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Home My Public Portal AboutOrd. 05-35 - ~ No. 05-35 ®rbi:mnttc ú£ ±4t ~úrúu£4 ú£ ([adtrtÌ) ~. 3]. Councilman ~Iesems the following_Ordinance Sec~mded by Councilman BOND ORDINANCE PROVIDING FOR THE ACQUISITION OF LAND IN AND BY THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRlATING $1,400,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $1,400,000 BONDS OR NOTES OF THE BOROUGH TO FINANCE THE COST THEREOF. BE IT ORDAINED BY THE BOROUGH COUNCIL OF THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurring) AS FOLLOWS: Section I. The improvement described in Section 3 of this bond ordinance is hereby authorized to be undertaken by the Borough of Carteret, New Jersey as a general improvement. For the improvement or purpose described in Section 3, there is hereby appropriated the sum of $1,400,000, which includes a grant in the amount of $1,050,000 from the State of New Jersey Green Acres Program and a loan in the amount of $350,000 from the same State program. No down payment is required pursuant to N.J.S.A 40A:2-11(c) as this bond ordinance authorizes - obligations solely for a purpose described in NJ.S.A 40A:2-7(d). Section 2. In order to finance the cost of the improvement or purpose and in anticipation of the grant referred to in Section 1, negotiable bonds are hereby authorized to be !issued in the principal amount of $1,400,000 pursuant to the Local Bond Law. In anticipation of the issuance of the bonds, negotiable bond anticipation notes are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law. Section 3. (a) The improvement hereby authorized and the purpose for the financing of which the bonds are to be issued is the acquisition of3.19 acres ofland adjacent to Arthur Kill , Waterfront Park, more specifically described as plo Block 201, Lot I and plo Block 201, Lot 3 on the tax map of the Borough, including all related costs and expenditures necessary therefor and incidental thereto. 05-35 I' ^ () E_--2_m__._ NO II (b) The estimated maximum amount of bonds or notes to be issued for the improvement or purpose is as stated in Section 2 hereof (c) The estimated cost of the improvement or purpose is equal to the amount of the appropriation herein made therefor. Section 4. All bond anticipation notes issued hereunder shall mature at such times as may be determined by the chief financial officer; provided that no note shall mature later than one year from its date. The notes shall bear interest at such rate or rates and be in such form as may be determined by the chief financial officer. The chief financial officer shall determine all matters in connection with notes issued pursuant to this ordinance, and the chief financial officer's signature upon the notes shall be conclusive evidence as to all such determinations. All notes issued hereunder may be renewed from time to time subject to the provisions of the Local Bond Law. The chief financial officer is hereby authorized to sell part or all of the notes fTom time to time at public or private sale and to deliver them to the purchasers thereof upon receipt of payment of the purchase Plice 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 interest rate and the maturity schedule ofthe 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 nf0TI11 with the provisions of this ordinance to the extent of any inconsistency herewith. The - ------- resolution in the form promulgated by the Local Finance Board showing full detail of the amended capital budget and capital program as approved by the Director ofthe Division of Local Government Services is on file with the Clerk and is available there for public inspection. 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. NO 05-35 I' ^GE__,l...___ (b) The period of uscfulness of the improvement or purpose within the limitations of the Local Bond Law, according to the reasonable life thereof computed from the date of the bonds authorized by this ordinance, is 40 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 Govermnent 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 $1,400,000, and the obligations authorized herein will be within all debt limitations prescribed by that Law. (d) An aggregate amount not exceeding $75,000 for items of expense listed in and permitted under NJ.S.A 40A:2-20 is included in the estimated cost indicated herein for the purpose or improvement. (e) This bond ordinance authorizes obligations of the Borough solely for a purpose described in N.J.S.A 40A:2-7(d). This purpose is in the public interest and is for the health, welfare, convenience or bettelment of the inhabitants of the Borough. The amounts to be expended for this purpose pursuant to this bond ordinance are not unreasonable or exorbitant, and the issuance of the obligations authorized by this bond ordinance will not materially impair the credit of the Borough or substantially reduce its ability to pay punctually the principal of and the interest on its debts and to supply other essential public improvements and services. The Local Finance Board in the Division of Local Government Services of the Department of Community Affairs of the State of New Jersey has heretofore made a determination to this effect and has caused its consent to be endorsed upon a certified copy of this bond ordinance as passed upon first reading. 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 to payment of the obligations issued pursuant to this ordinance. The amount of obligations authorized but not issued hereunder shall be reduced to the extent that such funds are so used. NO. 05-35 'i PAGE 4 Section 8. The chief financial officer of the Borough is hereby authorized to prepare and to update fTom time to time as necessary a financial disclosure document to be distributed in 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 further authorized to enter into the appropriate undertaking to provide secondary market disclosure on behalf of the Borough pursuant to Rule 15c2-12 of the Securities and Exchange Commission (the "Rule") for the i benefit of holders and beneficial owners of obligations of the Borough and to amend such ¡undertaking from time to time in COilllection with any change in law, or interpretation thereof, provided such undertaking is and continues to be, in the opinion of a nationally recognized bond counsel, consistent with the requirements of the Rule. In the event that the Borough fails to comp1y with its undertaking, the Borough 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, un1imited obligations of the Borough, and the Borough shall be obligated to 1evy ad valorem taxes upon all the taxable rea1 property within the Borough for the payment of the obligations and the interest thereon without limitation ofrate or amount. Section 10. This bond ordinance shall take effect 20 days after the first publication thereof after final adoption, as provided by the Local Bond Law. DO NOT USE SPACE BELOW THIS LJNE RECORD OF COUNCIL VOTE COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NV A.B. BElLIOO X NAPLES X DIAZ X RIOS X KRUM X SITARZ X x - Indicate Vote AB - Absent NV - No! Voting XOR ~ Indicates Vote to Overrule Veto Adopted on first reading of the Council of the Borough of Caneret, N.J., on June 16. 2005 Adopted on second readmg after hearmg 0L' 2005 ""'0%0 ,;f?"'~ /: ~~/z:,~~ ON ~ 10$ MUN(CI1>ÃL{:LERK C/ - Affidavit of Publication Publisher's Fee $175.12 Affidavit Charge $20.00 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 lONE) tImes, once In each Issue, as follows 6/21/05, ,IEA!~ o. JOHHSOI~ r;() :!iKY PUI:JLlC Ur Nl:W Jl:KSI::Y MY COMMISSION EXPIRES FEB. 22,2010 "0 A.D.2005 and subscrIbed b me this 21 s! day of June, A.D., 2005 BOROUGH OF CARTERET 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. CaSr~~~~n ¡s5. h~~:b~a~~a~n~~~~; ~~~7~r~0~~fi'htho: provisions of this ordinance to the extent of any Inconsistency herewith. The resolution in the form promulgated by the Local Finance Board showing full detail of the amended capital budget and capital ~i~ongr~fmL~~aÎPg~~~(~m~tt'Seer~I~~;t?: ~~ \~: ~W~ the Clerk and is available there for public inspec· tion. Section 6. The following additional matters are hereby determined, declared, recited and stated: (a) The improvement or purpose described in Section 3 of this bond ordinance is not a current expense. It is an improvement or purpose that the ~~~~eu~~nTa~n'J~'~~II~a~~d~/tfhk: ~~s: tï~~~~fl ~~~ been or shall be specially assessed on property specially benefitted thereby_ (b) The period of usefulness of the improvement or purpose within the limitations of the Local Bond Law, according to the reasonable life thereof com- puted from the date of the bonds authorized by this ordinance, is 40 years. (c) The Supplemental Debt Statement required by the Local Bond Law has been duly prepared and filed in the office of the Clerk. and a complete executed duplicate thereof has been filed in the office of the Director of the Division of Local Government Services in the Department of Com- :;;~;~~e~:f~lh~:: tt~:t ~~:t"gr~~sNd:btJ~?~h~ SŠ~~ ough as defined In the local Bond law is increased by the authorization of the bonds and notes pro- vided In this bond ordinance by $1,400,000, and the obli¡:ptions authorized herein will be within all debt limitations prescribed by that law. fo~ di{e~s a~t~~g;:~s~ïi~t~~t i~0~n~X~~~~?t~e~7~n~~~ N.J.SA 40A:2-20 IS included in the estimated cost indicated herein for the purpose or improvement. (e) This bond ordinance authorizes obligations of the Borough solely for a purpose described In N.J,S.A. 40A:2-7(d). This purpose is in the public interest and is for the health, welfare, convenience or betterment of the inhabitants of the Borough. The <'Imounts to be expended lor this purpose pursuant to this bond ordinance are not unreason- able or exorbitant. and the issuance of the obliga- tions authorized by this bond ordinance will not materially impair the credit of the Borough or substantially reduce its ability to pay punctually the principal of and the interest on its debts and to supply other essential public improvements <'Ind services. The local Finance Board In the Division of local Government Services of the Department of Community Affairs of the State of New Jersey has (Page 1 of #36928 ) ORDINANCE 05-35 \ BOND ORDINANCE PROVIDING FOR THE AC~ aUISITION OF LAND IN AND BY THE BOR~, OUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX NEW JERSEY, APPROPRIATING ~~,:O?S~~~Jtt~R6~O$~ :O~DOO~U~~g~~I~~ NOTES OF THE BOROUGH to FINANCE THE COST THEREOF. BE IT ORDAINED BY THE BOROUGH COUNCil OF THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX. NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurring) AS FOLLOWS Section 1. The improvement described in Section ~ndfe~7~sk~~n~y o;~~nB~~~~~~e~Î~a~t~~~riNee~tJ:r~ sey as a general improvement. For the improve- ment or purpose described in Section 3, there, is hereby appropriated the sum of $1,400,000, which includes a grant in the amount of $1,050,000 from the State of New Jersey G,een Açres Program and a Joan in the amount of $350,000 from the same ;~~t~tN.~.SaA' .rooA~~iï (~)Yan;e{htiis b~~dir~rddÏnU:~~; ~~:i~~~i~~sN5~ifa¡~;::~"7(~).Jy for a purpose de- Section 2. In order to finance the cost of the improvement or purpose and in anticipation of the ~~~~gef:~~h~r1~e~ ~~c~~n i~~unee3°i~a~~ee b~~i~~i~a~ amount of $1,400,000 pursuant to the Local Bond Law. !n anticipation of the issuance of the bonds, negotiable bond anticipation notes are hereby au- thorized to be Issued pursuant to and within the linsi~~~\~~S frë~)r!f~~ ~p~~~eL~~~~ Bhoenr~bLt;;;'utho_ rlzed and the purpose for the financing of which the bonds are to be Issued IS the acqUisitIOn of 3.19 acres of land adjacent to Arthur Kill Waterfront Park, more specifically described as plo Block 201, Lot 1 and plo Block 201, Lot 3 on the tax map 01 the Borough, including all related costs and expen- ditures necessary therefor and incidental thereto (b) The estimated maximum amount of bonds or notes to be issued for the improvement or purpose is as stated in Section 2 hereof. (c) The estimated cost of the improvement or purpose is equal to the amount of the appropriation herein made therefor. Section 4. All bond anticipation notes issued here- under shall mature at such times as may be deter- mined by the chief financial officer: provided that no note sh<'lll mature later, than one year from its date. The notes shall bear Interest at such rate or rates and be in such form as may be determined by the chief financial officer. The chief financial officer shall determine all matters in connection with notes issued pursuant to this ordinance, and the chief financial officer's signature upon the notes shall be conclusive eVidence as to all such determinations All notes issued hereunder may be renewed from time to time subject to the provisions of the Local Bond Law. The chief financial officer is hereby authorized to sell part or all of the notes from time to time at public or private sale and to deliver them heretofore made a determination to this effect and 'as caused its consent to be endorsed upon a ~ertified copy of this bond ordinance as passed - upon first reading. pu~~~~~n d~~c~fbYe!ri<:;ts~f¡~~ys3 rh~~~"ofd s~o;l t~: applied either to direct payment of the cost of the improvement or to payment of the obligations issued pursuant to this ordinance, The amount of ~~~ITa~~o~:d~~~~o;~Z~~e ~~~e~~~h~tS~~~h ~~~edut~;: so used Section 8. The chief financial officer of the Bor- ough is hereby authorized to prepare and to update from time to time as necessary a financial dis" closure document to be distributed in connectIon with the sale of obligôtions of the Borough and to execute such disclosure document on behalf of the Borough. The chief financial officer is further autho- rized to enter into the appropriate undertaking to provide secondary market disclosure on behalf of the Borough pursuant to Rule 15c2-12 of the Secu- rities and Exchange Commission (the "Rule") for the benefit of holders and beneficial owners of obligations of the Borough and to amend such undertaking, from time to time in connection with any change In law, or interpretation thereof. provid- ed such undertaking is and continues to be, in the opinion of a nationally recognized bond counsel, consistent with the requirements of the Rule. In the event that the Borough faits to comply with its undertaking, the Borough shalt not be [iable for any monetary damages. and the remedy shalt be limit- ed to specific performance of the undertaking Section 9. The full faith and credit of the Borough ~~in~i~ajb~f':~~e~ht~ ~~~e~~~rt~~1 rh~moebïi~~ii~~~ authorized, by this bond ordinance. The obligations shalt be direct, unlimited obligatIOns of the Bor- ough, and the Borough shall be obligated to levy ad ~~~~r~n;h~a~~~o~~~n f:~1 t~~e p~~~~~~ ~~a~h~r~~~;~ tions and the mterest thereon without limitation of rate or amount. Section 10. This bond ordinance shalt 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 June 16, 2005 when it was adopted on First Reading. The said ordinance wilt be further consid- ered on Second Reading for final adoption at a meeting of said Council of the Borough of Carteret on July 21, 2005 at approximately 7:00 P.M., Munic- ipal Court/Police FacIlity, 230 Roosevelt Avenue, Carteret, New Jersey at which time and place alt ~:rh~~~di.nterested wilt be given an opportunity to KATHLEEN M. BARNEY, Certified Municipal Clerk ($175.12) 36928 (Page 2 of #36928 ) ~~. ý()~ã! SUPPLEMENTAL DEBT STATEMENT -OF- Borough of Carteret County of Middlesex As of June 16 ,2005 1. The net debt of the local unit after giving effect to obligations about to be authorized, is (page 2, line 4) $ 32,037,724.00 2. Equalized valuation basis(the average of the equalized valuations of real estate, including improvements, and the assessed valuation of class II railroad property of the local unit for the last 3 preceding years). as stated in the Annual Debt Statement or the revision thereof last filed (1) 2002 Equalized Valuation Real Property with Improvements plus assessed valuation of class II R.R. property (2) 2003 Equalized Valuation Real Property with Improvements plus assessed valuation of class II R.R. property (3) 2004 Equalized Valuation Real Property with Improvements plus assessed valuation of class II R.R. property $ 1,253,197,034 $ 1,481,036,523 $ 1,647,693,992 $ 1,460,642,516 J. EQUALIZED VALUATION BASIS - Average of (1), (2), and (3). 4. Net debt (Line I above) expressed as a percentage of such equalized valuation basis (Line 3 above) is: Two and Nineteen hundreths of one 2.19% ) per cent STATE OF NEW JERSEY} COUNTY OF Middlesex } ss. Patrick 1. DeBlasio , being duly sworn, deposes and says: Deponent is the chief financial officer of the Borough of Carteret County of Middlesex here and in the statement hereinafter mentioned called "the local unit." The Supplemental Debt Statement 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. P~i:B~ Subscribed and sworn to before me this 16th .2005 Title: Chief Financial Officer day of June ~<-/12 ,LC is 'l':í{&.{/lA-é1<..{l p Address 20 Cooke Avenue. Cartere'. NJ 07008 _ Ctii:u..:. ~. tìLACK~7tb¡;Ç of New Jersey NOTARY PUBUC OF NE'f(Æ/iRL UVOJrunr:qøá~flbtt'~o;~of Supplemental Debt Stalement must be filed with:) . DIVISION OF LOCAL GOVERNMENT SERVICES PO Box 803 TRENTON, NEW JERSEY 08625-0803 #{~3S- it é¿Ç,3 7 11 (0,---- 31 "'\ .,.\ \ ~- ,. , \ \~.:.~, "..... / ç / ---.-,._' \'" I Sj I o ¡. The net debt of the local unit, as stated in the Annual Debt Statement made as of December 31, 2004, or the revision thereof last filed, with respect to the following classes of bonds and notes, the amount by which each class has been increased by the authorization of additional debt, and the amount by which each class has been decreased by payment of outstanding debt or reduction of the authorization to incur debt, is as follows: Net Debt as per Annual Debt Statement Decrease Increase (Since December 31, Last Page) Net Debt Bonds and notes for school purposes $ 0.00 $ 0.00 $ 0.00 $ 0.00 Bonds and notes for self- liquidating purposes $ 0.00 $ 0.00 $ 0.00 $ 0.00 4,528,000 $ 26,828,224.00 $ 26,828,224,00 - Other bonds and notes $ 22,300,224 $ 0.00 $ 2. Net debt at the time of this statement is: 3. The amounts and purposes separately itemized of the obligations about to be authorized, and any deductions which may be made on account of each such item are: (see note "C" below) Purpose 05-35 Acquisition of land State Green Acres Amount Deduction Net 1.400,000 $ 0.00 $ 1,400,000.00 05-39 Acquisition of land Land- V ariolis Parcels $ 3.809,500 $ 0.00 $ 3,809,500.00 05-37 County-Grecn Acrcs-Ci vie Center $ 0.00 $ 0.00 $ 0.00 Pack Improvements $ $ $ 0.00 $ $ $ 0.00 $ $ $ 0.00 $ $ $ 0.00 $ 5,209,500.00 4. The nel debl of the local unit determined by the addition of Ihe net amounts staled in items 2 and 3 above is: $ 32,037,724.00 NOTES A. If authorization of bonds or notes is permitted by an exception to the debt limitation, specify the paticular paragraph of N.J.S. 4QA:2-7 or other section or law providing such exception. B. This fonn is also to be used in the bonding of separate (not TypeI) school districts as required by N.J.S. 18A:24-16, and filed before the school district election. In such cases pages 4, 5, and 6 should be completed to set forth computation supporting any deduction in line 3 above. C. Only the account of bonds or notes about to be authorized should be entered. The amount of the "down payment" provided in the bond ordinance should not be included nor shown as a deduction. ~ SPECIAL DEBT STATEMENT BORROWING POWER AVAILABLE UNDER N.J.S. 40A:2-7(f} 1. Amount of accumulated debt incurring capacity under R. S. 40 :1-16 (d) as shown on the I,test Annual Debt Statement. 2. Obligations heretofore authorized in excess of debt limitation and pursuant to: $.---...,....--..---...--..-....- (a) N.J.S. 40A :2-7, paragraph (d) (b) N.J.S. 40A :2-7, paragraph (f) (c) N.J.S. 40A :2-7, paragraph (g) Total $.--.--..-...------.--.......... $.-...--.--------------....---... $.... .._n_u.·..nn.____n_u 3. Available debt incurring capacity (N.J.S. 40A :2-7 (f)) $....----.-..-...----------.. $...--....----..-..-- $ -------.....---...-- - 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) BORROWING POWER AVAILABLE UNDER N.J.S. 40A:2.7(g) 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 which constitute utility and assessment obligations: $..---..----- 3. Excess of item lover item 2: 4. Amount raised in the tax levy of the current fiscal year by the local unit for the payment of bonds or notes of any school district $ $-- $.. ....n._..... 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 (0) Amount of authorizations included in 6(a) which were heretofore repealed $.----- $-- --...---...-- $ ______m______.. (c) Excess of item 6 (a) over item 6 (b) $-....----..-- .hu..u.n.. 7. Excess of item 5 over item 6(c) $.............-.----.....-----. 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) $....----.- $..-........-- ___."n_....____ ¡v11 4 " v. I&.!- Z Q I&.! I- ell ... Q Z - .... o o :I: U VI .... < z o - C) '" ... I¥ u.. o z ~ ~C I- ::I . ~ o u ~ .. § ~.- "'~ ~::J ~.- E :.:¡ '" ... o ...J¡""+>G.I ¡¡- ~ ~~.., E~'~ ~~ IF) 0= c,.¡:: ".,.,..:! ._ 0 .....- cc.. t:a::I~to o ....l¡:::C":I "'~ C ;:I,:::I"'~"" = <.~ 0< ~ S _ ~"O IJ 8,"= CII ... ~ ~ 00 ~l.,/Ia:~Q ~ ... ~ z ::> o ;:;! ..: ... Q ~ ß-o ~ E~~ § 8,- :ee-g 0"" Q '" '" 0. ..: ... o ",,,, ~ ~ ~ ß a ;;;.~ E'£~ 8 § ~ ¡r~ ,.......,., ::I tll.§< 8. ~ ~ '" ..: .. ~ '" ~ .~ .~ ~"'" ~:3~ ~ ~~..: b.o";O ~~"<I' ~ > ..: :>< ~ ::J ..: ¡:... U ~ ::> ;:;! Q N " ~ " . ~ "" ~ " ~ Q E ..: I " " " " " I I I . I I ¡.I1,a- I I I I I I I I I 1 - COMPUTATION OF SCHOOL INDEBTEDNESS AND DEDUCTIONS UNDER PROVISIONS OF N.J.S. 18A: 24-17 'Note: In a "Consolidated·' School District, lines 18 to 24 must first be filled in. NJ.S. 18A: 24-19(Lines I to 7) L Averaged of equalized valuations (page I, line 3) , 2. Gross School District Debt outstanding and authorized and unissued (not including proposed issue) 3. Less: Sinking funds held for payment of School Debt, by Sinking Fund Commission 4. Net debt for school purposes (line 2, minus line 3) 5. Debt deduction for school purposes:_ 4_% (as per line_d_below) (a) 2 1/2% Kindergarten or Grade I through Grade 6 $ (b) 3 % Kindergarten or Grade I through Grade 8 $ (c) 3 1/2% Kindergarten or Grade I through Grade 9 $ (d) 4 % Kindergarten or Grade I through Grade 12 $ (e) Other (insert applicable description) % $ (f) Additional State School Building Aid Bonds N.J.S. 18A: 58-33.4 (d» (if included in line 2) $ 6. Available debt deduction (excess, if any, of line 5 over line 4 - enter on page 2, line 3 as "Deduction," not exceeding, however, the "Amount" shown in that line.) , 7. School Bonds about to be authorized Note: Omit line 8 to 13, if line 6 equals or exceeds line 7, or if shown on line 17 $ 1.460,642,516.00 $ 22,340,000.00 $ $ $ 22,340,000.00 58,425,700.64 58,425,700.64 $ $ 36,085,700.64 NJ.S. 18A: 24-22 (lines 8 to 13) 8. Excess of line 7 over line 6 9. Municipal Debt Limit (3 1/2% of line I above) 10. Net Debt (page 2, line 2) I L Available Municipal Borrowing Margin (excess, if any, of line 9 over line 10) 12. Use of Municipal Borrowing Margin (line 8 not exceeding line II) 13. Remaining Municipal Borrowing Margin after authorization of prop sed School Bonds (line II minus line 12) Note: Omit line 14 to 16, if line 11 equals or exceeds line 8, or if shown on line 17 $ $ $ $ $ $ NJ.S. 18A: 24-24 (lines 14 to 16) 14. Amount of line 7 15. Amount of Deduction: (a) Amoun! ofline 6 (b) Amount ofline II Total 16. Excess of line 14 over line 15 $ $ $ $ $ N.J.S. 18A: 58-33.4(d) (lines 17) 17. Additional Stale School Building Aid Bonds about to be authorized (amount of line 7) $ 18. Total of average equalized valuation basis of each municpality in whole School District MUNICIPALITY AMOUNT $ $ $ $ $ 19. Gross School District Debt oustanding and authorized and unissued (not Including proposed issue) $ -; 20. Less: School District Debt apportioned to other Municipalites, NJ.S. 40A:2-43 Total of average equalized valuation basis of each municipality in whole School District $ equals $ $ (line 18, minus line I) $ ,times line 19 Divided by total of average equalized valuation basis of each municipality in whole School District $ roœl~ 21. Gross School District Debt of this municipality only (line 19 minus 20) 22. School Bonds about to be authorized 23. Less: Share of Bonds (line 22) apportioned to olher municipalities, NJ.S. 40A:2-43 Total of Average equalized valuation basis of each municipality in whole School District $ $ $ N/A $ equals $ $ (line 18, minus line I) $ , times line 22 divided by total of average equalized valuation basis of each municipality in whole School District $ (line 18) 24. This local unit's share of Bonds about to be authorized (line 22 minus line 23) *Note: In a "Consolidated" School District the amount shown on line 21 must be entered on line 2 and the amount shown on line 24 must be entered on line 7. $ $ COMPUTATION AS TO INDEBTEDNESS FOR IMPROVEMENT OR EXTENSION OF AN EXISTING MUNICIPAL UTILITY, N.J.S. 40A:2-7(h); N.J.S. 40A:2-47(a) Municipal Public Utility 1. Annual Debt Statement, December 31, 2003, excess in revenues of utility 2. Less: Interest and debt redemption charges computed as provided in NJSA 40A:2-47(a) for all obligations heretofore authorized but nol issued to the extent not already charged to income in annual debt statement. 3. Excess in revenues remaining prior to authorization of proposed obligations (line 1 minus line 2) 4. Interest and debt redemption charges calculaled for the obligations about to be authorized (N.J.S. 40A:2-47(a) ) $ 0.00 $ 0.00 $ 0.00 (a) Jnterest for one year at 4 1/2% $ 0.00 (b) First installment of serial bonds legally issuable $ 0.00 (c) Total Charges (Items (a) and (b) ) $ 0.00 Note: If line 3 equals or exceeds line 4, obligations may be authorized under the provisions of NJ.S. 40A:2-7(h) as limited by NJ.S. 40A:2-47(a). I, ,Director of the Division of Local Government Services in the Department of Community Affairs of lhe State of New Jersey DO HEREB Y CERTIFY that I have compared this copy of a Supplemental Debl Statement of the above local unit wilh the original Supplemental Debt Statement 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 on , and that this is a true copy of said Statement and the whole thereof. IN WITNESS WHEREOF, I have hereunto set my hand as Director of lhe Division of Local Governemnt Services in the Department of Community Affairs of the State of New Jersey this day of ,20_. Director Affidavit of Publication Personally appeared ANNETTE MADAM A Affidavit Cþárge $20.00 t Itc. , I~ í= " \ ,~~ Publisher's Fee $171.60 State of New Jersey} 55. MIDDLESEX COUNTY 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 7/26105. f' AD., 2005 I L~:ß tfark Sworn and subscribed before me this 26th day of July, A.D., 2005 BOROUGH OF CARTERET 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 Îs 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 provisi~ns of this ordinance to the extent of any Inconsistency herewith. The resolution in the form promulgated by the local Finance Board showing full detail of the amended capital budget and capital ~i~Ongr~fml~~aÎpg~~;;~m~~tt~~r~:~:;t?~ ~~ \~: ~\~~ the Clerk and is available there for public inspec- tion. Section 6. The following additional matters are hereby determined, declared, recited and stated: (a) The improvement or purpose deSCribed in Section 3 of this bond ordinance is not a current expense. It is an improvement or purpose that the ~~~~~~~n~a~n~W~~II~a~r~r\a;ee ~¿sta tt~~~~~1 ~r;;~ been or shall be specially assessed on property specially benefitted thereby. (b) The period of usefulness of the improvement or purpose within the limitations of the local Bond Law, according to the reasonable life thereof com- puted from the date of the bonds authorized by this ordinance. IS 40 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~Ze~~f~h~:: t~:t i~:te r~~sNå:b/~?~he SB~r~ ough as defined in the locaFBond law is increased by the authorization of the bonds and notes pro- vided in this bond ordinance by $1.400,000. and the obligatIOns authorized herein will be within all debt limitations prescribed by that Law. (d) An agl'regate amount not exceeding $75,000 for items 0 expense listed in and permitted under N.J.S,A. 40A:2-20 is included in the estimated cost indicated herein for the purpose or improvement (e) This bond ordinance authorizes obligations of the Borough solely for a purpose described in N.J,SA 40A:2-7(d). This purpose IS in the public Interest and is for the health, welfare. convenience or betterment of the inhabitants of the Borough The amounts to be expended for this purpose pursuant to this bond ordinance are not unreason- able or exorbitant, and the issuance of the obliga- tIOns authorized by this bond ordinance will not materially Impair the credit of the Borough or ~~i~~ti~~¡la¿~ ;~~u~h/~nr~)~;1 \~/~~ Pdueb~;u~;{d t~~ supply other essential public improvements and SE'rVlces. The Local Finance Board In the Division of Local Government Services of the Dep<>rtment of Community Affairs of the State of New Jersey has (Page 1 of #42596 ) ORDINANCE 05-35 BOND ORDINANCE PROVIDING FOR THE AC- QUISITION OF LAND IN AND BY THE BOR- OUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX NEW JERSEY, APPROPRIATING ~~,~O?S~~OA,Jt'€RÕ~O$~ :O~~~U~~~~~ZI~~ NOTES OF THE BOROUGH to FINANCE THE COST THEREOF. BE IT ORDAINED BY THE BOROUGH COUNCil OF THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurring) AS FOLLOWS: Section 1. The improvement described in Section ~ndfe~~~sk~~ngy 0J~~n~~;~~~~e~(~a~t~~~ri~eedw t~~~ sey as a general improvement. For the improve- ment or purpose described in Section 3. there is hereby appropriated the sum of $1.400,000, which includes a grant in the amount of $1.050,000 from ~hio~ait; f~eN:~';~~ie6f ~::~gÒ'3óerr:~°'f~~~:~~ ~~~t~tf.f.~.gaf· .r0~~2~iï (~)Ya~ethti~s b~~~ir~~fnU;~~~ :~rti~~~j~~sN5~.i!a~~Å:2_7(J).IY for a purpose de- Section 2. In order to finance the cost of the improvement or purpose and in anticipation of the grant referred to in Section I, negotiable bonds are hereby authorrzed to be issued in the prmcipal amount of $1.400,000 pursuant to the Local Bond Law. In anticipation of the issuance of the bonds, negotiable bond anticipation notes are hereby au- thorized 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 the acqUisition of 3,19 acres of land adjacent to Arthur Kill Waterfront Park, more specifically described as pIa Block 201, Lot 1 and plo Block 201. lot 3 on the tax map of the Borough, including all related costs and expen- dItures necessary therefor and mCldental thereto (b) The estimated maximum amount of bonds or notes to be issued for the improvement or purpose is as stated in Section 2 hereof. (c) The estimated cost of the improvement or purpose is equal to the amount of the appropriation herein made therefor. Section 4. All bond anticipation notes issued here. under shali 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 financial officer shall determine aU matters in connection with notes issued pursuant to this ordinance, and the chief ~~~~~ :lv~ff~~i~~Sn~~g~ ~t~~e ~F~~c ~ ed ~fet;~i ~ ~~il~~; All notes, issued hereunder may be renewed from time to time subject to the provisions of the Local Bond Law. The chief fmanClal officer IS hereby authorized to sell part or all of the notes from tirne to time at public or private sale and to deliver them "eretofore made a determination to this effect and 'as caused its consent to be endorsed upon a certified copy of this bond ordinance as passed upon first reading, pu~~~~~n d~SC¿~!ri~nts~ti~~YS3 rh~~~"o~d s~0a'"1t t~: applied either to direct payment of the cost of the improvement or to payment of the obligations issued pursuant to this ordinance, The amount of ~~~ffa~~o~:d~~~~O;~Zi~e ~~~e~~1h~StS~~~h ~~~duSn~;; so used. Section 8. The chief financial officer of the Bor- ough is hereby authorized to prepare and to update from time to time as necessary a financial dis- closure document to be distributed in connection with the sale of obligations of the Borough and to execute such disclosure document on behal' of the Borough. The chief financial officer is further autho- rized to enter into the appropriate undertaking to provide secondary market disclosure on behal! of the Borough pursuant to Rule 15c2-12 of the Secu- rities and Exchange Commission Ithe "Rule") for the benefit of holders and bene iClal owners of obligations of the Borough and to amend such undertaking from time to time in connection with any change in law, or interpretation thereof. provid- ed such undertaking is and continues to be, in the opinion of a nationally recognized bond counsel, consistent with the requirements of the Rule. _In the event that the Borough fails to comply with Its undertaking, the Borough shalf not be liable for any monetary damages. and the remedy shall be limit- ed to specific performance of the undertaking. Section 9. The full faith and credit of the Borough ~~ín~i~a~b~r':~§e~ht~ ~~te~~~tct~~' rh~moebïi~~¡i~~; authorized by this bond ordinance. The obligations shall be direct, unlimited obligations of the Bor- ough, and the Borough shall be obligated to levy ad valorem 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 shall take effect 20 days after the first publication thereof after final adoption, as PrOVidS~:-f'E~Ë,.ifcal Bond Law. The bond ordinance published herewith has been ~~~i~ ~~oR~~at~~n J~Wh~1'w~~~5 aa~~it~h:c~~~d~~ proceeding questioning the validity of such ordi- B~~~e L:~, bhea~o~;uenn~~d;uans fr~~i~h~ j~ai~e o~o~a~ first f,ubljcation of this statement. Kath een M. Barney, Clerk ($171.60) 42596 (Page 2 of #42596 )