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Home My Public Portal AboutOrd. 05-07 No. 05-07 @rúmatttt ú£ tqt IßnrúU£q ú£ QIadtr£Ì, ~ ~ W ~ Councilman Presents the following Ordinance Seconded by Councilman BOND ORDINANCE PROVIDING FOR CARTERET PARK DEVELOPMENT IN AND BY THE BOROUGH OF CAR TERET, [N THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $516.000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $258,000 BONDS OR NOTES OF THE BOROUGH TO FINANCE PART OF THE COST THEREOF BE [T ORDAINED BY THE BOROUGH COUNCIL OF THE BOROUGH OF " R TERET. 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 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 $516,000, induding a $258,000 grant and a $258,000 loan to be provided f[Om the State of New Jersey Department of Environmental Protection Green Acres Program ("Green Acres"). No down payment 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 of the grant referenced in Section I hereof, negotiable bonds are hereby authorized to be issued in the principal amount of$258,000 pursuant to the Local Bond Law. In anticipation of the issuance ofthe 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. (a) The improvement hereby authorized and the purpose for the financing of which the bonds are to be issued is Carteret Park Development, as shown on and in accordance with 05-07 P^GE 2 of 4 NO. \ [ 11e plans and specifications therefor on file in the office of the Clerk, which plans are hereby . ãpproved, 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 I 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 öfficer shall determine all matters in corU1ection with notes issued pursuant to this ordinance, and the chief financial officer's signature upon the notes shall be condusive 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 fll1anciaI 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 delivery of the notes pursuant to this ordinance is made. Such report must indude the amount, the description, the interest rate and the maturity schedwe of the notes sold, the price \ obtained and the name of the purchaser. Section 5. The capital budget of the Borough ofCarteret is hereby amended to conform with the provisions ofthis orrlinance to the extent of any inconsistency herewith. The resolution in the form promulgated by tne Local Finance Board showing full detail of the amended capital budget and capital program as approved by the Director of the Division of Local GoveITU11ent Services is on file with the Clerk and is available there for public inspection. NO. 05-07 P^GE 1 of 4 Section 6. The following additional matters are hereby determined, 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 Borough may lawfully undertake as a general improvement, and 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 o£the Local Bond Law, according to the reasonable life thereof computed from the date of the bonds 1uthorized 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 ofthe 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 defined in the Local Bond Law is increased by the authorization of the bonds and notes provided in this bond ordinance by $258,000, and the obligations authorized herein will be within all debt limitations prescribed by that Law. (d) An aggregate amount not exceeding $100,000 for items of expense listed in and permitted under NJ.S.A. 40A:2-20 is induded 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 I hereof. to payment of the obligations issued pursuant to this ordinance. The amount of I, obligations authorized but not issued hereunder shall be reduced to the extent that such funds are so used. 05-07 NO. r PAGE 4 of 4 Section 8. The chief financial officer of the Borough is hereby authorized to prepare and ') update from time to time as necessary a financial disclosure document to be distributed in I connection with the sale of obligations of the Borough and to execute such disclosure document on behalf of the Borough. The chief financial officer is hlrther authorized to enter into the appropriate undertaking to provide secondary market disclosure on behalf of the Borough pursuant to Rule 15c2- 12 of the Securities and Exchange Commission (the "Rule") for the benefit of holders and beneficial owners of obligations of the Borough and to amend such undertaking from time to time in connection with any change in law, or interpretation thereof, provided such undertaking is and continues to be, in the opinion of a nationally recognized bond counsel, consistent with the requiremènts of the Rule. In the event that the Borough fails to comply with its undertaking, the -~orough shall not be liable for any monetary damages, and the remedy shall be limited to specific performance of the undertaking. Section 9. The full faith and credit of the Borough are hereby pledged to the punctual payment of the principal of and the interest on the obligations authorized by this bond ordinance. The obligations shall be direct, unlimited obligations of the Borough, and the Borough shall be obligated to levy ad valorem taxes upon all the taxable real property withir·. the Borough for the payment of the obligations and the interest thereon without limitation of rate or amount. II 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. II COUNCILMAN YES BELLINO X AZ KRUM X DO NOT USE SPACE BELOW THIS LINE RECORD OF COUNCIL VOTE NO NY A.B. COUNCILMAN NAPLES X RIOS SITARZ YES NO NV A.B. X X X x - Indicate Vote AB - Absent NY - Not Voting XOR - Indicates Vore to Overrule Veto . C I fth Borough ofCarteret, N.J., on Fphrll"ry 3, 200') Adopted on first readJng of the ounel 0 e 17 2005 . February , Adopted on second reading after heanng on ON 02/25/2005 14:53 7325412884 BOROUGH OFCARTERET PAGE 03 J 8JI!,f _ McGreevey L..rvemor ~ ~ ~ta:te .af ~ em 1Jeue-g Department of Envim!\lIletltal Protection PO Box ,402'" \ '!'renton, NJ 08625-0402 . August 12: 2004 Bradley M. Campbelt Commissioha Tel. II (609) 292-2885 Fax # (609) 292-7695 C'r,r,.f... (\h.'~' Honorable: Daniel J. Reimsn Mayor - Gu1eret Borough 61 Cooke Avenue earteret, New Jersey 07008 . \ 1dt~<j· , , '!'---r-C~'; \ RE: 1201-02-071 Cartcrl:t Park DevelopInent Carteret Borough, Middlesex County Dear Mayor Reiman: On behalf of Governor James E. McGreevey, I am pleased to inform you that the Department of Enviromnental Protection and the Garden State Presavation Trust (GSPT) have approved Carteret Borough's application for a GTeen Acresmatclllng grant of $258,000.00 and loan of $258,000.00. This funding is eóntingent upon the passage of a legislative ap¡noptiation. Governor McGreevey has committed an additional $50 nril1ion in GSPT funding for outdoor recreation facilities because of their importBnt role in making New Jersey a great place in winch to live. I congratulate you on your efforts to improve and CJ<pand the recreational opportunities in this state. Carteret Borough's contribution in opcrating and maintùning this park will help preserve a valuable resource for future generations. Cathy Elliott-Sbaw of the Green Acres staff will be responsible for guiding you througb this project and pl'eparing the Gr<;çn Trust Project Agreements for this develaproent. Please conbct Green Acres at (609) 984-0570 to discuss the next steps in this process. Preserving open space and Improving and expanding local parks are a critical component of Governor McGreevey's efforts to combat sprawl and protect our quality of life. We look forward to working wiÚl Carteret Borough toward Úle successful completion of tJris important project Sincerely, ;J...u., 71. CIJ( r Bradley M Campbell Coxmnissioner Nt:.w Jcr~e)' Ü (l" EqlJ.al OpportwUcy El'1JpJf7)~" R€rryt;:lqd Paper ,Bor.()\lgl1 Umuuuuuu of uuu(;¿¡:rte,:,,~u SUPPLEMENTAL ~:::; G; . , ~ 1. The net debt of the local ized, is (page 2, Jine 4) ",-"\ c; UUU"i County of ul-1~~.d~,,~~)( ,Huuu.uu?~~fnnn__u..nu... ~n2ºÖ5 unit after giving effect'tQ.,tjbl¡ af'í@ ~bout to be author- _________u___.<__ 23,028,224 $nn. n..u nnu.. un..__. u. 2. EquaJized valuation basis (the average of the equa1ized valuations of real estate, inc]udlng 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) m<:1().o2 Equalized Valuation Real Property with Improvements plu:; assessed valuation of Class II R.R. property $.u.~,:1c".3.,~~!,.O.3.4 (2) Ì!ik2003 Equalized Valuation Real Property with Improvements plus assessed valuation of Class II R.R. property $u.l>.'!.I¡.!-...º~~>.~..n - \ 3) j(K200.4Equalized Valuation Real Property with Improvements plu:; assessed valuation of Class II R.R. property $,... .~,.6.4.7.,.6.~:J.,.9.9.2 3. Equalized Valuation Basis - Average of (1), (2) and (3) $.,.)-,~6-º 'Y':1...?J,!:i ~. Net debt (Line 1 above) expressed as a percentage of such equaJized valuation basis (Line 3 above) is: uQrlelµJ..dJift:Y ,seveIlllund<:et:hs Of One ....___n..... ..--...------.. per cent (u1:.S.7____.__,. 0/0) STATE OF NEW JERSEY ( ss. ) COUNTY OF__Mi,<!<!les.,,){u. ____,P,80t:J:ick.J . DelHasio ...._-----.-.......- .OU. m.__. ___.m./ being duly sworn, deposes and says; Deponent is the chief financial officer of the Borough'UH ···___.__.n__ .nmuuu.uu.,. of ~ar.t.e.r.!'L County of __.~M.\"'"'''' -----_n________________________n_u__.__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 unit as of the date therein stated and is computed as provided by the Local Bond Law of New Jersey. .....I?~~..,..,...u....uu.. Subscribed and sworn to before me this u 3rd·uu. day of February __ ,_. .H____. , XIt.200S T i tJ e {;l1,ie.fßill'll1"" ()fE~",,:r _____nn_______nnn___u Add ress Zº{;()()1<e.__Ave(lll.e.,(;¿¡:rt:"re~ '.~'J:O?~~~. y oJ~ CY~..............L....__.__u....u......... Notary Public of New Jersey UNDß\ A. Rnfi:',¡y, ;VC'\Î-'\RY PU8UC (1F N JiIJ' ,n:¡;:s :y· ~,", < , . "",rc ~ ,-,.". - .-' - i ' (NOTE-In all cas.es two copies of Supplemental Debt Statement must be filed with:) DIVISION 01' LOCAL COVERNMENT SERVICES CN 803 TRENTON, NEW JERSEY 08625-0258 ,4~Y--3-(~ &Ÿ1f ~- '- ';1: fr</#d_(¡Jj ~ " . 1. -The net debt of the Jocal unit, ag gtated in the Annual Debt Statement made as of December 31 19 or the .revision thereof last tiled, with respect to the following classen of bondg and notes, the' am~;;~~ by.whlch each clags has been increased by the authorization of adc:itional debt, and the amount by whIch each class has been decreased by payment of outstanding deb': or reduction of the authorization to incur debt, is as follows: Net Debt Œ! per Annual Debt Statement Decreale [ncrecue (Since December J.~. Last Past) Net Debt Bonds and notes for school purposes $..__h.::Q::h..n.._.m._ $_nn__...__h__h..__h..__ $n_._mhm.....___m.m $.._hn_.nn.n.h..n._...___ Bonds and notes for self- liquidating purposes $nn.__mhhnm_m.___c $nhnm.m.nm._nnm $nnmn_m__h.nh____n $m._m.m.__n.__..._.._.nn Other bonds and notes H?,_;w.Q.,_n~.n.. $m.n__.::Q::n.hmhn $nnm.h::()::m_noo.n $n~~.!;3'<?_º-!_~~'h._m 2. Net debt at the time of this statement is: $ 22,300,224 __.__.n_n. .-h__.____Unnu_ -- 3. The amounts and purpoges geparately itemized of the obligationg about to be authorized, and any deductiong which may be made on account of each guch item are; (l6e note "G" below) Purpou Amount Deduction Net ~!:!l!:",...C;':~~~m~".rh<:~nn___m..__n_ n. $nm'h_mm_.._mm___ $.____.mn___nn.._mooh $__0. '_h___nn_m_'_nn WaterFront Recreation 1'''5.i.~.i.!:L~.1.'.'''S.~..~.~.__..m.n.__n $h~Z()LO.O.9..nnn._._ $nn__nnn_..mm__.n__ $..!!7.!J-'_()ºº_.__mm_ State Green Acres ç!lE.~.~':~!:..1'.",!'1<nl?"'Y-~.lQI?~~.~L_ $h?.:i.~-,.O.ºQm.._...__ $.____._m__h_m__.n.n_ $~_?~.()º-<?..__.nnn nn_.hn_'_n'_'_nnn.mn'_._mm____...nnn $___..m._..nn.....n_.m $._oooo.nmnn....n__.m $..n_n__.nnn__mnm_ .---~________u_n_u~_.______Uh________~___ $._____.__n.._nn.....___oo $.mn"__h..n.__.m.._ $.__.__._n__.___ .m._n....__n..n...m..._._h___nm.____ $.__nn.__..____m...m_ $'h__.nnnm.._n.mn_. $.n__._.nn.._______n.m $.mn....n.l.?!!....ºº_Q_ 4. The net debt of the local unit determined by the addition of the net amounts stated in items 2 and 3 above is: $.m.2}.'_Q?!!....?2."-mn NOTES A. If authorizatIon of bonds or note::! is pennltted by an exception to the debt limitation, specify the particular paragraph of N.J.S. 40A:2-7 or other gection or Jaw providing such exception. B. Thi.::! form i3 also to be used in the bonding of separate (not Type I) school districts as required by N.J.S.IBA:24-16, Ilnd filed before the school district election. In such case pages 4. 5, and 6 should be completed to set forth computation supporting any deduction in 1ine 3 ahove. C. Only the aeount of bond.::! or notes about to be authorized should be entere.d. The amount of the "down pnyment" pro- vided in the bond ordinance should not be included nor shown as Ii deduction. , SPECIAL DEBT STATEMENT BORROWING POWER AVAILABLE UNDER N.J.~;. 40A:2-7 (f) 1. Amount of accumulated debt incurring capacity under R. S. 40: 1-16 (d) as shown on the Idest Annual Debt Statement. 2. OIJligations heretofore authorized in excess of debt limitation and pursuant to: $. .....-...... (a) N.J.S. 40A :2-7, paragraph (d) $........n... $....... un.. $ n. ..Ud____ (b) N.J.S. 40A:2-7, paragraph (f) (c) N.J.S. 40A :2-7, paragraph (g) Total $ 3. Available debt incurring capacity (N.J.S. 40A :2-7 (f)) $.. . -...__.... __.u_ 4. Obligations about to be authorized pursuant toN.J.SAOA :2-7 (f) (If item 3 equals or exceeds item 4, obligations may be author- ized) $ u BORROWING POWER AVAILABLE UNDER N.J.S, 40A:2-7 (9) 1. Total appropriations made in local unit budget for current fiscal 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 whjch 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.SAOA:2-7(g) in current fiscal year $..__ '..__... .....__. (b) Amount of authorizations includerl ill 6 (a) which were heretofore repealed $ un -.....__...._u___... $ (c) Excess of item 6 (a) over item 6 (b) $u 7. Excess of item 5 over item 6 (c) $__ u...__.m__ 8. Obligations about to be authorized $_. Ð. Borrowing capacity still remaining after proposed authorization (item 7 less item 8) (If item 7 equals or exceeds item 8, obligations may be authorized) $ "__.. "un Not Applicable ...J o o :c LI VI ...J ~ Z o (! '" lLJ cI. 'I. o z o I- -< I-- ""-..- Ji o u 4 I ~ 0 .....:µ '" -213 A" E ;.:¡ - ... 0 '''0..... ;1) "'i::~ ~ ß ~~ E t11'¡: E~ ~ -0 0 ~ § ¡:;:5.S]ä:; :;:; 0 ~ t: 0 '" ,..¡:Q<,¡::jM o c o..;g,..A-"U&: ~oo<~E .- 0 :::I I >"0 t11 0.- _ Q) cu ~ 00 '" .., ~-"'ü ~1l.1i1Cl..A.. f-< - -- ... 0 I· ~ f-< ¡:: (I) Z .-0 " E ~ ~ þ ~o- 0 00. ._ 0"1:::1 ;:g ~"< "Q.. 0 -<: g, '" 0. .. '" - -- ... 0 -0-0 . . .... tn ~.t: c:: ~ 1>1 ,.. a) 0 VI a e·--...c C::~I11~ .~ ,","d< ~Q..~ ~ 0,.. 0. '" 0 0. -<: - ~ U " 13 < . u " "ö . . Q.. .~ Cd~M "0,," t:r._ . ~~~ <to ::L~ tD'do E;;.. "Of! 0> ~ I > < '" " 0 E -<: - - "., t: '" '" ¡:.. U ~ Þ ::g I I VI VI I.tl Z CJ UJ I- - 00 lLJ CI Z ... ~ Not Applicable COMPUTATION OF SCHOOL INDEBTEDNESS AND!DEDUCTIONS , UNDER PROVISIONS OF N. J. S. 18A: 24.17 5 -Note: In a "Consojdated" School District, lines 18 to 24 must tìrst be tìllerl in. N. J. S. 1 SA: 24-l9 (Lines 1 to 7) Average of equalized valuations (page 1, Bne 3) 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 Sinking Fund Commission $.. "_noon_un $uu..u.u. 4. Net debt for school purposes (line 2, minus line 3) 5. Debt deduction for school purposes: ..uun....7o (as (a) 21/21" Kindergarten or Grade 1 through G"ade 6 (b) 3 7c Kindergarten or Grade l·through Grade 8 (c) 31/2 j/c Kindergarten or Grade 1 through Grade 9 (d) 4 7e Kindergarten or Grade 1 through Grade 12 (e) Other (insert appjcable description) 'UU'U % uuu...... .uuuu.._.....u.__.._ (f) Additional State School Building Aid Bonds N.J.S. 18A: 58-33.4 (d) ) (if included in line 2) per line_be ow) $... 'U_"n"Uu $nn UU'nu $._.nuuuu..._u.u._. $._uu._u. U_'Uh_.uu $_u.u.uh......u..__._m $uu.mum..h..__h... $__m.._h_.____..___... $uuh.. _______u._~·u_._ $.u 6. Available debt deduction (excess, if any, of line 5 over line 4 - enter on page 2, Bne 3 as "Deduction," not exceeding, however, the "Amount" shown in that line.) $.muu__ UU'uun_._un $.u_..u.._uuu.._.nu.. ~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 over line 6 $ __ UU_m···__nm... $ _unh·__.un___.uu.. $. _mmu_·_u.n_u._u $ $ __'U_'U' UU uu._ 9. Municipal Debt Limit (31/21' of line 1 above) 10. Net Debt (page 2, line 2) 11. Available 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 Municipal Borrowing JlIargin after authorization of proposed School Bonds (line 11 minus line 12) $.. Note: Omit lines 14 to 16, if line 11 equals or exceeds line 8, or ¡[shown on line 17 N. J. S. ¡8A: 24-24 (lines 14 to 16) 14. Amount of line 7 $uuu__u ··..h_unn___. 5. Amount of Deduction: (a) Amount of line 6 $n $ "-----..--.. (b) Amount of line 11 Total $ u . uUumu.u.u 16. Excess of line 14 over line 15 $. N. .I. S. l8A: 58-33.4(d) (line l7) 17. Additional State School Building Aid Bonds about to be authorized (amount of line 7) $ ......-- -....-.. 18. Total of average equalized valuation basis of each municipality in whole School District MUNICIPALITY AMOUNT ----.....---. . -- -- -~ -- -... -..- $d $ $ $. $d ---------...- .------.-- "---- ----..--... ..----~ .. . - - --....-.. .._--.---... ...-------- ---......_- - --- .. -.... -..- ....----------..---.-.-- _______n.... $ddUddd -- -- ....---.- 19. Gross School District Debt outstanding and authorized and unissued (not includ- ing proposed issue) $dUUd.U _____..u_.._ Not Applieable 6 20. Less: School District Debt apportioned to other municipalities, N.J.S. 40A :2-43 Tota] of average equalized valuation basis of each municipality in whole School District $u (]ine ]8, minus line 1) $.u_.____._uu______.u____u._. u___, equals $.. uu . u.uu__, times line] 9 $u uu ·_U.U uu uu uu . u___ ______uuuuu Divided by total of average equalized valuation basis of each municipality in whole Schooi District $______uu.u UU.n___.uu___ (line] 8) 21. Gross School District Debt of this municipality only (line 19 minus line 20) 22. School Bonds about to be authorized $___ nU_________._____ $-- $. n._uuUUUUn______uuu 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 $____un (line ] 8, minus line 1) $uu__uu._____u .__u___u equals $n u,uu____. __, times line 22 $ .___.___umu_._______u.__.___ nuu U.n__n.______u___uu.n divided by total of average equalized v~luation basis of each municipality in whole School District $ ___ ___u. (line ]8) $uunnnu $ . nnnuuu. 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 2.1 must be entered on line 2 and the amount shown on Jine 24 must be entered on line 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 uu .._-"-"-- ----..-.....-...---.. 1. Annual Debt Statement, December 31, 19___uu, excess in revenues of utility $u 2. Less: Interest and debt redemption charges computed as provided in N.J.S. 40A :2-47 (a) for all obligations heretofore authorized but not issued to the extent not already charged to inconie in annual debt statement. $u 3. Excess in revenues remaining prior to authorization of proposed o"J1igations (line 1 minus line 2) $uu 4. Interest and debt redemption charges calculated for the obligations about to be authorized (N.J.S. 40A :2-47 (a)) un ....... (a) Interest for one year at 41/2')'0 (b) First installment of serial bonds legally issuable (c) Total charges (Items (a) and (b)) $ $ .....BU... $.u___ 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). I, cj )()öfJ)./ ~(!db(/C (!;' , 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 the original S].lpplementaI Debt Statement filed in the Office of the Director of the Division of Local Government Services in the Department of Community Affairs of thc State of New Jersey on r2 - PI - tJ J' , and that this is a true copy of said Statement and the whole thereof. IN vVITNESS WHEREOF, I have hereunto set my hand as Director Goven*~ervices in the 7jP~mmunity Affairs of tht· .I day of , W ;L OtiS- of rhe Division of Local State of New Jersey, this ~ '- ¡ For acknowledgement of receipt of AnnUal Debt Statemen.!- S?pp!£;:ren,tal D\!bt Statement, or Capltalli,W¡;et AmeDdment. Director ~ì of the Home News Tribune. a newspaper printed In Freehold, NJ~ 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 pu~h'ed·Jn the said newspaper 1 (ONE) times, once In each Issue, as follows '--'_L: 2/08105. Affidavit of Publication Publisher's Fee $158.40 Affidavit Charge.. ~tate of New Jersey} 55. MIDDLESEX COUNTY l' personally appeared MARIAN BUTLER HI ¡'",,!V"TO 'I...., ,..\_1: \;VI '-, A.D., 2005 (';{¡ " \'~( NOTARY PUBLIC OF NEW JERSEY MY COMMISSION EXp¡nES JAN. 27,2010 .~ ~- nNìr ft".,,,; ~-'!:" ·CC\\..~~J sworn and subscribed before me thiS 8th day of February, A.D., 2005 ;'0';/ notes from time to time at public or privaté. .~. e and to deliver them to the purchasers thereot.JJ n receipt of payment of the purchase price' Ius accrued interest from their dates to the date of delivery thereof. The chief financial officer is dkèct- 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 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 ~r~~~\~~et~'l b~e~h'ZiroJa7e Fr~:~~ueti~~~~d t~~~~r: full detail of the amended capital budget and cagita~ ~r~I~';r~ft~~afP~~~;~~m~tthseer~1~~~t~~ ~~ ~: wii~~ the Clerk and is available there for public inspec- tion. Section 6_ The following additional matters are hereb}r: determined, declared. recited and stated: (0.) The improvement Qr purpose described in Section 3 of this bond ordinance is not a c;rrent expense. It is an improvement or purpose that the B~~~~~~n~a~n~W~~"~a~rd;t:hk: ~~s: t,,~~:~~1 ~~~ been or shall be specially assessed on property specially benefitted thereby. (b) The period of usefulness of the improvement or purpose withm 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 med in the office of the Clerk, and a complete exeçuted duplicate thereof has been filed m the office of the Oireçtor of the Division of Local Government Services in the Department of Com- munity Affairs of the State of New Jersey. Such statement shows that the gross debt of the Bor- ough as defined in the Local Bond Law is increased by the authorization of the bonds and notes provid- ed in this bond ordinance by $258.000. and the obligations authorized herein will be within all debt lim!tations presaibed by that law. (d) An aggregate amount not exçeedin~ $100.000 for items of expense listed in and permitted under N,J.5A. 40A:2-20 is included in the estimated çost indicated herein for the purpose or improvement Section 7. Any grant moneys received for the purpose desçribed in Sedion 3 hereof shall be apphed 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 ordinançe, The amount of ~~~~a~~o~:d~~~~O{~Z~~e ~~1e~~ih~tS~~~h ~~~edusn~~~ so used. Section 8. The çhief finançial offiçer of the Bor- ~~~ iJ~:r~~Yti~~h~~iZ:~ç~~t:rep:rri~~~çf~1 u£~~I~': sure document to be distributed in çonnedion with ~~~ç~t~e su~h d~i~~~~i~~eS d~~u~:ntB~~0~~alfa~1 t~~ (Page 1 of #25238 ) BOROUGH Of CARTERET ORDINANCE #05·07 BOND ORDINANCE PROVIDING FOR CARTER· ET PARK DEVELOPMENT IN AND BY THE BOROUGH OF CARTERETJ.. IN THE COUNTY OF MIDDLESEX NEW JER::sEY, APPROPRIAT- ING $518¡TJ0 THEREFOR AND AUTHORIZING ~'ó~E~S~F ~~~~OW=oJ~~8t~0~IN'¡~~~~A~~ 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 ~bltgw~bers thereof affirmatively concurring) AS Section 1. The improvement described in Section 3 of this bond ordinançe is hereby authorized to be undertaken by the Borough of Carteret, New Jer- sey as a general improvement. For the improve- ment or purpose described in Seçtion 3, there is rne:e~y$25g~88óia~¡:n:h:n~U~ $J5\~Jg(.pPoOani~~ug~ provided from the State of New Jersey Oepartm~nt of Environmental Protection Green Açres Program ("Green Açres"). 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 Açres. Section 2. In order to finance the cost of the ~~r~'íeft::n~r~~t~;fe~~~ç~dt i~0~:~~~nbY1 atf~~~t negotiable bonds are hereby authorized to be is- sued in the prinçipal amount of $258,000 pursuant to the Loçal Bond Law. In antidpation of the issu- ance of the bonds, negotiable bond anticipation notes are hereby authorized to be issued pursuant to and within the limitations presçribed by the Loc31 Bond law. Section 3. (a) The improvement hereby 3utho- rized and the purpose forthe finandng of which the '1ds are to be issued IS Carteret Park Oevelop- nt, as shown on and in accordançe with the ,lS 3nd specifications therefor on file in the offiçe _'"' the Clerk, which plans are hereby approved, includmg all work and materials necessary therefor 3nd 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 antiçipation notes issued hereunder shall mature 3t suçh times as may be determined by the chief finançiaJ officer; provided that no note shall mature later than one year from its date. The notes shall bear interest at such rate or rates 3nd be in such form as may be determined ~rfiÇt~~ Sh~ITf d~r:~;'ii~le o~r¡C~atI~r~ ?~i~fo~~:~W~~ with notes issued pursuant to this ordinançe, and the çhief financial officer's signature upon the notes shall be çonclusive evidençe as to 311 such determinations. AU notes issued hereunder may be ~i~~:~~ ~h~mL~i~f J~n~mLea~~~h~t c~ie¡hfin~~~'¡'~-I officer is hereby authorized to sell part or all of the ."ìr=c.1\\"··>/ --L-!..Ë-:.J./"'" Borough. The chief financial officer is further autho- rized to enter into the appropriate undertaking to provide secondary market disclosure on behalf of the Borough pursuant to Rule 15c2-12 of the Secu- rities and Exchange Commission Ithe "Rule") for the benefit of holders and bene icial owners of obligations of the Borough and to amend such <1dertaking from time to time in connection with lY change in law, or interpretation thereof, provid- :J such undertaking is and continues to be, in the ,")inion 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~~~\~~a~~~o:d~e ;t:a~lleb~Oíi~¡l ed to specific performance of the undertaking Section 9. The full faith and credit of the Borough are hereby pledged to the punctual payment of the principal of and the interest on the obligations authorized by this bond ordinance. The obligations shall be direct, unlimited obligations of the Bor- ough, and the Borough shall be obligated to levy ad valorem 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 ordinancH will be further consid- ered on Second Reading for final adoption at a meeting of said Council of the Borough of Carteret on February 17, 2005 at approximately 7:00 P.M., Municipal Court/Police Facility. 230 Roosevelt Ave- nue, Carteret New Jersey at which time and place all persons interested will, be given an opportunity to be heard. KATHLEEN M. BARNEY, Certified Municipal Clerk ($158.40) 25238 (PlJge 2 of #25238 ) Affidavit of Publication , of the Home News Tribune, a newspaper printed In Freehold, and publlshe county and State, and of general circulation In said county, who being duly,s', that the advertisement of which the annexed Is a true copy, has been pUbllsne 1 (ONE) times, once In each Issue, as follows 3104105. Publisher's Fee $163.68 State of New Jersey} 55. MIDDLESEX COUNTY Personally appeared MARIAN BUTLER PATr1ICIA W. lùWNS~NU rJBTARY ~~8ur (Jf /mv JËfl3ËY MV COMMISSION ES OCT, 2, 2005 -1 BOROUGH OF CARTERET Ordinance #05-07 BOND ORDINANCE PROVIDING FOR CARTER- ET PARK DEVELOPMENT IN AND BY THE g~R~gg~E~lx C~~'¡EfEEJs~. ¡~~A'6~~~~ ING $516,000 THEREFOR AND AUTHORIZING ~'ó~E~SÕ~~~~~o~~JJ~8igo~IN~?~~SpA~~ 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 al! members thereof affirmatively concurring) AS FOLLOWS Section 1. The improvement described in Section ~n'~le~~~sk~~n~y o[~~nB~~~~~~e~f~a~t~~~~~i~eedwtJ~r~ sey as a general improvement_ For the improve- ment or purpose described in Section 3, there is hereby appropriated the sum of $516,000, indud- ing a $258,000 grant and a $258,000 1ü<1rI to be provided from the State of New Jersey Department of Environmental Protection Green Acres Program ("Green Acres"), No down payment 15 required pursuant to N.J.SA 40A:2-11(c) as this bond ordi- ni'lnce 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 applica- tion of the grant referenced in Section I hereof, negotiable bonds are hereby authorized to be is- sued m the principal amount of $258,000 pursuant to the Local Bond Law. In anticipation of the Issu- ance of the bonds, nesotiable bond anticipation notes are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law. Section 3 (a) The improvement hereby autho- rized and the purpose for the financing of which the bonds are to be issued is Carteret Park Develop- ment, as shown on and in accordance with the plans and specifications therefor on file in the office of the Clerk, which plans _are hereby approved, indudlng all work and materials necessary therefor and mcidental 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 herem mode therefor Section 4, All bond anticipation notes issued here- under shall mature at such times as may be deter- mined 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 fmanclal officer shall deterrT,ir,e all matters in connection with notes issued pursuant to this ordinance, and the chief fmanc",,_1 officers signature upon the notes shall be conclusive ev,dencf' <'IS to all such determinations All notes, issued hereunder may, be renewed from time to time sublect to the provisions of the Local Bond Ldw rhe chief financIal officer IS hereby authorized 10 sell part or all of the notes from time Affidavit f'<;,>t:h _\';:"_1 ~\ \ PTUNE, In said eposeth and salth In the satd newspaper A.D., 2005 D\~~ Sworn and subscribed before me this 4th day of March, A.D., 2005 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 delivery of the notes pursuant to this ordinance is made. Such report must Include the amount. the description, the Inter- est 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 ~r~~~\~~~~ð b~e~~~itt~cTa7e F¡~;~~~ti~~~~d t~hd~r:; full detail of the amended capital_ budget and cagita~ program as approved by the Director of the ¡vi- sion of Local Government Services is on file with the Clerk and is available there for public inspec- tion. Section 6_ The following additional matters are rereby determined, 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 B~~~~~~n~a~n~w:~llþa~rdofr\ahkee ca~s: ttee~:~fl ~~~ been or shall be specially assessed on property speclaily 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- ~~r~~e~if~ih~:: tt~:t ~~~t~r~~sNj~btJ';fS~he Sš~r~ ough as defined In the Local Bond Law is increased by the authorization of the bonds and notes provid- ed _in this bond ordinance, by $258,000, and the obligations authorized herein will be within all debt limitations prescribed by that Law. (d) An aggregate amount not exceedinf.: $100.000 for items of expense listed m and permitted under N,J.S,A. 40A:2-20 IS Included In the estimated cost indicated herein for the purpose or improvement Section 7_ Any gr_ant moneys received for the purpose described In Section 3 hereof shall be applied either to din>ct payment of the cost of the Improvement or If other then as referred to In Section 1 hereof. to payment of the obligations ,ssoed pursuant to th,s ordinance_ The amount of ~~~IT'~~~o~:d~~~~o;~z~~e ~~~e~~~h~tS~~~h ~~~duSn~;~ so u$f>d Section 8. The chid financial officer of the Bar· ough is hereby ,authorized to prepare and to update ~U~~l dt~~~n-:~n:l~e b~sdrs~~i~~st"':J i~ ~1~~~~~~:O~I~il~h the 5"le of obligations of the Borough and to execute s",ch disclosure document on behalf of the (Page 1 of #10305 ) Borough. The chief financial officer is further autho· riled to enter Into the appropriate undertaking to provide secondary market disclosure on behalf of the Borough pursuant to Rule 15c2-12 of the Secu- r:ties and Exchange Commission (the "Rule") for ',fiB benefit holders and beneficial owners of obliga- ~_,,:> of the Borough_and to amend such undertak- ¡"& from time to, time If) connection wIth any change in law, or Interpretation thereof. provided such undertaking is and continues to be. in the opinion of a nationally _ recogmzed bond counsel, consIstent with the reqUirements of the Rule. In the event that the Borough fails to comply with its ~~;~~;~~nâðZ':g~~.r~~~ht~~a~~~o;d~e ~ha::leb~Oíi~?? ed to specific perform¡,mce of the undertaking. Section 9. The full faith and credit of the Borough are hereby pledged to the punctual payment of the principal of and the Interest on the obligations authorized _ by this bond ordinance. The obligations shall be direct, unlimited obligations of the Bor- ough, and the Borough shall be obligated to levy ad va!orerm taxes upon all the taxable real property 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 shan take effect 20 days after the _first pub1ication thereof after final adoption. fitéof{ße~~Yd~ú'¡ëf~lvt~~ Law. COUNCILMAN YES NO NV A.B. BELLINO X DIAZ KRUM X NAPLES X RIOS X SITARZ X X Indicate Vote AB Absent NV NV Not Voting XOR _ Indicates Vote to Overrule Veto Adopted on first reading of the Council of the Borough of Carteret, N.J.. on February 3, 2005 adopted on second reading after hearing on Febru- ::~p~óJ~g5BY: /s/ Daniel J. Reiman Mayor ON 2/26/05 /s/ Kathleen M. Barney Municipal Clerk ($163.68) x 10305 (Page 2 of #10305 )