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Home My Public Portal AboutOrd. 05-39 No. 05-39 @rútumn:c nf t~c Zßnrnu£~ nf candcrd, ~. JJ. CounciJrnan Presents the following Ordinance Seconded by Councilman BOND ORDINANCE PROVIDING FOR THE ACQUISITION OF LAND IN AND BY THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $4,000,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $3,809,500 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 affim1atively concurring) AS FOLLOWS: Section 1. The improvement described in Section 3 of this bond ordinance is hereby authorized to be undertaken by the Borough ofCarteret, New Jersey (the "Borough") as a general improvement. For the improvement or purpose described in Section 3, there is hereby appropriated the sum of $4,000,000, including the sum of $190,500 as the down payment required by the Local Bond Law. The down payment is now available from the Borough's Reserve for Land Use. Section 2. In order to finance the cost of the improvement or purpose not covered by application of the down payment, negotiable bonds are hereby authorized to be issued in the principal amount of $3,809,500 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 of land located throughout the Borough, all as shown on a list on file in the Office of the Clerk, including all related costs and expenditures 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 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 detem1inations. 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 priee obtained and the name of the purchaser. NO 05-39 I' ^GE__2...__._ Section 5. The capital budget of the Borough 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 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 Government Services in the Department of Community Affairs of the State of New Jersey. Such statement shows that the gross debt of the Borough as defined in the Local Bond Law is increased by the authorization of the bonds and notes provided in this bond ordinance by $3,809,500, and the obligations authorized herein will be within all debt limitations prescribed by that Law. (d) An aggregate amount not exceeding $800,000 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. Section 7. Any grant moneys received for the purpose described in Section 3 hereof shall be <m121Led either to direct DaYl11ent of the CQsLof 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 authonzed to prepare and to update from time to time as necessary a financial disclosure document to be distributed in cOlmection with the sale of obligations of the Borough and to execute such disclosure document on behalf of the Borough. The chid financial. officer IS further authorized to enter into the appropriate undertaklllg 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 wJth ItS undertaklllg, the Borough shall not be liable for any monetary damages, and the remedy shall be limited to specific performance of the undertaking. NO. 05-39 PAGE 3 SectJon 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 sha1l 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 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. DO NOT USE SPACE BELOW THIS LINE RECORD OF COUNCIL VOTE COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NV A.B. BELLIK> X X DIAZ X X KRUM X X x - Indicate Yore AB - Absent NY - Not Voting XOR - Indicates Vote to Overrule VelD Adopted on first reading of the Council of the Borough of Carteret, N.J., on UNE 30, 2005 June 16, 2005 ON RE: 05-39 CURRENT BLOCK AND LOTS BLOCK 140 140 140 140 140 140 140 140 186 176 202 202 202 240 142 50.1 50.1 219 219 220 220 220 220 137 LOT 11 12 13 14 14.01 15 9 10 73 31 9 10 11 24 12 19 18 29 6 22 5 3 4 13 Affidavit of Publication Publisher's Fee $152.24 Affida"ü<Ch¡iigê> 0.00 ;) ~".. --' , JONIRAGGI é of the Home News Tribune, a newspaper printed In Freeh d, County and State, and of general circulation In said county, whb' that the advertisement of which the annexed Is a true copy, has be 1 lONE) times, once In each Issue, as fOllOWS 6/21/05. State of New Jersey} 55. MIDDLESEX COUNTY '[. Personally appeared NEPTUNE, In said deposeth and salth In the said newspaper S / ,Ir f,,~~ n ,IOHNSON ~!QTARY PIIBLlC OF NEW IFRSFY l,iY COMMISSION miRES FEB. 22,2010 A.D., 2005 ú and subscribed bef this 21st day of June, A.D., 2005 BOROUGH OF CARTEREr the governing body at the meeting next succeeding the date when any sale or delivery of the notes pursuant to this ordinance is made,. Such report must Include the amount, the description, the inter- est rate and the maturity schedule of the notes sold, the price obtained and the name of the purchaser. Section 5. The capital budget of the Borough 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 Fmance 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 hYa)b~~:ti~~~~~~m~enctla~;d p~;~~;~ ~~~c;~~~~d:in Section 3 of this bond ordinance is not a current expense. It is an improvement or purpose that the ~~~~~~~nr.a~n~W~~II~a~rd;r\a~ee ~~s: tt~~:~~1 ~r;;~ been or shall be specially assessed on property specially benefited thereby (b) The period of usefulness of the improvement or purpose withm the limitations of the Local Bend 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~~e~¡f~h~:: tt~:t i~~t~r~~sNd:b/~rt~he SB~~ ough as defined In the Local Bond Law IS Increased by the authorization of the bonds and notes provid- ed ,In this bond ordinance by $3,809,500, and the obligations authorized herein will be within all debt limitations prescribed by that Law (d) An aggregate amount not exceedin!¡: $800,000 for Items of expense listed in and permitted under N,J.SA 40A:2-20 is included in the estimated cost indicated herein for the purpose or improvement. pu~~~~~n d:~c~fbYeJri~ntS~~i~~ys3 rh~~~voefd s~o;1I 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 ~~~Na~~o~:d~~~~or~zi~e ~~~e~~~h~tS~~~h ~~~duSn~~; so used. Section 8, The chief financial officer 01 the Bor- ~~~ ~j~~ri~Yti~:h~~iZneedc~~~~~p~rri~~~cf~1 ~~~~: sure document to be distributed in connection with ~~~c~:~esu~fh d?~~~~;i~;eS d~~u~:ntB~~ob;~alfaZf t~~ Borough, The chief financial officer is further autho- ~;~~idt~ :;¿~~J~~~ ~:r:.fi~~f~I'~~~r~ng~rt"'e~~Ft ~~ the Borough pursuant to Rule 15c2-12 01 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 (Page 1 of #41213 ) ORDINANCE #05-39 BOND ORDNANCE PROVIDING FOR THE AC- aUISITION OF LAND IN AND BY THE BOR- OUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $4,OOOlOO THEREFOR AND AUTHORIZING ~'ó~E~ ~Ul~tf~ B'õ~cMè!~t5J°FI~2~gi T~~ 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 ~btl¿~Ws:bers thereof affirmatively concurring) AS Section 1. The improvement described in Section 3 of this bond ordinance is hereby authorized to be undertaken by the Borough of Carteret, New Jer- sey (the "Borough") as a general improvement For the Improvement or purpose described in Section 3, there is. hereby appropriated the sum of $4,000,000, Including the sum of $190,500 as the down payment required by the LOCiJl Bond Law, The down payment is now available Irom the Borough's Reserve for Land Use. Section 2, In order to finance the cost of the improvement or purpose not covered by applica- tion of the down payment, negotiable bonds ,are hereby authorized to be issued in the princlpa! amount of $3,809,500 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 land located throughout the Borough, aU as shown on a list on file in the OffIce of the Clerk, including all related costs and expenditures 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 shall mature later, than one year from its date. The notes shall bear Interest at such rate or rates a,nd þe in ~uch f,orm 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 ~~~~f~~lv~ff~~i~~sn~~~~t~~e ~IF~8c~d~~etre~i~~fil~~: 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 pubÍlc or private sale and to deliver them to the purchasers thereof upon receipt of payment of the purchase price pius accrued Interest from their dates to the date of delivery thereof. The chief financial officer is directed to report in writing to undertaking from time to time in connection with any change in law, or interpretation thereof, provld· ed such undertaking is and continues to be. in the opinion of a natIOnally recognized bond counsel, consistent with the requirements of the Ru!e, ,In the event that the Borough 1<,l(ls to comply with its ~~~;~;~;nå~~:g~~.r~~§hth~a~~~o~d~e ¿haa~lleb~oíi~??'- ed to specific performance of the undertaking. Section 9. The full faith and credit of the Borough g~¡n~i~~b~fl~~~e~ht~ ~~fe~~~t~~' ~h~mOebïrg~t¿~~ authorized, by this bond ordinance. The obligations shall be direct, unlimited obligations of the Bar· ~~fo~~~~;~:s B~~~~g~IS~h~ ~~xOab~\~a~~~lt~~~v~r~1 within the Borough for the payment of the o~liga- tions and the interest thereon without limitation of rate or amount. Section 10. This bond ordinance shall take effect 20 days after the first publication thereof after final adoption. as provided by the local Bond Law. The foregoing ordinance was introduced at a meeting of the Council of the Borough of Carteret held June 16, 2005 when it was adopted on First Reading. The said ordinance will be further consid- ered on Second Reading for final adoption at a ~neej~~e of3~~id2gg~n~~ O~~h~o~i~~~e~~ o~r6ôrtp.M~ Municipal Court/Police FaCi)¡ty, 230 Roosevelt Ave- nue, Carteret, New Jersey at which time and place all persons interested will be given an opportunity to be heard. KATHLEEN M. BARNEY, Certified Municipal Clerk ($152.24) 41213 (Page 2 of #41213 ) Affidavit of Publication Publisher's Fee $175.12 State of New Jersey} 55. MIDDLESEX COUNTY personally appeared JON IRAGGI 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 satth 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 7106105. JEAN u, JUfWSOO -¡qOIAAy PU8DC OF NEW JERSeY MY COMMISSION EXPIR FEB. 2271' ¿) BOROUGH OF CARTERET ORDINANCE #05-39 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 $4,0005000 THEREFOR AND AUTHORIZING ~'ó~E~ ~~A{."~~ B'ó~JŒ~Wt5J°FI~~:Jg~ T~~ 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 ?bt~¿nws:bers thereof affirmatively concurring) AS Section L The improvement described in Section 3 of this bond ordinance is hereby authorized to be undertaken by the Borough of Carteret. New Jer- sey (the "Borough") as a general improvement. For the improvement or purpose described in Section 3, there is hereby appropriated the sum of $4,000,000, including the sum of $190,500 as the down payment required by the Local Bond Law. The down payment is now available from the Borough's Reserve for Land Use. Section 2, In order to finance the cost of the improvement or purpose not covered by applica- tIOn of the down payment, negotiable bonds are hereby authorized to be issued In the principal amount of $3,809,500 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 land located throughout the Borough, all as shown on a list on file in the Office of the Clerk. including all related costs and expenditures necessary therefor and incidental thereto. (b) The estimated maximum amount 01 bonds or notes to be issued for the improvement or purpose is as stated In Section 2 hereol. (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 shall mature later than one year Irom its date. The notes shall bear interest at such rate or rates and be in such form as may be determined by the chief fmancial officer. The chiel financial ollicer shall determine all matters in connection with notes issued pursuant to this ordinance, and the chief ~~~ ~~~ ~il v~ff~~fd ~sn~~~~t~~ e ;¡ f~8c ~ed ~~et~~i ~~~il~~: 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 01 payment of the purchase price plus ,accrued Interest from their dates to the date of delivery thereat. The chief flnðncii'll officer is directed to report m writing to A.D., 2005 and subscrlö d before me this 6th day of July, AD., 2005 the governing body at the meeting next succeeding the date when any sale or delivery of the notes pursuant to this ordmance is made_, Such report must Include the amount, the descriptIOn, the inter- est rate and the maturity schedule of the notes sold, the price obtained and the name 01 the purchaser. Section 5. The capital budget of the Borough 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 showmg full detail of the amended capital budget and ca8;ital program as ~~~~~~e~r st:r'"vi~~~e~t~~ fire t~fth th~ië~er~f a~~rr~ available there for public inspection. Section 6. The following additional matters are h(ra)b~~:ti~~~~~~m deentla~~d p~ ~~~~~ ~~~c~~b~~d; in Section 3 of this bond ordinance is not a current expense. It is an improvement or purpose that the B~¿~~~~nTa~n~w~~II~a~rd~rt:hk: ~~s: tï~~:~fl ~r:;~ geen 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 L'!w, accc>rding to thO'! 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 01 Local Government Services in the Department of Com- ~~r~%e~:f~ih~:: tt~:t ~~~t~r~~sNd:b/~fs~he SB~r~ ough as defined in the Local Bond Law is increased by the authorization of the bonds and notes provid- ed in this bond ordinance by $3,809.500, and the obligations authorized herein will be within all debt limitations prescribed by that Law. (d) An aggregate amount not exceeding $800,000 for items of expense listed in and permitted under N_J.5A 40A:2-20 is included in the estimated cost indicated herein for the purpose or improvement SectIOn 7. Any grant moneys received for the purpose described In Section 3 hereof shall be appiied either to direct payment of the cost 01 the improvement or to payment of the obligations issued pursuant to this ordinance. The amount of ~~~Wa~~o~:d~~~~o;~zf~e ~~~e~~~h~tS~~~h ~~~~Ut~~; so used Section 8. The chief financial officer of the Bor- 7r~~ it~~~r~~Yti<;::~h~~iZne~ç~~~rr~P:r~i~~~c¡~1 uJi~~I~~ sure document to be distributed in connection with ~~:c~f~esu~fh ~~~~1~;i~~S d~~u~:ntB~~ob:~alt~? t~~ Borough, The chief financial officer is further autho- ~~~~i}~ :en¿~~J~~~ ~:r:frdif~I~~~r~n~~rSa:~~Fr ~~ 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 (Page 1 of #32111 ) :",~ , J~\. n "I -"-. , '..- ,>::<)/ ',,¿ì iT..-¡ \ 'I-'---/\;Y --~~ 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 ~od~;::~~n~~~:g~~r~~~ht~~a~~~o~d~e slh~~leb~ori~i(' ed to specific performance of the undertaking. Section 9. The full faith and credit of the Borough ~~fn~i~~b~fl~~åe1ht~ ~~fe~~~tÇt~~' ~h~moeb]~~t~~; authorized by this bond ordinance. The obligations shalt be direct, unlimited obligations 01 the Bor- ~~Fo~~~n~;~:s B~~~~g~IS~~~ bt~~ab~\~a~:~t~~~~~r~: within the Borough for the payment of the obliga- tions and the interest thereon without limitation of rate or amount. Section 10. This bond ordinance shan take effect 20 days after the first publication thereof after final adoption, as provid§~11E~~"¡TCa! Bond Law. The bond ordinance published herewith has been finally adopted on June 30, 2005 and the 20-day period of limitation within which a suit, action or proceeding questioning the validity of such ordi- nance can be commenced. as provided in the Local Bond Law. has begun to run from the date of the first publication of this statement. KATHLEEN M. BARNEY, Clerk NOTE: The above statement must be completed and published together with the full text of the bond ordinance after final adoption. CURRENT BLOCK AND LOTS BLOCK LOT 140 11 140 12 140 13 140 14 140 14.01 140 15 140 9 140 10 186 73 176 31 202 9 202 10 202 11 240 24 142 12 50.1 19 50.1 18 219 29 219 6 220 22 220 5 220 3 220 4 137 13 ($175.12) 32111 (Page 2 of #32111 ) SUPPLEMENTAL DEBT STA TEMEN ~~:,~,n:5~~ -OF- Borough of Carteret County of Middlesex DIVISION OF . LOCAL GOVERNMENT SERVICES Asaf June 16 ,2005 is (page 2, line 4) $ 32,037,72 ~~ 0'.\ i 1. The net debt of lhe local unit after giving effect to obligations about to be authorized, 2. Equalized valuation basis(the average of the equalized valuations of real estate, incJuding 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 ~ ~ .' >. /,-,/ \., _y.-<;C' ','" ....... .'" "<',Z r":;;;-f I \ '.' ..\¢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 U.{J{ $ 1,647,693,> ' }-iv ). $ 1,460,642,516 3. EQUALIZED VALUATION BASIS - Average or (I), (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 per cent 2.19% ) 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 tbe debt çondition of the local unit as of the date therein stated and is Subscribed and sworn to before me p~~ computed as provided by the Local Bond Law of New Jersey, Patrick 1. DeBlasio this 16th day of June ,2005 Title: Chief Financial Officer n. h. r::iJJ..i~,-,er , Notary Public of New Jersey _ .CHELLE D. BLACKNALL My~TA~fMB!JCdQl¡,tJOOY~ies of Supplemental Debt Statement must be filed with:) m 5 on b)Ires "av, 20.2007 DIVISION OF LOCAL GOVERNMENT SERVICES PO Box 803 TRENTON, NEW JERSEY 08625-0803 ?11{.a¡}<.U< Address 20 Cooke A venue, Carteret, NJ 07008 2 1. The net debt of the local unit, as stated ¡nlhe 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 Deht Bonds and notes for school purposes $ 0.00 $ 0.00 $ 0.00 $ 0.00 Bonds and notes for self- liquidating purposes Other bonds and notes $ 22,300,224 $ 0.00 $ 0.00 $ 0.00 4,528,000 $ 26,828,224.00 $ 26,828,224.00 $ 0.00 $ 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 noie "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 County-Green Acres-Civic Center $ 0.00 $ 0.00 $ 0.00 Paek Improvements $ $ $ 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 auù1Orization of bonds or notes is pennitted 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 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 nOf 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 ¡,test Annual Debt Statement. 2. Obligations heretofore authorized in excess of debt limitation and pursuant to: ~''''''''''''''''........m..... (a) N.J.S. 40A :2-7, paragraph (d) $.............m................. (b) N.J.S. 40A :2-7, paragraph (f) $..m...m..........m....m. (c) 'toU.S. 40A :2-7, paragraph (g) $..........m................... Total $.................m............ 3. Available debt incurring capacity (N .J.S. 40A :2-7 (f) ) $...........................m.. 4. Obligations about to be authorized pursuant toN.J.S.40A :2-7 (f) $.m......................m.. (If item 3 equals or exceeds item 4, obligations may be author- ized) BORROWING POWER AVAILABLE UNDER N.J.S. 40A:2-7 (9) 1. Total appropriations made in local \lnit 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: $....m.......... 3. Excess of Hem 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 $.........m.... $ ·on·'_h___..._ 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 fiscal year $ . ...........m....... (0) Amount of authorizations included in 6(a) which were heretofore repealed $ ..................m.... $............................ $............. (c) Excess of item 6(a) over item 6(b) $............................ 7. Excess of Hem 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) ~....m...m................... $.............. .n_.....__..... $..m..._.. ··_·_.._._hu_.._ ¡J /4 4 ' I ~ .....- z C L.U I- to L.U Q Z - ... ..J o o :r: u VI ...J < Z o C) '" L.U ~ u.. o '"' - ~ I- ... ::I ø. ~ o u '" c o ~.- "'µ .j ç¡'. s J "" o .....ch'T;J.....dI ~_ ~:¡:¡ ~<ofI E I/''C E~ It! r:::].ß~""O~ .£ 0 ......- ¡::c\..¡ \Q ~¡:::¡::I t: 0 o <l¡:'QC>':I §::~ I-< g,""O r::: <.2o<~E _ t"d !"I8.B .j ..,~..:. B 0 oP-4 Ulo....i14 C,) f- f- Z ;:> o ;;I -< .... o ~ ~"'O ~ E ~ ~ co~ 0"- ._ 0""0 t~§ g, o¡ "- ..; .... o '0'0 ~ .. r::: ~ ~.~ E·8~ ~ c. .c .8 ~~b 1:ø..§< 8. ¡:::¡ ~ "- ..; .... '0 . N ~IP ~"M 0'.2"'1 ~~c--I .~..; bod 0 ~>"" . > ..; þ>< f- .... ..J -<: '" ~ u Z ::> :;: II o " j " . o " . "" µ c ~ o S -< ~ ~ ~ ~ ~ I I I fJ {4- r ," I I . I I I ~ o COMPUTATION OF SCHOOL INDEBTEDNESS AND DEDUCTIONS UNDER PROVISIONS OF N.J.S. 1SA: 24·17 'Note: In a "Consolidated" School District, lines IS to 24 must first be filled in. N.J.S. ISA: 24-19(Lines I to 7) 1. Averaged of equalized valuations (page 1, 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 linc_d_below) $ (a) 2 1/2% Kindergarten or Grade 1 through Grade 6 $ (b) 3 % Kindergarten or Grade Ilhrough Grade S $ (c) 3 1/2% Kindergarten or Grade 1 through Grade 9 $ (d) 4 % Kindergarten or Grade I through Grade 12 $ 5S,425,700.64 (e) Other (insert applicable description) % $ (f) Additional State School 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, 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 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 1 above) 10. Net Debt (page 2, line 2) 11. Available Municipal Borrowing Margin (excess. if any, of line 9 over line 10) 12. Use of Municipal Borrowing Margin (line S not exceeding line 11) 13. Remaining Municipal Borrowing Margin after authorization of propsed School Bonds (line II minus line 12) Note: Omit line 14 to 16, if line 11 equals or exceeds line S, or if shown on line 17 $ $ $ $ $ $ NJ.S. ISA: 24-24 (lines 14 to 16) 14. Amount of line 7 15. Amount of Deduction: (a) Amount of line 6 (b) Amount ofline 11 TOlal 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 municpality in whole School District MUNICIPALITY AMOUNT $ $ $ $ $ 19. Gross School District Debt oustanding and authorized and unissued (not Including proposed issue) $ , 6 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 1) $ . times line 19 $ $ Divided by total of average equalized valuation basis of each municipality in whole School District $ (line t8) 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 other municipalities. NJ.S. 40A:2-43 Total of Average equalized valuation basis of each municipality i'"¡ whole School District $ $ $ N/A equals $ (line 18, minus line 1) $ , times line 22 $ $ divided by total of average equalized valuation basis of each mnnicipality 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 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 charges calculated 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 (c) 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 40A:2-47(a). NJ.S. 40A:2-7(h) as limited by N.J.S. n I. (J (JOJJJ/ (});eiJ'¿UC(! (. . , Director of the Division of Local Government Services in the Department of Community Affairs of the State of New Jersey DO HEREBY CERTIFY that I have compared this copy of a Supplemental Debt Statement of the above local unit with the original 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 copy 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 Departrne of Co munity Affairs of the State of New Jersey this -2/Jr day of ,20¡;JS". '-" - r For acknowledgement of receipt of ''''uulll Debt StntelUent, Snpplemental '""' r'n~H~¡ Rudget Debt Stahnnent. 0,' "" , Am_£Pf~~~- Director