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Home My Public Portal AboutOrd. 06-57 N,,_O~~~L (@rùimmt£ Df tI1£ ~Drl1LtgI1 of ([art£rd) ~+ ]+ Councilman _ Presenls the following Oròinance $ccun eJ by Councillllan BOND ORDINANCE PROVIDING FOR THE REST RATION OF CARTERET POND IN AND BY THE BOR UGH OF CARTERET, IN THE COUNTY OF MIDDL SEX, NEW JERSEY, APPROPRIATING $300,000 THE FORE AND AUTHORIZING THE ISSUANCE OF $285,0 BONDS OR NOTES OF THE BOROUGH TO FINANCE THE C ST THEREOF BE IT ORDAINED BY THE BOROUGH COUNCr CARTERET, IN THE COUNTY OF MIDDLESEX, NEW of a]] members thereof affim1atively concurring) AS FOLLO' OF THE BOROUGH OF RSEY (not less than two-thirds S: Section I. The improvement described in Section 3 f this bond ordinance is hereby authorized to be undertaken by the Borough of Carteret, in the ounty of Middlesex, New Jersey (the "Borough") as a general improvement. For the impro ement or purpose described in Section 3, there is hereby appropriated the sum of $300,000 a]] of which is expected to be received as a loan from the State of New Jersey Departme t of Envirorunental Protection, including the sum of $15,000 as the down payment required by the Local Bond Law. The dO"'~1 payment is now available by virtue of provision for down pa ent or for capital improvement purposes in one or more previously adopted budgets. Section 2. In order to finance thc cost of the improv ent or purpnse not covered by application of the down payment, negotiable bonds are hereb authorized to be issued in the principal amount of.$285,000 pursuant to the Local Bond Law. In anticipation of the issuance of the bonds, negotiable bond anticipation notes are hereby autho 'zed to be issued pursuant to and within the limitations prescribed by the Local Bond Law. Section 3. (a) The improvement hereby authorized and he purpose for the financing of which the bonds are to be issued is the restoration of Carteret P nd, including all work and materials necessary therefore lli1d incidental thereto. (b) The estimated maximum amount of bonds or notes 0 be issued for the improvement or purpose is as stated in Section 2 hereof. (c) The estimated cost of the improvement or purpo e is equal to the lliJ10unt of the appropriation herein made thercfore. Section 4. All bond anticipation notes issued hereunder ha]] mature at such times as may be determined by the chief financial officer; provided that no note shaJ! mature later than one year from its date. The notes sha]] bear interest at such rate or ates and be in such form as may he detem1ined by the chief financial officer. The chief fina ,cial officer shaJ! detell11ine aJ! ll1atters in connection with notes issued pursuant to this or inance, and the chief financial officer's signature upon the notes sha]] be conclusive evidence s to a]] such detem1inations. All notes issued hereunder may be renewed from time to time subj ct to the provisions of the Local Bond Law. The chief financial officer is hereby authorized to sell part or a]] of the notes from time to time at public or private sale and to deliver them to the urchasers thereof upon receipt of payment of the purchase price plus accrued interest from th ir dates to the date of delivery thereof. The chief financial officer is directed to report in wri ing to the goveming body at the meeting next succeeding the date when any sale or deliver of the notes pursuant to this ordinance is made. Such report must include the mnount, the de cription, the interest rate and the maturity schedule of the notes sold, the price obtained and the n me of the purchaser. Section 5. The Borough hereby certifies that it has adopted a capital budget or a temporary capital budget, as applicable. The capital or tempora capital budget of the Borough is hereby amended to confoll11 with the provisions of this rdinance to the extent of any inconsistency herewith. To the extent that the purposes autho . zed herein are inconsistent with the adopted capital or temporary capital budget, a revised capita or temporary capital budget has been filed with the Division of Local Government Services. No06-57 PAGE -.l.of 2 Section 6. The following additional matters are he~eby detem1ined, declared, recited and stated' (a) The improvement or purpose dcscribed in ~ection 3 of this bond ordinance is not a current expense. It is an improvement or purpose that tJ1e Borough may lawfully undertake as a general improvement, and no part of the cost thereof has !been or sha]] be specially assessed on property specia]]y benefited thereby. , (b) The period of usefulness of the improvement or purpose within the limitations of the Local Bond Law, accordmg to the reasonable life th~reof computed from the date of the bonds authorized by this ordinance, is 15 years. (c) The Supplemental Debt Statement required þy the Local Bond Law has been duly prepared and tì1ed in the office ofthe Clerk, and a complete executed duplicate thereof has been filed in the ot1ìce of the Director of the Division of! Local Govenm1ent Services in the Depar1ment of Community Affairs of the State of New Jhsey. Such statement shows thai the gross debt of the Borough as defined in the Local Bond L4w is increased by the authorizatiou of the bonds and notes provided in this bond ordinance by $2ß5,000, and the obligations authorized herein will be within all debt limitations presClibed by that ¡Law. (d) An agb'Tegate amount not exceeding $45,OPO for items of expense listed in and permitted under N.J.S.A. 40A:2·20 is included in the dtimated cost indicated herein for the purpose or improvement. Section 7. Any grant moneys received for the purpose described in Section 3 hereof shall be applied cither to direct payment of the cost of tl~e improvement or to payment of the obligations issued pursuant to this ordinance. The amoi.1l1t of obligations authorized but not issued hereunder shall be reduced to the extent that such fubds are so used. Section 8. The chief tinancial officer of the B4rough is hereby authorized to prepare anù to update frorn time to tinle as necessary a fmancial d~sclosllre UOCUlllcnt to be distributed in connection with the sale of obligatIOns of the Borough anql to exccute such disclosure document on behalf of the Borough. The chief financial officer i!s fUl1her authorized to enter into the appropriate undertaking to provide secondary market qisclosure on behalf of the Borough pursuant to Rule 15c2·12 of the Securities and Exchadge Commission (the "Rule") for the henetìt of holders and beneficial owners of obligations! of the Borough and to amend such unde11ak1l1g from time to time in cormection with any cliange in law, or interpretation thereof, provided such undertaking is and continues to be, in the opimòn of a nationally recognized bond counsel, consistent with the reqnirements of the Rule. In the event that the Borough [ails to comply with its unde11aking, the Borough shall not be 1ia~le for any monetary damages, and the remedy shall be limited to specific performance of the und~rtaking. Section 9. The full faith and credit ofthe BoroÜglr are hereby pledged to the punctual payment of the principal of and the interest on the obligations authorized by this bond ord1l1ance. The obligations shall be direct, unlimited obligations of the Borough, and the Borough shaH be obligated to levy ad valorem taxes upon all the taxable re~l property within the Borough for the payment of the obligations and the interest thereon withou( limitation of rate or amount. Section 10. This bond ordinance shall take effrct 20 days aftcr the first publicatIon thercof after tinal adoption, as provided by the Local Bon~ Law. DO NOT USE SPACE BEL.OW THIS LINE COUNCtLMAN RECORD OF COUNCIL \FOTE YES NO NV A.n. CO'UNCILMAN YES NO NV A.B. DIAZ KRUM x ...x ._ x - II!JìcOJ.l~ VOI~ AU· Absent NY· Nnl Vl11ing xo,{· InJiC;llc.~ VOle 10 Overrule VCIO AJOplcd on firs! rCiHJing of the Council of ¡he Bnruugh of Cancrcl, ~.J., on _ October 26. 2006 November ~1, 2006 ON Affidavit of Publication Publisher's Fee $29.92 Affidavit C arge $25.00 State of New Jersey Middlesex County Personally appeared Marie Dill } SS. Of the Home News Tribune, a newspaper printed in Freehold, New Jers~y 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 published in the said newspaper 1 times, once in each issue as follows: 11/?9/?OOfì N JOROUGH OF CARTERET ORDINANCE #06-57 BOND ORDINANCE STATEMENT AND SUMMARY The bond ordinance, the summary terms of which are included herein, has been finally adopted by the Borougn of carteret.¡ In the County 0 Middlesex, State of New ~9ge¿ O~n~O~~~~¿ ~~y peno(fQf limitation within which a suit, action or procee~ing questioning the validity of such ordl~ nanca can be com- menced, as provided in the Local Bond Law, has Z~~~nOf tfhe~~?rstg~bli~~~ tlon of this statement. Copies of the full ordi- nance are available at no cos~ and during regular business _ hours, at the Clerk's office for members ~~qt~:sre~;~al ~~~.c 't~~ summary of the terms of such bond ordinance fol- lows: Title- "Bond Ordinance b~~Vjg~n~~rt'e~~i ~~~orf~ and by the Borough of Carteret, in the County of X¡g~~e~iitin Ner3d6,r6~ rRere'ß,r an~ Authoriz-ing the IS5ua nce of $285,000 Bonds or N.otes of the Borough to Finance the Cost Thereof" Purpose: The restoration of Carte- ret Pond, including all work and materials nec- essary therefor and inci- ~tal thereto. ropriation: )0,000 ~ndS/Notes Authorized: $285,000 Grants Appropriated: N/A Section 20 Costs: ~i;f~08fe: 15 years Kathleen Barney, Clerk ! AJ. 2006 / llaVL K-(]d Sworn and subscribed before me, this 29 day of November, 2006 ¡ AITFIDA VIT OF PUB~ICATION I I i ! I The following IS a true copy ~f an. Ordinance or Resolution of the Borough ofl Carteret that has appeared in the Home N ews T~ibune, a newspaper which is printed in Freehold, New IJ ersey and published in Neptune, in said County and State and of general circulation in said county. One ol times, once in each issue as follows: November 29. 2006 &~a~ Notary Public of New Jersey LINDA A RIVERA NOTARY PUBLIC OF NEW JERSEY MY COMMISSION EXPIRES MAY 2,2011 Sworn and subscribed before me this ~ day of£ì1~ ;)..a::;¿ Kat leen Barney, !VIu icipal Clerk IIOROOGH If CM1ÐIU OftDINANCE #06-57 BOND ORDINANCE STATEMENT AND SUMMARY The bond ordinance, the summary terms of which are included herein, has been finally adopted by the Borough of ea.rtereL¡. in the CountY. 0 Middlesex, state óf New J~ on NQVember 21. 2006 ana· rne ¿ou d~ ØiiìõðCif limitation within which a suit, action or Proceedi!) questioning the valicfnr 01 such ordr- nance can be com- menced, as pto'llided in the L.ócal Bond law, has beaun to run . from tt1e døfe of the first pubHca- tion of this statement. Copies of the full ordi- nance are available at no cost and during regular bustness hours, at the Clerk's offICe for members of thfI&enÐta! pubfic who request the same. The summary of the terms of such bond ordinance fol- lows: Title: -Bond Ordinance ,~:'~~'%a=' ~f~ and by the Bo[OUh <>f Carterét, in the County Of Mid,"_. New .JeBev. Aøorootioting $300.00'0 ThereIor ant:! Authoriz-ing the Issuance of $285.000 Bonds or Noles of the Borough to Finance the Cost Thereof" ~, The restoration of Carte'- ret Pond, including all wotk ánd materials nec- 8IIIIry therefor and incl· -_. ~" ~&t. . Nt#. ~. _ 20 Coots, ~~ ~ CIettI Barney, ($29.92) 247173 ) ,,' /\ ..v¡ C!b Affidavit of Publicati n Publisher's Fee $33.44 Affidavit Charge $25.00 ,<~~9~ / iJl,\ '.Iv i ... ~ i.)\~V':;-", l, " ~"'tt5 '1J TIS' 0FFIC-¡:' ./ Of the Home News Tribune, a newspapcr printcd in Freehold. New JersL and published in NEPTUNE. in said County and State. and of general circulation in said county, who being duly sworn. de po seth and saith that the advcrtiscment of which the annexed is a true copy. has been pub~ished in the said newspapcr I times, once in cach issuc as follows: ' State of New Jersey Middlesex County } SSe Personally appeared Annette Madama 10/31/?00R BOROUGH OF CARTERET ORDINA,'\JCE #06-57 NOTICE OF PENDING BONO ORDINANCE AND SUMMARY T~1e bond cra:nance, the summary tel'ms of which are Illcluded h~r-eln. was introduced and passed ~;~ç ~~r~~~e~~~~~g~: 01 ~~~~~r. f~ i~~ ~~~~~II~~ M:ddleó,eK, _ State of New Jersey. on October 26, 2006. It will De fl!rther considered tor final passage, after ~ublic hearing thereon, at a meetlt')g of me governing body to be heid ,:It the CouncIl, in the GOI'o~lgh on Nov. 1,,_ 2006 at 6:30 0'cl9ck p.m. DL,~ln.g tne week prior 1;0 and up to ana Including the date of such. meeting, copies of the full ordi· ~~ii~ee~II~1g~~Vaatllfhb~eC~~~?s ~~¿:~~r ~~~n~~~~~~~ ~t",¿niL:~e~.~~~,' ,~u:?-,I~C t~I~'~ 6~ai~~~qg;;~~ t2~=:~~~e.,: fclk.1ws: ¿t ~~~~~~d p~~~ini~ll~~d P~~v~~~nt¿~ut~~ ~fc~~a~~~r, W1 the County of Middlesex, New Jersey, Appropriat- Ií,g $300,000 Tller-efor and I\Lithorlzlng the Issu- p.nce cf $285,000 Bonds or No:es of the Borough to r-llldllCe tile Cost Thereof." Pu(pose: The restoration of Ca~teret Pond, including a!' work ard l"laterials necessalY' therefm and InCI- delltal thereto. Appropriation ~ $300.000 BondS/Notes Authorized: $285.000 Grallts Appropriated: N/A Section 20 Costs: $45,000 Useful Life: 15 years ~$aj~I.~e.d.) Barney, Clerk 220107 AFFIDAVIT OF PUBLICATION , The following is a true copy of i an. Ordinance or Resolution of the Borough of qartcret that has appeared in the Home News Tribpne, a newspaper which is printed in Freehold, New Jersey and published in Neptune, in said County and St~te and of general circulation in said county. ONE (1) times, once in each issue as follows: October 31. 2006 (~/y""¿~ O. /~~~ Notary Public of New Jersey LINDA A RIVERA NOTARY PUBLIC OF NEW JERSEY MY COMMISSION EXPIRES MAY 2, 2011 Sworn and subscribed before me this J,CÞÅc day of /LJ r/V't~~ ;L ctJ f..:. OF tMIERET 220107 "c)\ :>, þ D <' I)