HomeMy Public PortalAboutOrd. 05-26
No. 05-26
®r úttmttte
úf the
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lßútl1u£Iì úf QInderct, þJ + W +
Councilman
Presents the following OnJinance Seconded by Councilman
AN ORDINANCE OF THE BOROUGH OF CARTERET, IN THE COUNTY OF
MIDDLESEX, STATE OF NEW JERSEY, APPROVING AND AUTHORIZING
THE ENTERING INTO, EXECUTION AND DELIVERY OF A LEASE AND
AGREEMENT WITH THE MIDDLESEX COUNTY IMPROVEMENT
AUTHORITY RELATING TO THE ISSUANCE OF COUNTY-GUARANTEED
CAPITAL EQUIPMENT LEASE REVENUE BONDS, SERIES 2005 OF THE
MIDDLESEX COUNTY IMPROVEMENT AUTHORITY
WHEREAS, the Middlesex County Improvement Authority (th6 "Authority") is
authorized to issue its bonds pursuant to the provisions of the County Improvement
Authorities Law, Chapter 183 of the Laws of New Jersey of 1960, as amended and
supplemented (N.J.S.A. 40:37A-44 et §.ffi,.) (the "County Improvement Authorities
Law"), and other applicable provisions oflaw; and
WHEREAS, the Authority has determined to issue its revenue bonds for the purpose of
financing the acquisition of capital equipment for the purposes of leasing the same to
various municipalities located in the County of Middlesex in the State of New Jersey (the
"2005 Program"); and
WHEREAS, the Borough ofCarteret, in the County of Middlesex, State of New Jersey
the "Municipality") has determined to participate in the 2005 Program and to lease
certain capital equipment from the Authority; and
WHEREAS, there has been prepared and submitted to the Municipality the form of the
Lease and Agreement (the "Lease"), to be entered into by and between the Authority and
the Municipality, which Lease has been approved by the County of Middlesex, State of
New Jersey (the "County") and which is attached hereto as Exhibit A, providing for the
acquisition and leasing of certain Items of Equipment trom the Authority, which
Equipment is described in Exhibit !! attached hereto and incorporated by reference
herein. All terms used herein and not otherwise defined shall have the same meanings
ascribed to such terms under the Lease.
NOW, THEREFORE, BE IT ORDAINED AND ENACTED BY THE
GOVERNING BODY OF THE BOROUGH OF CARTERET, IN THE COUNTY
OF MIDDLESEX, STATE OF NEW JERSEY (not less than two-thirds of all
members thereof affirmatively concurring) AS FOLLOWS:
Section 1. Pursuant to section 78 of the County Improvement Authorities Law,
NJ.S.A. 40:48-1 et §.ffi,., the Municipality is hereby authorized and directed to enter into
and perform the Lease, which Lease provides for the leasing of certain items of
equipment acquired with the proceeds of County-Guaranteed Capital Equipment Lease
Revenue Bonds, Series 2005 (the "Bonds") to be issued by the Authority under a
resolution of the Authority to be adopted by the Authority entitled. "Resolution of the
Middlesex County Improvement Authority Authorizing the Issuance of County-
Guaranteed Capital Equipment Lease Revenue Bonds" (the "General Bond Resolution").
The Lease, in substantially the form submitted herewith in Exhibit A (a copy of which is
on file in the office of the Clerk of the Municipality), is hereby approved witb such
changes, amendments or modifications as may be approved by counselor bond counsel
to the Municipality and bond counsel to the Authority and the County.
NO.
rl
05-26
PAGE_LoU
Section 2. The full faith and credit of the Municipality are hereby pledged to the
punctual payment of the obligations set forth in the Lease authorized by this ordinance,
including without limitation, (i) all Basic Rent and Rent obligations of the Municipality
under the Lease including, Authority Administrative Expenses and Additional Rent, (ii)
all amounts due and owing to the County as a result of payments made by the County on
behalf of the Municipality under the Lease pursuant to the County Guarantee, including
County Guarantee Costs and (iii) all direct and indirect costs of the Authority and the
County related to the enforcement of the Lease and the County Guarantee «i), (ii) and
(iii) collectively, the "Lease Payment Obligation"). The Lease Payment Obligation under
the Lease shall be a direct, unlimited and general obligation of the Municipality, not
subject to annual appropriation by the Municipality pursuant to the County Improvement
Authorities Law, and unless paid ftom other sources, the Municipality shall be obligated
to levy ad valorem taxes upon all the taxable property within the Municipality for the
payment for the payment of the Lease Payment Obligation thereunder without limitation
as to rate or amount.
The Mayor or other Authorized Municipal Representative (as defined in the
Lease) is hereby authorized and directed to execute the Lease on behalf of the
Municipality in substantially such form as attached hereto in Exhibit A and the Clerk of
the Municipality is hereby authorized and directed to attest to such signature and affix the
seal of the Municipality thereto and the Lease is authorized to be delivered to the
Authority. All representatives, officials and employees of the Municipality are hereby
authorized and directed to enforce and to implement provisions ofthe Lease.
Section 3. The following additional matters are hereby determined, declared,
recited and stated:
(1) The maximum Lease Payment Obligation for which the Muncipality shall be
obligated hereunder, which, inter alia, will be used for the payment of principal of and
interest on the Bonds of the Authority shall not exceed the sum necessary to (a) acquire
the Municipality's Equipment described in Exhibit B which will be subject to the Lease,
(b) pay interest on the Authority's Bonds allocated to the Municipality and used to
acquire the Municipality's Equipment, and (c) pay the Municipality's share of the costs
of issuance, Authority Administrative Expenses, Additional Rent, County Guarantee
Costs and all other amounts required to be paid by the Municipality under the Lease.
(2) The Bonds shall mature within fifteen (15) years ftom the date of issue.
(3) The Lease Payment Obligation authorized herein shall remain effective until
all the Authority's Bonds shall have been paid in full in accordance with their terms
and/or when all obligations of the Municipality under the Lease have been satisfied,
notwithstanding the occurrence of any other event, includiI1g but not limited to the
termination of the Lease with respect of some or aU of the Items of Equipment leased
thereunder.
(4) The Items of Equipment described in Exhibit B are hereby approved to be
leased from the Authority in accordance with the terms of the Lease, with such changes,
amendments or modifications as may be approved by counselor bond counsel to the
Authority.
Section 4. To the extent the Municipality is an "Obligated Person" (as defined
under the Rule (as hereinafter defined», the Municipality hereby agrees to comply with
the requirements of Rule l5c2-12 (the "Rule") promulgated by the Securities and
Exchange Commission pursuant to the Securities Exchange Act 1934, as amended
supplemented, including the secondary market disclosure requirements contained therein,
and agrees to covenant to sllch compliance in the Lease. The Mayor, Clerk, Chief
Financial Officer or other Authorized Municipal Representative are each 11 ~reby
authorized and directed to execute and deliver a Continuing Disclosure Agree:nent,
approve and "deem final" the Official Statement of the Authority and the preliminary
form thereof to the extent the information contained therein relates to the Municipality
NO 05-26
. .
PAGE 3 of 3
and to execute and deliver all certificates, documents and agreements to the Authority in
connection therewith and to file budgetary, financial and operating data of the
Municipality on an annual basis and notices of certain enumerated events as required to
comply with and in accordance with the provisions of the Rule.
Section 5. The Mayor, Clerk, Chief Financial Officer or Authorized Municipal
Representative are each hereby authorized and directed to execute and deliver any and all
certificates, documents and instruments and to do and cause to be done any and all acts
and things necessary or proper for carrying out the execution and delivery of the Lease,
the leasing of the Equipment which is to be the suhject of the Lease and all related
transactions contemplated by this ordinance.
Section 6. Upon the payment of all amounts referenced in Section 3(3) herein, the
full faith and credit pledge of the Municipality as to its Lease Payment Obligations
authorized herein shall cease to exist.
Section 7. The provisions of this ordinance are severable. To the extent any
clause, phrase, sentence, paragraph or provision of this ordinance shall be declared
invalid, illegal or unconstitutional, the remaining provisions shall continue to be in full
force and effect.
Section 8. This ordinance shall take effect twenty (20) days after final adoption
and publication in accordance with applicable law.
----
DO NOT USE SPACE BELOW THI~ LINE
CÕUNCILMAN
YlèS
RECORD OF COUNCIL VOTE
NO NY A-:-I8] CO-UNCILMAN
_11 NAPLES
RIOS
SITARZ
_[: NO
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NY
A.B.
BELLINO
DIAZ
KRUM
---
x _ Indkatc VOle AS . Absent NY - Not Voting XOR - Indìc<Jtcs Vote to Overrule Vç: 0
Adopted on lirst rcadiog ofthc Council or the Borough orCartcrct, N.J., on _MAY 1 q, ?OO'"
June 2 2005
Adopted on second reading after hearing on
""O~<M
ON t-
--
04/28/2005 10:43
7325412884
BOROUGH OFCARTERET
PAGE 02
EXHIBIT B
2005 CAPITAL EQUIPMENT LEASE PROGRAM
PARTICIPATION FORM
Governmental Entity ßcR''\.Sh ôç CA({.+en+
Contact Person PAT~Ic..~ ÙtBL~SlO E-M,¡j .ì)/;."ßI,4.Stcr é? CA-tfÏè,ui.O€i"
Telephone 73Z-S;:I.{{-39LC) 8C/ lei
FAX ì 3 2 ~ Ý-II- ,;¡, "D'þ'(
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9.
10.
EQUIPMENT DESCRIPTION
ESTIMATED
EST: COST USEFUL UFE
'os rDLIC.E Ûui'C'I2' if .3 4 ,<:Do £1\-. 3:$ y ~\~~
ßUCE" i)IS~-kh ¡;(t<)Jn UfS.J.M6 <It Im.ta).
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lÒ Yt;ALS;
Please check here if you are NOT inteÆsted in the 2005 Capital Equipment lease
Program.
Return this fOIm by MARCH 4 to:
Jane S. leal, Director of Administration
MIddlesex County Improvement Authority
101Inten::han~e Plaza
Cranbury. NJ 08512
FAX: 609-655-4748
Affidavit of Publication
Publisher's Fee $181.28
State of New Jersey} 55.
MIDDLESEX COUNTY
personally appeared
MARIAN BUTLER
Affidavit Charge $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 lONE) times, once In each Issue, as follows
5/24105.
BOROUGH OF CARTERET
ORDINANCE #05-26
AN ORDINANCE OF THE BOROUGH OF CARTER-
~¡WN J~~~~°'i~~8:1NMdD2~5S¡'&T~lr~~IS~
THE ENTERING INTO, EXECUTION AND DELIVERY
OF A LEASE AND AGREEMENT WITH THE MID-
DLESEX COUNTY IMPROVEMENT AUTHORITY
RELATING TO THE ISSUANCE OF COUNTY-GUAR-
ANTEED CAPITAL EQUIPMENT LEASE REVENUE
BONDS, SERIES 2005 OF THE MIDDLESEX COUN-
TY IMPROVEMENT AUTHORITY
WHEREAS, the Middlesex County Improvement Au-
thority (the "Authority") is authorized to issue its
bonds pursuant to the provisions of the County
Improvement Authorities Law, Chapter 183 of the
Laws of New Jersey of 1960, as amended and
supplemented (N.J.S.A 40:37A-44 et seq.) (the
"County Improvement Authorities Law"), and other
~~~'ifJ>Àš;th~Sl~~~¿>/;t~1,:a:n3etermined to issue
its revenue bonds for the purpose of financing the
acquisition of capital equipment for the purposes of
leasing the same to variOUS municipalities located
~ner~~e ~h~n,~~oof5 ~~~dl;:~,,;,)i:n a~~e State of New
WHEÃEAS. the Borougf: of Carteret, in the County
of Middlesex. State of New Jersey the "Municipali-
ty") has determined to participate in the 2005
Program and to lease certain capital equipment
tvHE~~~,u:~~{~t~:a:~~en prepared and submitted
to the Municipality the form of the Lease and
Agreement (the "Lease"), to be entered into by
and between the Authority and the Municipality,
which Lease has been approved by the County of
Middlesex. State of New Jersey (the "County") and
which is attached hereto as exhibit A, providing for
the acquisition and leasing of certain Items of
Equipment from the Authority, which Equipment is
described in E:JI:hibit B attached hereto and incorpo-
rated by reference herein. All terms used herein
and not otherwise defined shall have the. same
~åW:'1JiEÀ~~~~E tgÈïT~~DAÌNË'èdrNW'i:~ÄëT~
ED BY THE GOVERNING BODY OF THE BOR-
g~{SHE~FSf:fJ1>RFE1IEI: ~~~S~$~~~ I~:S ~hl~~
two-thirds of all members thereof affirmatively con-
currin!',;) AS FOLLOWS;
Section 1 Pursuant to section 78 of the County
Improvement Authorities Law, N.J.SA. 40:48-1 8t
seq., the Municipality is hereby authorized and
directed to enter into and perform the Lease.
which Lease provides for the leasing of certain
Items of equipment acquired with the proceeds of
~~~~~~~~~sae~!::~5ô~i{~~eE~~i~~;~,\ t~absee i~S~veed
by the Authority under a resolution of the Authority
to be adopted by the Authority entitled. "Resolution
of the Middlesex County Improvement Authority
Authorizing the Issuance of County-Guaranteed
Capital Equipment Lease Revenue Bonds' (the
"General Bond Resolution"), The Lease, in substan-
tially the form submitted herewith in Exhibit A (a
copy of which is on file In the office of the Clerk of
the Municipality). is hereby approved with such
A.D., 2005 \\~~~~~~
Sworn and subscribed before me this
24th day of May, A.D., 2005
changes, amendments or modifications as may be
~~f¡ft:~d b~;~dnCs~¿~;e~~~d t~';U~~~h~~i~~e a~~n~~~
County.
Section 2. The full faith and credit of the Munici-
pality are hereby pledged to the punctual payment
of the obli~ations set forth in the lease authorized
by this ordinance, induding without limitation, (i) all
Basic Rent and Rent obligations of the Municipality
Ë~g:~;~se ;;dsÅdidttl~~~ï~:~tt,h0Gt~l~~~~~~~a~~:
and owing to the County as a result of payments
made by the County on behalf of the Muntcipality
under the Lease pursuant to the County Guarantee,
including County Guarantee Costs and (iii) all direct
and indirect costs of the Authority and the County
related to the enforcement of the Lease and the
County Guarantee ((I), (ii) and (iii) collectively, the
"Lease Payment Obligation"). the Lease Payment
Obligation under the Lease shall be a direct, unlim·
ited and general obligation of the Municipality, not
subject to annual appropriation by the Munictpality
pursuant to the County Improvement Authorities
Law, and unless paid from other sources. the
Municipality shall be obligated to levy ad valorem
taxes upon all the taxable property within the
MUnicipality for the 8ayment for the payment of
the. Lease Payment bligation thereunder without
limitation as to rate or amount.
The Mayor or other Authorized Municipal Repre-
sentative (as defined in the Lease) is hereby autho-
rized and directed to execute the Lease on behalf
~:t~~he:t~~;¿rgliit,.r J~hìbWS¡a~~~lIrh:uCI~r~o~f tt::
Municipality is hereby authorized and directed to
attest to such signature and affix the seal of the
Municipality thereto and the Lease is authorized to
be delivered to the Authority. All representatives,
officials and employees of the Municipality are
hereby authorized and directed to enforce and to
implement provisions of the Lease.
Section 3. The following additional matters are
hereby determined, declared, recited and stated:
(1) The maximum Lease Payment Obligation for
which the Municipality shall be obligated hereun-
der, which, inter alia, will be used for the payment
of principal of and interest on the Bonds of the
Authority shall not exceed the sum neçessary to (a)
acquire the Municipality's Equipment described in
E:JI:hibit B which will be subject to the Lease, (b) pay
mterest on the Authority's Bonds allocated to the
Municipality and used to ac<t:ire the Municipality's
f~lg~~~\~fai~~u~c~c~~YA~~hOri~yn~~~\i~r~:r:t:~e E~~
penses, Additional Rent, County Guarantee Costs
and all other amounts required to be paid by the
MUnicipality under the Lease.
(2) The Bonds shall mature within fifteen (15)
years from the date of issue.
(3) The Lease Payment Obligation authorized
herein shall remain effective until all the Authority's
Bonds shall have been paid in full in accordance
with. their terms and/or when all obligations of ,the
MUnicipality under the Lease have been satisfied.
notWlthstandmg th.e ?ccurence of any other event,
Indudln/.¡: but not limited to the termination of the
Lease wIth respect of some or ail of the Items of
Equipment leased thereunder
(Page 1 of #22851 )
(4) The Items of Equipment described in Exhibit B
are hereby approved to be leased from the Authori-
ty in accordance with the terms of the Lease, with
such changes, amendments or modifications as
may be approved by counselor bond counsel to
the Authority.
"6'bJii~~~d 4P:r~o~~~ {~~td~:¡n~de u~d~:c~~~i1ru~S (:~
hereinafter defined), the Municipality hereby
agrees to comply with the requirements 01 Rule
15cZ-12 (the "Rule") promulgated by the Securi-
ties and Exchange Commission pursuant to the
Securities Exchange Act 1934, as amended supple-
mented, including the secondary market disclosure
requirements contained therein, and agrees to cov-
enant to such compliance in the Lease. The Mayor,
Clerk. Chief Financial Officer or other Authorized
Municipal Representative are each hereby autho-
rized and directed to execute and deliver a Continu-
ing Disclosure As<reement. approve and "deem fi-
nal" the Official !;"tatement of the Authority and the
preliminary form thereof to the extent the informa-
tion contained therein relates to the Municipality
and to execute and deliver aU certificates, docu-
tioenn\sh~~~wftteaender~s fi~~ t~d:eUt~hr~~i~n~n~~ïnaencd
b~:rSa~~~ ~~:i~e~fo~hceer~~~i~~ua~~ra%~d ae~e~~~ua~
~~~~i~r~n~o OfOth,fI~~~~h and in accordance with the
Section 5. The Mayor, Clerk, Chief Financial Offi-
cer or Authorized Municipal Representative are
each hereby authorized and directed to execute
and deliver any and all certificates, documents and
instruments and to do and cause to be done any
and all acts and things necessary or proper for
E~~l~~fh~ï~a¿i~~ ~r~h~tkonui~~~n~~ih~'; isoio t~:
the subject of the Lease an~ all related transactIOns
contemplated by this ordinance.
re~eer~~~~d ~j, ~,f~t70~h3!h)tr':e1~~ th~ f~1111 f~m~~~tg
p~~d~e~~egtfig~ii';~: a~~h~~i~:~t~e~~i~~~~ìl ~:~~:
to exist.
Section 7, The provisions of this ordinance are
severable. To the extent any clause, phrase, sen-
tence, paragraph or provision of this ordinance
shall be declared invalid, iIIe~aJ or unconstitutional,
~~~c~e~~n~~Pe¿;oViSions sha continue to be in full
Section 8. This ordinance shall take effect twenty
(20) days after final adoption and publication in
accordance with applicable law.
The foregoing ordinance was introduced at a meet-
ing of the Council of the Borough of Carteret held
May 19, 2005 when it was adopted on First Read-
ing. The said ordinance will be further considered
~~ s;rdën~u~¿if~irfh~OB~j~:~g':,d~r~~~t:~e~ ~nej~~~
2, 2005 at approximately 7:00 P.M., Municipal
Court/Police Facility, 230 Roosevelt Avenue, Car-
teret, New Jerse¡ at which time and place all
g:r~~~~d~ntereste will be given an opportunity to
KATHLEEN M. BARNEY
Certified Municipal Clerk
($181.28) 22851
(Page 2 of #228!H )
Affidavit of Publication
\1.21
Publisher's Fee $204.16
Affidavit Char .$20.00
-CO
"'-
State of New Jersey} 55.
MIDDLESEX COUNTY
~.
personally appeared
JON IRAGGI
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
6/07/05.
,.Þl.. ~
A.D,,2005
P¡iTIiIGIA vv. Tùvv~5r:I~D
BOROUGH OF CARTERET
the Municipality), is hereby approved with such
changes, amendments or modifications as may be
approved by counselor bond counsel to the Munici-
pality and bond counsel to the Authority and the
Count~.
Section 2. The full faith and credit of the Muniç¡-
~f'~~e a~~lih~~~b,rs ~':~f~r~~int~hePL~;:~a~tt~~~:~J
by this or':1fnance, including without limitation, (I) all
Basic Rent and Rent obligations of the Municipality
under the Lease including. Authority Administrative
Expenses and Additional Rent, Oi) all amounts due
and owing to the County as a result of payments
made by the County on behalf of the Municipality
under the Lease pursuant to the County Guarantee,
including County Guarantee Costs and (iii) all direct
and indIrect costs of the Authority and the County
related to the enforcement of the Lease and the
County Guarantee ((i), (Ii) and (iii) collectively, the
"Lease Payment Obligation"). The Lease Payment
Obligation under the Lease shaH be a direct, unlim-
ited and general obligation of the Municipality, not
subject to annual appropriation by the Municipality
pursuant to the County Improvement Authorities
Law, and unless paid from other sources, the
~~~~ct~~~ ~7Ial~hbee ?~~~I~edp:~p~r~~ a~thf~o'-rh'::
Municipality for the payment for the payment of
the Lease Payment Obligation thereunder without
limitation as to rate or amount.
The Mayor or other Authorized Municipal Repre-
sentative (as defined in the Lease) is hereby autho-
rized and directed to execute the Lease on behalf
of the Municipality in substantially such form as
attached hereto in Exhibit A and the Clerk of the
Munjçipality is hereby authorized and directed to
attest to such signature and affix the seal of the
Municipality thereto and the Lease is authorized to
be delivered to the Authority. All representatives,
officials and employees of the Municipality are
hereby authorized and directed to enforce and to
imf~~~;~t !r~~~i~~~O~i~~e a~diù~'nal matters are
hereby determined, declared, recited and stated:
(1) The maXImum Lease Payment Obligation for
which the Municipality shall be obligated hereun-
der, whiçh, inter alia, wilt be used for the payment
of principal of and rnterest on the Bonds of the
Authority shall not exceed the sum necessar~ to (a)
acquire the Municipality's Equipment described in
Exhibit B which will be subJed to the Lease, (b) pay
interest on the Authority's Bonds allocated to the
Municipality and used to acquire the Municipality's
Equipment, and (c) pay the Municipality's share of
~~~s~~~tÀdJi:f;~:t'k~n~,u1£~~~ry A8~~~~~Y::iV¿0;:;
and aU other amounts required to be paid by the
Municipality under the Lease.
(2) The Bonds shall mature within fifteen (15)
years from the date of Issue.
(3). The Lease Payment Obligation authorized
herein shall remain effective until aU the Authority's
Bonds shall have been paid in full in accordance
with their terms and/or when all obligations of the
Municipality under the Lease have been satisfied,
notwithstanding the occurence of any other event,
Including but not limited to the termmation of the
Lease with respect of some or all of the Items of
(Page 1 of #42219 )
ORDINANCE #05-26
AN ORDINANCE OF THE BOROUGH OF CAR-
~~:fJ' ri~ J~ J.PR~'W ..P:PR~~~aEi~'&
AUTHORIZING THE ENTERING INTO, EXECU-
TION AND DELIVERY OF A LEASE AND
AGREEMENT WITH THE MIDDLESEX COUNTY
IMPROVEMENT AUTHORITY RELATING TO
THE ISSUANCE OF COUNTY-GUARANTEED
CAPITAL EQUIPMENT LEASE REVENUE
BONggLJ~f::~~~8~M~TT~~T::~~.wSEX
WHEREAS, the Middlesex County Improvement
Authority (the "Authority") is authorized to issue
its bonds pursuant to the provisions of the County
Improvement Authorities Law, Chapter 183 of the
Laws of New Jersey of 1960, as amended and
supplemented (N.J.S.A 40:37A-44 et seq.) (the
~~~rcnat~I~~~~i~~nesn~frat~~~~~s Law"), and other
:JiIHEREAS, the Authority has determined to issue
its revenue bonds for the purpose of financing the
acquisition of capital equipment for the purposes of
leasing the same to various municipalities located
in the County of Middlesex in the State of New
Jersey- (the "2005 Program"); and
WHEREAS, the Borough of Carteret, in the Coun-
ty of Middlesex, State of New Jersey the "Munìci~
pality"} has determined to participate in the 2005
Program and to lease certain capital equipment
from the Authority; and
WHEREAS, there has been prepared and submit-
ted to the Municipality the form of the Lease and
Agreement (the "Lease"), to be entered into by
and between the Authority and the Municipality,
which Lease has been approved by the County of
Middlesex, State of New Jersey (the "County") and
which is attached hereto as ExhIbit A, providing for
the acquisition and leasing of certain .Items of
Equipment from the Authority, which Equipment is
described in Exhibit B attached hereto and incorpo-
~~~edn~{ ~~~~~~;: ~:~i~~d A~~~iirh;v~St~e h:;~~
meanings ascribed to such terms under the Lease.
NOW, THEREFORE BE IT ORDAINED AND EN-
ACTED BY THE GOVERNING BODY OF THE BOR-
OUGH OF CARTERET IN THE COUNTY OF MID-
DLESEX, STATE OF NEW JERSEY (not less than
two-thirds of all members thereof affirmatively con-
curring) AS FOLLOWS;
Section I. Pursuant to section 78 of the County
Improvement Authorities Law, N.J.SA 40:48-1 et
seq., the Municipality is hereby authorized and
directed to enter into and perform the Lease,
which Lease provides for the leasing of certain
~~~~t~~~~~~'re~"cJt ¿;~~~t~q~i~~~~t L~~;:e~~v~!
nue Bonds, Series 2005 (the "Bonds") to be issued
by the Authority under a resolution of the Authority
to be adopted by the Authority entitled "Resolution
of the Middlesex County Improvement Authority
Authorizing the Issuance of County-Guaranteed
Capital Equipment Lease Revenue Bonds" (the
"General Bond Resolution"). The Lease. in substan-
tially the form submitted herewith in Exhibit A (a
copy of which is on file in the office of the Clerk of
Equipment leased thereunder.
(4) The Items of Equipment described in Exhibit B
are hereby approved to be leased from the Authori-
ty in accordance with the terms of the Lease, with
such changes, amendments or modifications as
may be approved by counselor bond counsel to
the Authority.
Section 4. To the extent the Municipality is an
"Obligated Person" (as defined under the Rule (as
hereinafter defined», the Municipality hereby
agrees to comply with the requirements of Rule
15c2-12 (the "Rule") promulgated by the Securi-
ties and Exchange Commission pursuant to the
Securities Exchange Act 1934. as amended supple-
mented, including the secondary market disclosure
requirements contained therein. and agrees to cov-
enant to such compliance in the Lease. The Mayor.
Clerk. Chief Financial Officer or other AuthOrized
Municipal Representative are each hereby autho-
ri.led and directed to execute and deliver a Continu-
ing Disclosure Agreement, approve and "deem fi-
nal" the Official Statement of the Authority and the
preliminary form thereof to the extent the informa-
tion contained therein relates to the Municipality
and to execute and deliver all certificates. docu-
ments and agreements to the Authority in connec-
tion therewith and to file budgetary, financial and
g~:rsa~~~ ~~:i~e~fo~hc~r~~~i;~:~~ra~~d aenve~~~~~
~~¿~:~r~n~o o~Ot~~I~~~~h and in accordance with the
Section 5. The Mayor, Clerk, Chief Financial Offi-
cer or AuthorÎ.led Municipal Representative are
each hereby authorized and directed to execute
and deliver any and all certificates, documents and
instruments and to do iJnd cause to be done any
and all acts and things necessary or proper for
carrying out the execution and delivery of the
~~:~~'bJ~~t l~r~hn!L~fa~~ea~~u~fì~e'i~:ed'7~~~~~c\io~~
contemplated by this ordinance.
Section 6. Upon the payment of all amounts
referenced in Section 3(3) herein, the full faith and
credit pledge of the Municipality as to its Lease
Payment Obligations authori.led herein shall cease
to exist.
Section 7. The provisions of this ordinance are
severable. To the extent any clause, phrase. sen-
tence, paragraph or proviSIon of this ordinance
shall be decfared invalid, ille~al or unconstitutional,
}~~c~e~~n~~Feg£ovisions sha I continue to be in full
Section 8. This ordinance shall take effect twenty
(20) days after final adoption and publication in
accordance with applicable law.
The lease Ordinance has been finally adopted by
the Governing Body of the Borough of Carteret, in
the count¡; of Middlesex, State of New Jersey on
June 2, 2 05 and the twenty (20) day period of
limitation within which a suit, action or proceeding
questioning the validity of such Ordinance can be
commenced, as provided in the Local Bond Law,
has begun to run from the date of this first publica-
tion of this statement. Copies of the full Ordinance
are available at no cost and during regular business
hours, at the Clerk's Office for members of the
~~~~r:~~u~~i'B:r';.~.eaP;6}¿~ec same.
Municipal Clerk EXHIBIT B
2005 CAPITAL EQUIPMENT
LEASE PROGRAM
PARTICIPATION FORM
Governmental Entity:
Borough of Carteret
Contact Person: Patrick DeBiasio
f~~~~0~:~i1~~~!1_3J~~e;~~.t 10 1
Fax: 732-541-2884
Equipment
Description
'05 Police Cruiser
~.
Police Dispatch
~~?~f Uf¡~;a~~use
~~re~ge£fJe~?~d~r
Blower
5. Pro-Core Aeratol
6. 1 Vermeer Brush
Chipper
($204.16)
2.
3.
4.
Estimated
Useful
Ufe
3 Years ~
$102,000
$100,000 10 years
$15.000 10 years
Est.
Cost
$34,000 ea
$30,000 10 years
$22.000 10 years
$28,000 10/2219
(Page 2 of #42219 )