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Home My Public Portal Aboutordinance 04:23 (0rbinanc Presents the following Ordinance Seconded by CouncBman C cilman IN THE CouNTY OF oun AN o~INANCE OF THE BOROUGH OF CARTE~T~ MIDDLESEX, STATE OF NEW JERSEY, APPROVING AND AUTHO~ZING THE ENTE~NG INTO, EXECUTION AND DEL~ERY OF A LEASE AND AG~EMENT WITH THE MIDDLESEX COUNTY iMpROVEMENT AUTHORITY ~LATING TO THE ISSUANCE OF CouNTY-GUA~NTEED CAPIT~ EQUIPMENT LEASE ~VENUE BONDS, SERIES 2004 OF THE MIDDLESEX CouNTY IMPROVEMENT AUTHORITY' WHE~AS, the Middlesex County improvements Au¢ofity (the "AuthoritY") is authorized to issue its bonds pursuit to the provisions of Ce County improvement ~uthodties Law, chapter 183 of the Laws of New Jersey of 1960, as amended and supplemented (N.J.S.A. 40:37A-44 e~ ~) (the "County Improvement Authorities Law"), and other applicable provisions of law; and WHE~AS, the Authority has dete~ined to issue its revenue bonds for the pu~ose of financing the acquisition of capital equipment for the pu~ose of leasing the same to various municipalities located in the Coun~ of Middlesex in the State of New Jersey (the "2004 Pro~"); and WHE~AS, THE Borough of CaCeret, in the County of Middlesex, State of New Jersey (the ,,Municipality") has dete~ined to pa~icipate in the 2004 Pro,am and to lease ce~ain capital equipment ~om Ce Authority; and WHE~AS, there has been prepared and submitted to the Muaicipality the fo~ of the Lease and A~eement (~e "Lease"), to be entered into by and between the Authority ~d State of as E~ibit A, providing for the the Municipality, which Lease has been approved by the County of Middlesex, New Jersey (the "County") and which is attached hereto Authority, which Equipment acquisition and leasing of ce~ain items of Equipment for the is described in Exhibit B attached hereto ~ inco~orated by reference herein. AI~ te~s used herein and not othe~ise defined shall have the same meanings ascribed to such te~s under the Lease. NOW THE~FO~, BE IT O~AINED AND ENACTED BY THE GOVE~ING BODY OF T~ BOROUGH OF CARTE~T, IN THE COUNTY OF MIDDLESEX STATE OF NEW ~RSEY (not less than two-thirds of a~l m~bers thereof af~atively concu~ng) AS FOLLOWS: Section l. Pursuant to section 78 of the County Improvement Au~ohties Law, N.J.S.A. 40:48-1 e~ ~the Municipality is hereby authorized and directed to enter into and perfo~ the Lease, which Lease provides for the leasing of ce~ain Items of Equipment acquired with the proceeds of County-Guaranteed Capita~ Equipment Lease Revenue Bonds, Series 2004 (the "Bonds") to be issued by the Authority under a resolution of the Authority to be adopted by the Authority entitled, "Resolution of the Middlesex County Impr0 ement Autho ty Authorizing the Issu~ce of County Guaranteed Capital Equipment Lease Revenue Bonds" ( the "General Bond Resolution"). The Lease, in substantially the fo~ submitted herewith in Exhibi~ ~ (a copy of which is on file in the office of the Clerk of [he Municipality), is hereby approved with such changes, amendments or modifications as may be approved by counsel or bond counsel to the Municipality and bond counsel to ~e Authority ~d the County. Section 2. The ~11 faith and credit of the Municipality ~e hereby pledged to punctual payment of the obligations set fo~ in ~he Lease au~0hzed PAGE__ NO. __ 04-2~3_ by this ordinance, including without limitation, (i) all Basic Rent and Rent obligations of the Municipality under the Lease including, Authority Administrative Expenses and additional Rent, (ii) all amounts due and owing to the county as a result of payments made by the County on behalf of the Municipality under the Lease pursuant to the County Guarantee, including County Guarantee Costs and (iii) all direct and indirect cost of the Authority and the County related to the enforcement of the Lease and the County Guarantee ((i), (ii) and (iii) collectively, the "Lease Payment Obligation"). The Lease Payment Obligation under the Lease shall be a direct, unlimited and general obligation of the Municipality, not subject to annual appropriation by the Municipality pursuant to the County Improvement Authorities Law, and unless paid from other sources, the Municipality shall be obligated to levy ad valorem taxes upon all the taxable property within the Municipality for the payment of the Lease Payment Obligation thereunder without limitation as to rate or amount. The Mayor or the Authorized Municipal Representative (as defined in the Lease) is hereby authorized and directed to execute the Lease on behalf of the Municipality in substantially such form as attached hereto in Exhibit A and the Clerk of the Municipality is hereby authorized and directed to attest to such signature and affix the seal of the Municipality thereto and the Lease is authorized to be delivered to the Authority. All representatives, official and employees of the Municipality are hereby authorized and directed to enforce and to implement provision of the Lease. Section 3. The following additional matters are hereby determined, declared, recited and stated: (1) The maximum Lease Payment Obligation for which the Municipality shall be obligated hereunder, which, inter alia, will be used for the payment of principal of and interest on the Bonds of the Authority shall not exceed the sum necessary to (a) acquire the Municipality's Equipment described in E__xhibit B. which will be subject to the Lease, (b) pay interest on the Authority's Bonds allocated to the Municipality and used to acquire the Municipality's Equipment, and (c) pay the Municipality's share of the costs of issuance, Authority Administrative Expenses, Additional Rent, County Guarantee Costs and all other amounts required to be paid by the Municipality under the Lease. (2) The Bonds shall mature within fifteen (15) years from the date of issue. (3) The Lease Payment Obligation authorized herein shall remain effective until all the Authority's Bonds shall have been paid in full accordance with their terms and/or when all obligations of the Municipality under the Lease have been satisfied, notwithstanding the occurrence of any other event, including but not limited to the termination of the Lease with respect to some or all of the items of Equipment leased thereunder. (4) The Items of Equipment described in Exhibi~t B are hereby approved to be leased from the Authority in accordance with the termS of the Lease, with such changes, amendments or modification as may be approved by counsel or bond counsel to the Authority. NO, 04-23 PAGE Section 4. To the extent the Municipality is an "Obligated Person" (as defined under the Rule (as hereinafter defined), the Municipality hereby agrees to comply with the requirements of Rule 15c2-12 (the "Rule") promulgated by the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended and supplemented, including the secondary market disclosure requirements contained therein, and agrees to covenant to such compliance in the Lease. The Mayor, Clerk, Chief Financial Officer or other Authorized Municipal Representative are each hereby authorized and directed to execute and deliver a Continuing Disclosure Agreement, approve and deem nna the Official Statement of the Authority and the preliminary form thereof to the extent the information contained therein relates to the Municipality and to execute and deliver all certificates, documents and agreements to the Authority in connection therewith and to file budgetary, financial and operating data of the Municipality on an annual basis and notice of certain enumerated events as required to comply with an in accordance with the provisions of the Rule. Section 5. The Mayor, Clerk, Chief Financial Officer or Authorized Municipal Representative are each hereby authorized and directed to execute and deliver any and all certificates, documents and instruments and to do and cause to be done any and all acts and things necessary or proper for carrying out the execution and delivery of the Lease, the leasing of the Equipment which is to be the subject of the Lease and all related transactions contemplated by this ordinance. Section 6. Upon the payment of all amounts referenced in Section 3(3) herein, the full faith and credit pledge of the Municipality as to its Lease Payment Obligations authorized herein shall cease to exist. Section 7. The provisions of this ordinance are severable. To the extent any clause, phrase, sentence, paragraph or provision of this ordinance shall be declared invalid, illegal or unconstitutional, the remaining provisions shall continue to be in full force and effect. Section 8. This ordinance shall take effect twenty (20) days after final adoption and publication in accordance with applicable law. r~o NOr us~ s~^c~ BELOW TinS L~ RECOt~D OF :OUNCIL VOTE tl KRUIq RIOS NAPLES SITARZ pt~RISI soSNOWSKI 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 _ ,lune 25 .. 2004 JULY 6 ~ 2004 Adopted on second reading afier hearing on 2304 cAP TAL EQUIPMENT LEASE PROGRAM PARTICIPATION FORM . Governrr ental Entity ~orouzh~o_ f Carterec E-mail Contact · Person DeBlasioP@Cgrteren .iiet patrick De Blasio -- Fax # Telephone# . . . . . . . 7~2-541-3820 Ext 101 732-541-2884 QTY EQUIPMENT DESCRIPTION ~EST. COST 1.~ Poli~e Vehicles" $100,000 2.1 .Truc_k/Cap & Plow - 20,000 3. --J~ G~Lrb a~ e ~r~lrk/P~ nw ' I 5N"~ NNN Please check here if you are NOT interested inthe 2004 Capital Equipment Lease ~rogra~. Return this form by ~ AN UARY 26, 2004 to: Jane S. Leal, Director"of Administration Middlesex County improvement Authority 101 Interchange Plaza . Cranbury, NJ 08512 FAX: 609-655-4748 Affidavit of Publication Publisher's Fee $73.04 Affidavit Charge $20.00 State of New Jersey } ss. MIDDLESEX coUNTY Personalty appeared LINDA DIAZ of the ~-~ome/~]ews ~'ribttne, 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, deposeth and salth that the adve~lsement of which the annexed Is a true copy, has been published In the said newspaper ~ times, once In each issue, as follows JEAN L. DSPO~TO Swor~ and sub~rlbed ~fore me this ~ ,. ..... ~E¢,~ JFRSEY NOTARY PU[~:,t. uc MY COMIv~SS'O~ ~-~<PIRES JA~ 200.. ~5 ~ ~ c~RET ~J%~2 ~4 Capital E.uipment Lea. Pro- N tHE COUN~ OF MIDD~- ~T,NG TO THE Email: DeBl~g~41.3820 ~xt ~0~