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Home My Public Portal AboutOrd. 06-45 OO:r ò ¡mmce Noi06-45_ 0 f H¡ l' ~l!tLntBrì of QIl1derd) ;N. 1 _ C:O\JncjlJrI~11 ___________ Prc.<;er1l5 (l1e following Ordinance Seconded by Counci man _____ BOND ORDINANCE PROVIDING FOR V ARl US SEWER AND ROADWAY II'vIPROVEMENTS OF HE TOWNSHIP OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING HE AGGREGATE AMOUNT OF $1,000,000 THEREFOR AUTHORIZING THE ISSUANCE OF $950,000 BOND, OR NOTES OF THE TOWNSHIP TO FINANCE PART OF HE COST THEREOF. BE IT ORDAINED BY THE TOWNSHIP COUNCIL OF TH TOWNSHIP OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERS Y (not less than two-thirds of all members thereof affirmatively concurring) AS FOLLO S: Section 1. The severa! improvements described in Section 3 of t 1Ís bond ordinance afe hereby respectively authorized to be undertaken by the Townshi of Carteret, New Jersey (the "Borough") as general improvements. For the severCl] improv ments or purposes described in Section 3, there arc hereby appropriated the respective sum of money therein stated as the appropriation made for each improvement or purpose, such ll!llS amounting in the aggregate to $1,000,000, including the aggregate sum of $50,000 a tbe several down payments for the improvements or purposes required by the Local Bar d Law. The down payments have been made available by virtue of provision [or down pa lent or [or capital improvement purposes in one or more previously adopted budgets. Section 2. In order to finance the cost of the several improvemel ts or puqJoses not covered by application of the several down paylnents, negotiable onds are hereby authorized to be issued in the principal amount of $950,000 pursuant 0 the Local Bond Law. JJl anticipation of the issuance of the bonds, negotiable bond ant cipation notes are hereby authorized to be issued pursuant to and within the limitations pres ribed by the Local Bond Law. NO. i #06-45 PAGE~L6 Section 3. The several improvements hereby authorized and the s veral purposes for which tbe bonùs are to be issued, the estimated cost of each imp -ovement and the appropIiatioll therefor, the estimated maximum amollnt of bonds or not s to be issued for each improvement and the period ofusefuJness of each improvement are fo!1ows: Purnose Appropriation and Estimated ~- Estimated Maximum Am unt of Bon cis or Notes Period of Usefulness a) Providing for improvements to West Calieret Sewer and roadway improvements, including al1 work and m8teria1s necessary therefor and incidental thereto. $400,000 $380000 30 year b) Providing for improvements to Roosevelt A venue Sewer and roAdway improvements, including all work and materials necessary therefor and incidental thereto. $400,000 $380, 00 30 years c) Various sewer improvements reJating to the Administrative Consent Order a copy of which is on fiJe in the office of the Clerk and incorporated by reference, inc1uding all work and materials necessary therefor and incidental thereto. $200,000 $190 00 40 years TOTALS $1 000,000 $950 00 The excess of the appropriation made [or each of the improvements or p rposes aforesaid over the estimated maximum amount of bonds or notes to be issued [h refor, as above stated, is the amount of the dO\VI1 payment for each purpose. NO #O~~_._ Page J Section 4. AIl bond anticipation notes issued hereunder shaJImature I be detem1Íned by the chief financial officer; provided that no note shaU In I year from its date. The notes shall hem interest at such rate or rates and be i II be deten-nined by the chief financial officer. The chief financial officer matters in connection with notes issued pursuant to this ordinance, and officer's signature upon thc notes shall be conclusive evidence as to aU such P^GE_-?_()L_~ sllch times as may ture later than one such form as may hal1 deten-nine all he chief financial notes issued hereunder may be renewed from time to time subject (0 the prov sions of the Local terminations. All Bond Law. The chief financial officer is hereby authorized to sell pal1 or al1 of the notes from time to time at public or private sale and to deliver them 10 the purchasers ther of upon receipt of payment of the purchase price p1us accmed interest from their dates to th date of delivery thereof. The chief financial officer is directed to report in wliting to the gov ming body at the I meeting next succeeding thc date when any sale or delivery of the notes ordmance IS made. Such report must include the amount, the descliption, th pursuant to this the maturity schedule of the notes sold, the price obtained and the name of the p Irchaser. interest rate and Section 5. The Borough hereby certjfies that it has adopted a cap tal budget or a temporary capital budget, as appJicable. The capita] or temporary capita! budg t of the Borough is hereby amended to conform with the provisions of this ordinance to tl e extent of any inconsistency herewith. To the extent that the purposes iluthOlized herein are nconsistent with been lïled with the Division of Local Governmcnt Services the adopted capital or temporary capita! bl1dget, a revised capita! or temporary c pital budget has NO.#Oó-45 PA()E~L.6 Page 4 Section 6. The following additional matters are hereby detemlined, eelared, recited and stated: (a) The puqJOSCS desc1ibed in Section 3 of this hond ordina ce are not elm-ent expenses. They are all improvements that the Township may lawfully u dertake as general improvements, and no part of the costs thereof bas been or sllaJ] be sp cially assessed on property special!y benefitted thereby. (b) The average period of usefulness, computed on the basi of the respective amounts of obligations authorized [or each purpose and the reasonable lifi thereof within the limitations of the Local Bond Law, is 32 years. (c) The Supplemental Debt Statement required by the Local Bon Law has been duly prepared and filed in the office of the Clerk, and a complete executed duplic te thereof has been filed in the office of the Director of the Division of Local Governme t Services in the Department of Community Affairs of the State of New Jersey. Such state¡ ent shows that the i¡gross debt of the Township as defined in the Local Bond Law is increased by he authorization of I,the bonds and notes provided in this bond ordinance by $950,000, and the ob igations authorized herein will be within a1\ debt limitations prescribed by that Law. Cd) An aggregate amount not exceeding $200,000 for items of e ensc listed in and pennitted under NJ.S.A. 40A:2-20 is included in the estimated costs indic ted herein for the purposes or improvements. I NO #O,,~_ il PAGf:: Lº-.t 6 Page 5 Section 7, Any grant moneys received for the purposes described i 1 Section 3 hereof shal1 be applied either to direct payment of the cost of the improvements 0 to payment of the obligations issued pursu;mt to this ordinance The amount of obligations authorizcd but not issued hereunder shall be reduced to the extent that sLlch funds are so used. Section 8. The chief financial officer of the Tovmship is hereby autho zed to prepare and to update from time to time as necessary a financial disclosure document t be distributed in connection with the sale of obligations of the Township and to execute such d sclosure document on behalf of the Township. The chief financiaJ officer is further authorize to enter into the appropriate undertaking to provide secondary market disclosure on behal of the Township pursuant to Rule 15c2-12 of the Securities and Exchange Commission (tl e "RuJe") for the henefit of holders and beneficial owners of obligations of the Township a Id to amend such I uncterfökmg from lime 10 time in connection wilh any change in law, or int rpretation thereof, provided such undertaking is and continues to be, in the opilllon of a natlOnaJJ recognized bond counsel, consistent with the requirements of the Rule. IJ1 the event that the Township fails to I comply v.,¡ith its undertaking, the Township sha1l not be 1iabJe for any l110netar damages, and the remedy sha!l be 1imited to specific performance of the undertaking. Section 9. The [ul! faith and credit of the Township arc hereby pledg d to the punctual payment of the principal of and the interest on the obligations authorized by th s bond ordinance. The obligations shaH be direct, unlimited obligations of¡lle Township, and the ownship shall be NO -#C06,.J,5~_._ II I I I Page (, obligated to levy ad valorem taxes upon all the taxable real property wit '11 the Township for the II payment of the obJigations and the interest thereon \vithout limitation of r Ie or amount. I Section 10. This bond ordinance shaH take effect 20 days aft r the first publication IltherCOfal\cr ona1 adoplJon, as provided by the LocaI Bond Law. I I II II I II I[ II I I II II I RECORD OF COUNCIL VOTE lþ:::;:""'" ¡T-~IS ~ NV ;n. COUNCILMAN KR!L~_~ X __ ~ I i [~ \__ In::e VOlt ¡\B - Abs':.nl NV - NO') ~.~- XOR ~=a[~-[~- 10 0 'nrUk. Vow . .~. Adoptrrl on First reading oflhe COlJílciI ofllle Borough ofCartclcl, N,].. "n __.--.A!!g1! t _1_~Z006__ I AdopledünscconJread crhear' gon__~t_24, ?006 -," I I I I II L --.-.---...---- ------.--. ---"--'-'- DO NOT USE SPAn: BELOW THIS liNE PL.ES__~ RIDS -..--.-------- SITARZ APPROVED ONß MAYOR MUNIC P^ CL PAGE ---6-0L6 ~_J .~- y S NO NV A.B_ X X AFFIDAVIT OF PUBLI ATION The following is a true copy of an Ordinance or Resolution of the Borough of arteret that has appeared in the Home News Tri une, a newspaper which is printed in Freehold, New J rsey and published in Neptune, in said County and S ate and of general circulation in said county. ONE (1) times, once in each issue as follows: _IFCMIIE August 16, 2006 A / t.. DVL-\:0 e athleen Barney, Municipal Clerk Affidavit of Publicati Publisher's Fee $196.68 Affidavit n State of New Jersey Middlesex County Personally appeared } SS. $25.00 ,(' Kelli Fletcher ~ ,,\. "" .. ¡ --, ~ A-';!! CLE~~'<> Of the Home News Tribune, a newspaper printed in Freehold, New Jer ey and published in NEPTUNE, in said County and State, and of general circulation in said county, who being duly sworn, deposeth and saith that the advertisement of which the annexed is a true copy, has been pu lished in the said newspaper ] timts, once in each issue as follows: -.z.é?, ~ Sworn and subscribed before me, this 16 day of August, 2006 BOROUGH OF CARTEREI ORDINANCE #06-45 BOND ORDINANCE PROVIDING f'"OR VARIOUS SEWER AND ROAO- t'&JN~~p~~v~~g8ZfSE~ ~~~ J~~~rySHÄ~p~~rftì~tf~JT'r~~ Ä~~ GREGATE AMOUNT OF $1.000,000 THEREFOR AND AUTHORIZING t~EFI~~~ê~~ÃROf o~9-f~¡P~9:>f?f~fR~~F~OTES OF THE TOWNSHIP BE IT ORDAINED BY THE TOWNSHIP COUNCIL or THE TOWNSHIP OF CARTERET, IN THE. COUNTY OF MIDDLESEX, NEW JERSEY (not less than ts~-¿n;;~s 1 o~~~ ~~~;~fri~lt~;¿:~:n~~;1(21~~I~Çe;(b~âni~u~~~f/o~S3 F31~?s~~~d ordi. nance are hereby respectively authorized to be undertaken by the Township of Carteret, New Jersey (the "Borough") as general ImprOVements_ For the several ImproVements or purposes described In Section 3, there are herebY,appropn_ ateÔ the respectlvQ autos of money therem stated as the appropriation made ~í ,gåbh,olöêfn?~(~Y~~i~~ ~~lf~P~:'e~ateUCshu;'U~? $a5rg~~ggn~s Ith~h;e~~~~ïg~~~~O payrnen[s Tor me rlTlproverner*s or purposes reqUired by_ the Local f:!ond Law The down payments have been made available by virtue of prOVisions for down payment or for capital improvement purposes In one or more previously <;Ielopted budgets. Sectior: 2. In order to finance the cost of the several improvements or pur- poses not covered by application of the several down payments, negotiable bonds are hereby authorized to be issued in _ the _pnncipalamount of $950 000 pursuant to the Local_ Bond Law. In anticipation of the ISSuance ,of the bonds negotiable bond anticipation notes are hereby authorized to be IS- sued pursuant to and within the limitations prescribed by the Local Bond Law Section 3. The several improvements hereby authorized and the several pur- poses for which the bonds are to be Issued, the estimated cost of each Im- provement and the appropriation therefor, the estimated maXimum amount of bonds or notes to be Issued for eac~l Improvement and the period of useful- ness of each irnprovement are as follows, Purpose a) provldlllg for improvements to West Carteret Sewer and ig~I~~0rg i~W~~¡kma~)nJsmaterials necessary therefor and Incidental thereto ~~ ~~uov~~¿~ft 'Ä~~~~:~~e~~n;~d roadway improvements, including all work and materia is necessary therefor and incidental thereto $400,000 c) Various sewer improvements relating to the Administrative .~~~~ ?~~h~ ao~i¿: o~f th~ICh (, and incorporated by _òrence, ,im;luding all work df;O matQnals necessary therefor and incidenta~ thereto_ $200,000 $190000 TOTALS $1,000,000 $950,000 T)~e excess of the appropriation made for each of the improvements or purpos- es aforesaid over thE' estimated maximum anlount: of bonds or notes fa be IS- slœd therefor, as above stated, is the amount of the down payment rot each Pš:fc~r~n 4. All bond anticipation notes issue_d hereunder shall mature at such times as Illay be determllled by the chief, financial officer; provided tllat no note shall mature later than one year from ItS date. The notes shell bear inter- Appropriation and Estimated Cost Estimated Maximum Amount of Bonds or Notes Period of Usefulness $400,000 $380,000 30 years $380,000 30 years 40 years est at 5uch,Jate or ra\es and he-in such form as may be determined by the chief financial officer. The chief financial officer shall determme all matters In ~7~n8~~i~~r~~~n~~~~~ i~~~~d tR~r~~~~~ ~~~niSb~r~~~~7~;i'veanedvi~~~cCehi~~, f~ga~,i such determlrlatlons. AII_ notes Issued hereunder may be renewed from time to timE' subject to the prOVISionS of the Local Bond Law. The chief finanCial offi~ cer is Ilereby 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 re- ceipt of payment of the purchase price plus accrued _interest _from their dates 10 tile date of dellve¡y themof. The chief financial officer IS directed to r<¡port II' wntmg to the governing body at the meeting next succeeding the date ~~~~~ r~I~~rtSa~~u~; i~l~I¡,~~r;; t~~ t~~o~~r:i.s tg~r~~~~~i¿go~~IStho:di~t~~~~\ I;atr;aadned tile maturity schedule of the notes sold, the price obtained and the name of ~ purchaser ection 5. The Borough hereby certifi,es that it has adopted a capital budget a temporary capital budget, as applicable. The capital or temporary capital __Jdget of the Borough IS hereby amended to conform with the provIsions of this ordinance to the extent of any inconsistency herewith, To the extent that the purposes authorized herein are Inconsistent with the ado.pted capital or temporary capital budget, a revised capital or temporary capital budget has been filed with the DIvIsion of Local Government Services. Section 6. The following additional matters are hereby d<,termined, declared, recited and stated, (a) Tile purposes described in Section 3 of this bond ordinance are not cur- rent expenses. They are all impro.vements that the Township may lawfully un- dertake as generai improvements, and no part of the Co.sts thereof has been or shall be specially assessed on property specially benefited thereby (b) The average period, of usefulness, computed on the basIs of the respec- ¡iiree th:~~r8Ji~h?~ ~hb~11f~?t~1io~~t~~~~~t~~~1 e~g~d PLu;£~1; l£~<,~h~ reasonable (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 exe. culed dupllc¡¡te thereof has been fded in the office of the Director of the DIVI- sion of Local Government Services In the Department of Community Affairs of tile State of New Jersey. Such statement shows that the gross debt of the lownshlp as defined In the Local Bond ,Law IS Increased by the authorlzatlo.n of the bonds and notes provided m this bond ordlllance, by $950,000, and ~~et~~ilr~~ons authorized herem will ,be within all debt limitationS prescrrbed (d) An aggregate amount not exceeding $200,0.0.0 fOI Items of expense list- ed in and permitted under N,J.S.A. 40A:2-2.o IS Included In the estimated costs indicated herem for the purpo.ses or Improvements. Section 7. Any grant moneys received for the purposes described in Section 3 Ilereof shall be applied elther,to direct payment of the coat of the Improve- ~~~ ~srl ~r oio o.gfi~~¡~~s o~ ~~~orfz~d5a6~~n~ olfs~:~u~d r~~~; en \j e~h;h ~~? i ~~ n r~d u ~~¿ to the extent that such funds are so used Section 8, The chief financial officer of the Township is hereby authorized to prepare and to update from time to time as necessary a flllandal, disclosure document to be distributed in connection with the sale of obligations of the Township and to execute such. disclosure docunlent on behalf of the Town- ship. The chief financial officer IS further authorized to enter Into the appropri- ate undertaking to prOVide secondary market disclosure on behalf of the Town- ship pursuant to Rule 15c2·12 of the Securities ,and Exchange Co.mmission (the "Rule"), for the benefit of holders and, beneficial, owners of obligations of the Township and to amend such undertaking from time to time In connection with any change in law, or Interpretation thereof, provided such undertaking IS and contlnues,to be, It, the opinion of a nationally recognized bond coun- sel, consistent with the requirements of the Rule. In the event that the Town- ship falls to cor'lply with ItS undertaklllg, the Township shall no.tbe liable for ary monetary damages, and the remedY shail be limited to specific pertorlll- ance of the undertaking. Section 9, The full faith and credit of the Township are hereby pledged 10 the fhu~~fi~31 bf~f':r~ebn¿nâf ot:d1n ~~~~.IP~heOfo~ li~aii~~ Sl ni~~lìtb~ nd itr~~t~~I~ ¡f¡'~~it~à ~ ~: ligations of the Township, and the Township sha.llbe obllEated to levy ad valorem taxes upon all. the taxable rest property within the Township for the I¡r'llmt of the obligations and the Interest thereon without limitation of rate mount. ction 1.0. This bond ordinance shall take effect 2.0 days after the first pub- "tlon thereof after final adoption, as prOVided by the local Bond Law. -r¡--'.e foregoing ordinance was Introduced at a meeting at the Council of the Borough o.f Carteret held August 10, 2.006 when It was adopted on First Reading. Tile said ordinance will be further conSidered on Second Readmg for fmal adoption at a meeting at said Council of the Borough of Carteret on Au- gust 24, 2.006 at approximately 6:3.0 P,M., Municipal, Court/Police Facility, 230 Roosevelt Avenue,. Carteret, New J.ersey at which time and place all per- kO¿¥~~~É:eNtMd. E;~Rb~Jÿven an opportulllty to be heard. Certified Municipal Clerk ($196.68) 132454 AFFIDA VIT OF PUB ICATION The following is a true copy f an Ordinance or Resolution of the Borough 0 Carteret that has appeared in the Home News T ibune, a newspaper which is printed in Freehold, New Jersey and published in Neptune, in said County and State and of general circulation in said county. ONE 1 times, once in each issue as follows: AllglI" f" 30, :1006 (~~ a ~-/ Notary Public of Ne\f Jersey LINDA A RIVERA NOTARY PUBLIC OF NEW J MY COMMISSION EXPIRES M. Sworn and subscribed before me this ~ day of)' ~, ~Q;,{.;, ~....." =-- BOROUGH ICMIBIEI - M~~ otflorids or ~ ./gjjf $400,_ S3s0,_ 30 years $380,000 '0_ ~ 40- 1"9n.'1iI Affidavit of Publicati Publisher's Fee $69.96 Affidavit State of New Jersey Middlesex County } SS. Personally appeared Elizabeth Spengler n harge $25.00 .,> \,~ 'j /,~-v , ,:;;.,.....> '.~ q~->.... Of the Home News Tribune, a newspaper printed in Freehold, New Jer ey and published in NEPTUNE, in said County and State, and of general circulation in said county, wh being duly sworn, deposeth and saith that the advertisement of which the annexed is a true copy, has been pu lished in the said newspaper 1 times, once in each issue as follows: ~ , I '......... -- (: iC',,', t;-:T}CT:V "-'," 1'\ 11\,' l·O ¡\ n h, _I: '-1':' f ~'-;; ;:.:' ':r ~~. ! ';I , I ~ 1 'I \.. <..J' ....' , '\ . -' ',- ~ ,.J BOROUGH OF CARTEREr ORDINANCE #06·45 BOND ORDINANCE STATEMENT AND SUMMARY The bond ordinance the summary terms of which are included herein, has been finally adopted'by the Township of Carteret, in the County of Middlesex, State of New Jersey onAugust 24, 2ÇJ06 and the 20 day ~r¡Od of limitation within which a SUit, action or proceedln~ questioning the validity of such Ordi- nance can be commence, as provided In the Local Bond Law, has begl,Jn to run from the date of the first publication of this statement. Caples of the fill or- dinance are available at no cost and duriniõ!: regular business hours, at the Clerk's office for members of the general pu"blic who request the same. The summary of the terms of such bond ordinance follows, Title' BOND ORDINANCE PROVIDING FOR VARIOUS SEWER AND ROAD- WAY IMPROVEMENTS OF THE TOWNSHIP OF CARTERET, IN THE COUNTY OF MIDDLESEX NEW JERSEY APPROPRIATING THE AGGREGATE AMOUNT OF $ l' 000 000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $950,000 BONDS OR NOTES OF THE TOWNSHIP TO FINANCE PART OF THE COST THEREOF Purpose(s): a~~t~~~~~~~ çg_sj Estimated Maximum Amount of Bonds or Notes Period of Usefuln~.s.~ purg05€! T a) Pi'ovì mg or improve- mentstoWestCarteret Sewer and roadway impro- vements, including all work and materials necessary therefor and incidental thereto. ~e~r;;,Vt2i2~d~J~f~~~-ue Sewer and roadway impro- vements, including all work and materials necessary ther<:,forand incidental thereto. c) Various sew<:,r improv<:'ments relating to the AdministratIVe Consent Order, including all work and materials necessary therefor and incidental thereto. l200.o0o TOTALS 1 uuu uuu Appropriation, $1,000,000 Bonds/Notes Authorized: $950,000 ~~~~i~n(~~r¿>'¿s~p$~~~~gb nla Us<:,ful Life: 32 years Kathleen M. Barney, Clerk ($.69.96) $400,000 $380,000 30 years $400,000 $380,000 30 years l~;8 838- 40 years 149035 ,7 /, , .,f,/--- d before me. this August, 2006 ·1 & !( d"·· / .,)