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.
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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