HomeMy Public PortalAboutOrd. 05-06
No. 05-06
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Councilman
Presents the following Ordinance Seconded by Councilman
BOND ORDINANCE PROVIDING FOR ARTHUR KILL
WATERFRONT RECREATION FACILITY PHASE II IN AND BY
THE BOROUGH OF CARTERET, IN THE COUNTY OF
MIDDLESEX, NEW JERSEY, APPROPRIATING $740,000
THEREFOR AND AUTHORIZING THE ISSUANCE OF $470,000
BONDS OR NOTES OF THE BOROUGH TO FINANCE P ART 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 t\.vo-thirds ofal!
members thereof affinnatively concurring) AS FOLLOWS:
Section I. The improvement described in Section 3 of this bond ordinance is hereby
authorized to be undertaken by the Borough ofCarteret, New Jersey as a general improvement. For
the improvement or purpose described in Section 3, there is hereby appropriated the sum of
$740,000, including a $270,000 grant and a $470,000 loan to be provided fDm the State of New
Jersey Department of Environmental Protection Green Acres Program ("Green Acres"). No down
uayment is required pursuant to N.J .S.A. 40A :2-11 (c) as this bond ordinance authorizes obligations
.
,
-~which involve projects funded by Green Acres.
Section 2.
In order to finance the cost of the improvement or purpose not covered by
application ofthe grant referenced in Section 1 hereof, negotiable bonds are hereby authorized to be
issued in the principal amount of$470,000 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.
rAGE 2 of 4
(a) The improvement hereby authorized and the purpose for the fmancing J
NO. 0')-06
I
which the bonds are to be issued is Arthur Kill Waterfront Recreation Facility Phase II, as shown on
and in accordance with the plans and specifications therefor on file in the office ofthe Clerk, which
plans are hereby approvec', including all work and materials necessary therefor and incidental thereto.
(b) The estimated maximum amount of bonds or notes to 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 of the
appropriation herein maae therefor.
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 fonn as may be
determined by the chief :1nancial officer. The chief financial officer shall detennine all matters in
connection with notes issued pursuant to this ordinance, and the chief financial officer's signature
upon the notes shall be conclusive evidence as to all such detenninations. 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 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 purchase
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 de1ivery of t'1e 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 ofthe Borough of Carteret is hereby amended to conform
with the provisions oftLis 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 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.
NO.
"
05-06
Section 6
rAGE 3 of 4
The following additional matters are hereby determined. declared, recited andl
stated:
(a) The improvement or purpose described in Section 3 of this bond ordinance is not a
current expense. It is an improvement or purpose that the Borough may lawfully undertake as a
general improvement, ar'd 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 limitations 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 required by the Local Bond Law has been duly
prepared and filed in the office of the Clerk, and a complete executed duplicate thereofhas 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 defmed in the Local Bond Law is increased by the authorization of the bonds and notes
provided in this bond ordinance by $470,000, and the obligations authorized herein will be within
all debt limitations prescribed by that Law.
(d) An aggregate amount not exceeding $150,000 for items of expense listed in and
permitted under NJ.S.A. 40A:2-20 is included in the estimated cost indicated herein for the purpose
or Improvement.
Section 7.
Any grant moneys received for the purpose described in Section 3 hereof shall
be applied either to direc' payment of the cost of the improvement or if other then as referred to in
Section ¡ hereof, to payment of the obligations issued pursuant to this ordinance. The amount of
obligations authorized but not issued hereunder shall be reduced to the ex:ent that such funds are so
used.
NO.
05 0(,
Section 8.
PAGE 4 of 4
I
The chief financial officer of the Borough is hereby authorized to prepare and
I
'0
update from time to time as necessary a financial disclosure document to be distributed in
cOIU1ection 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
undeIiaking to provide secondary market disclosure on behalf ofthe 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
perfoIDlance of the-undertaking.
Section 9. The full faith and credit of the Borough are hereby pledged to the punctual I
payment of the principal of and the interest on the obligations authorized by this bond ordinance.
The obligations shall be direct, un1imited 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 ¡imitation of raLe 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 NY A.B. COUNCILMAN YES NO NV A.B.
BELLINO X NAPLES X
-
DIAZ X RIOS X
KRUM X SITARZ X
X . Indicate Vote AB - Absent NY· Not Voting XOR - Indicates Vote to Cverrule VI:W
-
Adopted on first reading of the Council of the Borough of·Carteret. N.1., on F..bruary 3, 2005
. . FEBRUARY 17, 2005
;;:::;:WA ~ß~ ~ rL7 k'
/ / :<:-û , ,/,,/'vL<2-"¿
. MUNICIPAL CLERK (J
SUPPLEMENTAL DE
f"í\\'.Ï;)
,_ 1__' ()h,t>
H_n__'_..____.___u-.___u
County of u~~~_~~"~":X:u_
'__n___~______
ß_oE"tlgl1
u.uu of .u(;,,:rt.eret
1. The net debt of the local
ized, is (page 2, line 4)
As of uuX,,¡,!tl-"ry-}u.umm-uu'umu..uu..u_.u.7:~~.fu.u------------m__, ~}º05
unit after giving effect tOObJ~ut to be author-
23,028,224
$-___.._____._u.._____________.
2. Equalized valuation basis (the average of the equalized valuations of real estate,
including improvements, and the assessed valuation of class II railroad property of
the local unit for the last 3 preceding years) as stated in the Annual Debt State-
ment or the revision thereof last filed
(1) p\)<:1Q02Equalized Valuation Real Property with Improvements plus assessed
valuation of Class II R.R. property $_m}?~_'?}..~9}_.º~_4
(2) ~2003Equalized Valuation Real Property with Improvements plus assessed
valuation of Class II R.R. property $ --u_~,_~.~.1.,_Q.~~,_:i:l~
(3) j(ìl;200.4Equalized Valuation Real Property with Improvements plus assessed
valuation of Class II R.R. property $____}_.(,_4?_6.~~_.2_9_2
3. Equalized Valuation Basis - Average of (1), (2) and (3)
$_.__~..t,_6_º,~t,:l_,_'?JJ)
4. Net debt (Line 1 above) expressed as a percentage of such equalized valuation
basis (Line 3 above) is:
.uº,,'" .@<l. l'i 't:LS.ev:en Hundreths Of One
UU_'__.....
m.u____ per cent (_____1..5Lum_u 'Yo)
STATE OF NEW JERSEY
( ss.
)
COUNTY OF uM:i,Mle~!'''...
Pat:ri"kuJ, ..DeBlasio..
.... ---.-....---....
_._.'n_H_____
u_.u., being duly sworn, deposes and says:
Deponent is the chief tinancial officer of the
BorQughuu__
_n__·..nn_____._.u
um__·_____u__u._ of
uCar_t_e_ret:
B__ ____....
..n_____n
u County of
Middlesex
-------·------..-_._____n___u___nnn_n_nn_.
_____n·__·_____n_____
here and in the statement hereinafter mentioned called "the local unit." The Supplemental Debt State-
ment annexed hereto and hereby made a part hereof is a true statement of the debt condition of the local
""" .. :::::d:::' :::':~.::"~:' ~::,:. ::m,,,,,, "' ""' ""ÌJ~"W "N'~J"~'m
this _
3rd. ...__.. day of uFebr<l"ry m u_' ft.2005
Title .Ç.l.1ieJ)!in"ll"" ()f_fi",,:r
·____n__·________u__~___.
_'-:1 J_, 0 J~
._c..~,~______.________~__________________._..........
Ad dress ?º.. ç""I<.e.. .AveJl\l_e_._Car.1:e:r.e_t ,N: :1_:07~~~ __no_
··_____._uou
,'\. f": "
"".
Notary Publjð of New Jersey
, ~'i. ~
(NOTE-In all casss two copies of Supplemental Debt Statement must be tiled with:)
DIVISION OF LOCAL GOVERNMENT SERVICES
CN 803
TRENTON, NEW JERSEY 08625-0258
,..----
4--'-:;2-.3-(..,)
~Xiíd~
/i5
2
1. The net debt of the Jocal unit, as stated in the Annual Debt Statement made as of December 31, 19
or the revision thereof last filed, with respect to the following classes of bonds and notes, the amount
by which each class has been increased by the authorization of additional debt, and the amount by
which each class has been decreased by payment of outstanding debt or reduction of the authorization
to incur debt, is as follows:
N.t D.bt a. p.r
Annual Debt
Statement
Døcrealle Increaae
(Since December 31. La.t Pa,t)
N,t D.bt
Bonds and notes for school
purposes
$n_____::º=___ "___00___00 $________________m__oo____ $____________________________ $___________________. __._____
Bonds and notes for self-
liquidating purposes
$ ___________________m__ ____ $ ___. _________________,______ $____________________________ $00_________________.__ ._____
$_?_7.,_:!ºº_._?_7.4_____. $ __. ______-=9::.. ______.. __ $__________=º::-m_________ $__?~.!;¡.<.>_º!_?~~. _______
Other bonds and notes
2. Net debt at the time of this statement is:
$__3.~_!}()()_~3_~_~oo_______
3. The amounts and purposes separately itemized of the obligations about to be
authorized, and any deductions which may be made on account of each such item are:
(Uti note IIC" below)
PurpOI6
Amount
Deductio-n
N.t
$.~!!~~___Ç.!:~~!!____~~_!'~~_________________ ___ $____________________________ $___________________________ $__________________00____
WaterFront Recreation
I?~~_=!-_~i.!:¥__p.!t_""".!:__:r!_______________ $_~Zº.!.<.>_()-º___oo______ $____________________________ $__~?_ºJ_ºº.<.>_________
State Green Acres
ç!!~_~_~!:~~__R.'_':.!'~__º~y_"'_!ºP~~I!L_ $__?;¡!!.._()_ºº___________ $__________________________ $I~_ª_'_ºº_()____________
__________________________________________________ $-------------------.-------- $____m____________________ $_____________________
-------------------------------------------------- $-----.--------------------- $-------------------------- $----------------
________________________________________________ $__________________________ $____________________________ $__________________________ $_____________1_?!!..º-º_9_
4. The net debt of the local unit determined by the addition of the net amounts stated
in items 2 and 3 above is:
$______?_:,\_,_º?!!.._?_2_lt_____
NOTES
A. If authorization of bonds or notes is pennitted by an exception to the debt limitation, specify the particular paragraph
of N.J.S. 40A:2-7 or other section or law providing such exception.
B. This form is also to be used in the bonding of separate (not Type I) school districts as required by N.J.S_ 18A:24-16,
Ilnd filed before the school district election. In such C85e pages 4. 5. and 6 should be completed to set forth computation
supporting any deduction in line 3 above.
C. Only the aeount of bonds or notes about to. be authorized should be entere.d. The amount of the "down payment" pro·
vided in the bond ordinance should not be Included nor shown as a deductIon.
^
SPECIAL DEBT STATEMENT
BORROWING POWER AVAILABLE UNDER N.J.S. 40A:2-7 If)
1. Amount of accumulated debt incurring capacity under R. S.
40:1-16(d) as shown on the htest Annual Debt Statement.
2. Obligations heretofore authorized in excess of debt limitation
and pursuant to:
(a) N.J.S. 40A :2-7. paragraph (d)
$.u
$
-.-----.......--.
(b) N.J.S. 40A :2-7. paragraph (f)
(e) N.J.S. 40A :2-7. paragraph (g)
Total
$_u
$
..---------------
.....____n_.__
$.-uu
______n___.
3. Available debt incurring capacity (1'1 .J.S. 40A :2-7 (f) )
$
.... ......--..
Obligations about to be authorized pursuant to N.J.S.40A :2-7 (f)
(If item 3 equals or exceeds item 4. obligations may be author-
ized)
$
BORROWING POWER AVAILABLE UNDER N.J.S. 40A:2-7 (9)
1. Total appropriation>; made in local unit budget for current
fiscai year for payment of obligations of local unit included in
Annual Debt Statement or revision thereof last filed as of pre-
ceding December 31
2. Less the amount of such obligations which constitute utility and
assessment obligations:
$
3. Excess of item lover item 2:
4. Amount raised in the tax levy of the current fiscal )'ear by the local
unit for the payment of bonds or notes of any school district
$
$
$_
5. Amount equal to 2/3 of the sum of item 3 and item 4
6. (a) Amount of obligations heretofore authorized under
N.J.S.40A:2-7(g) in current fiscal year
(b) Amount of authorizations included ill 6 (a) which
heretofore repealed
$_
$
were
-
$
(e) Excess of item 6(a) over item 6(b)
$mmu
7. Excess of item 5 over item 6(c)
$m
______n_a..._____n___.__
8. Obligations about to be authorized
9. Borrowing capacity still remaining after proposed authorization
(item 7 less item 8)
(If item 7 equals or exceeds item 8, obligations may be
authorized)
$u
$uum
..·._..___n.....
Not Applicable
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Applicable
COMPUTATION OF SCHOOL INDEBTEDNESS AND DEDUCTIONS
UNDER PROVISIONS OF N. J. S. 18A: 24·17
5
'Note: In a "ConsoUdated" School District, Unes 18 to 24 must first be filled in.
N. J. S. lSA: 24-19 (Lines 1 to 7)
Average of equalized valuations (page I, line 3)
$-............
....n______
- 2. Gross School District Debt outstanding and authorized and unissued (not includ-
ing proposed issue) $... ..."".................
3. Less; Sinldng funds held for payment of School Debt, by Sinldng Fund
Commission
4. Net debt for school purposes (line 2. minus line 3)
5. Debt deduction for school purposes: "..."."....70 (as per line _ below)
(a) 21/2 % Kindergarten or Grade 1 through Grade 6
(b) 3 í' Kindergarten or Grade l·through Grade 8
(c) 31/" 'í~ Kindergarten or Grade I through Grade 9
(d) 4 70 Kindergarten or Grade 1 through Grade 12
(e) Other (insert applicable description)
...".. % ··.··""""000.....000...""000".000"..."·.""",,·.."·......000...
(f) Additional State School Building Aid Bonds
NJ.S. 18A: 58-33.4 (d)) (if included in line 2)
$"000."........"000000.."""
$000"000...."......000."000...
$..000000000"....000."._.000."
$"000"'" ........000"....
$000"000""""""'''000''000
$ "...... .....".........."....
$"000''''''''''''''''''''''000''
$""000".....000."."........
$""......".......
6. AvaiJabJe debt deduction (excess, if any. of line 5 over line 4 - enter on page
2, line 3 as "Deduction," not exceeding, however. the "Amount" shown in that line.)
$...000.000......000.......000.
$000.000000000"""".""".."
'7. School Bonds about to be authorized
Note: Omit lines 8 to 13, if line 6 equals or exceeds line 7. or if shown on line 17
N. J. S. 18A: 24-22 (Lines 8 to 13)
8. Excess of line 7 o\'er line 6
$...... ...."...""".."""000
$""....000."........""..000.
$.......".."."000""..""..
$.."....000000
$.. . .."...
9, Municipal Debt Limit (3t/27c of Jine 1 above)
10. Net Debt (page 2. line 2)
11. Availabie Municipal Borrowing Margin (excess, if any, of line 9 over line 10)
12. Use of Municipal Borrowing Margin (line 8 not exceeding line 11)
13. Remaining Municipai Borrowing Margin after authorization of proposed School
Bonds (line 11 minus line 12)
$..."
___..__uuu_n___n_n.
Note: Omit lines 14 to 16, if line 11 equals or exceeds line 8, or jf shown on line 17
N..T. S. ISA: 24-24 (lines 14 to 16)
14. Amount of line 7
15. Amount of Deduction:
(a) Amount of line 6
$...
_..____u__u.
$"
(b) Amount of line 11
Total
$..
$..
16. Excess of line 14 over line 15
$..
N. J. S. lSA: 58-33.4(d) (line 17)
17. Additional State School Building Aid Bonds about to be
authorized (amount of line 7)
$
___.n_u____
18. Total of average equalized valuation basis of each municipaiity in whole School District
MUN1CIP ALITY
AMOUNT
.___n___
$......
$.... ..........
$........ ......"..
$...... ..... .........
$.. . . ........... $..
__...u____
............_u.._
.........--
n. .... .._.....
·p....n...
19. Cross School District Debt outstanding and authorized and unissued (not includ·
ing proposed issue) $ .m___'_..______n__mu___u
Not Applicable
6
20. Less: School District Debt apportioned to other municipalities. N.J.S. 40A :2-43
Total of average equalized valuation basis of each municipality in whole
School District
$ (line 18. minus line 1) $...uo......uo. ...uo..uouo........
equals $... .. .... times line 19
$.. ........w....·uo.....uo....uo.... .
Divided by total of average equalized valuation basis of each municipality
in whole School District
$.uo..uo..uo...... (line 18)
21. Gross School District Debt of this municipality only (line 19 minus line 20)
22. School Bonds about to be authorized
$
$
$.. ._...uouo·uo.uo.·.uo
__.__"u.nn
_..._nun.nu____
23. Less: Share of Bonds (line 22) apportioned to other municipalities. N.J.S. 40A :2-43
Total of average equalized valuation basis of each municipality' in whole
School District
$._........w. (line 18. minus line 1) $..
equals $....... times line 22
$............uo... _.........uo.. ..._....uo._.._uououo....uo... ..........uouo..
divided by total of average equalized vliluation basis of each municipaJity in
whole School District
______u.___.___._·____
--.~-,
$uo..
______.__u______.______
(line 18)
$..
$..
24. This local unit's share of Bonds about to be authorized (line 22 minus line 23)
'Note: In a "Consolidated" School District the amount shown on line 21 must be entered on line 2 and
the amount shown on line 24 must be entered on Jine 7.
COMPUTATION AS TO INDEBTEDNESS FOR IMPROVEMENT OR EXTENSION OF AN
EXISTING MUNICIPAL PUBLIC UTILITY, N.J.S. 40A:2-7 (h); N.J.S. 40A:2-47 (0)
Municipal Public Utility
_____n__n.___
__u_un__ _
1. Annual Debt Statement. December 31. 19.... ... excess in revenues of utility $..
2. Less: Interest and debt redemption charges computed as provided in N.J.S.
40A :2-47 (a) for all obli'gations heretofore authorized but not issued to
the extent not already charged to income in annual debt statement. $..
3. Excess in revenues remaining prior to authorization of proposed obligations
(line 1 minus line 2) $--
4. Interest and debt redemption charges calculated for the obligations about to be
authorized (N.J.S. 40A :2-47 (a))
(a)
(b)
(c)
Interest for one year at 41/2 ro
First installment of serial bonds legally
Total charges (Items (a) and (b))
issuable
$....
$..
$.uo
___unnn__
Note: If line 3 equals or exceeds line 4. obligations may be authorized under the provisions of N.J.S.
(40A :2-7 (h) as limited by N.J.S. 40A :2-47 (a).
1, \,j/O'sf})/ ·-:fÎ9.etJbv('ê / , Director of the Division of Local Government
Services in the Department of Community Affairs of the State of New jersey DO HEREBY
CERTIFY that I have compared this copy of a Supplemental Debt Statement of the above local
unit with rhe original Sµpplemental Debt Starement filed in rhe Office of the Director of the
Division of Local Government Services in the Department of Community Affairs of the State of
New jersey on ,.!}. ..PI - tJ oj , and that this is a true copy of
said Statement and the whole thereof.
IN WITNESS WHEREOF, I have hereunto set my hand as Director of the Division of Local
Govern,fge)1.!1 services in the 9<1~~~mmunity Affairs of the State of New jersey, this
//f-'H-/ day of ~ ' w hL O¿;,s-
'"
I
Director
For acknowledgement of receipt of
tDbtStatement S"~"':'m<'~tJ'lI
Annua e .- ,;,p,. .'
.' "It.-, , I
nebt Statement, In' 'La... ,., h ,,-.
~mç,""hft"nt.
02/25/2005 14:53
7325412884
BOROUGH OFCARTERET
PAGE 02
]"", .. McGreevey
~(Jvemo,.
~
~
~brle of ~ efu d!erse-q
Dt:.þartm.ent of El1.vjroru:ne:otal Protection
PO Box-402
Trenton, NJ 08625-0402
Bradley M. Campbell
Com.rnis.siQner
TeL II (/í09) 292-2885
Fax # (/í09) 292-7695
Honorable Daniel J. Reiman
Mayor - Carteret Borough
61 Cooke Avenue
Carteret, New Jersey 07008
~y'
'~~
RE: 1201-02-022
Arthur Kill Waterfront Recreation Facility Ph II
Carteret Borough, Middlesex COWlty
Dear Mayw: Reiman:
On behaJf of Governor James E. McGreevey, I am pleased to infmm you that the Department of
EnV1IOIlII1el1tal Protection and the Garden State PreserVation Trust (GSPT) have approved
Carteret Borough's application for a Green Acres matching grant of $270,000.00 and loan of
$470,000.00. This funding is conÌ!t1gmt upon the passage of a legislative appropnation.
Governor McGreevey has committed an ad<:litional $50 minion in GSPT funding for outdoor
recreation facilities because of their i1"l:lpO!1>U1t role in making New Jersey a great place in which
to live. I congratulate you on your efforts to improve and e¡¡:pand the recreational opportunities in
this stB.te. Carteret Borough's contribution Ut. operating and maintaining tlUs park wilJ help
preserve a valuable resomce for future generations.
Cathy Eniott-Shaw of the Green Acres staff will be responsible for guiding you through this
project and prep:uing the Green Trust Project Agreements for this development. Please contact
Green Acres at (609) 984-0570 to discuss the next steps in this process.
Presc:rvíng open space and improving and expanding local parks are a critical component of
Govc::mor McGreevey's effort!; to combat sprawl and protect our quality of life. We look forward'
to working with Cattcret Borough toward fue successful conIplction of tlUs important project.
Sincerely,
/J..Þ., ?1. C ,.lJl.
.Bradley M. Campbell
COm:n:UsBJOner
N€w Jer:>ey i.~ 111"1 Equal Opportunity Emplrryu
Re.cyc:1sd Paper
Affidavit of Publication
Publisher's Fee $159.28
State of New Jersey} 55.
MIDDLESEX COUNTY
personally appeared
MARIAN BUTLER
IJ'
of the Home News Tribune, a newspaper prlnte ~eehold, NJ ~ ubllshed In NEPTUNE, In said
county and State, and of general circulation In said co ,Who be!· uly sworn, deposeth and salth
that the advertisement of which the annexed Is a true copy,·f1iIs-'Öe' n published In the said newspaper
1 (ONE) times, once In each Issue, as follows
2/08105.
JEAN L. Eß~OSITO
NOTARy PUBLIC OF I~Ev~ JERSEY
MY COMMISSION EXPIRES JAN. 27,2010
~""
'.
BOROUGH Of CARTERET
ORDINANCE #05-06
BOND ORDINANCE PROVIDING FOR ARTHUR
Kill WATERFRONT RECREATION FACILITY
PHASE" IN AND BY THE BOROUGH OF CAR-
1~~ã~'N I~pERg~~~1riNOt ;.:~g,~~~H~~~
FOR AND AUTHORIZING THE ISSUANCE OF
$470,000 BONDS OR NOTES OF THE BOR-
OUGH 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 thereof affirmatively concurring) AS
FOLLOWS
Section 1. The improvement described in Section
~no;e~~~sk~~n~y O{~~B~~~~~~e~r~a~t~~~i~i~e~wt~~r~
sey as a general improvement. For the improve-
ment or purpose described in Section 3, there is
rn~e~y$2jb~å8óia;';~r¡ih:ndu~ $02 7~~68óO?0~ni~~ug,~
provided from the State of New Jersey Department
of Environmental Protection Green Acres Program
("Green Acres"). No down payment is required
pursuant to N.J.SA 40A:2-11(c) as this bond ordi-
nance authorizes obligations which involve projects
funded by Green Acres.
Section 2. In order to finance the cost of the
~ro~r~;ferg:n~r~~tP~:fe~~~c~dt i~oŠ:~~~~Yl atf~I~~t
negotiable bonds are hereby authorized to be is-
sued in the rrinclpal amount of $470.000 pursuant
to the Loca Bond Law. In anticipation of the issu-
ance of the bonds, ne¡¡::otiable bond anticipation
rgt~~,r:W~i~b(h~U~r~i~;ii~~~ ~~e¡:~~~~¡U~:u~~~
Local Bond Law.
Section 3. (a) The improvement hereby au tho-
;~sanadr:h(oPb",f¡::u~od ti~e :~~~~~iWllofW~~Cr?r;~~
lcreation Facility Phase II, as shown on and in
-"'"Jccordance with the plans and specifications there-
for 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 of bonds or
notes to 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 of the appropriation
herein made therefor.
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 notes issued pursuant to this ordinance, and
the chief financial officer's signature upon the
notes shall be conclusive evidence as to an such
determinations. All notes issued hereunder may be
~f~~:~~ ~~~mL¿I~f ~~n~mLea~~~~~t c~ie¡h~n~~~'¡'~1
,J-.-
vJ..1.. ,~
Sworn and subscribed before me this
8th day of February, A.D., 2005
AD.. 2005
c
o ,...)
\ C\,,,:v...r,, IV'....! \
officer is hereby authorized to sell part or aU of the
notes from time to time at public or private sale
and to deliver them to the purchasers thereof upon
~~~~~:d ~~t~~:s'rf~~mo\h~~ da~~;ht~e ttf.;id~t~I~~
delivery thereof. The chief financial officer is direct-
ed 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
Inr~O~~\~~et~'l b~et~~irC)(;a7eFf~:~~~ti~{~~~d t~hd~i~
run detail of the amended capital budget and cagita~
~rgngr~fmL~~afPg~~~;~m~tt~eer~i~~~t?: ~~ WI: wii~~
t!1e Clerk and is available there for public inspec-
tion
Section 6. The following additional matters are
hereby determined, declared, recited and stated:
(a) The improvement or ~'Jrpose described in
Section 3 of this bond ordinance is not a current
expense. It is an improvement or purpose that the
~~~~~~~nT.a~n~W~~II~a~td~rtt~: g~st lh~~:~l ~r:;~
been or shall be specially assessed on property
specially benefitted thereby.
(b) The period of usefulness of the improvement
or purpose within the limitations of the Local Bond
Law, according to the reasonable life thereof com-
puted from the date of the bonds authorized by this
ordinance, IS 15 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 Com-
~~~~~e~ifa¿h~:: tt~:t ~~~te r~~sNd~b/~?~~e SŠ~~
ough as defined in the LocaFBond Law is increased
by the authorization of the bonds and notes provid-
ed in this bond ordinance by $470,000. and the
obligations authorized herein will be within aU debt
!Imitations prescribed by that Law.
fO~di{:~:7{¡r:;~~~:eml~~~~ 7~ta~'dc~~~~rtt~~ 5~~~~~
N.J.SA 40A:2·20 is included in the estimated cost
indicated herein for the purpose or improvement
Section 7. Any grant moneys received for the
purpose described in Section 3 hereof shall be
applied either to direct payment of the cost of the
improvement or if other then as referred to in
Section 1 hereof to payment of the obligations
issued pursuant to this ordinance. The amount of
~~~ffa~~o~~d~~~~O[¿Z~~e ~~~e~t~h~tS~~~h ~~~edusn~~~
so used.
Section 8. The chief financial officer of the Bor-
fr~~ iti~~r~~Yt¡~~h~~iZne~c~~~rreP:rfi~~~cf~1 uf¡~gl~~
sure document to be distributeJ in connection with
the sale of obligations of the Borough and to
(Page 1 of #40229 )
execute such disçtosure document on behalf of the
Borough. The chief financial officer is further autho-
~;~~idt~ :enct~~d~;~ ~:r:~fdj~I~;~r~n~~r~e~~~ ~f
the Borough pursuant to Rule 15c2-12 of the Secu-
rities and Exchange Commission (the "Rule") for
the benefit of holders and beneficial owners of
obligations of the Borough and to amend such
'~ndertak¡ng from time to time in connection with
::Iny change in law, or interpretation thereof, provid-
ed such undertaking is and continues to be, in the
-- opinion of a nationaHy 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 limit-
ed to specific performance of the undertaking.
Section 9. The full faith and credit of the Borough
~~fn~i~a~b~F':~~e~ht~ ~~te~~;tt~~1 ~h~mOebï~~~i~~;
authorized by this bond ordinance. The obligations
shall be direct, unlimited obligations of the Bor-
ough, and the Borough shall be obligated to levy ...d
vaforem taxes upon all the taxable real properly
within the Borough for the payment of the obliga-
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 provided by the Local Bond Law.
The foregoing ordinance was introduced at a
meeting of the Council of the Borough of Carteret
held February 3, 2005 when it was adopted on First
Reading_ The said ordíni!nce will be fur~her con!<id-
ered on Second Reading for final adoption at a
meeting of said Council of the Borough of Carteret
~nU~i~?~~n~~ulr~i~gl~~ ~~c~mr;,o~~a~~~s~~~?t Ä~·:
~~epe~:~~;rT~t~r~~t~~r~~, a~ ~~~;~ ~~~~;~rful~~
to be heard.
KATHLEEN M. BARNEY, Certified Municipal Clerk
($159.28) 40229
(Page 2 of #40229 )
Affidavit of Publication
Publisher's Fee $156.64
State of New Jersey} 55.
MIDDLESEX COUNTY
Personally appeared
MARIAN BUTLER
lH~1
Affidavit ç. harge $20.00
,
~
~
,
of the Home News Tribune, 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 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
3104105.
PA'fRleIA W. l'eWN3ENB
mJTf.R',t PYBUf 8F N['N JERSEY
MY Ca~PIRES OCT. 2, 2005
-#fdhl!lLJ), f,y~~~
Notary Public of New Jersey /
BOROUGH OF CARTERET
ORDINANCE #05-06
BOND ORDINANCE PROVIDING FOR ARTHUR
KILL WATERFRONT RECREATION FACILITY
PHASE II IN AND BY THE BOROUGH OF CAR-
TERET IN THE COUNTY OF MIDDLESEX, NEW
JERSEV, APPROPRIATING $740,000 THERE-
FOR AND AUTHORIZING THE ISSUANCE OF
$470,000 BONDS OR NOTES OF THE BOR-
OUGH 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 aU members thereof affirmatively concurring) AS
FOLLOWS:
Section 1. The improvement described in Section
~nodfe~7~sk~~ngy °f~~nB~~~~~~e~r~a~tUe~~~~iNe~wt~~r~
sey as a general improvement. For the improve-
ment or purpose described in Section 3. there is
hereby appw?riat,~d the sum of $740,000, includ-
ing a $270,000 grant and a $470.COO loan to be
provided from the State of New Jersey Department
of Environmental Protection Green Acres Program
("Green Acres"). No down payment is required
pursuant to N.J.SA 40A:2-11(c) as this bond ordi-
nance authorizes obligations which involve projects
funded by Green Acres.
Section 2. In order to finance the cost of the
~~~r~~e~~n~r~~t P~:Fe~~~c~~t i~oŠ:~~~nbYl atf~I~~t
negotiable bonds are hereby authorized to be is-
sued in the rrinciPal amount of $470,000 pursuant
to the Loca Bond Law. In anticipation of the issu·
ance of the bonds. negotiable bond anticipation
~~t~~r~i7hi~b(h:u~~~r~~fi~~~ ~~ei:~~~~tUb;u~h~
Local Bond Law
Section 3. (a) The improvement hereby autho-
~~~~:na~:h;oP~r;r~::u~oJ \~e Ä~7~~~in~I~f"V~~~r7r;~~
:~~~~d;i~~e '::i~~i1~t;I~~~ ~~da;p~~i~i~~ti~~S ~h~r~
for 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 of bonds or
notes to 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 of the appropriation
herein made therefor.
Section 4. All bond anticipation notes issued
hereunder shail 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
witb notes issued pursuant to this ordinance, and
tbe chief financial officer's signature upon the
notes shall be conclusive evidence as to all such
determinations Ali notes i5sued hereunder may be
~~,7ne:~~ ~~~ml~i2~~ J~n~IllLe,,~u~I~~t c~ie¡hMn~~~Y~-1
AD., 2005
"-
------------... r
\\~~NJ~IJ
sworn and subscribed before me this
4th day of March, A.D., 2005
/j
'--
officer is hereby 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
~~~~~:d ~~t~~ls'rf~~mOfth~~ Ja~~~h~~e t¡f:i~~t~l~f
delivery thereof. The chief financial officer is direct-
ed to. report in writing. to the governing body at the
me.etmg next succeeding the date when any sale or
delivery of the notes pursuant to this ordmance 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, Tbe resolution in the form
promulgated by the Local Finance Board showing
full detail of the amended capital budget and cagital
~r~~r~fL~~arPg~~~~~mb~tthseer~l~~~t?~ ~~ ~~: wW~
the Clerk and is available there for public inspec-
tion.
Section 6. The following addition,}1 matters are
hereby (~eterrnlned. 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 purpose that the
~~~~~~~nTa~n~W~~I1Þa~rd;tt:hk: ~~s: tl,ee~:~1 ~r:;~
been or shall be speciany assessed on property
specially benefitted thereby.
(b) The period of usefulness of the improvement
or purpose within the limitations of the Local Bond
Law, according to the reasonable life thereof com-
puted from the date of the bonds authorized by this
ordinance, IS 15 years.
(c) The Supplementa) Debt Statement required
~reàhin L~~:I ~ffk~ L~t' ih~s gíee/k.d~IXlraePc"~~dpr~~
executed duplicate thereof has been filed in the
office of the Director of tbe Division of local
Government Services in the Department of Com-
~~r~~e~~fad~~v7: i~:t ~~~te r~~~d:b/~?~h'e SŠ~~
ough as defined in the LocaFBond Law is increased
by the authorization of the bonds and notes provid-
ed .in this bond ordinance by $470,000., and the
obligations authorized herein will be within aU debt
limitations prescribed by that Law
fO~ d?t:::'sa~'fr:~g~~:eml?S~~~ 7~ta~dc~~~~ft~~ 5~~~~~
N.J.S.A. 40A:2·20 is included in the estimated cost
indicated herein for the purpose or improvement
Section 7. Any grant moneys received for the
purpose described in Section 3 hereof shall be
applied either to direct payment of the cost of the
improvement or if other then as referred to in
Section 1 hereof, to ,Payment of the obligations
Issued pursuant to this ordinance. The amount of
~~~ifa~~o~:dl~~~~o;~Z~~e ~~~e'~~~h~t~~~h ~~~"Js"~~~
so used
Section 8. The chief financial oHicer of the Bor-
fr~~~ iJ~~r~~Yti~~~h~~i~~edc~~i:r~p~rri~;~cf~1 ucft~~i~~
5ure document to be distributed m connection with
the sale 01 ob\igations of the Dorougb and to
(Page 1 of #11486 )
execute such disclosure document on behalf of the
Borough. The chief financial officer is further autho-
rized_ to enter into the appropriate undertaking to
provide secondary market disclosure on behalf of
'he Borough pursuant to Rule 15c2-12 of the Seeu-
n,ies and Exchange Commission (the "Rule") for
'" benefit of holders and beneficial owners of
,bligations of the Borough and to amend such
undertaking from tim_e 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
~~~~::~~n~~;:;:g~~.r~~~h th~a:~~o:d~e ;haa~ieb~ori~i?-
ed to specific performance of the undertaking
Section 9. The full faith and credit of the Borough
~~in~i~:lb~l~~åe~~~ ~~~e~~~tct~~1 fh~moebï}g~~i~~;
authorized by this bond ordinance. The obligations
shall be direct. unlimited obligatIons of the Bor-
~~Fo~e~~;~:s B~~~~g~l~ht~~ btea~~~~a~~~ltop~~"pYe~~
within the Borough for the payment of the obliga-
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~ffE~ËtiTca' Bond Law
The bond ordinance published herewith has been
fin<'llly ;'\dopted on February 17,_ 2005 and th¡) 20-
day period of limiatlon within which a suit, action or
proceeding questioning the validity of such ordi-
nance can be commenced, as provided in the Local
Bond Law, has begun to run from the date of the
first publication of this statement.
Kathleen M. Barney, Clerk
($156.64) 11486
(Page 2 of #11486 )