HomeMy Public PortalAboutordinance 04:10Councilman Presents ;he following Ordinance Seconded by Councilman
BOND ORDINANCE PROVIDING FOR VARIOUS
CAPITAL IMPROVEMENTS OF THE BOROUGH OF
CARTERET, IN THE COUNTY OF MIDDLESEX, NEW
JERSEY, APPROPRIATING THE AGGREGATE AMOUNT
OF $3,000,000 THEREFOR AND AUTHORIZING THE
ISSUANCE OF $2,850,000 BONDS OR NOTES OF THE
BOROUGH 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 (not
less than two-thirds of all members thereo£ affirmatively concurring) AS
FOLLOWS:
Section 1. The several improvements described in Section 3 of this bond
ordinance are hereby respectively authorized to be undertaken by the Borough of
Carteret, New Jersey as general improvements. For the several improvements or
purposes described in Section 3, there are hereby appropriated the respective sums
of money therein stated as the appropriation made for each improvement or
purpose, such sums amounting in the aggregate to $3,000,000, including the
aggregate sum of $150,000 as the several down payments for the improvements
or purposes required by the Local Bond Law. The down payments have been
made available by virtue of provision for down payment or for capital
improvement purposes in one or more previously adopted budgets.
Section 2. In order to finance the cost of the several improvements or
purposes not covered by application of the several down payments, negotiable
bonds are hereby authorized to be issued in the principal amount of $2,850,000
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. The several improvements hereby authorized and the several
purposes for which the bonds are to be issued, the estimated cost of each
improvement and the appropriation therefor, the estimated maximum amount of
bonds or notes to be issued for each improvement and the period of usefulness of
each improvement are as follows:
MIDDLESEX COUNTY
OFFICE OF
THLEEN M. BARNEY, ~C/CMC. 61 COOKE AVEN~
MUNICIPAL CLERK CARTERET, NEW JERSEY 07008
MEMORANDUM
TO: McManimon and Scotland
1 Riverfront Plaza
Newark, NJ 07102-5408
FROM: KATHLEEN M. BARNEY, RMC/CMC
Municipal Clerk
DATE: March 26, 2004
SUBJECT: BOND ORDINANCE PROVIDING FOR VARIOUS
CAPITAL IMPROVEMENTS OF THE BROROUGH OF
CARTERET, IN THE COUNTY OF MIDDLESEX, NEW
JERSEY, APPROPRIATING THE AGGREGATE AMOUNT
OF $3,000,000 THEREFOR AND AUTHORIZING THE
ISSUANCE OF $2,850,000 BONDS OR NOTES OF THE
BOROURGH TO FINANCE PART OF THE COST
THEREOF.
ENCLS. Ordinance 04-10
KMB: ti
Cc: Treasurer
File
PAOE 2 of 4
~o.
Estimated
Maximum Amount
Appropriation of Bonds or
and Estimated Notes Period of
Purpose Cost Usefulness
a) Various Roadway
hnprovenmnts in tbe Borough as
identified on a list on file with thc
Borough Engineer, including all
work and materials necessar
therefor or incidental thereto $1,200,000 $1,140,000 10 years
b) Waterfront Park Phase II
Project, including all work and
materials necessary therefor and
incidental thereto.[ 300,000 ~ 285,000 40 year,'
c) Construction of a new
Municipal Garage Building and
Borough Hall renovations
including all work and materiab
necessary therefor and incidenta
thereto. M,000,000 $ 950,000 15 years
c) Acquisition of certain parcels ot
Borough Waterfront property,
including a portion of Block 4, Loi
1 (4000 Industrial Avenue) and ali
of Block 4, Lot 4 (Middlesex
Avenue $ 500,000 $ 475,000 40 years
TOTALS ~
The excess of the appropriation made for each of the improvements or purposes
aforesaid over the estimated maximum amount of bonds or notes to be issued
therefor, as above stated, is the amount of the down payment for each purpose.
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
NO. 04-10 PAO5~3 of 4
authorized to sell part or 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
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 date when any sale or delivery
of the notes pursuant to this 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 the fonn 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 purposes described in Section 3 of this bond ordinance are not current
expenses. They are all improvements that the Borough may lawfully undertake as
general improvements, and no part of the costs thereof has been or shall be
specially assessed on property specially benefited thereby.
(b)The average period of usefulness, computed on the basis of the respective
amounts of obligations authorized for each purpose and the reasonable life thereof
within the limitations of the Local Bond Law, is 19.66 years.
(c)The 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 $2,850,000, and the obligations
authorized herein will be witl'dn all debt limitations prescribed by that Law.
(d)An aggregate amount not exceeding $600,000 for items of expense listed in
and permitted under N.J.S.A. 40A:2-20 is included in the estimated costs
.ndicated herein for the purposes or improvements.
Section 7. Any grant moneys received for the purposes described in Section 3
hereof shall be applied either to direct payment of the cost of the improvements 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.
NO 04-10 PAGE 4 of 4
Section 8. The chief financial officer of the Borough is hereby authorized to
prepare and to update from time t9 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 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 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 real property within the Borough for the payment of the obligations
and the interest thereon without limitation o f 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.
Adopted this ~;~"~-~ dOy Of~
~_O~and certified as ~1 true copy o{ an
"~ ~ 'V~' ~
DO NOT USE SPACE BELOW THIS LINE
RECORD OF COUNCIL VOTE
COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO I NV A.B.
/
KRUM X RIOS X
X SITARZ X
NAPI.K~
SOSNOWsKI X
PARISI X
X - Indicat~ Vote AB - Absent NV - Not Voting XOR - Indicates Vote to Overrule Veto CD
Adopted on first reading of the Council of the Borough of Carteret, N.J., on blareh 11; ?004
Adopted on second reading after hearing on March 25, 2004
· CLERK --