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Home My Public Portal AboutOrd. 07-19 07-19 No. @rDt.mma .of flp' ~.ornltB1r of C1IuriBr.ei] ~ - :if- Councilman Presents the [ollowing Ordinance Seconded by Councilman AN ORDINANCE OF THE Borough 01' 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, .Ihe Middlesex County Improvement Authority (the "Authority") is 'authorized to issue its bonds pursuant to the provisions of the County Improvement Authorities Law, chapter 183 of the Laws of New Jersey of 1 960, as amended and supplemented (N.J.S.A. 40:37A-44 ~ seq.) (the. "County Improvement Authorities Law"), and other applicable provisions of law; and WHEREAS, the Authority has determined to issue its revenue bonds for the purpose of financing the acquisition of capitai equipment for the purposes of ieasing the same to various municipalities located in the 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 "Municipaiity") has determined to participate in the 2007 Program and to lease certain capital equipment from the Authority; and WHEREAS, there has been prepared and submitted to the Municipality the form' of the Lease and Agreement (the "Lease"), to be entered into by and between the Authority and the Municipality, which Lease has been approved by the County of Middlesex, State of New Jersey (the "County") and which is attached hereto as Exhibit 6., providing for the 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 terms used herein and not otherwise defrned 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 Borough OF Cartpret ,IN THE COUNTY OF MIDDLESEX, STATE OF NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurring) AS FOLLOWS: Section 1. Pursuant to section 78 of the County Improvement Authorities Law, N.J.SA 40:48-1 ~=., the Municipality is hereby authorized and directed to enterinto and perform the Lease, which Lease provides for the ieasing of certain Items of Equipment acquired with the proceeds of County-Guaranteed Capital Equipment Lease Revenue Bonds, Series 2007 (the "Bonds") to be issued by the Authority under. a resoiution of the Authority to be adopted by the Authority entitled, "Resolution of the Middlesex County Improvement Authority Authorizing the issuance of County- Guaranteed Capitai Equipment Lease Revenue Bonds" (the "General. Bond Resoiution"). The Lease, in substantially the form submitted herewith in Exhibit A (a copy of which is on frle in the office of the Clerk of the Municipality), is hereby approved with such changes, amendments OJ modifications as may be approved by counselor , bond counsel to the Municipality and bond counsel to the Authority and the County. NO. L _07 -19 -,----=..,- PAGE ? Section 2, The full faith and credit of the Municipality are hereby piedged to the punctuai 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 Nlunicipality under the Lease inciuding, Authority Administrative Expenses and Additional Rent, (ii) ail amounts due and owing to the County as a result of payments made by the County on behaif of the Municipality under the Lease pursuant to the County Guarantee, inciuding County Guarantee Costs and (iii) all direct and indirect costs of the Authority and the County related to the enforcement of the Lease and the County 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 subject to annual appropriation by the Municipality pursuant to the 'County Improvement Authorities Law, and unless paid from other sources, the ~'vlunicipality shall be obligated to levy ad valorem taxes upon ail the taxable property fiNithin the Municipality for the payment of the Lease Payment Obtigation thereunder ithout limitation as to rate or amount. The Mayor or other Authorized Municipal Representative (as defrned 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 attest to such signature and affix the seal of the Municipality thereto and the Lease is authorized to be delivered to the Authority. All representatives, officiais and employees of the Municipality are hereby authorized and directed to enforce and to implement provisions of the Lease. Section 3. The following additional matters are hereby determined, deciared, recited and stated: (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 the sum necessary to (a) acquire the Municipality's Equipment described in Exhibit B which will be subject to the Lease, (b) pay interest 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 shail mature within frfteen (15) years from the date of issue. (3) The Lease Payment Obligation authorized herein shall remain effective until all the Authority's Bonds shall have been paid in full in accordance with their terms and/or when all obligations of the Municipality under the Lease have been satisfied, notwithstanding the occurrence of any other event, inciuding but not limited to the I .~--.- -- -.-- . termination of the Lease with respect to some or all of the Items of Equipment leased thereunder. (4) The Items of Equipment described in Exhibit B are hereby approved to be leased from the Authority in accordance with the terms of the Lease, with such changes, amendments or modifications as may be approved by counselor bond counsel to the Authority. Section 4. To the extent the Municipality is an "Obligated Person" (as defined under the Rule (as hereinafter defined)), the 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 other Authorized Municipal Representative are each hereby authorized and directed to execute and deliver a Continuing Disclosure Agreement, ~approve and "deem final" the Officiai 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 Authority in connection therewith and to file budgetary, financial and operating data of the Municipality on an annual basis and notices of certain enumerated. events as required to . IcomPIY with and in accordance with the provisions of the Rule. 0'10. OJ -19 'I J Section 5 The Mayor, Clerk, Chief Financial Officer or Authorized Munlclpa RepresentatIve are each hereby authonzed and directed to execute and deliver any an all certificates, documents and Instruments and to do and cause to be done any and all acts and things necessary or proper for carrying out the execution and delivery of th~' Lease, the ieasing of the Equipment which is to be the subject of the Lease and all related transactions contemplated by this o~dinance. . PAGE 3 Section 6. Upon the payment of all amounts referenced in Section 3(3) herein, the full faith and credit pi edge of the Municipality as to its Lease Payment Obligation authorized herein shall cease to exist. Section 7. The provisions of this ordinance are severable. To the extent an clause, phrase, sentence, paragraph or provision of this ordinance shall be declared invalid, illegal or unconstitutional, the remaining provisions shall continue to be in full force and effect. COUNCILMAN Bellino Diaz Krum YES DO NOT USE SPACE BELOW THIS LiNE RECORD OF COUNCIL VOTE NO NY A.B. COUNCILMAN Naples X Rios Sitarz YES NO NY A.B. X X x - Indicate Vote AB. Absent NV . Not Voting XOR . Indicales Yote 10 Overrule VetO June 28, 07 Adopted on first reading of the Council of the Borough ofCarteret, N.J., on er hearing on ! i ON Exhibi t B 2007 CAPITAL EQUIPMENT LEASE PROGRAM' PARTICIPATION FORM " . Governmenlaf Entity DOIt""J lor::: cq,<(e."ie;/ Contact Person P4~{"v1c :J' i).J?J](4S:? . fJ-1T ed Telephone . i11-5L/I-.}'i;)-o (/ J ]/01 . . , E-Mail ).{J./5/4S:ot! e Cdv((~ ;Je.{ FAX . -n 1- - >;l/ l- 2-5\ '5> v . .. . - - - - , Qn: 1. J ~ L.. '=) 3, 4. 5. EQUIPMENT DESCRI710N 'e. 0 "lm c,-n ,'.(.1 Poo I q '<: a -bA-h l.0e.\ I fk.s <; (' "f)-he....... /'" ", --.J i l-"'~ \ ~e~. ('f')Y 5 -0- ESTIMAfED ESTIMATED COST USEFUL LIFE ~, bOcl, 000 , /66 Aon , fa ,J..L I}~~!L, J Y iA/Y-f 6_ 7. 8, 9. 10. Affidavit of Publication Publisher's Fee $63.36 Affidavit Charge ~ft~80~!I,~;~, } SS. State of New Jersey Middlesex County Personally appeared Catherine Williams Gfthe Home News Tribune, a newspaper printed in Freehold, New Jersey 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 advettisement of which the annexed is a true copy, has been published in the said newspaper 1 times, once in each issue as follows: 7/5/2007 ANTOINEm P~GLlE5E NOTARY PUBLIC 0 MY COMMISSI N BOROUGH OF CARIERET ORDINANCE ,*07-19 PUBLIC NOTICE NOTICE OF PENDING LEASE ORDINANCE AND SUMMARY The lease ordinance, the summary terms of which are included herein, was Introduced and passed upon first reading at a meeting of the governing bOdy of the Borough of Carteret in the County 01 Midalesex, State of New Jersey, on June 28, 2007. It will be further considered for tinal passage, after public hearing thereonl.at a meeting of the govern. fog body to 00 held at Municipal BUilding, 61 Cooke AVe. in the: County of Middlesex, on July 12, 2007 at 5 p.m. During the \veeK prior to and UR to and induding the dafe of such meeting copies of the full ordInance will be available at no cost and during regular busIness hours, at the Clerk's office for the members of the general Rubllc who shaH request the same. The summary of the terms of such lease ordinance follows: Title: ~~ g~rP~~NWfHOl J6tJN~~fh MIDDLESEX, STATE OF NEW JER- SEY, APPROVING AND AUTHORIZ- ING lHE ENTERING INTO, EXE~ CUnON AND DELIVERY OF A LEASE AND AGREEMENT WITH THE MIDDLESEX COUNTY IM- PROVEMENT AUTHORITY RELAT- ING TO THE ISSUANCE OF COUNTY-GUARANTEED CAPITAL EQUIPMENT LEASE REVENUE ~?~8(ESaRtEJu~i2f7IMOfRJ~~ MENT AUTHORITY lease certain caRita I equIpment (described In ExhIbit 8 below) from and approve the entenng Into of a lease agreement with the MIddle- sex County Improvement Authority Amount sufficient to amortize the lease payment oblfgations None Purpose(s): Appropriatlon: BondS/Notes Authorized: Grants (if any) Appropriated: None Section 20 Costs: Costs of issuance to be allocated Useful Ufe: ~~oa~~~rdance with the equipment beIng purchased 'me: Kathleen M. Barney! RMC/CMC rk of the Borough of Can:eret Exhibit B 2007 CAPITAL EQUIPMENT LEASE PROGRAM PARTICIPATION FORM Governmental Entity: Borough of Carteret Contact Person: PatrickJ. DeBlasio EmaJf: DeBlaslO(@Carteretnet TeleRhone: 732-041-3820 Exl. 3101 Fax: 732-541-2884 QTY. EQUIPMENT ESTIMATED ESTIMATED DESCRIPTION COST USEFUL LIFE AD. 2007 M ~, f/~iU I /J:;((yn /Yl~ Sworn and subscribed before me, this 5 day of July, 2007 o --------- .'-- /-, 'it () '7/1 7 Community Pool HealthWellness Center 3 Police Cars ($63.36) 2,000,000 To Be Decided 100,000 3 Years 449539 Affidavit of Publication Publisher's Fee $63.36 Affidavit Charge $25.00 State of New Jersey Middlesex County Personally appeared Manju Gupta } SS. Gfthe Home News Tribune, a newspaper printed in Freehold, New Jersey and published in TUNE, in said County and State, and of general circulation in said county, who being duly sworn, dep n~i\ai\~,:;> that the advertisement of which the annexed is a true copy, has been published in the said newspap81 {;"I. / 1 times, once in each issue as follows: 7/19/07 Nota A.D. 2007 BOROUGH OF CARJEREl ORDINANCE #07-19 PUBLIC NOTICE LEASE OROINANCE STATEMENT ~-~_._- ANI} ::;UMMAt-(y--..- The lease ordinance, tfiesi:Iinmary terms of which are included herein, has been finally adopted by the governing body of the Borough of Carteret, in the County of Middlesex, State of New Jersey on July 12,2007, and the t\venty (20) day period of limita- tion within which a suit, action or proceeding ques- tioning the validity of such ordinance can 00 com- menced, as provided in the Local BOIld Law) has begun to run from the date of the first publication of this statement. Copies of the full ordinance are available at no cost and during regular business hours, at the Qerk's office for members of the gen- eral public who request the same. The summary of the terms of such lease ordinance follO'o'ls: Title: lFN c~~~~e~~NI~E T~ r~u~~u~? ~~r#S~PP~J~~EG 'tND N~ ~~~J~I~~ 1~ED E~lm~N:V I~~OA LEASE AND AGREEMENT WITH THE MIDDLESEX COUNTY 1M PROVEMENT AUTHORITY RE LATING TO THE ISSUANCE OF COUNTY-GUARANTEED CAPITAL EQUIPMENT LEASE REVENUE ~?~8CESfxER~5u~W7 1~~Rb~f MENT AUTHORITY fde:S~ri~:Jaig ~~ii~i~ e~u~I~~\rom and approve the entering into of a lease agreement with the Middle sex County Improvement Authority Amount sufficient to amortize the lease payment obligations Purpose(s): Appropriation: Bonds,INotes Authorized: Grants (If any) Appropriated: Section 20 Costs: None None Costs of issuance to be allocated r~oa~i~rdance with the equipment being purchased Kathleen M. Barney, MMC Clerk of the Borough of Carteret Exhibit B 2007 CAPITAL-mufPMENT LEASE PROGRAM PARTICIPATION FORM Conl~r~~r~nEp~~c~oboeU~~S~ Cartere! E-Mail DeBlasloP@Carteret.net ~;~e~~~~~lf_~-~J-3820 Hit (1) Ext. 3101 ESTIMATED ESTIMATED USEFUL COST LIFE Useful Llfe: QTY. 1 EQUIPMENT DESCRIPTION Community Pool HealthWe!lness Center 2,000,000 ~o..?_e 3 Police Cars ($63.36) o~nermlneu 100,000 4U~~j AFFIDAVIT OF PUBLICATION The following is a true copy of an Ordinance or Resolution of the Borough of Carteret that has appeared in the Home News Tribune, a newspaper which is printed in Freehold, New Jersey and published in Neptune, in said County and State and of general circulation in said county. one (1) times, once in each issue as follows: July 5, 2007 ~^./ 0 ~ Notary Public of New ~N8",Il'A1RIVERA NOTARY PUBLIC OF NEW JERk MY COMMISSION EXPIRES MAY 2. Sworn and subscribed before me this 9-U. day ot/.A '1:$ ,'~ COl. Kathleen Barney, MMC Municipal Clerk 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: July 19, 2007 ~4.-J 1'1. ~ NQtary Public of New Jersey lINDI\ A RIVERA MY ~g~~is~~~;I~X~~~~%~~~S~ll Sworn and subscribed before ' me this ,fc#) day of ~/ . a. CV) /(.C:-~. o ' ~ athleen Barney, Municipal Clerk ,~/ O1"Q