Loading...
HomeMy Public PortalAboutOrd. 05-26 No. 05-26 ®r úttmttte úf the ~ 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 --¡± 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'( OTY. 1. ~ 2. I 3. I 4. I 5. I 6. I 7. a. 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). ~T~Ç Fl1ll.iii rI"''''~E E"""""<r \),-"",5' ~ IS,C!O:).cO IQeQ .s;~""¡nD<:fl. IYI()W~~ _ <it. 30,roJ f;?Ci-CÒ....€" L-tc.t..- 1;1> U ,aso Vt:.l.mee;( &l.Sf{ Ch'fftZ/J <it Z8¡Cfj) ~ :;' I""'; =00 , \0 Y<'::AI1..t¡; IG"Yt-'¡~s 10 ~A.cs I () 6'J..,¡j' 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 )