HomeMy Public PortalAboutr 95:322No. 95-322 Date 0f Adoption OCTOBER 23 1995
RESOLUTION DETERMINING THE FOR24 ~ OTHER
DETAILS OF $3,606,000 GENEP. AL IMPROVEMENT
BONDS OF TEE BOROUGH OF CA~TERET, IN THE
COUNTY OF MIDDLESEX, NEW JERSEY AND PROVIDING
FOR THEIR SALE.
BE IT RESOLVED BY THE BOROUGH COUNCIL OF THE BOROUGH OF
C~TERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY AS FOLLOWS:
Section 1. The $3,606,000 General Improvement Bonds of the
Borough of Carteret, New Jersey, referred to and described in the
resolution adopted by the Borough Council pursuant to the Local
Bond Law of the State of New Jersey on October 19, 1995 and
entitled, "Resolution Providing for the Combination of 'Certain
the County of Middlesex, New Jersey into a Single Issue of Bonds
Aggregating $3,606,000 in Principal Amount," shall be issued as
General Improvement Bonds (the "Bonds"). The Bonds shall mature in
the principal amounts on December 1 as follows:
Year PrinciDal Amount Year Principal Amount
1996 $130,000 2006 $185,000
1997 $130,000 2007 $190,000
1998 $135,000 2008 $195,000
1999 $140,000 2009 $200,000
2000 $150,000 2010 $205,000
2001 $155,000 2011 $210,000
2002 $160,000 2012 $220,000
2003 $165,000 2013 $225,000
2004 $170,000 2014 $230,000
2005 $175,000 2015 $236,000
The Bonds shall be subject to redemption prior to maturity in
accordance with the terms of the Notice of Sale authorized herein.
The Bonds shall be 20 in number, with one certificate being issued
for each year of maturity, and shall be numbered R-1 to R-20,
inclusive.
Section 2. The Bonds will be issued in fully registered
form. One certificate shall be issued for the aggregate principal
amount of Bonds maturing in each year. Both principal of and
interest on the Bonds will be payable in lawful money of the United
States of America. Each certificate will be registered in the name
of Cede & Co., as nominee of The Depository Trust Company, New
York, New York, which will act as securities depository (the
"Securities Depository"). The certificates will be on deposit with
The Depository Trust Company. The Depository Trust Company will be
NO. 95-322 PAGE 2
responsible for maintaining a book-entry system for recording the
interests of its participants or the transfers of the interests
among its participants. The participants will be responsible for
maintaining records recording the beneficial ownership interests in
the Bonds on behalf of individual purchasers. Individual purchases
may be made in the principal amount of $1~000 or any multiple
thereof (with a minimum purchase of $S,000 required) through
book-entries made on the books and the records of The Depository
Trust Company and its participants.
The Bonds will bear interest payable on June 1~ 1996 and
semiannually thereafter on the first day of June and December in
each year until maturity at a rate or rates per annum, expressed in
a multiple of 1/8 or 1/20 of 1% and proposed by the successful
bidder in accordance with the Notice of Sale authorized herein.
The principal of and the interest on the Bonds will be paid to the
Securities Depository by the Board of Education on the respective
maturity dates and due dates and will be credited on the respective
maturity dates and due dates to the participants of The Depository
Trust Company as listed'on the records of The Depository Trust
Company as of each next precedin9 May 1S and November 15 (the
"Record Dates" for the Bonds). The Bonds shall be executed by the
manual or facsimile signatures of the Mayor and the Treasurer under
the official seal (or facsimile thereof) affixed~ printed, engraved
or reproduced thereon and attested by the manual signature of the
Borough Clerk. The following matters are hereby determined with
respect to the Bonds:
Date of Bonds: December 1, 199S,
Interest Payment
Dates: June 1, 1996 and each June 1 and December
1 thereafter until maturity.
Section 3. The Bonds shall be substantially in the
following form with such additions~ deletions and omissions as may
be necessary for the Board of Education to market the Bonds in
accordance with the requirements of The Depository Trust Company:
NO. 95-322 PAGE. 3
REGISTERED
REGISTERED $
NUMBER R-
.- UNITED STATES OF AMERICA
STATE OF NEW JERSEY
COUNTY OF MIDDLESEX
BOROUGH OF CARTERET
GENERAL IMPROVEMENT BOND
DATE OF RATE OF
ORIGINAL MATURITY INTEREST PER
ISSUE: DATE: ANNUM: CUSIP:
12/01/95 %
BOROUGH OF CARTERET, in the County of Middlesex, New Jersey
hereby acknowledges itself indebted and for value received promises
to pay to CEDE & CO., as nominee of The Depository Trust Company,
which will act as Securities Depository, on the Maturity Date
specified above, the principal sum of
DOLLARS ($ ), and to pay interest on such sum from the
Date of Original Issue of this bond until it matures at the Rate of
Interest Per k nnum specified above on June 1, 1996 and semiannually
thereafter on the first days of June and December in each year
until maturity. Interest on this bond will be paid to the
Securities Depository by the Borough of Carteret and will be
credited to the participants of The Depository Trust Company as
listed on the records of The Depository Trust Company as of the May
15 and November 15 next preceding the date of such payments (the
"Record Dates" for such payments). Principal of this bond, upon
presentation and surrender to the Borough will be paid to the
Securities Depository by the Borough and will be credited to the
participants of The Depository Trust Company.
This bond is not transferable as to principal or interest
except to an authorized nominee of The Depository Trust Company.
The Depository Trust Company shall be responsible for maintaining
the book-entry system for recording the interests of its
participants or the transfers of the interests among its
participants. The participants are responsible for maintaining
records regarding the beneficial ownership interests in the bonds
on behalf of individual purchasers.
The bonds of this issue maturing prior to December 1, 2004 are
not subject to redemption prior to their stated maturities. The
bonds of this issue maturing on or after December 1, 2004 are
redeemable at the option of the Borough in whole on any date or in
part on any interest payment date on or after December 1, 2003 upon
notice as required herein at a redemption price equal to the par
amount of the Bonds to be redeemed (the ,'Redemption Price"), plus
in each case unpaid accrued interest to the date fixed for
redemption.
Notice of Redemption shall be given by mailing by first class
mail in a sealed envelope with postage prepaid to the registered
owners of the bonds not less than thirty (30) days, nor more than
sixty (60) days prior to the date fixed for redemption. Such
mailing shall be to the owners of such Bonds at their respective
addresses as they last appear on the registration books kept for
that purpose by the Borough or a duly appointed Bond Registrar.
Any failure of the depository to advise any of its participants or
any failure of any participant to notify any beneficial owner of
any Notice of Redemption shall not affect the validity of the
redemption proceedings. If the Borough determines to redeem a
portion of the Bonds prior to maturity, the Bonds to be redeemed
shall be selected by the Borough; the Bonds to be redeemed having
the same maturity shall be selected by the Securities Depository in
accordance with its regulations.
No. 95-322 PAGE 4
If Notice of Redemption has been given as provided herein~ the
bonds or the portion thereof called for redemption shall be due and
payable on the date fixed for redemption at the Redemption Price,
together with accrued interest to the date fixed for redemption.
Interest shall cease to accrue on the bonds after the date fixed
for redemption and no further interest shall accrue beyond the
redemption date.
This bond is one of an authorized issue of bonds issued
pursuant to the Local Bond Law of the State of New Jersey, a
resolution of the Borough of Carteret adopted October 19, 1995 and
entitled, "Resolution Providing for the Combination of Certain
Issues of General Improvement Bonds of the Borough of Carteret, in
the County of Middlesex, New Jersey into a Single Issue of Bonds
Aggregating $3,606,000 in Principal Amount," and the various bond
ordinances referred to therein, each in all respects duly approved
and published as required by law (the "Authorization Proceedings").
The full faith and credit of the Borough of Carteret are
hereby irrevocably pledged for the punctual payment of the
principal of and the interest on this bond according to its terms.
It is hereby certified and recited that all conditions, acts
and things required by the Constitution or statutes of the State of
New Jersey to exist, to have happened or to have been performed
precedent to or in the issuance of this bond exist, have happened
and have been performed and that the issue of bonds of which this
is one, together with all other indebtedness of the Borough, is
within every debt and other limit prescribed by such Constitution
or statutes.
IN WITNESS WHEREOF, the BOROUGH OF CARTERET has caused this
bond to be executed in its name by the manual or facsimile
signatures of its Mayor and its Treasurer, corporate seal to be
hereunto imprinted or affixed, this bond and the seal to be
attested by the manual or facsimile signature of its Borough Clerk,
and this bond to be dated the Date of Original Issue as specified
above.
BOROUGH OF CARTERET
By (Facsimile)
Mayor
ATTEST:
By By {Facsimile)
Clerk Treasurer
NO. 95-322 PAGE 5
Section 4. The Bonds shall be sold upon sealed proposals
on November 14, 1995 at 11:00 a.m. at 61 Cooke Avenue, Carteret,
New Jersey 07008 in accordance with the Notice of Sale authorized
herein. The Borough Clerk is hereby directed to arrange for the
publication of the Notice of Sale and the Summary Notice of Sale in
the forms provided herein, such publications to be not less than
seven days prior to the date of saie. The Notice of Sale shall be
published in the Home News & Tribune and the Summary Notice of Sale
shall be published in the Bond Buyer, a financial newspaper
published and circulating in the City of New York, New York.
Pursuant to N.J.S.A. 40A:2-34, the Borough Council of the Borough
hereby designates the Treasurer as financial officer to sell and to
award the Bonds in accordance with the Notice of Sale authorized
herein, and such financial officer shall report in writing the
results of the sale to this Borough Council as required by law.
Section 5. The Notice of Sale and the Summary Notice of
Sale shall be substantially in the following forms with such
additions, deletions and omissions as may be necessary for the
Borough to market the Bonds in accordance with the requirements of
The Depository Trust Company:
BOROUGH OF CARTERET
COUNTY OF MIDDLESEX,
NEW JERSEY
NOTICE OF
$3,606,000 GENEP. AL IMPROVEMENT BOND SALE
BOOK-ENTRY ONLY BONDS
BANK - QUALIFIED
CALLABLE
SEALED PROPOSALS will be received by the Treasurer of the
Borough of Carteret, in the County of Middlesex, New Jersey at 61
Cooke Avenue, Carteret, New Jersey 07008 on November 14, 1995
until 11:00 a.m., at which time they will be publicly opened and
announced for the purchase of the following Bonds of the Borough
dated December 1, 1995 and due (subject to prior redemption) on
December 1 as follows:
Year Princia~_~_Amount Year Principal Amount
1996 $130,000 2006 $185,000
1997 $130,000 2007 $190,000
1998 $135,000 2008 $195,000
1999 $140,000 2009 $200,000
2000 $150,000 2010 $205,000
2001 $155,000 2011 $210,000
2002 $160,000 2012 $220,000
2003 $165,000 2013 $225,000
2004 $170,000 2014 $230,000
2005 $175,000 2015 $236,000
NO. 95-322 PAGE 6
Ail bidders for the Bonds must be participants of The
Depository Trust Company, New York, New York or affiliated with its
participants. The Bonds will be issued in the form of one
certificate for the aggregate principal amount of the Bonds
maturing in each year and will be payable as to both principal and
interest in lawful money of the United States of America. Each
certificate will be registered in the name of Cede & Co., as
nominee of The Depository Trust Company, New York, New York, which
Securities Depository")
will act as securities depository (the" ' -
The Bonds will be dated December 1, 1995 and will bear
interest at the rate or rates per annum specified by the successful
bidder therefor in accordance herewith, payable on June 1, 1996 and
semiannually thereafter on the first days of June and December in
each year until maturity by payment of money to The Depository
Trust Company or its authorized nominee. The Depository Trust
Company will credit payments of principal of and interest on the
Bonds to the participants of The Depository Trust Company as listed
on the records of The Depository Trust Company as of each next
preceding May 15 and November 15, respectively (the "Record
Dates").
The Bonds of this issue maturing prior to December 1, 2004 are
not subject to redemption prior to their stated maturities. The
Bonds of this issue maturing on or after December 1, 2004 are
redeemable at the option of the Borough in whole on any date or in
part on any interest payment date on or after December 1, 2003 upon
notice as required herein at a redemption price equal to the par
amount of the Bonds to be redeemed (the "Redemption Price"), plus
in each case unpaid accrued interest to the date fixed for
redemption.
Notice of Redemption shall be given by mailing by first class
mail in a sealed envelope with postage prepaid to the registered
owners of such Bonds not less than thirty (30) days, nor more than
sixty (60) days prior to the date fixed for redemption. Such
mailing shall be to the Owners of such Bonds at their respective
addresses as they last appear on the registration books kept for
that purpose by the Borough or a duly appointed Bond Registrar.
Any failure of the depository to advise any of its participants or
any failure of any participant to notify any beneficial owner of
any Notice of Redemption shall not affect the validity of the
redemption proceedings. If the Borough determines to redeem a
portion of the Bonds prior to maturity, the Bonds to be redeemed
shall be selected by the Borough; the Bonds to be redeemed having
the same maturity shall be selected by the Securities Depository in
accordance with its regulations.
If Notice of Redemption has been given as provided herein, the
bonds or the portion thereof called for redemption shall be due and
payable on the date fixed for redemption at the Redemption Price,
together with accrued interest to the date fixed for redemption and
no further interest shall accrue beyond the redemption date.
Each proposal submitted must name the rate or rates of
interest per annum to be borne by the Bonds and the rate or rates
named must be multiples of one-eighth or one-twentieth of one per
centum. Not more than one rate may be named for Bonds of the same
maturity. There is no limitation on the number of rates that may
be named. If more than one rate of interest is named, no interest
rate named for any maturity may be less than the interest rate
named for any prior maturity. Each proposal submitted must be for
all of the Bonds and the purchase price specified in the proposal
must be not less than $3,607,000. The Bonds will be awarded to the
bidder on whose bid the total loan may be made at the lowest net
interest cost. Such net interest cost shall be computed, as to
NO. 95-322 PAGIi 7
each bid, by adding to the total principal amount of Bonds the
total interest cost to maturity in accordance with such bid and by
deduction therefrom of the amount of premium, if any, bid. No
proposal shall be considered that offers to pay an amount less than
the principal amount of Bonds offered for sale or under which the
total loan is made at an interest cost higher than the lowest net
interest cost to the Borough under any legally acceptable proposal.
The purchaser must also pay an amount equal to the interest on the
Bonds accrued to the date of payment of the purchase price.
The right is reserved to reject all bids, and any bid not
complying with the terms of this notice will be rejected.
Each bidder is required to deposit a certified, treasurer's or
cashier's check payable to the order of the BOROUGH OF CARTERET for
$72,120 drawn upon a bank or trust company, and such check must be
enclosed with the proposal. When the successful bidder has been
ascertained, all such deposits will be promptly returned to the
persons making them, except the check of the successful bidder,
which will be applied in part payment for the Bonds or to secure
the Borough from any loss resulting from the failure of the bidder
to comply with the terms of its bid. Award of the Bonds to the
successful bidder or rejection of all bids is expected to be made
within two hours after opening of the bids, but such successful
bidder may not withdraw its proposal until after 3:00 p.m. of the
day of such bid-opening and then only if such award has not been
made prior to the withdrawal.
The Bonds will be delivered on or about December 5, 1995 at
the offices of the Borough's Bond Counsel, McManimon & Scotland,
Newark, New Jersey or at such other place as may be agreed upon
with the successful bidder. PAYMENT FOR THE BONDS AT THE TIME OF
ORIGINAL ISSUANCE AND DELIVERY SHALL BE BY WIRE IN IMMEDIATELY
AVAILABLE FUNDS.
Each proposal must be enclosed in a sealed envelope and should
be marked on the outside "Proposal for Bonds." If mailed,
proposals should be addressed to or in care of the undersigned at
the Borough of Carteret, 61 Cooke Avenue, Carteret, New Jersey
07008.
The successful bidder may at its option refuse to accept the
Bonds if prior to their delivery any change in the Internal Revenue
Code of 1986, as amended (the "Code") shall provide that the
interest thereon is taxable or shall be taxable at a future date
for federal income tax purposes. In such case the deposit made by
the successful bidder shall be returned and it will be relieved of
its contractual obligations arising from the acceptance of its
proposal.
It is anticipated that CUSIP identification numbers will be
printed on the Bonds. The CUSIP Service Bureau charge for the
assignment of the numbers shall be the responsibility of and shall
be paid for by the purchaser.
The obligation hereunder to deliver and to accept the Bonds
shall be conditioned on the availability and the delivery at the
time of delivery of the Bonds of the approving opinion of the law
firm of McManimon & Scotland, Newark, New Jersey, which will be
furnished without cost to the successful bidder, such opinion to be
substantially in the form set forth in the Official Statement
distributed in preliminary form in connection with the sale of the
Bonds and certificates in form satisfactory to that law firm
evidencing the proper execution and delivery of the Bonds, the
receipt of payment therefor, the compliance with the requirements
of the Code necessary to preserve tax exemption and the absence of
litigation pending or (to the knowledge of the signer or signers
thereof) threatened affecting the validity of the Bonds. A copy of
the approving opinion will appear on the Bonds.
The successful bidder will be required to certify the initial
offering prices to the public (excluding bond houses and brokers)
at which a substantial amount of the Bonds of each maturity were
sold.
NO. 95-322 PAG£~, 8
The Borough has authorized the distribution of a preliminary
official statement deemed final for purposes of Rule 15c2-12 of the
Securities and Exchange Commission. Final official statements will
be delivered to the purchaser of the Bonds within the earlier of
seven business days following the sale of the Bonds or to accompany
the purchaser's confirmations that request payment for the Bonds.
The Bonds will be designated as ,,qualified tax-exempt
obligations" for the purposes of Section 265(b) (3) (B) (ii) of the
Code.
Patrick J. DeBlasio, Treasurer
SUMMARY NOTICE OF sALE
BOROUGH OF CARTERET, IN THE
COUNTY OF MIDDLESEX, NEW JERSEY
$3,606,000 GENEP3tL IMPROVEMENT BONDS
BOOK ENTRY ONLY BONDS
BANK QUALIFIED
CALLABLE
SEALED PROPOSALS will be received by the Treasurer of the
Borough of Carteret at 61 Cooke Avenue, Carteret, N.J. on November
14, 1995 until 11:00 a.m. for the purchase of the above Bonds of
the Borough dated December 1, 1995 and due (subject to prior
redemption) on December 1 as follows:
Year Pri cni al Amount Year Principal Amount_
1996 $130,000 2006 $185,000
1997 $130,000 2007 $190,000
1998 $135,000 2008 $195,000
1999 $140,000 2009 $200,000
2000 $150,000 2010 $205,000
2001 $155,000 2011 $210,000
2002 $160,000 2012 $220,000
2003 $165,000 2013 $225,000
2004 $170,000 2014 $230,000
2005 $175,000 2015 $236,000
The Bonds will be issued in book-entry form only, in the form
of one certificate for the aggregate principal amount of the Bonds
maturing in each year. The Bonds are redeemable at the option of
the Borough in accordance with the terms set forth in the full
Notice of Sale. The Borough will furnish Bonds and the approving
legal opinion of McManimon & Scotland, Newark, N.J.
The Bonds will bear interest at the rate or rates per annum in
multiples of 1/8 or 1/20 of 1% (ascending rates and only one rate
per maturity) specified by the successful bidder payable on June 1,
1996 and semiannually thereafter on June 1 and December 1 in each
year until maturity. The Bonds will be awarded to the bidder on
whose bid the total loan may be made at the lowest net interest
cost in accordance with the terms set forth in the full Notice of
Sale.
The full Notice of Sale, the official Statement and bid forms
are available by contacting Patrick J. DeBlasio, the Treasurer at
61 Cooke Avenue, Carteret, N.J. 07008, (908) 541-3820.
NO. 95-322 PAGE 9
Section 6. The Bonds shall have printed thereon a copy of
the written opinion with respect to the Bonds that is to be
rendered by the law firm of McManimon & Scotland. The Clerk is
hereby authorized and directed to certify the truth and the
correctness of the copy of such opinion by executing on each of the
Bonds by facsimile signature a certificate in form satisfactory to
that law firm and to file a signed duplicate of such written
opinion in the Clerk's office.
Section 7. The law firm of McManimon & Scotland is
authorized to arrange for the printing of the Bonds and the
printing of the Official Statement to be prepared by the Borough
financial advisor. The law firm of McManimon & Scotland is also
authorized to arrange for the distribution of the Preliminary
Official Statement on behalf of the Borough to those financial
institutions that customarily submit bids for such Bonds. The
Borough financial advisor is authorized to prepare the Official
Statement necessary in connection with the issuance of the Bonds.
The Mayor and the Treasurer are authorized to execute any
certificates necessary in connection with the distribution of the
Official Statement. Such a disclosure document prepared in
conjunction with the sale of the Bonds in preliminary form may be
deemed final for purposes of Rule 15c2-12 of the Securities and
Exchange Commission on behalf of the Borough by the Treasurer.
Section 8. The Borough hereby covenants that it will
comply with any conditions subsequent imposed by the Internal
Revenue Code of 1986, as amended (the "code"), in order to preserve
the exemption from taxation of interest on the Bonds, including the
requirement to rebate all net investment earnings on the gross
proceeds above the yield on the Bonds, if necessary.
Section 9. The Treasurer is hereby authorized to make
representations and warranties, to enter into agreements and to
make all arrangements with The Depository Trust Company, New York,
New York, as may be necessary in order to provide that the Bonds
will be eligible for deposit with The Depository Trust Company and
to satisfy any obligation undertaken in connection therewith.
Section 10. In the event that The Depository Trust Company
may determine to discontinue providing its service with respect to
the Bonds or is removed by the Borough and if no successor
NO. 95-3PP I'AGE ~
Securities Depository is appointed, the Bonds which were previously
issued in book-entry form shall be converted to Registered Bonds in
denominations of $5,000, or any integral multiple thereof. The
beneficial owner under the book-entry system, upon registration of
the Bonds held in the beneficial owner's name, will become the
registered owner of the -Registered Bonds. The Borough shall be
obligated to provide for the execution and delivery of the
Registered Bonds in certified form.
Section 11. Solely for purposes of complying with Rule
15c2-12 of the Securities and Exchange Commission (the "Rule"), and
provided that the Bonds are not exempt from the Rule and provided
that the Bonds are not exempt from the following requirements in
accordance with paragraph (d) of the Rule, for so long as the Bonds
remain outstanding (unless the Bonds have been wholly defeased),
the Borough shall provide:
(a) On or prior to July 1 of each fiscal year, beginning
after January 1, 1996, to each nationally recognized municipal
securities information repository ("National Repository") and to
the appropriate State information depository ("State Repository"),
if any, annual financial information with respect to the Borough
consisting of the audited financial statements (or unaudited
financial statements if audited financial statements are not then
available) of the Borough and certain financial information and
operating data consisting of (i) Borough and overlapping
indebtedness including a schedule of outstanding debt issued by the
Borough, (ii) the Borough's most current adopted budget, (iii)
property valuation information, and (iv) tax rate, levy and
collection data. The audited financial information will be
prepared in accordance with modified cash accounting as mandated by
State of New Jersey statutory principles in effect from time to
time or with generally accepted accounting principles as modified
by governmental accounting standards as may be required by New
Jersey law;
(b) in a timely manner to each National Repository or to the
Municipal Securities Rulemaking Board, and to the State Repository,
if any, notice of the following events with respect to the Bonds,
if material (herein "Material Events"):
NO. 95-322 PAGE 11
(1) Principal and interest payment delinquencies on the
Bonds;
(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) Defeasances;
(10) Release, substitution, or sale of property securing
repayment of the securities; and
(11) Rating changes;
(c) in a timely manner to each National Repository or to the
Municipal Securities Rulemaking Board, and to the State Repository,
if any, notice of failure of the Borough to provide required annual
financial information on or before the date specified in this
resolution.
Section 12. If all or any part of the Rule ceases to be in
effect for any reason, then the information required to be provided
under this resolution, insofar as the provision of the Rule no
longer in effect required the provision of such information, shall
no longer be required to be provided.
Section 13. The Treasurer shall determine, in consultation
with Bond Counsel, the application of the Rule or the exemption
from the Rule for each issue of obligations of the Borough prior to
their offering. Such officer is hereby authorized to enter into
additional written contracts or undertakings to implement the Rule
and is further authorized to amend such contracts or undertakings
or the undertakings set forth in this resolution, provided such
amendment is in compliance with the Rule.
NO. 95-322 PAGE 12
Section 14. In the event that the Borough fails to comply
with the Rule or the written contracts or undertakings specified in
this resolution, the Borough shall not be liable for monetary
damages, remedy being hereby specifically limited to specific
performance of the Rule requirements or the written contracts or
undertakings therefor.
Section 15. This resolution shall take effect immediately.
Adopted this 23rd day of October, 1995
and certified as a true copy of the
original on October 24, 1995.
KATHLEEN M. BARNEY, RMC/CMC
Municipal Clerk
SUSAN E. JACKLIN,
Assistant Municipal Clerk
RECORD OF COUNCIL VOTE
it l
COUNCILMAN Y NO"
~IALOWARC Z UK SEMEN ZA
FEINGOLD STIG_.L_IC
' BRIEN Z IEMBA - X
X - Indicate Vote AB - Absent NV - Not Voting XOR - Indicates Vote n) Overrule Velo
Adopted at a meeting of the Municipal Council OCTOBER 23, 1995
Assistant ~ '