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Home My Public Portal AboutOrd. 05-11 (1f}rùi:ttètut.e No. 05-11 af 14.e - ~arau£4 af (I1ètd.er.e±1 tL W~ '=:ouncilman Presents the following Ordinance Seconded by Councilman - BOND ORDINANCE PROVIDING FOR VARIOUS SEWER IMPROVEMENTS IN AND BY THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $4,897,250 THEREFORE INCLUDING CERTAIN GRANTS AND DEVELOPER FUNDS AND AUTHORIZING THE ISSUANCE OF $3,800,000 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 les~; than two-thirds of all members thereof affirmatively concuning) AS FOLLOWS: Section 1. Tile improvement described in Section 3 of this bond ordinance is hereby authorized to be undertaken by the Borough of Cmieret, New Jersey as a general improvement. For the improvement or purpose described in Section 3, there is hereby appropriated the sum of $4,897,250, including a $347,250 grant from United States Environmental Protection Agency for the sanitary sewer rehabilitation Hill District and West Carterest project referenced in Section 3(a) herein, $550,000 from developer funding for the Hayward Street Sanitary project referenced in Sectio,l 3(a) herein, and including the aggregate sum of $200,000 as the 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 br capital improvement purposes in one or nore previously adopted budgets. - Section 2. In order to finance the cost of the improvement or purpose not covered by application of the grant referenced in Section I hereof, negotiable bonds are hereby authorized to be issued in the principal amount of $3,800,000 pursuant to the Local Bond Law. In anticipation of the issuance of the bonds, negotiable bond anticipation notes are hereby authorized to be ismed pursuant to and within the limi¡'Üions prescribed by the Local Bond Law. Section 3. (a) The improvement hereby authorized and the PUlvose for the financing of which the bonds are to be issued is for various improvements to the Borough's sewer system, including, but not limited to: smÜtary sewer pump station improvements, ACO complimlce projects, sal1itary sewer rehabilitation, Hayward Street sanitary PS & FM improvements, Hill District StOllliwater PS, Pinho neighborhood drainage improvements and other sanitary sewer rehabilitation projects, including all work and matelials necessary therefore and incidental thereto. 05-11 PAGE 2 of 3 NO. t ~ (b) The estimated maximum amount of bonds or notes to:be issued for the improvement or pmvose is as stated in Section 2 hereof. (c) The estimated cost of the improvement or purpose is equal to the amount of the appropriation herein made therefore. 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 lner than one year from its date. The notes shall bear interest at such rate or rates and be in such foml as may be detennined by the chief financial officer. The chief fInancial officer shall determine all matters in cormection with notes issued pursucnt to this ordinance, and the chief financial o~ficer's signature upon the notes shall be conclusive evidence as to all such determinations. All notes issued hereunder may be renewed from time to time subject to the provisions of the Local Bond Law. The chief financial officer is hereby authorized to sell pali 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 purchase price plus accrued interest from their dates to the date of delivery thereof. The chief financial officer is directed to report Ü' writing to the - goveming 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 descri)tion, 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 confol1n with the provisions of this ordinance to the extent of any inconsistency herewith. The resolution in the form promulgated by the Local Finance Board showing full detail of the amended capita1 budget and capital program as approved by the Director of the Division of Loca1 Govenmlent Services is on fi1e with the Clerk and is available there for public inspection. Section 6. The following additional matters are hereby detemÜned, declared, recited and stated: (a) The improvement or purpose described in Section 3 of this bond ordinance is not a cunent expense. It is an improvement or pUl-pose that the Borough may lawfully undertake as a general improvement, al1d no part of the cost thereof has been or shall be specially assessed on property specially benefited ~ thereby. (b) The period of usefulness of the improvement or purpose within the limitations of the Local Bond Law, according to the reasonab1e life thereof computed from the date of the bonds authorized by this ordinal1ce, is 40 years. (c) The Supplemental Debt Statement required by the Local Bond Law has been du1y 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 Govemment Services in the Department of Co'mmunity 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 $3,800,000, and the obligations authorized herein will be within all debt limitations prescribed by that Law. (d) An aggregate amount not exceeding $850,000 for items of expense listed in and pem1/tted under N.J.S.A. 40A:2-20 is included in the estimated cost indicated herein for the pUl-pose or improvement. - NO. 11'1-11 PAGE 3 of 3 Section 7. Any grant moneys received for the purpose described in Section I hereof shall be applied either to direct payment of the cost of the improvement or if other then as refened to in Section 1 hereof, to payment of the obligations - issued pursuant to this ordinance. The amount of obligations 8uthorized but not issued hereunder shall be reduced to the extent that such funds are so used. Section 8. The chief fina¡lcial officer of the Borough is hereby authorized to prepare and to update from time to time as necessary a financial disclosure document to be dÜ:tributed in COilllection with the sale of obligations of the Borough and to execute such disclosure document on behalf of the Borough. The chief financial offcer 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 cOlmection with any change in law, or intelvretation thereof, provided such undertaking is and continues to be, in the opinion of a nationally recognized bond counsel, consistent with the requiremen.s of the Rule. In the event that the Borough fails to comply with its undelialGng, the Borough shall not be liable for any monetary damages, and the remedy shall be limited to specific perfomlance of the undertaking. Section 9. The full faith and credit of the Borough are heæby 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 propeliy within the Borough for the payment of the obligations and the interest thereon without limitation of rate or amount. Section 10. Tllis bond ordinance shall take effect 20 days after the first publication thereof a;'ter final adoption, as provided by the Local B:md Law. DO NOT USE SPACE BELOW THIS LINE RECORD OF COUNCIL VOTE COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NY A.B. BELLINO X NAPLES X DTAZ X RIOS X X SITARZ X I X - Indicate Vote AS - Absent NY· No! Voting XOR - Indicates Vote to Ovarulo:: Vcto Cp . . ·c N J February 10 2005 Adopted on first readIng of [he CouncIl of the Borough of arte.re.t, ." on , '""""'"""W"~'""'"~"".'"~ '(CO 10. Z005 _ APPROVED BY' ~ L..J., ...~ ......- ~ ~~ _ _ ... 1~.:5 M OR ~¿ /-~" ON ß /. / MUNICIPAL CLERK C/ - Affidavit of Publica . '-'''' Publisher's Fee $17.60 Affidavit Char 0.00 1- State of New Jersey} 55. / I. , I _ MIDDLESEX COUNTY Personally appeared MARIAN BUTLER ,"" ../. ; of the Home News Tribune, a newspaper printed In Freehold, NJ ¥11Q;Þ I 'hed In NEPTUNE, In said County and State, and of general circulation In said county, who ) y sworn, deposeth and salth that the advertisement of which the annexed Is a true copy, has been published In the said newspaper 1 (DNE) times, once In each Issue, as follows 3/15/05. PATRICIA W. TOWNSEND " NOTARY PUBLIC OF NEW JERSEY A.D., 2005 í MY cm,,~'Æ~S!n~' ÇY)iP'C~ nCT 2 2005 \ \ CìL C . '("" ~ , . ·ü.D-~~· ... . 'i'; - Sworn and subscribed before me this L 15th day of March, A.D., 2005 . ~ BOROUGH OF CARTERET ORDINANCE #05-11 BOND ORDINANCE PROVIDING FOR VARI- OUS SEWER IMPROVE- MENTS IN AND BY THE BOROUGH OF CARTER- ~1bgtJ~~x~~~~1jE~ SEY, APPROPRIATING $4,897,250 THEREFORE INCLUDING CERTAIN GRANTS AND DEVEL· OPER FUNDS AND AU- THORIZING THE ISSU- ~S25s g~ N$ðt~?;O'8~ THE BOROUGH TO FI- NANCE PART OF THE COST THEREOF APPROVED AND ADOPT- ED: March 10, 2005 ~~:~885UCED: February Advertised as adopted on first hearing with no- tice of Public Hearing: February 22, 2005 Hearing Held: March 10, 2005 ~W'NIELe~. ~el:M~:YOR Advertised as finallŠ ado~ted: March 15, 200 Kat leen M. Barney MuniC:f181 Clerk 55=17.6 ) 36071 Affidavit of Pub . . Publisher's Fee $83.16 State of New Jersey} 55. MIDDLESEX COUNTY Personally appeared MARIAN BUTLER of the Home News Tribune, a newspaper printed In Freeh bllshed In NEPTUNE, In said County and State, and of general circulation In said county, who being duly sworn, deposeth 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 3/151D5. PA ìRlôlA W. T5Wr~3ENB , N6tAR',' PlJBLlC or NEW JERSEY AD., 2005 \ \. '. . t :\-:~i- MY COMMiSSION "ES OCT. 2, 2005 \ C\_\.JJ.\.-NJ \ :NJJ....\..,---, Sworn and subscribed before me this 15th day of March, A.D., 2005 BOROUGH OF CARTERET its date. The no~es shall bear interest at such ~ate or rates and be In such form as may be determined by the chief financial officer. The chief fmancial ORDINANCE #05·11 officer shall determine all matters in connection BOND ORDINANCE PROVIDING FOR VARIOUS with notes issued pursuant to this ordinance. and SEWER IMPROVEMENTS IN AND BY THE BOR· the chief financial officer's signature upon the OUGH OF CARTERET, IN THE COUNTY OF MID- notes shall be conclusive evidence as to all such DLESEX, NEW JERSEY, APPROPRIATING determinations. All notes issued hereunder may be ~~:~ý~5RNI,H6~9:é'oRpi~N~WD~~~DC¡~f~~ ~i~~;~1 ~h~mL~~~i J~n~mLea;~~h~t c~e~hfin~~~¡~1 RIZING THE ISSUANCE OF $3,8oc:?¡OOO BONDS OR officer is hereby authorized to sell part or all of the NOTES OF THE BOROUGH TO FINANCE PART OF notes from time to time at public or private sale THE COST THEREOF and to deliver them to the purchasers thereof upon O~~~~ ~S~~I~~~ g~ J.tt~T~~~f~~~H1:°à'g&~~ ~~~;~¡d ~~t~;lsTf~~mOfth~; !.t~~~h~ge tti:id~t~I~~ TY OF MIDDLESEX, NEW JERSEY (not less than delivery thereof, The chief financial officer is direct- two-thirds of all members thereof affirmatively con- ed to report in writing to the governing body at the curring) AS FOLLOWS: meeting next succeeding the date when any sale or Section 1. The improvement described in Section delivery of the notes pursuant to this ordinance is 3 of this bond ordinance is hereby authorized to be made, S,uch repor.t must include the amount, the undertaken by the Borough of Carteret, New Jer- description, the Interest rate and the maturity sey as a general improvement. For the improve- schedule of the notes sold, the price obtained and ment or purpose described in Section 3, there is the name of the purchaser. hereby appropriated the sum of $4,897,250, in- Section 5. The capital budget of the Borough of eluding a $347,250 grant from United States Envi- Carteret is hereby amended to conform with the ronmental Protection Agency for the sanitary sewer provisions of this ordinance to the extent of any ~~~e~~~~:~oir;, f~~c~I~~i~t:r~e~:i~t,1a5Jô~óÒÖrf)~~ ~r~~~\~~~~'Y b~e~~'Zir~c~7e Fr;:~~~ti~~~~d t~h;~j:; developer finding for the Hayward Street Sanitary full detail of the amended capital budget and capita1 project referenced in SectIon 3(a) herein, and in- p,rogram as approved by the Director of the Divi- cluding the aggregate sum of $200,000 as the slDn of Local Government Services is on file with down payments for the improvements or purposes the Clerk and is available there for public inspec- required by the Local Bond Law, The down pay- tlOn. ments have been made available by virtue of provi- Section 6. The following additional matters are sian for down payment or for capital improvement hereby determined. declared, recited and stated: purposes in one or more previously adopted bud· (a) The Improvement or purpose described in gets, Section 3 of this bond ordinance is not a current Section 2. In order to finance the cost of the expense, It is an improvement or purpose that the i.....--..rovement or purpose not covered by applica- Borough may lawfully undertake as a general im- of the grant referenced in Section 1 hereof, provement, and no part of the cost thereof has tlable bonds are hereby authorized to be IS- been or shall be specially assessed on property _ J in the principal amount of $3,800,000 pursu- specially benefited thereby. a,.t to the Local Bond Law. In anticipation of the (b) The period of usefulness of the improvement issuance of the bonds, negotiable bond anticipation or purpose within the limitations of the Local Bond notes are hereby authorized to be issued pursuant Law, according to the reasonable life thereof com- to and within the limitations prescribed by the puted from the date of the bonds authorized by this Local Bond Law ordinance, is 40 years Section 3. (a) The improvement hereby ,au tho- (c) The Supplemental Debt Statement required rized and the purpose for the financing of which the by the Local Bond Law has been duly prepared and bonds are to be Issued is for various Improvements filed in the office of the Clerk, and a complete to the Borough's sewer system, including, but not executed duplicate thereof has been filed in the limited to: sanitary sewer pump station improve- office of the Director of the DivIsion of Local ment~" ACO compliance projects, sanitary sewer Government, Services in the Department of Com- rehabilitation, Hayward Street sanitary PS &. FM munrty Affairs of the State of New Jersey. Such Improvements, HIli District Storm water PS, Pinho statement shows that the gross debt of the 80r- neighborhood drainage improvements and. other ough as defined in the Local" Bond Law is increased sanitary sewer r~habilìtatlon prOJects, ineludlng all by ~he aythorizatlOn. of the bonds and notes provid- work and materials necessary therefore and Inci- ed ,'n th,s bond ordinance by $3,800,000, and the dental thereto. obligations authorized herein will be within all debt (b) The estimated maximum amount of bonds or limitations prescribed by that Law. ~otes to be i:,sued for the improvement or purpose (d) An aggregate amount not exceedin~ $850,000 IS as stated In Section 2 hereof. . for Items of expense listed in and permitted under (c) The estimated cost of the Improvement or .N.JSA. 40A:2-20 is Ineluded in the estimated cost purpose is equal to the amount of the approprration indicated herein for the purpose or improvement. herein made therefore., Section 7, Any grant moneys receIVed for the Section 4. All bond anticipation notes Issued purpose described in Section 1 hereof shall be hereunder shall mature at such times as may be applied either to direct payment of the cost of the determined by the chief financial officer: provided Improvement or If other then as referred to in that no note shall mature later than one year from (Page 1 of #45291 ) Section 1 hereof, to _payment of the obligations Issued pursuant to this ordlnance_ The amount of ~~~ITa~~o~:d~~~~Ot~Z~~e ~~ie~?lh~StS~~~h ~~~~;~~; so used Section 8. The chief financial officer of the Bar· ';~ it~~:r~~Yti~~h~~iZneedc~~;':r~p~rri~~~c~~1 uJ:~~I~: ~ document to be distributed In connection wIth e;~c~f~esu~h d7~~~~~~;es d~~u~~ntB~~0~~alt~1 t~~ Borough, The chief financial officer is further au tho- ~;~~idt~ ::ct~~~~~~ ~:r:~rd~r~lt~~~r~n~~r~ae~~ft ~f '1re~0;~~;rX~h~~~;~~OmR~I:s~05nC~t~,~ ~! ~~I~,~)e7~~ Ie 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, provid- ed such undertak,ing 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 undertakln£ the Borou5h shall not be hable for any ~O~;~~r{¡c ;~fuFr~:nnce t~¡ theem~~ðe~r:~li~:' limited Section 9. The full faith and credit of the Borough ~~rn~i~~b{'fl~~~e1~~ ~~~e~~~tct~~1 ~h~mo'b1~~~i~~; authorized by this bond ordinance. The obligations shall be direct, unlimited obligations of the Bor- ~~Fo~~~~~~:s B~~~~g~lIs~~~ bt~~;~:~a~~~lt~~~v~r~~ within the Borough for the payment of the ogliga- tions 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 PrOVidS~f1E~Ë"¡-¥cal Bond Law, The bond ordinance published herewith has been g~~il:id a;tf¡~i~a~i~nM~rfh~n1c;h~~~a a;~t~h:c~~~d~~ proceeding questioning the validity of such ordi- ë~~7Je t:;, b~a;O~;uenn~~druans fr~~i~h~ i~a\~e o~o~h'~ ~:thFe~~i'i:~iB~r~~hiS statement Clerk ($83.16) 45291 (Page 2 of #45291 ) - -