HomeMy Public PortalAboutOrd. 08-03
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tJil.ot.ougq .of aIltdttd, ~ ~ J't
Councilman
Presents the folloV{i[lg Ordinance Seconded Qy Councilman
GUARANTY ORDINANCE OF THE BOKOUGH
OF CARTERET SECURING THE CARTERET
REDEVELOPMENT AGENCY'S "REVENUE
BONDS (LmVER ROOSEVELT AVENUE
REDEVELOPMENT PROJECT), SERIES 2.007"
IN AN AGGREGATE AMOUNT NOT TO
EXCEED $7,000,000 PURSUANT TO N.J.S.A.
40A:12A-67(l) AND APPROPRIATING $7,000,000
. THEREFOR AND AUTHORIZING THE
ISSUANCE OF $7,000,000 BONDS OR NOTES OF
THE BOROUGH TO FINANCE PART OR ALL
OF THE COST THEREOF.
WHEREAS, the Local Redevelopment and Housing Law, N.r.SA
40A: 12A-I et seq. (the "Act"), as amended and supplemented, provides a process for
municipalities to participate in the redevelopment and improvement of areas in need
of redevelopment; and
WHEREAS, pursuant to the Act, the Borough of Carteret, in the County of
Middlesex, New Jersey (the "Borough") designated certain areas of the Borough,
constituting Block 243, Lots 1-5, Block 252, Lots 1-5, Block 253, Lots 1-7, Block
254, Lots 1,2,3.01,3.02,4.01,6-10 and 12-14, Block 260, Lots 7-15, Block 261,
Lots 1-8, Block 272, Lots 1-6,6.01 and 7-16, Block 273, Lots 10-12 and Block 292,
Lots 1-3, all as identified on the official tax maps ofthe Borough, as an ';frea in need
of redevelopment It (the "Redevelopment Area"); and
WHEREAS, on February 6, 2003 the Goveming Body adopted Ordinance
No. 03-02, approving and adopting a redevelopment plan, entitled 'The Lower
Roosevelt Avenue Redevelopment Plan", superseding the provisions of the
Borough's Land Development Ordinance for the Redevelopment Area (the
"Redevelopment Plan"); and
WHEREAS, the Redevelopment Plan provides for, among other things, the
constmction of mixed use improvements, consisting of for-sale and rental residential
components and a retail component on the Redevelopment Area; and
WHEREAS, on February 18,2003, the Borough adopted Resolution number
03-113, designating Kaplan at Carteret, L.L.C. (the "Redeveloper", and predecessor
in interest to the Entities (as defined herein)) as the redeveloper of .the
Redevelopment Area and authorizing the negotiation of a redevelopment agreement
with the Redeveloper; and
WHEREAS, the Redeveloper has agreed to implement the Redevelopment
Plan and develop, design, finance and construct a mixed-use project including
approximately forty-eight (48) townhouses (the "Townhouse Component"), up to
one hundred thirty-eight (138) condominiums (the "Condominium Component"),
approximately two hundred eight (208) rental apartments (the "Rental C-omponent")
and approximately forty-two thousand nine hundred (42,900) square feet of retail
space (the "Retail Component" and, together with the Townhouse Component, the
Condominium Component and the Rental Component, the "Project") and in
connection therewith, the Redeveloper has agreed to devote substantial cash assets
and borrowed funds to the completion ofthe Project; and
'VHEREAS, in order to implement the development, financing, construction,
operation and management of the Project, the Borough entered into a redevelopment
agreement with the Redeveloper dated February 25, 2004, as amended by the First
13030-011 335019.3
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~i\Vt'
Amendment to the Redevelopment Agreement, dated ruly 13, 2004, the Second
Amendment to the Redevelopment Agreement, dated February 16, 2005, the Third.
Amendment to the Redevelopment Agreement, dated February 16, 2005 and the
Fourth Amendment to the Redevelopment Agreement, dated as of August 31,2007
(collectively, the "Redevelopment Agreement"), which Redevelopment Agreement
specifies the rights and responsibilities 'of the Borough and the Redeveloper ;vith
respect ~o certain aspects of the Project; and.
\VHEREAS, constmction of the Project requires the Borough to construct
improvements including, but not limited to the installation of storm and sewer drains,
improvements and/or. installation of curbs, sidewalks, decorative street lighting,
shade trees, pavers and road improvements within the Redevelopment Area (the
"LoC(}.l Improvements"); and
WHEREAS, the Local Improvements will be, and are intended to be, local
improvements within the meaning of the Local and Other Improvements Law,
NJ.S.A. -40:56-1 et seg. (the "Local Improvements G,ir'), as amended and
supplemented, and such Local Improvements. benefit the Redevelopment Area; and
WHEREAS, despite the Redeveloper's investment of equity and borrowed
funds? such amounts are insufficient to pay for all of the costs associated- 'with the
development and construction ofthe Project; and
WHEREAS, pursuant to the Redevelopment Agreement, the Borough and
the Redeveloper are to'share pre-development costs, including, but not limited to the
cost of acquiring the Redevelopment Area, Relocation Costs, costs of demolishing
existing structures .on the Redevelopment Area and costs incurred in connection with
environmental remediation qf the Redevelopment Area in accordance with New
rersey Department of Enviromnental Protection standards (collectively, the "Shared
Pre-Development Costs"); and
WHEREAS, pursuant to the Redevelopment Agreement, the Borough will
reimburse the Redeveloper for one hundred percent (100%) of documented Shared
Pre-Development Costs in excess of$II,400,000 but less than $13,900,000, and fifty
percent (50%) of documented Shared Pre-Development Costs incurred in excess of
$13,900,000 (collectively, the "Borough Pre-Development Cost Contribution"); and
WHEREAS, by R~olution No. 05-48, adopted by the Borough Council on
January 27, 2005, pursuant to Section 4 of the Act (N.J.S.A 40A: 12A-4), the
Borough designated the Carteret Redevelopment Agency (the "Agency") to act as
the "Redevelopment Entity" (as such term is defined in the Act at N.J.S.A 40A:12A-
3) for the Redevelopment Area to exercise the powers contained in the Act to
facilitate the development and redevelopment ofthe Redevelopment Area; and
\VHEREAS., in order to implement the development, financing, construction,
operation and management.of the Project, on February 10, 2006, the Redeveloper
formed two urban renewal entities llilder the provisions of the Long Term Tax
Exemption Law, N.J.S.A. 40A:20-1 et seq. (the "Long Term Tax Exeipption Law")
and the New Jersey Limited Liability Company Act, N.r.SA 42:2B-I et seq., known
as Gateway at Carteret Urban Renewal, LLC ("Gateway") imd Camelot at Carteret
Urban Renewal, LLC ("Camelof' and, together with Gateway, the "Entities"); and
WHEREAS, Gateway will be responsible for implementing. the
development, financing, construction, operation and management of-the Tmvnhouse
Component and the Condominium Component and Camelot ,~ill be responsible for
13030-011 335019-3
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implementing the development, financing, construction, operation and management
of the Rental Component and the Retail Component; and
WHEREAS, the provisions ofthe Long Term Tax Exemption Law and such
other statutes as may be sources of relevant authority, authorize the Borough to
accept, ~n lieu of real property taxes, annual service charges paid by the Entities to
the Borough as set forth in such laws ("Annual Service Charges"); and
WHEREAS, the Entities are qualified to do business under the provisions of
the Long Term' Tax Exemption Law' hnd submitted to the Mayor tax exemption
applications which are on file with the Borough Clerk (the "Applications"),
requesting tax exemptions for the Project, along with fonus of Financial Agreements
intended to memorialize the terms and conditions by which the Entities would pay
the Annual Service Charges (the "Financial Agreements); and
WHEREAS, the Mayor submitted the Applications and Financial
Agreements to the Borough Council with his recommendation of approval, a copy of
which is on file with the Borough Clerk; and
WHEREAS, the Borough agreed to grant such tax exemptions to th~ Entities
and, pursuant to the Long Term Tax Exemption Law and such other statutes as may
be so'urces of relevant authority, if any, the Borough entered into the Financial
Agreements with the Entities, executed copies of which are on file with the Borough;
and
WHEREAS, to assist the Borough in fmancing the Borough P,e-
Development Cost Contribution and certain other Borough costs as set forth in the
Redevelopment Agreement, the Redevelppment Agency, as redevelopment entity,
will issue bonds (the "Bonds") pursuant to the Redevelopment Area Bond Financing
Law, NJ.S.A. 40A:12-64, et seq., (the "Bond Financing Law"); and
. 'VHEREAS, pursuant to the Bond Financing Law and such other statutes as
may be sources of relevant authority, if any, the Borough pledged in the Financial
Agreements, to the extent required, the Annual Service.Charges paid to the Borough
by the Entities. for debt service on the Bonds, provided. however. that five percent
(5%) of the Annual Service Charges shall not be subject to such pledge in
accordance with N.r.S.A. 40A:20,12 (the "County Share"); and
WHEREAS, Borough and the Entities have agreed that any portion of the
Annual Service Charges paid by the Entities to the Borough in excess of the amount
needed to pay the County Share and Debt Service on the Bonds shall be returned to
the Borough and retained and used by the Borough for any lawful purpose(s); and
WHEREAS, pursuant to Section 4.02 of each of the Financial Agreements,
1_ the Entities have each. agreed, in the event the Annual Service Charges are
insufficient to meet the Debt Service requirements of the Bonds, that they will make
Minimum Annual Service Charge paYments to the Borough which, tog~ther with the
Annual Service charges, will be sufficient to make required Debt Sei\dce payments
(the "Redeveloper Guaranty"); and . >
'VHEREAS, in order. to further secure the Bonds, and to recover the costs of
the Local Improvements, the Borough hereby desires to impose a special assessment
on the Project pursuant to the Lo.cal Improvements Law and the Bond Financing Law
(the "Special Assessment"); and .
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WHEREAS, pursuant to the Bond Financing Law and such other statutes as.
may be sources of relevant authority, if any, the Borough has pledged, to the extent
required, the Special Assessment paid to the Borough by the Entities for debt service
on the Bonds; and .
WHEREAS, the Special Assessment shall be payable by the Entities, or their
successors or assigns, only if, and to the extent that, the Armual Service Charges are
not paid; and
'VHEREAS, pursuant to and in accordance with the Bond Financing Law,
specifically N.J.S.A. 40A:12A-67(l) and the Local Bond Law, N.J.SA 40A:2-1 et
seq. (the "Local Bond Law"), the Borough may also provide for a full faith and credit
guaranty of any bonds issued, whether by the Borough or any other authorized
governmental entity, including without limitation, the Redevelopment Agency; for
the purpose of financing all or a portion ofthe costs of the Project; and .
WHEREAS, the Borough shall fully, unconditionally and irrevocably
guaranty the punctual payment, when due, of the principal of, redemption premium,
if any, and interest 'on the Bonds in a total aggregate.principal ambunt not ~o exceed
$7,000,000 at al)Y one time outstanding, in accordance with (i) the terms of this
guaranty ordinance to be fully adopted by the Borough Council (the "Guaranty
Ordinance") and (Ii) a guaranty certificate to be executed by an authorized officer of
the Borough on the fac.e of each Bond (the "Guaranty Certificate" and, together with
the Guaranty Ordinance, the "Borough Guaranty"), all pursuant to the Bond
Financing Law; the Act and the Local Bond Law; and
WHEREAS, in order 10 provide a funding source for the Borough Guaranty,
the Borough desires =to approp.riate funds ~nd authorize the issuance of bonds or notes
pursliant to the Local Bond 4w;' and
WHEREAS, the Bonds shall be special, limited obligations of the Agency,
payable solely from and secured by the Annual Service Charges, the Redeveloper.
Guaranty and the Borough Guaranty; and
WHEREAS, as a condition precedent to the issuance of any and all of the
Bonds, and in accordance with .all applicable laws, including without limitation
N.J.S.A. 40A:5A-6 and. N.r.S.A. 40A:12A-67(g), the Agency submitted an
application to the Local Finance Board in the Division of Local Government Services
of the Department of Conununity Mfairs (the ''Local Finance Board") for the Local
Finance Board's approval of the issuance of the Bonds and related fmancia1
instruments; and
WHEREAS, the Local Finance Board, at a meeting held on July 11, 2007,
issued positive findip.gs with respect to the issuance ofthe Bonds; and
'-
WHEREAS, the Borough now desires to provide for the Borough Guaranty;
and
WHEREAS, the Borough acknowledges and consents to ~e Agency's .
. submission.9f a'supplemental aunlication to the Local Finance B9~fd, pursuant to
N.r.S.A. 40A:5A-6, for po.sitive.findings in connection with the Borough Guaranty.
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NOW, THEREFORE, BE IT ORDAINED BY THE
BOROUGH COUNCIL OF THE BOROUGH OF CARTERET, NEW JERSEY
AS FOLLOWS:
Section 1.. Except as othenvise provided in the Redevelopment
Law . and herein, this Guaranty Ordinance shaH be adopted by the Borough
Council in the manner provided for adoption of a bond ordinance as provided in
the Local Bond Law.
. Section 2. Pursuant to and in accordance with the terms of the
Bond Financing Law, specifically NJ.S.A. 40A:12A-67(l), and other applicable
laws, the Borough is hereby authorized to, and hereby shall, unconditionally and
irrevocably guaranty the plUlctual payment, when due, of the principal of,
redemption premium, if any, and interest on the Bonds in a total original aggregate
principal amount not to exceed $7,000,000 at anyone, time outstanding; which
Bonds' are to be issued to finance the BQrough's Pre-Development Cost
Contribution as described in the preambles hereof and certain other Borough costs
as set forth in the Redevelopment Agreement, on such terms and conditions as are
reflected in this Guaranty Ordinance and the Guaranty Certificate on th~ face of
each Bond. l"fotwithstanding the provisions of any other document or agreement,
upon the endorsement of the Bonds referred to in Section 3. below, the Borough
shaH be unconditionally and irrevocably obligated to pay, when due, the principal
. of,' redemption preq1ium, if any, and interest on the Bonds, in the same manner
and to the same extent as in the case of bonds issued by the Borough and,
accordingly, the Borough shall be unconditionaHy and irrevoc'ably obligated to
levy ad valorem taxes upon all of the taxable property within the Borough for the
payment thereof without limitation as to rate or amolint. This full, llilconditional
and irrevocable guaranty qf the Borough effected hereby to pay the principal of,
redemption premium, if any; and interest on the Bonds when due may not be
waived, setoff or othenvise .abrogated by action or inaction of the Agency, the
Redeveloper, the Entities or the Borough for any reason. Accordingly, the
Borough hereby waives its rights to assert any future defenses which may be .
'available to the Borough in relieving it in whole or in part from its obligation to
make the payments of the principal of, redemption premium, if any, or interest on
the Bonds when due hereunder.
Section 3. ~ order to provide a funding source for the Borough
Guaranty, there is hereby appropriated the sum of $7,000,000. No down payment
is required pursuant to NJ.S.A: 40A:12A-37c(2).
Section 4. In order to finance the cost of the Borough
Guaranty, negotiable bonds are hereby authorized to be issued in the principal
amount of $7,000,000 pursuanUo the Local Bond Law. In anticipation of the
issuance of such ponds, negotiable bond anticipation notes are hereby authorized
1_ to be issued pursuant ,to and within the limitations prescribed by the Local Bond
Law.
Section 5. All bond anticipation not~ issued hereunder shall
mature at such times as may be determined by the chief financial. officer of the .
Borough (the "Chief Financial Officer"); provided that no note shaIl mature later
than one year from its date. The notes shall bear interest at such rate or rates and
be in such form as may be determined by the Chief Financial Officer. The Chief
Financial Officer shall detequine all matter.s in connebtion with notes issued
pursuant to this Guaranty Ordinance, and the Chief Financial Officer's signature
upon the notes shall be conclusive evidence as to all such determinations. All
notes issued hereunder may be renewed from time to time subject to the
13030-011 335019.3
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provisions of the Local Bond Law. The Chief Financial Officer is hereby
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 receipt of payment of the
purchase price plus accrued interest from their dates to the date of delivery
thereof. The Chief Financial Officer is directed to report in writing to the
gove!TIing body at the meeting next succeeding the date when any sale or delivery
of the notes pursuant to this Guaranty Ordinance is made. Such report must
include the amount, the description, the interest rate. and the mahtrity scl).edule of
the notes sol~, the prices obtained an? the name of the purchaser.
. Section 6. The Borough hereby certifies that it has adopted a
capital budget or a temporary capital budget, as applicable. The capital or
temporary capital budget of the Borough is hereby amended to conform with the
provisions oftWs Guaranty Ordinance to the extent of any inconsistency herewith.
To the extent that the purposes authorized herein are inconsistent with the adopted
capital' or temporary capital budget, a revised qpital or temporary capital budget
has been filed with the Division of Local Government Services.
Section 7. The Chief Financial.Officer is hereby aut(1.orized to
prepare and to update from time to time as necessary a financial disclosure
document to be distributed in connection with the sale of the obligations of the
Borough and to execute such disclosure document on behalf of the Borough. The
. Chief Financial Officer is further authorized to enter into the appropriate
undertaking to provide secondary market disclosure on behalf of the Borough
pursuant to Rule 15c2-12 of the Securities and Exchange Commission (the
"Rule") for the.benefit of the holders and beneficial owners of obligations of the
Borough and to amend such undertaking from time to "time in connection with any
change in law, .or interpretation thereof, provided such undertaking is and
continues to be, in the opinion of a nationally recognized bond counsel, consistent
with the requirements of the Rule. In the event that the Borough fails to comply
with its undertaking, the Borough shall not be held liable for any monetary
damages, and the remedy shall be limited to specific performance of the.
undertaking.
Section 8. The Mayor shall; by I1;1anua1 or facsimile signature,
and is hereby authorized and directed to execute an endorsement on each of the
Bonds evidencing this guaranty by the Borough as to the punctual payment of the
principal of, redemption premium, if any, and interest thereon. The endorsement
on each Bond shall be in subst,mtially the following form, with such references to
the Agency's indenture of trust for the Bonds as may be required by the Agency,
and absent the fully executed endorsement in such substantially following form on
any such Bond, such Bond shall not be entitled to the benefits of this Guaranty
Orditiance: .
"GUARANTY 01[ THE BOROUGH OF CARTERET, COUNTY OF
MIDDLESEX, NEW JERSEY
The payment of the principal of, redemptipn premimp, if any, and
interest on the within Bond shall be fully, irrevocably and tmconditionally .
guaranteed by the Borough of Carteret, County of Middlesex, New Jersey (the
"Borough") in accordance. with the provisions of the Redevelopment Area Bond
Financing Law, constituting Chaptec 310 of the Pamphlet Laws of 2001 of the
State, and the acts amendatory thereof and sqpplemental'thereto, the Local. Bond
Law, constituting Chapter 169 ofthe Pamphlet Laws of 1960 of the State, and the
acts amendatory thereof and supplemental thereto, the guaranty ordinance of the
Borough duly adopted pursuant thereto and any guaranty' agreement executed by
13030-011 335019-3
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the Borough in connection therewith and the Borough is fully, irrevocably a)ld
unconditionally liable for the payment, when due, of the principal of, redemption
premium, if any, and interest on this Bond, and if necessary the Borough shall
levy ad valorem taxes upon all the taxable property within the Borough without
limitation as to rate or amount in order to make such payments.
IN WITNESS THEREOF, the Borough of Carteret, County of
Middlesex, New Jersey, has caused this Borough Guaranty to b~ executed by the
manual or facsimile signature of the Mayor. .
BOROUGH OF CARTERET,
COUNTY OF MIDDLESEX,
NEW JERSEY
By:
Mayor"
The Mayor is hereby further authorized and qirected to execute or
acknowledge and deliver such other certificates or agreements relating to- this full,
irrevocable and un~ond~tional guaranty that may be required by the Agency to
comply with the terms of the Bonds, including without limitation any agreement
or certificate detailing the time and method that payment under this guaranty shall
be made by the Borough.. Such further agreement or certificate shall not in any
matmer relieve the Borough from its obligations hereunder, and shall contain only
such terms as are consistent with or within the parameters herein set forth.
Section 9. It is hereby found, determined and declared by the
governing body ofthe Borough that:
(a) This Guaranty Ordinance may be adopted notwithstanding
any statutory debt or other limitations, including particularly any limitation or
requirement under or pursuant.to the Local Bond Law, but the aggregate principal
amount of the Bonds which .shall be entitled to the benefits of this Guaranty
Ordinance, being an amount not to exceed $7,000,000, shall be included in the
gross debt of the Borough for the pmpose of determining the indebtedness of the
Borough under or pursuant to the Local Bond Law.
(b) The principal amount of Bonds entitled to the benefits of
this Guaranty Ordinance and included in the gro'ss debt of the Borough shall be
deducted and is hereby declared to be and to constitute a deduction from such
gross debt under and for all the purposes of the Local Bond Law, as set forth in
_ N.r.SA 40A:2-44(d).and 40A:12A-67(l).
Section 10. The' following matters are hereby, determined,
. declared, recited and stated:
. (a) The maximum principal amount of Bonds of the Agency
which are hereby and hereunder fully, unconditionally and irrevocably guaranteed
as to the punctual payment of the principal thereof, redemption premium thereon,
if,any, and interest thereon is.$7,OOO,OOO; andthe maximum estimated costs. of the
Project to be financed in accordance with the transactions contemplated hereby is
$7,000,000.
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(b) A supplemental debt statement of the Borough will be duly
made and filed in the office of the Clerk of the Borough, and a complete executed
duplicate thereof will be filed in the office of the Director of the Division of Local
Government Services of the State of New Jersey, and such debt statement shows
that while the gross debt of the Borough, as defined in the Local Bond Law, is
increased by this Guaranty Ordinance by $7,000,000, in accordance with the
provisions of the Local Bond Law and the Bond Financing Law, the principal
amount of the Bonds guaranteed by this Guaranty Ordinance shall be deducted
and is declared to be and to constitute a deduction from the gross debt of the
Borough under and for all purposes of the Local Bond Law and the Bond
Financing Law until such time as the Borough actually issues bonds or notes to
fund the Borough Guaranty, if necessary, and only up to the amount actually
issued to fund the Borough Guaranty.
(c) Other than the requirements set forth in Sections 13 and 14
below, all other items to be contained in a bond ordinance adopted pursuant to the
Local Bond Law are hereby detennined to be inapplicable to the Borough's
guaranty oflhe Bonds hereby.
Section II. The Borough is hereby authorized, to the extent
necessary, to enter into a guaranty agreement with the Tnlstee for the Bonds to
effectuate the guaranty authorized by this Guaranty Ordinance. The appropriate
officials of the Borough are hereby authorized to execute and deliver such
agreement upon satisfaction of all of the conditions precedent to tl1e closing of the
Bonds by the Agency.
Section 12. This Guaranty Ordinance shall take effect 20 days
after the first publication thereof after final adoption, as provided by the Local
Bond Law.
Section 13. A public hearing shall be held on this Guaranty
Ordinance on February 21,2008 at 6:30 p.rn. at the Municipal Building, 61 Cooke
Avenue, Carteret, New Jersey.
Section 14. The Borough Clerk is hereby authorized and
directed to publish and post notice of this Guaranty Ordinance as required by
applicable law, including the Bond Financing Law and the Local Bond Law.
Section 15. Upon the final adoption hereof, the Borough Clerk
is authorized and directed to fonvard certified copies of this Guaranty Ordinance
to Eric Chubenko, Executive Director of the Agency, Kevin P. McManimon, Esq.
McManimon & Scotland, L.L.C., Agency Bond Counsel and Special
Redevelopment Counsel to the Borough, and Robert J. Bergen, Esq., Borough
Law Director.
DO NOT USE SPACE BELOW THIS LINE
RECORD OF COUNCIL VOTE
COUNCILMAN YES NO NY A.B. COUNCILMAN YES NO NY A.B.
BEllTNO N A P1.RS
DIAZ DT""
KRUM
X.IndicateVote AB-Absent NV - Not Voting XOR . Indicales Vote 10 Overrule Vero
Adopted on first reading of the "Council of the Borough or-Carteret, N.J., on Januarv 24, 2008
Adopted on second reading after hearing on
APPROVED BY
MAYOR
ON 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:
February 7, 2008
c-::;;t~"t~ c), /~~vv:.._/
Notary Public of New Jersey
LINDA A RIVERA
NOTARY PUBLIC OF NEW JERSEY
MY COMMISSION EXPIHES MAY 2, 2011
Sworn and subscribed before
me this rf'ffi day of J;; )/11 AA-:::.11
;;L c:O f
,...~ '..
~ ,/"'''~' ,/,,'--:"7
..' '~#2k' ), C/?2~-te?t.
Kathleen M. Barney, I c!-'
Municipal Clerk '-..,,/
D/
."".... .
b'b'O:)
Affidavit of Publication
Publisher's Fee $37.84 Affidavit Charge $25.00
State of New Jersey
Middlesex County
Personally appeared Manju Gupta
} SS.
Of the Home News Tribune, a newspaper printed in Freehold, New Jersey and published in
in said County and State, and of general circulation in said county, who being duly sworn, deposetll 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:
2/07/08
No
BOROUGH OF CARJERE!
<:t)RbfNANCBdiiS03:S
NOTICE OF PE':NDING GUARANTY ORDINANcE
AND SUMMARY
The GuaranJ:y OrdInance, the summary terms of
whlch are Included herel0( was introduced and
passed upon first readIng a a meetIng of. the 'g('N-
emlng body of the Borough of Carteret, In the COun-
ty of Mldalesex State o-f New Jersey, on January
24,2008. It WIll be further considered for final pas-
sage, after pubHc hearing thereon, at a meetIng of
the governing body to De held at the Munlclpal
Bu!ldl~, In the Borough on February 21, 2008 at
6:00 o clocK p,m, Dunng the week prior to and up
to and Including the date of such meeting, copIes of
the full ordinance wm be available at no cost and
during regular busIness hours at the Cfem's office
for the members of the generaf public who shaU re-
quest the same. The summaI)' of the terms of such
Guaranty Ordlnarn::e are as foHows:
Titfe: GOARANlY ORDINANCE OF THE BOROUGH
OF CARTERET SECURING THE CARTERET REDE-
VELOPMENT AGENCY'S "REVENUE BONDS (lOW-
ER ROOSEVELT AVENUE REDEVELOPMENT
PROJECT), SERIES 2007' fN AN AGGREGATE
~fj2rW~b ~Is:.z ~x~lit17(gogN~~P~~S:
PRfATING $ZI-OOO,OOO THEREFOR AND AUTHOR-
fZfNG THE f=UANCE OF $7,000,000 BONDS OR
NOTES OF THE BOROUGH TO FlNANCE PART OR
ALLOFTHE COST THEREOF
Purpose(s):A Guaranty of Revenue Bonds of The
Carteret. Redevelopment Agency.
Appropnatlon: $7,000,000
Bond&fNotes Authorized: $7,000,000
~~~~Sn (~8~~g~rated: None
Kathleen M. BarneybBoloUgh Cferk
Th!s Notice is pu fished pursuant to NJ.S.A.
40A:2-17
($37.84) 637792
A.D. 2008
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