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Home My Public Portal AboutOrd. 05-37 No. #0')-17 ®rbiuaut£ a£ t~£ zgaraug~ a£ QIart£rd, ~. 31. Councilman Presents the following Ordinance Seconded by Councilman BOND ORDINANCE PROVIDING FOR VARIOUS IMPROVEMENTS TO THE CIVIC CENTER SPORTS COMPLEX IN AND BY THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $500,000 THEREFORE AND AUTHORIZING THE ISSUANCE OF $500,000 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 1. 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 $500,000, including a $500,000 grant from the Open Space, Recreation and Farmland and Historic Preservation Trust Fund. No down payment is required pursuant to NJ.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, negotiable bonds are hereby authorized to be issued in the principal amount of $500,000 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 improvements to the Civic Center Sports Complex, including the reconstruction of three Little League Softball Fields, open practice area, lighting, fencing and other park amenities, including all work and materials necessary therefore 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. NO #05-37 I P^GE_£_.c>L~ (c) The estimated cost of the improvement or purpose is equal to the amount ofthe appropriation herein made therefore. 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 from time to time at public or private sale and to deliver them to the purchasers thereof upon receipt of payment of the purchase price plus accrued interest from their dates to the date of delivery thereof. The chief financial officer is directed to report in writing to the governing body at the meeting next succeeding the date when any sale or delivery of the notes pursuant to this ordinance is made. Such report must include the amount, the description, the interest rate and the maturity schedule of the notes sold, the price obtained and the name of the purchaser. Section 5. The capital budget of the Borough of Carteret is hereby amended to conform with the provisions of this ordinance to the extent of any inconsistency herewith. The resolution in the form promulgated by the Local Finance Board showing full detail of the amended capital budget and capital program as approved by the Director of the Division of Local Government Services is on file with the Clerk and is available there for public inspection. 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 benefited thereby. (b) The period of usefulness of the improvement or purpose within the limitations of the Local Bond Law, according to the reasonable 1ife thereof computed from the date of the bonds authorized by this ordinance, is 15 years. (c) The Supplemental Debt Statement required by the Local Bond Law has been duly prepared and filed in the office of the Clerk, and a complete executed duplicate thereof has been filed in the office of the Director of the Division of Local Government Services in the Department of Community Affairs of the State of New Jersey. Such statement shows that the gross debt of the NO. #05-37 rAGE 3 of 4 Borough as defined in the Local Bond Law is increased by the authorization of the bonds and notes provided in this bond ordinance by $500,000, and the obligations authorized herein will be within all debt limitations prescribed by that Law. (d) An aggregate amount not exceeding $100,000 for items of expense listed in and permitted under 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.S.A. 40A:2-7(d). This purpose is in the public interest and is for the health, welfare, convenience or betterment of the inhabitan.ts 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. Section 8. The chief financial officer of the Borough is hereby authorized to prepare and to update from 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 l5c2-12 of the Securities and Exchange Commission (the "Rule") for the benefit of holders and beneficial owners of obligations of the Borough and to amend such undertaking from time to time in connection with any change in law, or interpretation thereof, provided such undertaking is and continues to be, in the opinion of a nationally recognized bond counsel, consistent with the requirements of the Rule. In the event that the Borough fails to comply with its undertaking, the Borough shall not be liable for any monetary damages, and the remedy shall be limited to specific performance of the undertaking. NO. #0')-17 rAGE 4 of 4 Section 9. The full faith and credit of the Borough are hereby pledged to the punctual payment of the principal of and the interest on the obligations authorized by this bond ordinance. The obligations shall be direct, unlimited obligations of the Borough, and the Borough shall be obligated to levy ad valorem taxes upon all the taxable real property 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 TillS LINE ~ RECORD OF COUNCIL VOTE COUNCILMAN YES NO NV A.n. X X X COUNCILMAN YES NO NV A.n. BELLINO DIAZ KRUM NAPLE RI05 51 RZ X X X x - Indicatè VOle Ail - Ab:-;cnl NY - NOI Vn[ing XOR - InJic;llcS Votc to Oyerrule Vcto Adoptcd on first reading of the Council of the Borough or Cartcret, N.J., on _ Jnnp.: 16, 7..00 c¡ Adopleu on second reading afler hearing on July 21 2005 -, MA YOR MUNICIPAL ON Affidavit of Publication Publisher's Fee $171.60 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 (ONE) times, once In each Issue, as follows 6/21105, '':'"'''' v.:,''\!\ v, ,luhN~UN :' :~~~¡ f' JJUl: OF NEW JERSEY ~)\':,\1iSSlor~ EXPIRES FEB. 22,2010 Û -1'} ,,;! BOROUGH OF CARTERET ORDINANCE #05-37 ~' .. - ' BOND ORDINANCE PROVIDING FOR DUS IMPROVEMENTS TO THE CIVIC CENTER PORTS COMPLEX IN AND BY THE BOROUGH . CAR- TERET IN THE COUNTY OF MIDDLESEX,: NEW JERSEY, APPROPRIATING $500,000 THEReFORE AND AUTHORIZING THE ISSUANCE OF $500,000 BONDS OR NOTES OF THE BOROUGH TO Fl· NANCE THE COST THEREOF BE IT ORDAINED BY THE BOROUGH COUNCIL OF THE BOROUGH OF CAATERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY (not less than two- thirds of all members thereof affirmatively concur- ring) AS FOLLOWS: Section 1. The improvement described in Section 3 ~ ~J~ ~~a~~~ d b~r~~ ~ aB~~~~g~ e~fbta~~~~;tz~~wtOJebr~ sey as a general improvement. For the improve- ment or purpose described In Section 3, there IS hereb$ appropriated the sum of $500,000, includ- ~1f o~ a~~OF ~~~ 1:~~t:~doH1 si~~i¿>~;~s;~vaa~T ònRí-~~ ~t Fund. No down payment is required pursuant to N,J,SA 40A:2-11(c) as this bond ordinance autho- ~~~S.Ao~~Â:ti~7(d),olelY for a purpose described in Section 2, In order to finance the cost of the h~~;b:e~~~¿ri~~¡~~ObSee, is~~~~tiÎnblth~0~r1~cia;a~ amount of $500,000 rursuant to the Local Bond Law. In anticipation 0 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 authorized and the purpose for the financing of which the bonds are to be Issued is the improvements to the Civic Center Sports Complex, including the recon· structlon of three Little Lea¡;:ue Softball Fields. open practice area. lighting, fenCing and other park <Jme- nrties, including £III work and materials necess<Jry therefore <Jnd Incidental thereto. (b) The estim<Jted 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 <Jmount of the appropriation herein made therefore. 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 th<Jt 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 correction with notes issued pursuant to this ordinance, and the chief ~~~~~ ~Iv~ff~~id~ n~~n :~u {~ ~f¡°s~¿~e d~fi~~ i~~tl ~~: 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 pubiic or private s<Jle <Jnd to deliver them to the purch<Jsers thereof upon receipt of payment of the purchase price plus accrued interest from AD, 2005 and subscribed befo e me t 21st day of June, A.D., 2005 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 <Jny sale or delivery of the notes pUr!;uant to this ordinance is made. Such report must include the amount, the description, the inter- est, rate and the maturity schedule of the notes soJþ, the price obtained and the name of the -p\1rchaser. "~'-': ction 5_ The capital budget of the Borough of /'<- arteret is hereby amended to conform with the .,.<', provisions of this ordinance to the extent of any --n-,-^¡ 1.,/>- Inconsistency herewith. The resolution in the form _],_~- r~lldeUtl:iï~fdthbl a~:n~~~a~:~~:~b~d~~r~dnJ~~~ira~ ~i~ongr~fmL~~aïP8~~~~~r'n~~t t~;r~i~:~tj; g~ \~: ~\~~ 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 ~~~~~~~nTa~n~w~~II~a~~doe(\ahkee :¿sf tï~~:~fl ~~~ ~~:~ia~~ ~~~~fi?eed ~~:;~a~~: assessee on property (b) The period of usefulness of the improvement or purpose within the limitatIOns of the Local Bond Law, according to the reasonable life thereof com- puted from the date of the bonds authorized by this ordinance, IS 15 years. (c) The Supplemental Debt Statement required by the Local Bond Law has been duly prepared and filed In the office of the Clerk. and a complete executed dupiicate thereof has been filed in the office of the Director of the Division of Local Government Services in the Department of Com- ~~r~Ze~if~h~:; tt~:t ~~~te r~~:~:'b/~?1he SB~r~ ough as defined in the LocarBond Law is increased by the authorization of the bonds and notes provid- ed In this bond ordinance by $500,000, and the obligations authorized herein will be within all debt limitations prescribed by th<Jt Law fO~ dileA~sa~f:~;;~:e~~~~~ 7~ta~~c~~~~nt~~ O~;,~~~ 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,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 substantially reduce its ability to pay punctually the principal of and, the interest on Its debts and to supply other essentiai 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 (Page 1 of #36415 ) certified copy of this bond ordinance as passed upon first reading. ~~~~id~Zèrfi,% ~~a£~c7i~~el~:~;;:V:hda,~Obe t~~~i~d either to direct payment of the cost of ,the improve- ment or to payment of the obligations fssued pursu- :~~h~~iz~JS b~~di~gri:su~~e h~r;'e~Un'd~rOfs~~ii~~i~~~ duced to the extent that such funds are so used Section 8. The chief financial officer of the Borough IS hereby authorized to prepare and to update from ~~~~~n1iToe b~s dïs~~ib~St':J i~ cf~~~:~~i~~j~i~hS~h: sale of obligations of the Borough and to execute such disclosure document on behalf of the Bor- ough. The chief financial officer is further au tho- ~;¿~id~ s~~~~J~;~ ~aerka~Pdf~';;~;~r~nodner~~~~~. ~f the Borough pursuant to Rule 15c2-12 of the Secu- rities and Exchange Commission (the "Rule") for the benefit of holders and beneficial owners of obligations of the Borough and to amend such undertaking from time to time in connection with ~id'edc~~~ïe J~dl:~ak~~~~;eT;¿tê~~~in~~~r~~f b:.ri~ the opimon of a nationally recogni.led bond coun- ~~~ ~~~~~s~h~~ ~~~h J~;:ueg'huiJ~~1~t~g:n~~e ~~I~. i~~ undertaking. the Borough shall not be liabre 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 are hereby fledged to the punctual payment of the µrincipaJ 0 and the interest or, the obligations authorized, by this bond ordinance. The obligations shall be direct, unlimited obligations of the Bor- ough. and the Borough shall be obligated to levy ad valorem taxes upon all the taxable real 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 provided by the Local Bond Law. The foregoing ordinance was introduced at a meet- ing of the Council of the Borough of Carteret held June 16, 2005 when it was adopted on fIrst Read- ing. The said ordinance will be further considered 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., Municipal Court/Police Facility, 230 Roosevelt Avenue, Car- teret, New Jersey at which time and place all persons interested will be given an opportunity to be heard. KATHLEEN M. BARNEY, Certified Municipal Clerk ($171.~ ~15 (Page 2 of #36415 ) Affidavit of Publication Publisher's Fee $169.84 State of New Jersey} 55. MIDDLESEX COUNTY Personally appeared ANNETTE MADAM A Affidax!t Charge $20.00. ,~~\1) \ .,.,./ '_,. /_:-:.,' \~v/ , \'.>/ of the Home News Tribune, a newspaper printed In Freehold, NJ and pUbftStféclln 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 /26/05. BOROUGH OF CARTERET ORDINANCE #05-37 BOND ORDINANCE PROVIDING FOR VARI- OUS IMPROVEMENTS TO THE CIVIC CENTER SPORTS COMPLEX IN AND BY THE BOR· OUGH OF CARTERET IN THE COUNTY OF MIDDLESEX1. NEW JERSEY, APPROPRIATING $500,000 THEREFORE AND AUTHORIZING THE ISSUANCE OF $500,000 BONDS OR NOTES OF THE BOROUGH TO FINANCE THE COST THEREOF BE IT ORDAINED BY THE BOROUGH COUNCIL OF THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY \not less than two- thirds of aU members thereof af irmatively concur- ring) AS FOllOWS: Section L The improvement described in Section 3 ~~J~~~a~~~d b~r~~~aë~~~~g~e~~b~a~~:~~tzN~~oJ:r~ sey as a general improvement. For the improve- ment or purpose described in Section 3, there is hereb$: appropriated the sum of $500.000, includ- ~1~ o~ a~~OF ~~~ I~~~n:~:niìs i~~i¿' þ~~ls;~vaacti~nR~~ ~~t Fund. No down payment is required pursuant to N.J.5A 40A:2-11(c) as this bond ordinance autho- ~~J~~A~~~Å~2~7(d).0Iely for a purpose described in Section 2. In order to finance the cost of the improvement or purpose, negotiable bonds are hereby authorized to be issued in the principal amount of $500,000 pursuant to the Local Bond Law. In anticipation of the issuance of the bonds, negotiable bond anticipation notes are hereby au- :horized 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 improvements to the Civic Center Sports Complex, including the recon- struction of three Little League Softball Fields. open practice area, lighting, fencing and other park ame- nities, Includin,g all work and materials necessary therefore 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 therefore 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 shail 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 çhief financial offiçer. The chief finançial officer shall determine ail matters in conneçtion with notes issued pursuant to this ordinance, and the çhief financial offiçers signature upon the notes shall be conc\usive evidence as to all such determinations. All notes issued hereunder may be renewed from time to time subjeçt to the provisions of the Local Bond Law. The chief financial officer IS hereby authorized to sell part or all of the notes from time to time at public or private sale and to deliver them to the purchasers thereof upon reçeipt of payment A.D., 2005 (151)~(d ---, Sworn and subscribed before me this 26th day of July, A.D., 2005 of the purçhase priçe plus acçrued interest from their dates to the date of delivery thereof. The çhief financial offiçer is direçted to report in writing to the governing body at the meeting next suççeeding ~~~s~:~~ ~oh~~i:nlrd~~~n~: i~el~::;re. °Ju~he :e~~r~ must indude the amount, the desçription, the inter- est rate and the maturity sçhedule of the notes sold, the price obtained and the name of the purchaser. ~~~~~~~t ~s ~he~e~~P~~e~~~~e~o o~o~~r~or~;W~htho: provisions of this ordinançe to the extent of any ~r~~~\~~~~V b~e~~~ir~Ja~e Ff~;~~~ti~~~~d t~h~~r: full detail of the amended çapital budget and çapita~ program as approved, by the Direçtor of the Divi- sion of Loçal Government Serviçes is on file with the Clerk and is available there for publiç inspeç- tion. Section 6. The following additional matters are hl7a)b~~:ti~~~~~~'m~ençtla~~d ;~~~~es~ ad~s~:r¡;:~: in Section 3 of this bond ordinance is not a current expense. It is an improvement or purpose that the B~~~~~~nr.a~n~W~~I!~a~rd~/t:hk,; ~~sf {¡l~~;~fl ~';; been or shall, be specially assessed on property speçialiy benefited thereby. (b) The period of usefulness of the improvement or purpose within the limitations of the Loçal Bond Law, acçording to the reasonable life thereof çom- puted from the date of the bonds authorized by this ordinançe. is 15 years. {Çh The su~plemental Debt Statement required ~re~ fn L~~:I o~~~ L~t t~~S gÎeer~,d~IXlraeP;~~dpï~~ exeçuted dupliçate thereof has been filed in the offiçe of the Direçtor of the Division of Loçal Government Serviçes in the Department of Com- ~~r~~e~if~h~Wo; :~:t ~~~t~r~~sNd:b/~tt~e SB~r~ ough as defined in the Loçal Bond Law is inçreased by the authorization of the bonds and notes provid- ed In this bond ordinançe, by $500.000, and the obligations authorized herein will be within all debt limitations presçnbed by that Law. fO~ di{:~sa~ft::g~~:e~~~~~ 7~ta~~Ç~~~~~t~~ O~~~~~ N.J,SA 40A:2-20 IS induded in the estimated çost indiçated herein for the purpose or improvement. (e) This bond ordinançe authorizes obligations of ~J.s.~~rX~l~_~{~).IYT~?: µ"urg~~~oi: i~eth~b~~bii~ interest and is for the health, welfare, çonveniençe or betterment of the inhabitants of the Borough. The amounts _ to be expended for this purpose pursuant to this bond ordinançe are not unreason- able or exorbitant, and the issuançe of the obliga- tions authorized by this bond ordinance wiil not materially impair the nedit of the Borough or substantially reduçe its ability to pay pundual1y the principal of and, the interest on its debts and to supply other essential publiç improvements and servlçes The loçal Finançe Board in the Division of L üçôl Government Serviçes of the Department of Community Affairs of the State 01 New Jersey has heretofore made a determination to this effed and (Page 1 of #44423 ) has caused its consent to be endorsed upon a certified copy of this bond ordinance as passed upon first reading ~;;~id~Z;rf1% ~~a£~cT!~~'j~;~~~;v:hdal~obe t~~~i~~ either to direct payment of the cost of the improve- ment or to payment of the obligations issued pursu- ant to this ordinance. The amount of obligations authorized but not issued hereunder shall be re- duced to the extent that such funds are so used. Section 8. The chief financial officer of the Borough is hereby authorized to prepare and to update from ~~~"!'~n~i'roe b~s drst~ib~St~rJ ¡~ c'~~an~~ri~~i~~~~SW;: sale of obligations of the Borough and to execute such disclosure document on behalf of the Bor- ough. The chief financial officer is further Clutho- ~~~~id~ seer::~~di~:~ :::aerka~Pdft'c';~~~r~no~er~=~~f. ~f the Borough pursuant to Rule 15c2-12 of the Secu- ~~~esb:~~fifx~ra~J1~e;~n;';Jssb~~e~1~i;1 "~~~e~~~ f~~ obligations of the Borough and to amend such undertaking from time to time in connection with ~ir:leJhs~~f,e ~~dl:rtåki~~ni~eT:dt~~~f¡n~~:rt~f b,fri~ the opinion of a nationally recognized bond coun- sel, consistent with the requirements of the Rule. In the event that the Borough fails to comply with its undertaking, the Borough shall not be liable for any monetary damages, and the remedy shall be limit- ed to specific performance of the undertaking. ~;;~~~e~y Tp7:d~u~~ ft~t~h:n:U~~~~~tl g~:~~~tO~f~~~ principal of and the imerest on the obligations authorized by this bond ordinance. The obligations shall be direct. unlimited obligations of the Bor- ough, and the Borough shall be obHgated to levy ad ~~l~r~~h~aB~~O~~~nf~ t~~e p~~~~~t ~fa~h~r~~;¡;~ 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 ProVid~~frE~~"¡i'cal Bond Law. The bond ordinance published herewith has been ~~~i~ ~1°f~¡~at~~n J~I~h~1'w~~9,5 aa~~it~h:c~~~d~{ proceeding questioning the validity of such ordi· g~~de Laa~, bha;o~~uennt~d;ua"s fr~~i~h~ ida\~e o~°3,a~ ¡taSthre~Î~~i~~r~~~~iðl~~tement. ($169.84) 44423 (Page 2 of #44423 ) SUPPLEMENTAL DEBT STA TEMEN -OF- \õ) ~(c~~'\4~~ IIru J U I~ 2 1 2005 ¡\gI Borough of Carteret County of Middlesex DIVISION OF . LOCAL GOVERNMENT SERVICES 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) $ ~. ",.L J1-f:¡ \. --"</..l" ':/' '.':\ 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'. ':j,' \~~ " (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 3. EQUALIZED V ALUA nON BASIS - Average nf (I), (2), and (3). 4. Net debt (Line 1 above) expressed as a percentage of such equalized valuation basis (Line 3 above) is: Two and Nineteen hundreths of one per cent ( 2.19% ) ST A1E 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 Subscribed and sworn to before me ç~~ computed as provided by the Local Bond Law of New JerseYf Patrick J. DeBlasio this 16th day of June ,2005 Title: Chief Financial Officer Ì) - [; Cl1.¿i~JJ? , Notary Public of New Jersey ~.CHELLE D. BLACKNALL My'~~.ÞIISI¥ies of Supplemental Debt Statement must be filed with:) ExpIres NOV. 20, ZG07 DIVISION OF LOCAL GOVERNMENT SERVICES PO Box 803 TRENTON, NEW JERSEY 08625-0803 Jl{-u¡Îu.L Address 20 Cooke A venue, Carteret, NJ 07008 2 1. 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-Various Parcels $ 3,809,500 $ 0.00 $ 3,809,500.00 05-37 Coun~-Green Acres~Civic Center Paek Improvements $ 0.00 $ 0.00 $ 0.00 $ $ $ 0.00 $ $ $ 0.00 $ $ $ 0.00 $ $ $ 0.00 $ 5,209,500.00 4. The net debt of the local unit determined by the addition of the net amounts stated 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. 40A: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 disuicts as required by N.J.S. 18A:24-I6, 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. c' " ~ 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 $........---.....---.............. $.......................--....... $......................___.._____ 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) $___........._____...___......... $................................ $..._____.......______........... 3. Available debt incurring capacity (N.J.S. 40A:2-7(f)) BORROWING POWER AVAILABLE UNDER N.J.S. 40A:1-7 (9) 1. Total appropriations made in local unit budget for cunent tiscal year for payment of obligations of local unit included in Annual Debt Statement or revision thereof last tiled 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 tiscal )'ear by the local unit for the payment of bonds or notes of any school district $.---..................... $................................ $............................. 5. Amount equal to 2/3 of the sum of item 3 and item 4 $............................... 6. (a) Amount of obligations heretofore authorized under N.J.S.40A :2-7 (g) in current tiscal year $.. .........................___. (b) Amount of authorizations included in 6 (a) which were heretofore repealed $..... .___..................___.. (c) Exeess of item 6 (a) over item 6 (b) $..___..___...___...______,...... $..............._____...__....... $-----....--.......----........ 7. Excess of item 5 over item 6 (c) 8. Obligations about to be authorized 9. Borrowing capacity still remaining after proposed"authorization (item 7 less item 8) .' (If item 7 equals or exceeds item 8, obligations may be authorized) " $_____....______.___.....__...... ¡J /4 4 '- <II ~ C LoI I- ¡:Q LoI C Z - ... ..J o o ::c u '^ ..J -< Z o - C) '" LoI g:: U. o Z .-' ~ .. ::I a.. ~ o u .. - '" ~ o ~.- .o~ ~S ¡:¡.- E ;:¡ ... ... o .. J¡oo" G.I =_~ß;" S ¡n'¡:: E~ In =]]2"0": ,20 .....-,::0.. "t:ø::lto o <~p:~ g;~ .¡ p,"" &:: -<.2°<~S >"'0 III 0::1 _G.l(IJ' ·o.õ ~p:a¡tÆQ E-< E-< Z ;:> o ::a -< .... o ~ ~ ~"O :3 E ~ ~ . . "0- 0'" ._ 0"0 ~~ § 8. ~ '" 0« .... o """" ~ ~ ~ ß ~ ;.~ S.2~ 0 &:: þo -S .2 ~~::I ~l.,§< o ~ ~ g; 0 0« ... "" ~ .~ ]~'" 0'.2" ~~~ ~oo« ~"';o f::><o:I' ~ . 0« :>< E-< ::¡ 0« "- - ü Z ;:> :os .. .. .. .. j ~ u ~ ~ p.. ~ " o o E 0« .. . I I fJ {,q-- I I I . .';' I · COMPUTATION OF SCHOOL INDEBTEDNESS AND DEDUCTIONS UNDER PROVISIONS OF N.J.S. I8A: 24-17 'Note: In a "Consolidated" Sehool District, lines 18 to 24 mnst fIrst be filled in. NJ.S. ISA: 24-19rLines I to 7) 1. 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 S $ (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 Sehool Building Aid Bonds NJ.S. ISA: 5S-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, howeve,r, the "Amount" shown in that line.) , 7. Sehool Bonds about to be authorized Note: Omit line S 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 5S,425,700.64 5S,425,700.64 $ $ 36,OS5,700.64 NJ.S. ISA: 24-22 !lines S 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) II. Available Municipal Borrowing Margin (excess, if any, of line 9 over line 10) 12. Use of Munieipal Borrowing Margin (line S not exceeding line II) 13. Remaining Municipal Borrowing Margin after authorization of prop sed Sehool Bonds (line 11 minus line 12) Note: Omit line 14 to 16, if line 11 equals or exceeds line S, or if shown on line 17 $ $ $ $ $ $ N.J.S. ISA: 24-24 !lines 14 to 16) 14. Amount of line 7 15. Amount of Deduetion: (a) Amount of line 6 (b) Amount of line 11 Total 16. Excess of line 14 over line 15 $ $ $ $ $ NJ.S. ISA: 5S-33.4(d) !lines 17) 17. Additional State School Building Aid Bonds about to be authorized (amount of line 7) $ IS. Total of average equalized valuation basis of each muniepality in whole School District MUNICIPALITY AMOUNT $ $ $ $ $ 19. Gross School Distriet Debt oustanding and authorized and unissued (not Including proposed issue) $ " 6 20. Less: School Distriet Debt apportioned to other Munieipalites, NJ.S. 40A:2-43 Total of average equalized valuation basis of eaeh municipality in whole School District $ (line 18, minus line 1) $ , times line 19 equals $ $ Divided by total of average equalized valuation basis of eaeh munieipality in whole School Distriet $ (line 18) 21. Gross School District Debt of this munieipality only (line 19 minus 20) 22. School Bonds about to be authorized 23. Less: Share of Bonds (line 22) apportioned to other municipalities, N.J.S. 40A:2-43 Total of Average equalized valuation basis of each municipality i~ whole Sehool District $ $ $ N/A $ (line 18, minus line 1) $ , times line 22 equals $ $ divided by total of average equalized valuation basis of eaeh municipality in whole Sehool 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 not issued to the extent not already charged to income in annual debt statement. 3. Excess in revenues remaining prior to authorization of proposed obligations (line I minus line 2) 4. Interest and debt redemption eharges ealculated for the obligations about to be authorized (NJ.S. 40A:2-47(a) ) $ 0.00 $ 0.00 $ 0.00 ~ (a) Interest for one year at 4 1/2% $ 0.00 (b) First installment of serial bonds legally issuable $ 0.00 (e) Total Charges (Items (a) and (b)) $ 0.00 Note: If line 3 equals or exceeds line 4, obligations may þe authorized under the provisions of NJ.S. 40A:2-7(h) as limited by N.J.S. 40A:2-47(a). I, (StÓlJJ.J OkltbtJC{! (. , , Director of the Division of Local Government Services in the Department of Community Affairs of the State of New Jersey DO HEREBY CERTIFY that I have compared this copy of a Supplemental Debt Statement of the above loeal unit with 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 6 - ;2/ -tJS , and that this is a true eopy of said Statement and the whole thereof. IN WITNESS WHEREOF, I have hereunto set my hand as Director of the Division of Local Governemnt Services in the Departme of Co unity Affairs of the State of New Jersey this ...2/51 day of ~ ,20¿J.s-. ~ (' For acknowledgement of receipt of Annual Debt Statement, s~pplemental Debt Stateme,,!. 'Jf r""nt"¡ Budget Amep,r'~~' .r - Director