HomeMy Public PortalAboutOrd. 06-07
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Councilman Presents the following Ordinance Seconded by Councilman
GUARANTY ORDINANCE OF THE BOROUGH OF CARTERET
SECURING THE CARTERET REDEVELOPMENT AGENCY'S
"PROJECT SPONSOR CONDUIT LOAN BONDS, SERIES 2006"
IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED
$38,500,000
WHEREAS, on August 1, 1995, pursuant to and in accordance with the provisions of the
Landfill Reclamation Improvement District Law, constituting Chapter 173 of the
Pamphlet Laws of 1995 of the State of New Jersey (the "State"), and the acts amendatory
thereof and supplemental thereto (the "Landfil1 Law", as codified in N.J.S.A. 40A:12A-
50 ~ ~.), the Borough of Carteret, a municipal corporation of the State of New Jersey
(the "Borough"), finally adopted Ordinance 95-40 which established a landfill
reclamation improvement district consisting of certain real property in the Borough as
identified in such ordinance (the "Initial District"); and
WHEREAS, pursuant to the Landfill Law, the Borough was deemed to have adopted a
redevelopment plan at the time the Initial District was established; and
WHEREAS, on November 2, 1995, the Borough Council adopted Resolution 95-346
relating to a redevelopment plan for the Initial District; and
WHEREAS, on June 6, 1996, pursuant to the 1995 Landfill Law, the Borough finally
adopted Ordinance 96-14 which expanded thc boundaries of the Initial District to include
those properties identified in such ordinance (as expanded, the "District"); and
WHEREAS, on March 7, 1997, Borough and the Bellemead Development Corp.
_ ("Bellemead") entered into a redevelopment agreement relating to the District (the
"Bellemead Agreement"); and
WHEREAS, on March 7, 2002, by Ordinance 02-05, the Borough finally adopted an
Amended and Restated Redevelopment Plan to govern the development of the Disttict
("Amended and Restated Redevelopment Plan"); and
\VHEREAS, on February 5, 2004, the Borough adopted Resolution #04-53 authorizing
the Borough to enter into a redevelopment agreement with regards to, inter alia, the
redevelopment of the Phase I Project Site (as such tenn is defined in the hereinafter
defined Redevelopment Agreement); and
WHEREAS, on February 6, 2004, Bellemead and Borough executed that certain
"Mutual Release", which among other things, tenninated the Bellemead Agreement and
released each of the Borough and Bellemead from all claims arising out of the Bellemead
Agreement (the "Bellemead Release"); and
\VHEREAS, on February 6, 2004, thc Borough, acting III the capacity of a
redevelopment entity pursuant to and in accordance with the Redevelopment and
Housing Law, constituting Chapter 79 of the Pamphlet Laws of 1992 of the State, and the
acts amendatory thereof and supplemcntal thereto (the "Redevelopment Law", as
codified in NJ.SA 40A:12A-l !1 ~.), and TITAN-PDC CARTERET, LLC, a
Delaware limited liability company (the "Redeveloper"), entered into that certain
redevelopment agreement (the "Redevelopment Agreement") governing, among other
things, the redevelopment of the Phase I Project Site (the "Phase I Redevelopment
Project"); and
WHEREAS, on May 6, 2004, the Borough adopted Resolution #04-160 declaring the
Phase I Project Site as an area in need of redevelopment, all in accordance with the
Redevelopment Law; and
NO .06-07 I'AGE-L__.._____
WHEREAS, on October 7, 2004, the Borough finally adopted Ordinance #04-24, further
amending and restating the Amended and Restated Redevelopment Plan, all m
accordance with the Redevelopment Law; and
WHEREAS, pursuant to and in accordance with the provisions of the Redevelopment
- Area Bond Financing Law, constituting Chapter 310 o[the Pamphlet Laws of2001 of the
State, and the acts amendatory thereof and supplemental thereto (the "Redevelopment
Bond Law", as codified in N.J.SA 40A: 12A-64 -'! ~.), specifically N.J.SA 40A: 12A-
66(a), the Borough is authorized to provide for tax abatement within a redevelopment
area and for payments in lieu of taxes ("PILOTS") in accordance with certain applicable
provisions of the Long Tenn Tax Exemption Law, cons~ituting Chapter 431 of the
Pamphlet Laws of 1991 of the State, and the acts amendatory thereof and supplement
thereto (the "Long Term Tax Law", as codified in NJ.S.A. 40A:20-1 -'! ~.); and
WHEREAS, pursuant to and in accordance with the provisions of the Redevelopment
Bond Law, specifically N.J.S.A. 40A:12A-67(a), the Borough may issue, or cause to be
issued, bonds [or the purpose of financing all or a portion of the costs of a redevelopment
project, which bonds may be secured by PILOTS; and
WHEREAS, pursuant to and in accordance with the provisions of the Redevelopment
Bond Law, specifically NJ.SA 40A:12A-67(l), and the Local Bond Law, constituting
Chapter 169 of the Panlphlet Laws of 1960 of the State, and the acts amendatory thereof
and supplement thereto (the "Local Bond Law", as codified in NJ.S.A. 40A:2-1 m ~.),
the Borough may provide for a full faith and credit guaranty of any bonds issued, whether
by the Borough or any other authorized governmental entity, including without
limitation, a redevelopment agency established in accordance with the Redevelopment
Law, for the purposes of financing all or a portion of the costs of a redevelopment
project; and
WHEREAS, pursuant to the tenns of the Redevelopment Agreement, the Borough shall
issue, or shall cause to be issued, bonds for the purpose of financing certain remediation
costs of the Phase I Redevelopment Project, including without limitation, the cost of
investigation, remediation and related creek relocation, wetlands mitigation al,1d other
activities for the removal, treatment or containment of hazardous substances, the closure
and post closure of any landfil1 located on the Phase I Project ,Site, and the construction
- of the necessary remedial systems, including the foundations of any buildings to be
constructed on the Phase I Project Site, related thereto (the "Phase I Remediation
Project"), all of which shall constitute a Redevelopment Project, as such ternl is defined
in the Redevelopment Bond Law; and
WHEREAS, pursuant to the terms of the Redevelopment Agreement, and in accordance
with the Redevelopment Law, Redevelopment Bond Law and Long Tenn Tax Law, as
applicable, the Redeveloper has created and established Titan-PDC Carteret Urban
Renewal, LLC, a Delaware limited liability company, (the "Redeveloper Urban Renewal
Enlity"), as an urban renewal entity pursuant to and 111 accordance with the
Redevelopment Agreement, Redevelopment Law, Redevelopment Bond Law, Long
Term Tax Law and other applicable law; and
WHEREAS, the Redeveloper Urban Renewal Entity has submitted an application to the
Borough for the approval of an urban renewal project, as such term is used in the Long
Tenn Tax Law, all in accordance with NJ.S.A. 40A:20-8 (the "Exemption Application"),
which Exemption Application was accepted and approved pursuant to resolution of the
Borough Council duly adopted on February 2, 2006; and
WHEREAS upon the final adoption of an ordinance authorizing the execution thereof,
the Borough and the Redeveloper Urban Renewal Entity shall enter into an agreement
(the "Financial Agreement") to provide for, among other things, a tax exemption for the
Phase I, Redevelopment Project and the payment of Annual Service Charges (as such
teml is defined in the Long Tenn Tax Law); and
WHEREAS pursuant to the Redevelopment Bond Law, specifical1y NJ.S.A. 40A:12A-
68, Annual Service Charges to be made by the Redeveloper Urban Renewal Entity
pursuant to the terms of the Financial Agreement shall, upon the recordation of the
Financial Agreement and the finally adopted ordinance of the Borough Council
authorizing the execution of the Financial Agreement by the Borough, constitute a
municipal lien within the meaning, and for all purposes, of law; and
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NO. 06-07 PAGE 3
WHEREAS, pursuant to the tenns of the Financial Agreement, certain of such Annual
Service Charges shall be pledged to the payment of the principal of and interest on any
bonds issued, whether by the Borough or any other authorized government entity,
induding without limitation a redevelopment agency established in accordance with the
Redevelopment Law, to finance all or a portion of the costs of the Phase I Remediation
- Project; and
WHEREAS, pursuant to the provisions of the New Jersey Environmental Infrastructure
Trust Financing Program (the "Program"), established pursuant to the New Jersey
EnvirOlIDlcntal Infrastructure Trust Act, constituting Chapter 334 of the Pamphlet Laws
of 1985 of the State (the "Trust Act", as codificd in NJ.SA 58:1IB-I <á !]£g.), funds
may be available for the purpose of financing certain water quality improvement projects
eligible for inclusion in the Program ("Program Eligible Projects"); and
WHEREAS, as a project that provides water quality improvements, all or a portion of
the Phase I Remediation Project may qualify under the Program and the Trust Act as a
Program Eligible Project, subject to a final determination made by New Jersey
Environmental Infrastructure Trust (the "Trust") and the New Jersey Department of
Environmental Protection (the "DEP"); and
WHEREAS, in order to take advantage of the Program, a local government entity must
act as the project sponsor (the "Project Sponsor") for the Redeveloper Urban Renewal
Entity in connection with the Redeveloper Urban Renewal Entity's implementation of the
Phase I Remediation Project; and
\VHEREAS, on February 1, 2001, and in accordance with the Redevelopment Law,
specifically NJ.SA 40A:12A-II, the Borough finally adopted Ordinance No. 01-1,
which established the Carteret Redevelopment Agency (the "Agency") as an
instrumentality of the Borough; and
WHEREAS, on March 3, 2005, the Agency, acting as Project Sponsor [or the
Redeveloper Urban Renewal Entity at the direction of the Borough, submitted the "New
Jersey Environmental Infrastructure Financing Program Application for Financial
Assistance" to the Trust and DEP, respectively; and
WHEREAS, the Agency desires to finance all or a portion of the costs of the Phase I
- Remediation Project, on a non-recourse basis to the Agency and acting solely as Project
Sponsor on behalf of the Redeveloper Urban- Renewal Entity, from (i) the proceeds of a
loan (the "Trust Loan") from the Trust to the Agency, the terms of which shall be
established pursuant to a loan agreement by and between the Trust and the Agency (the
"Trust Loan Agreement"), such Trust Loan to be secured by a bond issued by the Agency
to the Trust (the "Trust Loan Bond"), and (ii) the proceeds of a loan (the "Fund Loan")
from the State, acting by and through the DEP (the "Fund") to the Agency, the tenllS of
wruch shall be established pursuant to a loan agreement by and between the State, acting
by and through the DEP, and the Agency (the "Fund Loan Agreement" and together with
the Trust Loan Agreement, the "Program Loan Agreements"), such Fund Loan to be
secured by a bond issued by the Agency to the Fund (the "Fund Loan Bond" and together
with the Trust Loan Bond, the "Agency Conduit Loan Bonds"); and
WHEREAS, the Agency wilJ in turn (i) lend the proceeds from the Trust Loan Bond to
the Redeveloper Urban Renewal Entity (the "Redeveloper Trust Loan"), the tenns of
which sha11 be established pursuant to a loan agreement by and between the Agency and
the Redeveloper Urban Renewal Entity (the "Redeveloper Trust Loan Agreement"), such
Redeveloper Trust Loan to be secured by a promissory note issued by the Redeveloper
Urban Renewal Entity to the Agency (the "Redeveloper Trust Note") and (ii) lend the
proceeds of the Fund Loan Bond to the Redeveloper Urban Renewal Entity (the
"Redeveloper Fund Loan"), the terms of which shall be established pursuant to a loan
agreement by and between the Agency and the Redeveloper Urban Renewal Entity (the
"Redeveloper Fund Loan Agreement"), such Redeveloper Fund Loan to be secured by a
promissory note issued by the Redeveloper Urban Renewal Entity to the Agency (the
"Redeveloper Fund Note"); and
WHEREAS, prior to, and in anticipation of, the issuance of the Agency Conduit Loan
Bonds, the Agency may issue short-term notes directly to the Trust, which short-tem1
notes shall bear interest at zero percent (0%), as permitted under the Program (the "Trust
Interim Note'" and together with the Agency Conduit Loan Bonds, the "Project Sponsor
- Conduit Loan Bonds"); and
06-07 PAGE 4
NO.
WHEREAS, the Agency will in turn lend the proceeds from the Trust Interim Note to
the Redeveloper Urban Renewal Entity (the "Redeveloper Trust Interim Loan", and
together with the Redeveloper Trust Loan and the Redeveloper Fund Loan, the
"Redeveloper Loan"), the tenns of which shall be established pursuant to a loan
agreement by and between the Agency and the Redeveloper Urban Renewal Entity (the
- "Redeveloper Interim Trust Loan Agreement" and together with the Redeveloper Trust
Loan Agreement and the Redeveloper Fund Loan Agreement, the "Redeveloper Loan
Agreements"), such Redeveloper Interim Trust Loan to be secured by a promissory note
issued by the Redeveloper Urban Renewal Entity to the Agency (the "Redeveloper
Interim Trust Note" and together with the Redeveloper Trust Note and the Redeveloper
Fund Note, the "Redeveloper Notes"); and
WHEREAS, the Trust Interim Note is anticipated to be paid from the proceeds of the
Agency Conduit Loan Bonds; and
WHEREAS, pursuant to the Redevelopment Bond Law, specifically NJ.S.A. 40A:12A-
67(c), the Borough shal1 assign, for the benefit of the Agency and as security for the
Project Sponsor Conduit Loan Bonds, all of the Borough's right, title and interest in and
to the Pledged Annual Service Charges, as such ternl is defined in the Financial
Agreement (the "Borough Assignment"); and
WHEREAS, any amounts received by the Agency pursuant to the Borough Assignment
shall be credited against any amounts due and owing by the Redeveloper Urban Renewal
Entity to the Agency pursuant to the Redeveloper Loan Agreements; and
\VHEREAS, pursuant to the terms of the Redevelopment Agreement, including without
limitation, Sections 11.06U) and 11.16, Panattoni Investments, LLC, a California limited
liability company (the "Guarantor"), who has an equity ownership interest, whether direct
or indirect in the Redeveloper Urban Renewal Entity, shall enter into an agreement with
the Agency, to which the Borough shall be a third-party beneficiary, whereby the
Guarantor shall guaranty the full, prompt and unconditional payment when due of any
payments of the Redeveloper Urban Renewal Entity due and owing to the Agency
pursuant to the Redeveloper Loan Agreements (the "Panattoni Agency Guaranty
Agreement"); and
WHEREAS, as additional security for the Project Sponsor Conduit Loan Bonds and as
- authorized pursuant to the Redevelopment Law, specifically N.J.SA. 40A:12A-41, the
Borough shall contribute, donate, grant or otherwise pay to the Agency, the Borough
Incremental Land Taxes, as such term is defined herein, pursuant to the tenus of an
agreement by and between the Borough and the Agency (the "Contribution Agreement");
and
WHEREAS, the Borough shall fully, unconditionally and irrevocably guaranty, the
punctual payment, when due, of the principal of, redemption premium, if any, and
interest on the Project Sponsor Conduit Loan Bonds in a total original aggregate principal
amount not to exceed $38,500,000 at anyone time outstanding, in accordance with (i) the
terms of this guaranty ordinance to be finally adopted by the Borough Council (the
"Guaranty Ordinance") and (ii) a guaranty certificate to be executed by an authorized officer
of the Borough on the face of each Project Sponsor Conduit Loan Bond (the "Guaranty
Certificate" and together with the Guaranty Ordinance, the "Borough Guaranty"), all
pursuant to the Redevelopment Law, Redevelopment Bond Law and the Local Bond Law;
and
WHEREAS, in consideration for the Borough Guaranty, the Redeveloper Urban
Renewal Entity shall pay to the Borough a fee (the "Borough Guaranty Fee") pursuant to
the tenus of an agreement by and between the Borough and the Redevelopment Urban
Renewal Entity (the "Borough Guaranty Fee Agreement"); and
WHEREAS, the Project Sponsor Conduit Loan Bonds shall be special, limited
obligations of the Agency, payable solely from and secured by the Agency's interest in
the Redeveloper Note, the Borough Assignment, the Panattoni Agency Guaranty
Agreement, the Contribution Agreement and the Borough Guaranty; and
WHEREAS, on June 22, 2005, as a condition precedent to the issuance of any and all of
the Project Sponsor Conduit Loan Bonds and in accordance with a11 applicable law,
including without limitation, N.J.S.A. 40A:5A-6, N.J.S.A. 58: lIB-9(a) and N.J.8A
40A:12A-67(g), the Agency submitted an application (the "Local Finance Board
-
NO. 06-07 PAGF 5
Application") to the Local Finance Board in the Division of Local Government Services
of the State's Department of Community Affairs (the "Local Finance Board") for the
Local Finance Board's approval of the issuance of the Project Sponsor Conduit Loan
Bonds and related financial instruments; and
WHEREAS, the Local Finance Board, at a meeting held on August 10, 2005, did issue
- favorable findings with respect to the Project Sponsor Conduit Loan Bonds and the
Borough Guaranty; and
WHEREAS, pursuant to the tenns of the Redevelopment Agreement, including without
limitation Section 11.06(p) and 11.18, the Guarantor shall enter into an Agreement with
the Borough whereby the Guarantor shall guaranty, inter alia, the prompt and full
payment of any "buffer" and or deductible required under any Remedation Performance
and Payment Bond, Cost Cap Insurance or any other insurance required to be obtained by
the Redeveloper pursuant to the ten11S of the Redevelopment Agreement (the "Panattoni
Borough Guaranty Agreement"); and
NOW, THEREFORE, BE IT ORDAINED AND ENACTED by the Borough Council of
the Borough of Carteret, County of Middlesex, New Jersey (not less than two-thirds of all
members thereof affirmatively concurring), as fol1ows:
Section 1. This Guaranty Ordinance shall be adopted by the Borough Council
in the manner provided for adoption of a bond ordinance as provided in the Local Bond
Law.
Section 2. Pursuant to and in accordance with the tenus of the Redevelopment
Bond Law, specifically NJ.SA 40AI2A-67(f), and other apphcable law, the Borough is
hereby authorized to, and hereby shan, unconditionally and irrevocably guaranty the
punctual payment, when due, of the principal of, redemption premium, if any, and interest
on the Project Sponsor Conduit Loan Bonds in a total original aggregate principal amount
not to exceed $38,500,000, at anyone time outstanding, which Project Sponsor Conduit
Loan Bonds are to be issued to finance the Phase I Remediation Project as described in the
preambles hereof, on such temlS and conditions are reflected in this Guaranty Ordinance and
the Guaranty Certificate on the face of each Project Sponsor Conduit Loan Bond.
Notwithstanding the provisions of any other document or agreement, upon the endorsement
of the Project Sponsor Conduit Loan Bonds referred to in Section 3, below, the Borough
- shall be unconditionally and irrevocably obligated to pay, when due, the principal of,
redemption premium, if any, and interest on the Project Sponsor Conduit Loan Bonds, in
the same manner and to the same extent as in the case of bonds issued by the Borough and
accordingly, the Borough shaH be unconditionally and irrevocably obligated to levy ad
valorem taxes upon all of the taxable property within the Borough for the payment thereof
without limitation as to rate or amount. This full, unconditional and irrevocable guaranty of
the Borough effected hereby to pay the principal of, redemption premium, if any, and
interest on the Project Sponsor Conduit Loan Bonds when due may not be waived, setoff
or otherwise abrogated by action or inaction of the Agency, the Redeveloper, the
Redeveloper Urban Renewal Entity, the Borough or for any other reason. Accordingly,
the Borough hereby waives its rights to assert any future defenses which may be available
to the Borough in relieving it in whole or in part from its obligation to make the payments
of the principal of, redemption premium, if any, and interest on the Project Sponsor
Conduit Loan Bonds when due hereunder.
Section 3. The Mayor shall, by manual or facsimile signature, and is hereby
authorized and directed to execute an endorsement on each of the Project Sponsor
Conduit Loan Bonds evidencing this guaranty by the Borough as to the punctual payment
of the principal of, redemption premium, if any, and interest thereon. The endorsement
on each Project Sponsor Conduit Loan Bond shall be in substantially the following form,
with such references to the Agency's indenture of trust for the Project Sponsor Conduit
Loan Bonds! as may be required by the Agency, and absent the fully executed
endorsement in such substantially following form on any such Project Sponsor Conduit
Loan Bond, such Project Sponsor Conduit Loan Bond shall not be entitled to the benefits
of this Guaranty Ordinance:
"GUARANTY OF THE BOROUGH OF CARTERET, COUNTY OF
MIDDLESEX, NEW JERSEY
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NO. 06-07 PAGE 6
The payment of the principal of, redemption premium, if any, and interest
on the within Project Sponsor Conduit Loan Bond shall be fully, irrevocably and
unconditional1y guaranteed by the Borough of Carteret, County of Middlesex, New
- Jersey (the "Borough") in accordance with the provisions of the Redevelopment Area
Bond Financing Law, constituting Chapter 310 of the Pamphlet Laws of 2001 of the
State, and the acts amendatory thereof and supplemental thereto, the Local Bond Law,
constituting Chapter 169 of the Pamphlet Laws of 1960 of the State, and the acts
amendatory thereof and supplement thereto, the guaranty ordinance of the Borough duly
adopted pursuant thereto and any guaranty agreement executed by the Borough in
connection therewith and the Borough is fully, irrevocably and unconditionally liable for
the payment, when due, of the principal of, redemption premium, if any, and interest on
this Project Sponsor Conduit Loan Bond, and if necessary the Borough shall levy ad
valorem taxes upon alJ the taxable property within the Borough without limitation as to
rate or amount in order to make such payments.
IN WITNESS WHEREOF, the Borough of Carteret, County of
Middlesex, New Jersey, has caused this Borough Guaranty to be executed by the manual
or facsimile signature of its Mayor.
BOROUGH OF CARTERET, COUNTY
OF MIDDLESEX, NEW JERSEY
By:
- lVIayor"
The Mayor is hereby further authorized and directed to execute or acknowledge
and deliver such other certificates or agreements relating to this full, irrevocable and
unconditional guaranty that may be required by the Agency to comply with the tenus of
the Project Sponsor Conduit Loan Bonds, including without limitation any agreement or
certificate detailing the time and method that payment under this guaranty shall be made
by the Borough. Such further agreement or certificate shall not in any manner relieve the
Borough from its obligations hereunder, and shall contain only such tenus as are
consistent with or within the paranleters herein set forth.
Section 4. It is hereby found, detennined and declared by the governing body of
the Borough that:
(a) This Guaranty Ordinance may be adopted notwithstanding any
statutory debt or other limitations, including particularly any limitation or requirement
under or pursuant to the Local Bond Law, but the aggregate principal amount of the
Project Sponsor Conduit Loan Bonds which shall be entitled to the benefits of this
Guaranty Ordinance, being an amount not to exceed $38,500,000, shall be included in the
gross debt of the Borough for the purpose of detennining the indebtedness of the
Borough under or pursuant to the Loca1 Bond Law.
(b) The principal amount of Project Sponsor Conduit Loan Bonds
entitled to the benefits of this Guaranty Ordinance and included in the gross debt of the
Borough shall be deducted and is hereby declared to be and to constitute a deduction
from such gross debt under and for all the purposes ofthe Local Bond Law, as set forth in
N.J.SA 40A:2-44(d).
-
NO ----ºº:-~ PAGE 7
Ii Section 5. The following matters are hereby determined, declared, recited and
stated:
(a) The maximum principal amount of Project Sponsor Conduit Loan
Bonds of the Agency which are hereby and hereunder fully, unconditionally and
irrevocably guaranteed as to the punctual payment of the principal thereof, redemption
- premium thereon, if any, and interest thereon is $38,500,000; the maximum principal
amount of Project Sponsor Conduit Loan Bonds of the Agency that may be outstanding at
anyone time is $38,500,000; and the maximum estimated cost of the Phase I
Remediation Project to be financed in accordance with the transactions contemplated
hereby is $38,500,000.
(b) The purpose described in this Guaranty Ordinance is not a current
expense of the Borough and no part of the cost thereof has been or shall be assessed on
property specially benefited thereby.
(c) A suppJemental debt statement of the Borough has been duly made
and filed in the office of the Borough 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, and such debt statement shows that
the gross debt of the Borough, as defined in the Local Bond Law, is increased by this
Guaranty Ordinance by $38,500,000 in accordance with the provisions of the Local Bond
Law, specifically N.J.SA 40A:2-43, and subsequently S38,500,000 is deducted from
such gross debt of the Borough in accordance with the provisions ofthe Local Bond Law,
specifically NJ.SA 40A:2-44(d), and therefore the net debt of the Borough is not
increased.
(d) Other than the requirements set forth in Sections 7 and 8 below, all
other items to be contained in a bond ordinance adopted pursuant to the Local Bond Law
are hereby detcnnined to be inapplicable to the Borough's guaranty of the Project
Sponsor Conduit Loan Bonds hereby.
Section 6. This Guaranty Ordinance shall take effect at the time and in the
manner provided by law.
- Section? A public hearing shaJl be held on this Guaranty Ordinance on February
16, 2006 at 6:30 p.m. in the Police Facility/Municipal Court Building, 230 Roosevelt
Avenue, Carteret, New Jersey.
Section 8. The Borough Clerk is hereby authorized and directed to publish and
post notice of this Guaranty Ordinance as required by applicable law, including the
Redevelopment Bond Law and Local Bond Law.
Section 9. Upon the final adoption hereof, the Borough Clerk is authorized and
directed to forward certified copies of this Guaranty Ordinance to Eric Chubenko,
Executive Director of the Agency, John Cavaliere Esq., McManimon & Scotland, LLC,
Agency Counsel, Robert Bergen, Esq., Gill & Chamas, LLC, Borough Counsel, Stephen
B. Pearlman, Esq., DeCotiis, FitzPatrick, Cole & Wisler, LLP, Special Redevelopment
Counsel to the Borough.
DO NOT USE SPACE BELOW THIS LINE
RECORD OF COUNCIL VOTE
II COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NY A.B.
RF.! I TI«)
DIAZ X
X
X - Indicate Vott AB· Absent NY - Not Voting XOR· Indicates Vale 10 Overrule Yew
Adopted on first reading of the Council of the Borou h of Carteret, N J . on Føbru.ary 2, 2006
16, 7006
-
APP;;tVED B
ON
Affidavit of Publication
Publisher's Fee $32.12 Affidavit Charge $25.00
-
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
2117 /06.
ANNf: I1"FOOROTHY MADAMA
mrrARY PUBLIC OE..NFW ,IFRSEY
---wlY COMMISSIQiiEXPIRfS APRIL 20, 20~,2DD6
/
BOROUGH OF CARTERET Kathleen M. Barney,
Borou~h Clerk
Notice of Pending ($32.1 ) 2363
Guara~ Ordinance
and ummary
The Guaranty Ordi-
nance, the summary .of
terms of which are In-
cluded herein, was intro-
duced and passed on
first reading at the meet-
ing of the governing
g~~rer~\ i~!h~~g~~:;' ~: , \~
Middlesex, State .of New \'
Jersey, held on February
2, 2006. It will be further
considered far final pas-
sage and adoption, after
:t~b~~ehtí;~'~~ l~~re~~:
ernln~ body to be heFcJ at
the olice Facility/Mu-
njçlpal Court BUilding,
230 Roosevelt Avenue,
Carteret. New Jersey, on
February 16, 2006 at
6:30 p.m. During the
week prior to and up to
and including the date of
such meeting, copies of
~~~c~u~il~~:r:VnaWab?:~t
no cost during regular
business hours at the
Clerk's office for the
members of the general
public shan request the
same. The summary of
the terms of such Guar·
anty Ordinance follows:
Title: GUARANTY ORDI-
NANCE OF THE BOR-
OUGH OF CARTERET SE-
CURING THE CARTERET
REDEVELOPMENT
AGENCY'S "PROJECT
SPONSOR CONDUIT
LOAN BONDS, SERIES
2006" IN AN AGGRE-
GATE PRINCIPAL
AMOUNT NOT TO EX·
CEED $36,500.000
purposeªs): To provide
for the orou¡¡:h of Car·
teret's unconditional and
~r~:v~~~~~~a~ua~~~~n~~
when due, of the princi-
pal of. redemption pre-
- mium, if any interest on
the Carteret Redevelop-
ment Agency's "Project
Sponsor Conduit Loan
Bonds, Series 2006" in a
total. original aggregate
principal amount not to
exceed $36,500.000