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Home My Public Portal Aboutordinance 03:37No. 03-37 af f[~l~ Councilman Presents the following Ordinance Seconded by Councilman BOND ORDINANCE PROVIDING FOR VARIOUS PARK IH~ROVEMENTS IN AND BY THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $500,000 THEREFOR AND AUTHORIZING THE iSSEANCE OF $250,000 BONDS OR NOTES OF T~E BOROUGIt TO FINANCE PART OF THE COST THEREOF. BE IT ORDAINED BY THE BOROUGH COUNCIL OF THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY (net less two-thirds of all members thereof affirmatively concurring) AS FOLLOWS: Section q The improvemenE described in Section 3 bend ordinance is hereby authorized to be undertaken by the of 'Carteret, New Jersey as a general improvement. For the improvement or purpose described in Section 3, there is hereby appropriated the sum ef $500,0'00, which $250,000 will be provided in the form of a grant and $250,,000 will be provided in the form cf a loan from the State of New Jersey, Department of Env~o~_~ Protection, Green Acres Program ("Green Acres"). Ne down payme~k is required pursuant to N.J.S.A. 40A:2-11(c) as this bond ordinance authorizes obligations which involve projects funded by Acres. Section 2. In order tc finance the cost of the imprever~exli or purpose not covered by application of the down negotiable bonds are hereby auuhorized to be issued k~t NO. 03-37 PAGE. principal amount of $2~0,000 pursuant to the Local Bond Law. in anticipation of the issuance of the bonds, negotiable b3nd 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 purpose for the financing of which the bonds are to be issued for the various park improvements throughout the Borough of Carteret, as shown en and in accordance with the plans and specifications therefor on file in the office of the Clerk, which plans are hereby approved, including all work and materials necessary therefor and 'incidental thereto. (b) The estimated maximum amount ef bonds or notes Eo 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 ef the appropriation herein made therefor. Section 4.. Ail bond anticipation notes issued hereunder shall mature a't such times as may be determined by the chief financial officer; provided that ne note shall mature later ~ha~ 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 cohnection with notes issued pursuant to this ordinance, and the chief financial ~fficer's signature upon the notes shall be NO. 03-37 PAGE 3 conclusive evidence as to all such determinations. All nones issued hereunder may be renewed from time to time subject to lhe provisions of N.J.S.A. 40A:2-8(a) . The chief financial officer is hereby authorized Yo sell part or all of the notes from sime time at public or private sale and to deliver them to ~he purchasers thereof upon receipt cf 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 ~n writing tQ the governing body at the meeting next succeeding the date when any sale or delivery of the notes pursuant to ordinance is made. Such 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 of Carteret is hereby amended to conform with the provisions of this ordinance to the extent of any inconsistency herewith. The resolution in uhe form promulgated by the Local Finance Board showing full detail of the amended capital budget and capital program as approved by 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 or NO. 03-37 PAGE 4 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 benefitted thereby. (b) The period of usefulness of the improvement or purpose within the lihitations 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) The Supplemental Debt Statement zequired 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 zn the office of' the Director of the Division of Local Government Services in th'e 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 B~nd 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 ~ggregate amount not exceeding $50,000 for items of expense listed in ahd permitted under N.J.S.A. 40A:2-20 is included in the estiNated.' cost indicated herein for the purpose or improvement. Section J. 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 NO. OR-g7 PAGE 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 no~ issued hereunder shall be reduced to the extent that such funds are so used. Section 8. The chief financial officer ~f the Borough is hereby authorized to prepare and ~o 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 un.dertaking to provide secondary market disclosure on behalf of the Borough pursuant to Rule 15c2-12 of the Securinies 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, ~he Borough shall not be liable for any monetary damages, and 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 NO. 03-q7 PAGE__.fi interest on the obligations authorized by this bend 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 real 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, C( [NCILMAN KRUM x RIOS NAPLES × $ITARZ , pARISI x ~KI I i J , X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto Adopted on first reading of the Council of the Borough of Carteret, N,J., on _ A~_st 14 ~ 2003 Adopted on second reading after hearing on.~7 September 4, 2003 APPROVED~ ~ ~ Affidavit of Publication Publisher's Fee $161.04 Affidavit Charge $20.00 State of New Jersey } ss. MIDDLESEX COUNTY k~ ~'~ ~ Personally appeared LINDA DIAZ 0R:~CE 0T of the [--Zome l~'ews 'l'ri_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, dep0seth 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 A.D., 2003 PATRICIA W. TOWNSEND .. NOTARY PUBLICJTri~SV JERSEY Sworn and subscrlbe~ before me this ... ~'} MY COMMISSION ~PIRI~S OCT, 2, 2005 . 20th day of August, A.D., 2003 Notary Public of New Jersey authorized to sell part or all of the notes from time BOROUGH OF CARTERET to t me at pub c or private sale and to deliver them to the purchasers thereo upon receipt of payment o the purchase price plus accrued interest from ORDINANCE #03-3? their dates to the date o de ivory thereof, The chief BOND ORDINANCE PROVIDING FOR VARI- financial officer is directed to report in writin to ODS PARK IMPROVEMENTS IN AND BY THE the governing body at the meeting next succeeding BOROUGH OF CARTERET IN THE COUNTY the date when any sale or deliver of the notes OF MIDDLESIEX, NEW JERSEY, APPROPRIAT- pursuant to th s o dinance is ma~e. Such report lNG $500,0~O THEREFOR AND AUTHORIZING must nclude the amount, the description, the inter- THE ISSUANCE OF $250000 BONDS OR NOTES OF THE BOROUGH ~'O FINANCE PART est rate and the matur ty schedule of the notes sold, the price obtained and the name of the OF 3~'IE COST THEREOF. purchaser. BE IT ORDAINED BY THE BOROUGH COUNCIL OF Section 5, The capital bud et of the Borough of THE BOROUGH OF CARTERET, IN THE COUNTY OF Carteret is hereby amende~'gto conform with the M DDLESEX N[W JERSEY not [ess than two thirds p nv s OhS of th s ordnance to the extent of any of all members thereof affirmatively concurring) AS moons stenc herewith. The resolution in the form FOLLOWS; promu g, ate~?by the Loca F nance Board showing Sect on 1. The improvement described in Section full detml of the amended cap iai budget and ca ital 3 of this bond ordinance is hereb authorized to be program as approved by the D rector of the ~)ivi- undertaken by the Borough of ~Yarteret, New Jar- sion of Local Government Services is on file with say as a genera mprovement For the improve the Clerk and is avaitable there for public inspec merit or purpose described in Section :3, there is tion. hereb a propr ated the sum of $500,OO0, which hereb determined, declared, recited and stated: $250,~o~Pwlll be provided in tl~e form. of a .g~'oa~nt Sect on 6 The following additional matters are and $250 O00 will be rovided n the form oF a) ~he improvement or purpose described in from the State of NPe~w Jersey, Department of Secton 3 of this bond ordinance is not a current Environmental Protect on, Green Acres Program ("Green Acres" , No down payment is required expense. It is an improvement or purpose that the provement, and no part of the cost tE~ereof has pursuant to N.J.~,. 40A 2-11 (c~ as this bond ordi Borough may lawfully undertake as a eneral ia- been or shall be specially assessed on property nance authorizes obligations which involve projects funded by Green Acres spec a y benefitted thereby. Section 2. In order to finance the cost of the (b) The period o use u ness of the improvement or purpose w~thin the ~imltations of the Loca Bond improvement or purpose not covered by applica lion of the down payment, negotiable bonds are Law according to the easonable life thereof corn- hereby authorized to be ssued in the principal puled from the date of the bonds authorized by this amount o $250,000 ursuant to the Local Bond Law n antcipatlon otPthe issuance of the bonds, o d nance is 15 years. (c The Su plemental Debt Statement required negotiable bond anticipat on notes are hereby au- by t~e Local ~ond Law has been duly prepared and thorized to be issued pursuant to and within the filed n the office o the Clerk, and a complete executed dup cate thereof has been filed in the office of the Director of the Division of Local lira tat ohs rescribed by the Local Bond Law. Secton ~* (a) The mprovement hereby autho r zed and the purpose for the financing of which the Governmen Services in the Department of Corn bonds are to be issued s for the various park munity Affairs of the State of New Jerse . Such improvements throughout the Borough of Carteret, statement shows that the gross debt of t~e BDt as shown on and n accordance with the plans and ough as defined in the Loca/Bond Law is increased specifications therefor on e in the office of the by the authorization of the bunds and notes provld- Cerk which pans are hereby ap roved, including all work and materials necessa y tpl~erefor and inc - ed in this bond ordinance by $250,000, and the obi ations authorized herein wilt be within ail debt dental thereto timi~tions prescribed by that Law, (b) The estimated maximum amount of bonds or d) An a agate amount not exceeding $50,000 notes to be issued for the improvement or purpose for terns og~expense listed in and permitted undo is as stated in Section 2 hereof. N J.S.A* 40A:2 20 is included in the estimated cost (c The est mated cost of the improvement or indicated herein for the purpose or improvement. urpose is equal to the amount of the appropriation Section 7. The Borough expects to receive a ~e eln made therefor. Green Acres Grant in the amount of 5250.000 to Section 4. All bond anticipation notes issued here~ nance partiall the purpose descr bed in Section 3 under shat matu e at such t roes as may be deter- hereof Any a~/ditiona g ant moneys received for mined by the chief financ a o car provided that the urpose desc bed in Sect on 3 hereof shall be no note shall mature later than one year rom ts appl?~d either to direct payment of the cost of the date The notes shall bear nterest at such rate or improvement or to payment ef the obligations execute such disclosure document on beg~alf of the monetary ~amages, an~ the emedy shall be limit- princ pal o{° an~ the interest on the obligations meeting or'hegcouncil of the Borough of Carteret Counc~of the Boroug~ of Carteret on S~ptember ~0,52) (page 2 of//47347