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Home My Public Portal AboutOrd. 07-17 No. 07-17 @rvtuuttte of t4e tffiorouZ14 of illurteret1 ~ ~ W ~ Councilman Presents the following Ordinance Seconded by Councilman AN ORDINANCE OF THE Borough OF Carteret , IN THE COUNTY OF MIDDLESEX, STATE OF NEW JERSEY, APPROVING AND AUTHORIZING THE ENTERING INTO, EXECUTION AND DELIVERY OF A LEASE AND AGREEMENT WITH THE MIDDLESEX COUNTY IMPROVEMENT AUTHORITY RELATING TO THE ISSUANCE OF COUNTY-GUARANTEED CAPITAL EQUIPMENT LEASE REVENUE BONDS, SERIES 2007 OF THE MIDDLESEX COUNTY IMPROVEMENT AUTHORITY WHEREAS, . the Middlesex County Improvement Authority (the "Authority") is authorized 10 issue its bonds pursuant to the provisions of Ihe County Improvement Authorities Law, chapter 183 of the Laws of New Jersey of 1960, as amended and supplemenled (N.J.SA 40:37A-44 ~ !ifQ.) (the "Counly Improvement Authorities Law"). and olher applicable provisions of law; and WHEREAS. the Authority has determined to issue its revenue bonds for the purpose of financing the acquisition of capital equipment for the purposes of leasing the same to various municipalities located in Ihe County of Middlesex in the State of New Jersey (the "2007 Program"); and WHEREAS, the Borough of Carteret ,in the County of Middlesex, State of New Jersey (the "Municipality") has delermined to participate in the 2007 Program and to lease certain capital equipment from the Aulhorily; and WHEREAS, Ihere has been prepared and submitted to the Municipality the form of the Lease and Agreement (lhe "Lease"), to be entered inlo by and between the Aulhority and Ihe Municipality, which Lease has been approved by the County of Middlesex, Slate of New Jersey (the "County") and which is attached hereto as Exhibit 1'" providing for Ihe acquisition and leasing of certain Items of Equipment from the Authority, which Equipment is described in Exhibit B attached hereto and incorporated by reference herein. All lerms used herein and not otherwise defined shall have the same meanings ascribed to such terms under the Lease. NOW THEREFORE, BE IT ORDAINED AND ENACTED BY THE GOVERNING BODY OF THE IlormJ~ OF r",rteret ,IN THE COUNTY OF MIDDLESEX, STATE OF NEW JERSEY (not less Ihan two-thirds of all members thereof affirmatively concurring) AS FOLLOWS: Section 1. Pursuant to section 78 of the County Improvemenl Aulhorities Law, N.J.SA 40:48-1 et !ifQ., the Municipality is hereby aulhorized and direcled to enter into and perform the Lease, which Lease provides for the leasing of certain Items of Equipment acquired with the proceeds of County-Guaranteed Capilal Equipment Lease Revenue Bonds, Series 2007 (the "Bonds") 10 be issued by the Authority under. a resolution of the Authority to be adopted by the Authority enlitled, "Resolution of the Middlesex County Improvement Authority Authorizing the Issuance of County- Guaranteed Capital Equipmenl Lease Revenue Bonds" (the "General Bond Resol~tion"). The Lease, in -substantially the form submitted herewilh in Exhibit A (a copy of which is on file in the office of the Clerk of the Municipality), is hereby approved wilh such changes. amendments or modifications as may be approved by counselor bond counsel 10 Ihe Municipality and bond counsel to Ihe Authority and Ihe County. NO. 07-'17 L PAGE? Section 2, The full faith and credit of Ihe Municipality are hereby pledged to the punctual payment of the obligations set forth In the Lease authorized by this ordinance, including without limitation, (i) all Basic Rent and Rent obligations of the Municipality under the Lease including, Authority Administrative Expenses and Additional Rent, (iI) all amounts due and owing to the County as a result of payments made by the County on behalf of the Municipality under the Lease pursuanl to the Counly Guarantee, including County Guarantee Costs and (Iii) all direcl and indirect costs of the Authority and the County related to the enforcement of the Lease and the Counly Guarantee ((I), (iI) and (Iii) collectively, the "Lease Payment Obligation"). The Lease Payment Obligation under the Lease shall be a direct, unlimited and general obligation of the Municipality, not subjecl to annual approprialion by the Municipality pursuant to Ihe ICounty Improvement Authorities Law, and unless paid from other sources, the lv1unicipality shall be obligated to levy ad valorem taxes upon all the taxable property f~ithin the Municipality for the payment of the Lease Payment Obligation Ihereunder ithout limitation as to rate or amount. The Mayor or other Authorized Municipal Representative (as defined in the Lease) is hereby authorized and directed to execute the Lease on behalf of the Municipality in substantially such form as attached hereto in Exhibit A and the Clerk of the Municipality is hereby authorized and directed to altest to such signalure and affix the seal of the Municipality thereto and the Lease is authorized to be delivered to the Authority. All representatives. officials and employees of the Municipality are hereby authorized and directed to enforce and to implement provisions of the Lease. Section 3. The following additional malters are hereby determined. declared, recited and staled: (1) The maximum Lease Payment Obligation for which the Municipality shall be obligated hereunder. which. Inter alia, will be used for the payment of principal of and interest on the Bonds of the Authority shall not exceed Ihe sum necessary to (a) acquire the Municipality's Equipment described in Exhibit B which will be subjecl to the Lease. (b) pay inlerest on the Authority's Bonds allocated to the Municipality and used to acquire the Municipality's Equipment. and (c) pay the Municipality's share of the costs of issuance, Authority Administrative Expenses, Additional Rent, County Guarantee Costs and all other amounts required to be paid by the Municipality under the Lease. (2) The Bonds shal.1 malure within fifteen (15) years from the date of issue. (3) The Lease Payment Obligation authorized herein shall remain effective until alllhe Authority's Bonds shall have been paid in full in accordance with their terms andlor when all obligations of the Municipality under the Lease have been satisfied, notwithstanding the occurrence of any olher event, including but not limited to the ] ------- - ------ termination of the Lease with respect to some or all of Ihe Items of Equipmenlleased thereunder. (4) The Items of Equipment described in Exhibil B are hereby approved to be leased from the Aulhorily in accordance with Ihe terms of Ihe Lease, with such changes, amendments or modifications as may be approved by counselor bond counsel to the Authority. Section 4. To the extent Ihe Municipality is an "Obligaled Person" (as defined under the Rule (as hereinafter defined)), Ihe Municipality hereby agrees to comply with the requirements of Rule 15c2-12 (the "Rule") promulgated by the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended and supplemented, including the secondary market disclosure requirements contained therein, and agrees to covenant to such compliance in the Lease. The Mayor, Clerk, Chief Financial Officer or olher Authorized Municipal Representalive are each hereby authorized and directed 10 execute and deliver a Continuing Disclosure Agreement, :approve and "deem final" the Official Statement of the Authority and the preliminary form thereof to the extent the information contained therein relates to the Municipality and to execute and deliver all certificates, documents and agreements to the Aulhorily in connection therewith and to file budgetary, financial and operating data of the Municipality on an annual basis and nolices of certain enumerated events as required to . romPIY with and in accordance with the provisions of the Rule. NO. 07-17 PAGE 3 , I S~ction 5. The May~r,' Clerk, Chief FI~~;ciai Officer or Authorized Municipa I Represenlalive are each hereby authorized and directed to execute and deliver any an~ ali certificates, documents and instruments and 10 do and cause to be done any and ail. acts and things necessary or proper for c.arrying out the execution and deiivery of th~ Lease, the leasing of the Equipment which is to be the subject of the Lease and ai~1 related transactions contemplated by this ordinance. Section 6. Upon the payment of ail amounts referenced in Section 3(3) herein, the full faith and credit piedge of the Municipality as 10 its Lease Payment Obiigations' authorized herein shail cease 10 exist. Section 7. The provisions of this ordinance are severable, To the extent any ciause, phrase, sentence, paragraph or provision of Ihis ordinance shail be deciared invalid, iliegal or unconstitutionai, the remaining provisions shali continue to be in fuil force and effect. DO NOT USE SPACE BELOW THIS LINE RECORD OF COUNCIL VOTE COUNCILMAN YES NO NY A.B, COUNCILMAN YES NO NV A.B. X X X IOS X X SITARZ x . Indicate Vott AS. Absent NY - Not Voting XOR. Indicates VOle to Overrule Velo of (he Borough ofCarteret, N.J., Oll Tlln,:::lo 7, ~ ?()()7 Junp. 21, 2007 MAYOR Exhibit B 2007 CAPITAL EQUIPMENT LEASE PROGRAM' PARTICIPATION FORM Governmenla! Entity 11. . I ,/ Cr..--:' . ~ _ OO/U>Uj" Ol~ '/L{f'.Au Contact Person PArI,,~:1 ORJJI4S>~ T I h. f./1T (:;16" e ep ona 711-:)I.({--3'i>;H:> ({ J ]/0/ ... ~ E-Mail () I .11 C :ers 45:"'fr @ t1,.Q~ ~C FAX . f-P- - 51.//- )_/~ 'S'f Qn: EQUIPMENT DESCRI7'0N to r'f11"11un'-.!.1 PoD t (~~ l0~\lfM.s: (\~tyl--o- tc Crw ESTIMATED ESTIMATED COST USEFUL LIFE ::. ~ ,), OM,600 fa 13.L.1)~:.rL.; . , (e,tJ,Al'J'"1 Jy~ 3. 4. 5. 6. 7. B. 9. 10. O"rvcI. :# 07 - 1<7 AFFIDAVIT OF PUBLICATION The following is a true copy of an Ordinance or Resolution of the Borough of Carteret that has appeared in the Home News Tribune, 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: June 12, 2007 ~~..-.J t? ~ Notary Public of New Jersey Sworn and subscribed before me this 1'yJ$!. day OYA .J..-n.<-, ;2- tJt)'J LINDA A RIVERA NOTARY PUBLIC OF NEW JERSEY MY COMMISSION EXPIRES MAY 2, 2011 ~ Kathleen Barney, Municipal Clerk Affidavit of Publication Publisher's Fee $48.40 Affidavit Charge $25.00 ,;()\.(;N!lt:;,U .,(':}~,/ '.",{.\ ......>1'\.. ,-I " t) ,..i'" ?5\ 1\,.':11.,1 ! (n .\\\~( /11/ '/"'5/' , ",-/ .' ." '" . (')'"'-'-~'.' <y./' '-"~" .,~ f-':;I)'/~'\ ',J" '-<:>::_, 1\"">""' Ofthe Home News Tribune, a newspaper printed in Freehold, New Jersey and pubiis~d 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: .Jtate of New Jersey Middlesex County Personally appeared Manju Gupta 6/12/07 ANTCI~JEll E PYGLlESE N " d" LI, m. oJ. MY" MMISSION E~TES flUG. 29, 'I~ L, ~.~ Not FY Public of New Jersey BOROUGH Of CARTEREl PUBLIC NOTICE {ICE Of' PENDING LEASE ORDINANCE AND SUMMARY The lease ordInance, tile summary terms of which are Included heretn, was Introduced and passed g~n J}rs~:~:g ~t o~ ~~~~f. f~ ~ ~~~Ino~ MI~lesex, State :1New Jersey, on June 7 ,2007. It will be further considered for final p?ssage, after public hearing thereon at a meeting of the govern- Ing body to be held at Municipal Building, 61 COoke Ave, In lhe County of Middlesex, on June 21 ,2007 at 5 p.m, During the week prior to and uR to and Includ!ng the date of such meetIng copIes of the full ordInance will be avallable at no cost and during regular busIness hours, at the Clerk's office for the members of the general RUbllc Who shall request the same, The summary of the terms of such lease ord!nancefollows: Title: AN ORDINANCE OF THE BOROUGH g)D%1~I~ETs,JrTtH6F~~~EW- SEY, APPROVING AND AUTHORIZ~ ING THE ENTERING INTO, EXECU- TION AND DELNERY OF A LEASE AND AGREEMENT WITH THE MID. DLESEX COUNTY IMPROVEMENT AUTHOR!TY RELATING TO THE Is.- SUANCE OF COUNTY~GUARANTEED CAPITAL EQUIPMENT LEASE REVE~ NUE BONDS, SERIES 2007 OF THE MIDDLESEX COUNTY IMPROVE- MENT AUTHORITY Purpose(sh Lease certaIn caoltal eQuIpment (descrlbed In ~lblt B below) from and approve ~erlng Into of a lease agreement with the Middlesex County fmprovement Authority Approprial!on:Amount sufficIent to amortize the lease payment obHgatlons Bond5/Notes Authorized: None Grants (if ar~!? ~g~~rl~~e : None Costs: Costs of Issuance to be allocated pro rata Useful Ufe: In accordance with the equIpment belng~rchased Kathleen M. Barney, RMClCMC f~~.:t~he Borough of Carteret 427711 } SS. A.D. 2007 !Ie) 7-/7