general obligation of the Borough, and full faith and credit of the 'Borough are hereby pledged to the punctual payment of the principal of and the interest on the obligations. Section 7. The chief financial officer is authorized and is directed to report in writing to the Borough Council at the meeting next succeeding the date when any sale or delivery of the notes pursuant to this resolution is made, such report to include the amount, the description, the interest arte and the maturity of the notes sold, the price obtained and the name of the purchaser. Section 8. The chief financial officer, in connection with other professionals of the Borough acting under his direction, is hereby authorized to prepare and to update from time to time as necessary a financial disclosure document for the Borough, as it may be so updated from time to time, to be distributed in connection with the sale of obligations of the Borough. The chief financial officer is hereby authorized to execute such disclosure document on behalf of the Borough. ~o ~03-211 PAGE 3 Section 9. (a) Solely for purpose of complying with Rule 15c2-12 of the Securities and Exchange Commission (the "Rule"), and provided that an issue of notes authorized by this resolution is not exempt from the following requirements in accordance with paragraph (d) of the Rule, for so long as an issue of notes of the Issuer remains outstanding (other than an issue of notes which has been wholly defeased), the Borough shall provide in a timely manner to each nationally recognized municipal securities information repository ("National Repositories") or to the Municipal Securities Rulemaking Board, and to the appropriate State information depository, if any, ("State Depository" and together with the National Repositories, the "Repositories") notice of the following events with respect to an issue of notes, if material (herein "Material Events"): (1) Principal and interest payment delinquencies; (2) Non-payment related defaults; (3) Unscheduled draws on debt service reserves reflecting financial difficulties; (4) Unscheduled draws on credit enhancements reflecting financial difficulties; (5) Substitution of credit or liquidity providers, or their failure to perform; (6) Adverse tax opinions or events affecting the tax-exempt status of the security; (7) Modifications to rights of security holders; (8) Bond calls; (9) D6feasances; (10) · .Release, substitution, or sale of property securing repayment of the securities; and (1 l) Rating changes. Adopted this 9th day of July, 2003 and certified as a true copy of the original on July 10, 2003. KATHLEEN M. BARNEY, RMC/CMC : Municipal Clerk RECORD OF COUNCIL VOTE C~CILMAN YxES NO '~_N~V~ A.B. C~UNi~ILMAN Y~S NO NV A.B. [qAPLE$ X .qTTARZ I_ Ii _ PARISI -- X ~cllh-'NlJ.,~K T X - Indicate Vole AB - Absent NV ~ Not Voting XOR - Indicates Vote to Overrule Veto Adopted at a meeting of the Municipal Council ' CLERK