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Home My Public Portal AboutOrd. 06-26 No. 06-26 ®ràimutte vf tfre ißnrnu£fr vf QInrterd, ~ W~ Councilman Presents the following Ordinance Seconde by Councilman BOND ORDINANCE PROVID NG A SUPPLEMENTAL APPROPRIATI N OF $2,000,000 FOR VARIOUS PARK IMPROVEMENTS IN AND B THE BOROUGH OF CARTERET, I THE COUNTY OF MIDDLESEX, NEW JERSEY AND AUTHORIZING THE ISSUA CE OF $1,900,000 BONDS OR NOTES F THE BOROUGH FOR FINANCING PART OF THE APPROPRIATION BE IT ORDAINED BY THE BOROUGH COUNCI , OF THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLES X, NEW JERSEY (not less than two-thirds of all members thereof affi atively concurring) AS FOLLOWS: Section 1. The improvement described in Sectio 3 of this bond ordinance has heretofore been authorized to be undertaken by the orough of Carteret, New Jersey' (the "Borough") as a general improvement. or the improvement or purpose described in Section 3, there is hereby appro riated the supplemental amount of $2,000,000, such sum being in addition to t e $793,000 appropriated therefor by bond ordinance #03-01 of the Borough fin lly adopted February 6, 2003, and including the sum of$100,000 as the addition 1 down payment required by the Local Bond Law. The additional down payment i now available by virtue of provision for down payment or for capital improve ent purposes in one or more previously adopted budgets. Section 2. In order to finance the additional co of the improvement or purpose not covered by application of the additional d wn payment, negotiable bonds are hereby authorized to be issued in the princip I amount of $1,900,000 pursuant to the Local Bond Law. In anticipation of t e issuance of the bonds, negotiable bond anticipation notes are hereby authorize to be issued pursuant to and within the limitations prescribed by the Local Bond aw. Section 3. (a) The improvement heretofore auth rized and the purpose for the financing of which the bonds are to be issu d is for various park improvements and the acquisition of land for parks and 0 en space as described in the bond ordinance #03-01 of the Borough finally adopte February 6,2003. (b) The estimated maximum amount of bond or notes to be issued for the improvement or purpose is $2,655,000, including the $755,000 bonds or notes authorized by bond ordinance #03-01 of the Borough fi ally adopted February 6, 2003 and the $1,900,000 bonds or notes authorized herei (c) The estimated cost of the improvement r purpose is $2,793,000, including the $793,000 appropriated by bond ordinanc #03-01 of the Borough finally adopted February 6, 2003 and the $2,000,000 app opriated herein. P^GE~__oL3 NO Q6 26 Section 4. All bond anticipation notes issued h reunder 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 otes shall bear interest at such rate or rates and be in such form as may be determi cd by the chief financial officer. The chief financial officer shall determine all atters in connection with notes issued pursuant to this ordinance, and the chief fi ancial officer's signature upon the notes shall be conclusive evidence as to all ch determinations. All notes issued hereunder may be renewed from time to time subject to the provisions of the Local Bond Law. The chief fin ncial officer is hereby authorized to sell part or all of the notes from time to ti at public or private sale and to deliver them to the purchasers thereof upon r ceipt of payment of the purchase price plus accrued interest from their dates to the date of delivery thereof. The chief financial officer is directcd to eport in writing to the governing body at the meeting next succeeding the date hen any sale or delivery of the notes pursuant to this ordinance is made. Suc report must include the amount, the description, the interest rate and the matu ·ty schedule of the notes sold, the price obtained and the name ofthc purchaser. Section 5. The Borough hereby certifies that t has adopted a capital budget or a temporary capital budget, as applicable. he capital or temporary capital budgct of the Borough is hereby amended to co fonn with the provisions of this ordinance to the extent of any inconsistency her with. To the extent that the purposes authorized herein are inconsistent wit the adopted capital or temporary capital budget, a revised capital or temporar capital budget has been filed with the Division of Local Government Services. Section 6. The following additional matters are hereby detemlÎned, declared, recited and stated: (a) The improvement or purpose described n Section 3 of this bond ordinance is not a current expense. It is an improve ent or purpose that the Borough may lawfully undertake as a general improv ment,· and no part of the cost thereof has been or shall be specially assess on property specially benefitted thereby. (b) The period of usefulness of the improve ent or purpose within the ]imitations of the Local Bond Law, according to th reasonable life thereof computed from the date of the bonds authorized by t is bond ordinance, is 15 years. (cJ The Supplemental Debt Statement rcg ¡red by the Local Bond Law has been duly prepared and filed in the office of e Clerk, and a complete executed duplicate thereof has been filed in the offi e of the Director of the Division of Local Government Services in the Oeparttn nt of Community Affairs of the State of New Jersey. Such statement shows t at the gross debt of the Borough as defined in the Local Bond Law is increas d by the authorization of the bonds and notes provided in this bond ordinanc by $1,900,000, and the obligations authorized herein will be within al1 debt lim tations prescribed by that Law. (d) An aggregate amount not exceeding $35 ,600 for items of expense listed in and pernlitted under N.J.S.A. 40A:2-20 is incl ded in the estimated cost indicated herein for the purposc or improvement. Of t is amount, $158,600 was estimated for these items of expense in bond ordinan #03-01 of the Borough finally adopted February 6, 2003, and an additional $20 ,000 is estimated therefor herein. Section 7. Any grant moneys rcceived for t e purpose described in Section 3 hereof shalJ be applied either to direct pa ent of the cost of the improvement or to payment of the obligations issued rsuant to this ordinance. The amount of obligations authorized but not issued her under shall be reduced to the extent that such funds are so used. NU 06-26 'I II I PAGE 1 of 1 Section 8. The chief financial officer of the Bora gh is hereby authorized to prepare and to update from time to time as necessa y a financial disclosure document to be distributed in connection with the sa e of obligations of the Borough and to execute such disclosure document on be alfofthe Borough. The chief financial officer is further authorized to ent r int~ the appropriate undertaking to provide secondary market disclosure 0 behalf of the Borough pursuant to Rule 15c2-12 of the Securities and Exc ange Commission (the "Rule") for the benefit of holders and beneficial own IS of obligations of the Borough and to amend such undertaking from time to tin e in connection with any change in law, or interpretation thereof, provided s ch undertaking IS and continues to be, in the opinion of a nationally recognized bond counsel, consistent with the requirements of the Rule. Tn the event that the Borough fails to comply with its undertaking, the Borough shall not be liable fa any monetary damages, and the remedy shall be limited to specific perfonTIance of the undertaking. - II II Section 9. The full faith and credit of the Borou h are hereby pledged to the punctual payment of the principal of and the iot rest on thc obligations authorized by this bond ordinance. The obligations s all be direct, unlimited obligations of the Borough, and the Borough shall be obi gated to levy ad valorem taxes upon all the taxable real property within the Borou h for the payment of the obligations and the interest thereon without limitation of ate or amount. Section 10. This bond ordinance shall take effe t 20 days after the first publication thereof after final adoption, as provided by th Local Bond Law. - l__ n~~ÖUNCIÌ.MAN'-~-rYES II B"TT TNn ' X !I I I DO NOT USE SPACE BELOW THIS LINE RECORD OF COUNCIL VOTE "N"O NV A.Ù:-- ~~-COUÑëILMA NAPLES RIDS DIAZ KRUM X X m ---- ~YES< X X ~-NÓ- "NV~~A.-ir- x , X· Indicate Vote AS - Absent NV - Not Voting XOR - Indicat s Voto:: to Ovo::rrulo:: Vo::to Adopted on first reading of ¡he Council of the Borough ofCarteret, N.J., on April April 20, 2 06 - Adopted on secon ner hearing ani /' '} ^" ,/ J /. -// / < ';;1'"7 / / , . ~~ÁF'.R-<- MUNICIPAL CLERK APPR~'J2 ON '" ,. YOR ......... 6, 2006 cp u - Affidavit of Publ cation Publisher's Fee $33.00 Affid vit Charge $25.00 State of New Jersey} 55. MIDDLESEX COUNTY personally appeared JON IRAGGI of the Home News Tribune, a newspaper printed In Freeh Id, NJ and published In NEPTUNE, In said County and state, and of general circulation In said county, w 0 being duly sworn, deposeth and salth that the advertisement of which the annexed Is a true copy, h s been published In the said newspaper 1 lONE) times, once In each Issue, as follows 1 6 '1 I W.....IV \ i ¡,_._ _,MY COMrv118810r~ EXPIRES APRIL ¿ö, ~M~ I"~ r,!\:r: 'r..: f\(.....Cr·,'f"\ " ",,\Tf, '') 1 n ' -, r- -,.-" ~-\ bscrlbed before me this h day of April, A.D., 2006 // iZ2 f1c J/ ~j} . t~/](I(./- / / ß2£t-tuAI¿' {k&/P \.....¡¡otåry Public of New Jersey ( BOROUGH OF CARTERET ORDINANCE #06-26 NOTICE OF PENDING BOND ORDINANCE AND SUMMARY The bond ordinance, the summary terms of which are induded herein, was introduced and passed upon first reading at a bOe;;i~~ ~~~hÎ3~~.;~~ginJ'¡ Carteret, in the County of Middlesex, State of New Jersey, on April 6, 2006. It will be further considered for final pas- sage, after public hear- ing thereon, at a meet- ing of the governing body to be held at the Municipal Court/Police ~~c:~iI ~h.t~Öo:~~°6:~~ o'clock a.m. During the week prior to and up to and including the date of such meeting. copies of the full ordinance will be available at no cost and ~~~i~sg ;tfh~a(;¡~~~!~e;f~ ice for the members of the general public who shall request the same. ie~~s s~r'~~hbo~J o~~~ nance follows: Title: Bond Ordinance Providing a Supplemen- tal Appropriation of $2,000,000 for Various Park Improvements in and by the Borough of Carteret, in the County of Middlesex, New Jer- ~:luaannc~ Aou/h$[~~S~.dgo Bonds or Notes of the Borough for Financing Part of the Appropria- tion. PurpoS8(S): Various park improve- ments and the acquisi- tion of land for parks and open space ~~:orå8g~~on: Bonds/Notes Authorized: $1,900,000 Grants (if any) Appropriated: "A Section 20 Costs: $200.000 Useful Life: ~~thr=~ M. Barney. Clerk ($32.56) 19619 AFFIDAVIT OF PU LICATION The following Resolution of of an Ordinance or f Carteret that has appeared in the Home News Tribune, a newspaper which is printed in Freehold, N w Jersey and published in Neptune, in said County an State and of general circulation in said county. One 1 times, once in each issue as follows: is a the true cop Borough Avril 25, 2006 ,~ L~ 1.rL<: fCMC IIOIOUGIIIf CMIBIET ~o~ Notary Public of New Jersey ;l..co - G (0 -) ¡, l =r¡,.trS'teZ: ITA""'" AND - The bond ordinmtCe, the summ.-y tet'"ms of which are incklded herein, ha' been _IIy _od by the Boro~ of C.rteret. in the County of Mkklte- sex, State of New Jersey on April 20, 2006 and the 20 day period of limi- tation within which . suit, action or proceed- ing questioning the vatld- ity of such ordinance ean be commenced, as provided In the Local Bond Law, has tMlun to run from the date of the ',,"st publk:atlon of this statement Copies of the full orc:finance ... avail· able at no cost ...d dur- Ing regular business hours, .1: the Clerk's 01- fice for member. of the general pUblic who re- quest the same. The summary of the term, of suçh bond ordinance fol- lows: Title: Bond Ordinance Providing a Supplemen- tal Appropriation of $2,000.000 for Various Park Improvements in and by the Borough of Carteret, In the County of Middlesex. New Jer- sey and Authorizing the Issuance of $1.900.000 Bonds or Notes of the Borough for Flnaneinl Part of the Appropriation Purpose(s): Various park improvements and the ~e ulsJtlon O. f land for and open .paee Pfopriation: $ ,000,000 Bonds/Notes Autho- rized: $1.900.000 Granu (if any) Appropri. ated: HI A Section ,20 Costs: $200,000 Useful-llfe: 15 years ~ M.IWney, ~,..) ..... ;-, NOTARY ¡>U,' My Commissi( Sworn and subscribed before me this d. c....v. day of ~ , W JERS :ay 2, or Affidavit of Publ cation Publisher's Fee $29.04 Affid vit Charge $25.00 Personally appeared of the Home News Tribune, a newspaper printed In Freeh Id, NJ and published In NEPTUNE, In said county and State, and of general circulation In said county, w 0 being duly sworn, deposeth and salth that the advertisement of which the annexed Is a true copy, h s been published In the said newspaper 1 lONE) times, once In each Issue, as follows 5 & State of New Jersey} 55. MIDDLESEX COUNTY JON IRAGGI A.D.,2DO / í2J¡¿!'" ~ d / '/ ~ '-" ///1(AC[ / /IMfJ¿ àA~ Notary Public of New Jersey BOROUGH OF CARTERET ORDINANCE #06-26 BOND ORDINANCE STATEMENT AND SUMMARY The bond ordinance, the summary terms of whiçh are included herein, has been finally adopted by the Borough of Carteret, in the County of Middle- sex, State of New Jersey on April 20, 2006 and ~~~i;~ d.;:rtRr~iO~hi~~m¡~ suit. açtion or proceed- ing questioning the valid- ity of such ordinance can be commenced, as ~rovided in the Local Bond Law. has begun to run from the date of the first publication of this statement. Copies of the full ordinance are avail- able at no cost and dur- ing regular business hours, at the Clerk's of- fice for members of the general public who re- quest the same. The summary of the terms of such bond ordinance fol- lows: Title: Bond Ordinance Providing a Supplemen- tal Appropriation of $2,000,000 for Various Park Improvements in and by the Borough of Carteret, in the County of Middlesex, New Jer- Îseiu:nncde Aou/h$[~~SS,Jg:) Bonds or Notes of the ~~;tO~frhtÀ~p~~np~ra~:~~ Purpose(s): Various park improvements and the acquisition of land for parks and open space ~~:¿gg~~on: Bonds/Notes Autho- rized: $1,900,000 Grants (if any) Appropri- ated: N/A Section 20 Costs: $200,000 Useful Life: 15 years Kathleen M. Barney, Clerk ($29.04) 48563 '\ \ , 1 ¡ " , crlbed before me this (jay of April, A.D., 2006 \~ : !