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Home My Public Portal AboutOrd. 08-30 No. 00-3) @rohmuu of t~e ~orou:s~ of ClIaderd, ~ ~ m ~ 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 AND IMPROVEMENT REVENUE BONDS, SERIES 2008 OF THE MIDDLESEX COUNTY IMPROVEMENT AUTHORITY WHEREAS, the 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 1960, as amended and supplemented (N.J.SA 40:37A-44 ill ~.) .(the "County Improvement Authorities Law"), and other applicable provisions of iaw; and . WHEREAS, the Authority has determined to issue its revenue bonds for the purpose of financing the various capital improvements to be undertaken by and the acquisition, installation and, as applicable, subsequent leasing of certain capital equipment, including but not limited to police and passenger vehicles, to various municipalities located In the County of Middlesex in the State of New Jersey (the "2008 Program"); and WHEREAS, the Borough of Carteret, In the County of Middlesex, State of New Jersey (the "Municipality") has determined to participate in the 2008 Program and to lease certain police and/or passenger vehicles 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 8, providing for the acquisition and leasing of certain police and/or passenger vehicles from the Authority, which pollee and/or passenger vehicles are described in Exhibit B attached hereto and incorporated by reference herein. All terms used herein and not otherwise defined shall have the same meanings ascribed to such terms under the Lease. NOW THEREFORE, BE tT ORDAINED AND ENACTED BY THE GOVERNING BODY OF THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, STATE OF NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurrtng) AS FOLLOWS: Section 1. Pursuant to section 78 of the County Improvement Authorities Law, N.J.SA 40:48-1 ill ~., the Municipality is hereby authorized and directed to enter into and perform the Lease, which Lease provides for the leasing of certain pollee and/or passenger vehicles acquired with the proceeds of County-Guaranteed Capital No. 00-3) ]:)g. 2 of 5 Equipment and Improvement Revenue Bonds, Series 2008 (the "Bonds") to be issued by the Authority under a resolution of the Authority to be adopted by the Authority entitled, "Resoiution of the Middlesex County Improvement Authority Authorizing the Issuance of County-Guaranjeed Capital Equipment and improvement Revenue Bonds" . (the "General Bond Resolution"). The Lease, In the form submitted herewith in Exhibit 8 (a copy of which Is on file in the office of the Cierk of the Municipatity), is hereby approved with such changes, amendments or modifications as may be approved by counselor bond counsel to the Municipality and bond counsel to the Authority and the County. Section 2. The full faith and credit of the 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 pursuant to the County Guarantee, including 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 Municipality shall be obligated to levy ad valorem taxes upon all the taxable property within the Municipatity for the payment of the Lease Payment Obligation thereunder without limitation as to rate or amount. The Mayor or other Authorized Municipal Representative (as defined in the Lease) is hereby authortzed and directed to execute the Lease on behalf of the Municipality In the 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, officials and employees of the Municipality are hereby authortzed and directed to enforce and to Implement provisions of the Lease. Section 3. The following additional matters are hereby determined, declared, 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 police and/or passenger vehicles described In Exhibit B attached hereto which will be subject to the Lease, (b) pay Interest on the Authority's Bonds allocated to the Municipality and used to acquire the Municlpatity's police and/or passenger vehicles, 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 ,fnder the Lease. No. 00-3) Pg. (2) The Bonds shall mature within five {5} 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 andior when all obligations of the Municipality under the Lease have been satisfied, notwithstanding the occurrence of any other event, Including but not limited to the termination 01 the Lease with respect to some or all of the police andior passenger vehicles leased thereunder. .(4) The police and/or passenger vehicles 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 1 934, as amended and supplemented, Inctudlng the secondary market disclosure requirements contatned 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 dtrected to 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 Authority in connection therewith and to file budgetary, ftnanciat and operating data of the Municipality on an annual basis and notices of certain enumerated events as required to comply with and In accordance with the provisions of the Rule. Section 5. The Mayor, Clerk, Chief Financial Officer or Authorized Municipal Representative are each hereby authorized and directed to execute and deliver any and 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 the Lease, the leasing of the police andior passenger vehicles which Is to be the subJect of the Lease and all related transactions contemplated by this ordinance. Section 6. Upon the payment of all amounts referenced in Section 3(3) herein, .the full faith and credit pledge of the Municipality as to Its Lease Payment Obligations authorized herein shall cease to exist. Section 7. The provisions of this ordinance are severable. To the extent any clause, phrase, sentence, paragraph or provtslon of this ordinance shall be declared invalid, Illegal or uncOnstitutional, the remaining provisions shall continue to be In full force and effect. /' Section 8. This ordinance shall take effect twenty (20) days after final adoption and publication in accordance with applicable law. 3 of 5 No. 08- J) t'g. 40f5 EXHIBITB "Middl$Sex~.tylmProY.m1ont/wthorily Capilal Equlpmenl lWil!PrOgr-dIl S<;w...swca B\lfOl1ghQfCanfitoR Qu:mlity EQ'JlpmantOowcripllQn -S-P"''''ca~ Esfimal~ =, - 100,000 '7:;=:;:e ;l.Y,p..c 5.Ye~ i0.Year 5 ~ ~ 100,000 r--:- T~" 1otl,oOO . . $'.S100,OOO~. DO NOT USE SPACE BELOW THIS LINE RECORD OF COUNCIL VOTE COUNCILMAN YES NO NV A.B. COUNCILl\lAN YES NO NV A.B. FElliN) X CDIiN NAPI.ES. X X Srn\.RZ X X -Indicate Vole AB - Absent NV . Not Voting XOR - Indicates Vote to Overrule Veto Adopted on first reading of the Council of the Borough ofCarteret, N.J., on AI.XlJST 7 t 2CD8 Adopted on second teadin a August 21 , 2008 't/rjl516fcM~ 0: ~........-' a~. Clerk AFFIDAVIT OF PUBLICATION The following is a true copy of an Ordinance or Resolution of the BorQugh 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 (ll times, once in each issue as follows: Aueust 12. 2008 ~~~ 0 x.~cJ Notary Public of New Jersey LINDA A RIVERA MY ~g~MRY PUBLIC OF NEW JERSEY ISSION EXPIRES MAY 2, 20' Sworn and subscribed before me this!.J.-&< day of ~ d.. wF I i() t (\j tt; '7 Affidavit of Publication Publisher's Fee $61.05 Affidavit Charge $25.00 ....Jiate of New Jersey Middlesex County Personally appeared Manju Gupta Of the 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 connty, 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 issne as follows: } SS. 8/29/08 Nn~'::~~~NE M. WILL'AM~ MY COMM1SSIO~'~~,~~sEW JERSEY JUNE 1,2012 '\ atiLt u/(~ (;;1 c ()'i'.llt /1frh/ Notary Public of New Jersey A.D. 2008 OOROUiHOfcmERET ORDINANCE #08.30 PUBLIC NOTICE LEASE ORDINANCE STATEMENT AND ~MM ARY lne leare ordinance, the summary terms at whIch ate ifiCtudeQ rem, has be-m fina!ly adopted by tha gwemire body of the Ouotm of Carteret, in tM Comly cJ Middlesex. $tilte d Ne>.... ..Ie1rey on A~ust 21,2008 and the ty.-enty (20) day pettod d limitation WIthin which a wit, action or P.ro(leedir€ qileroon- ifl;,1 the validity of such ordinance can 00 commenced, <l5 prwillid in tl->> local BOfld law, has oogm to tun from tM dat~ of tM first pu~icat;on of this &at~ht Copies of the full OI'dirHlnc... ar... available lit ro (:0& and during tegwlM busiIWSS hours, at the CJed~'s dfica for m<m1bets d the ,genetal pLblic who te- q~tW16~a~Tne.Jf~/Tl~ry~t~~~8UU6P ~~ti:W~~ ~?JbUNIT OF MIDDLESEX STATE OF NEW JERSE~ APPROVING AND AUTHORIZING THE ENtERING INTO, El.ECUnO>.'l AND DELNERY .,/ OF A lEASE ANu AGREEMENT wrrn mE MIDDLESEX COUNTY IMPROVEMENT AUTHORITY RELAT- ING TO THE ISSUANCE OF COUNTY-GUARANTEED CAPITAL EQUIPMENT AND iMPROVEMENT REVE- NUE BONOS, SERIES 2008 OF THE MIDDLESEX COUNTY IMPROVEMENT AUTHORITY Pmp'[)se(s), leaw tleftain pclli(>> andJOf pa5S~ veticles {descriMd ill Exhibit 8 below) from and ap-+ proVo) the entaing into of a lea~ agr~ment with the Middle.sex Courty Implwemenr J\uthority ApP"[)~iaoom J'lmount .wfficiert to arnOftil:e ~ leaw pa\'fTlem obligation.:; BQrnbj'Nofei Authorized: NOM Granb (if any. Appropriatedl None Section 20 Coshh Cobts of i&sWirlCe to be aUOC:llted prolatll Useful lilCl Not to Exceed Five (5) Yeats o ~ ~,0D b Kalhle~n Balney EXHI~W~ of the BorOudl of CiJrteret Middlesex Counlj ImP.l9vemenl Aulhority Capital Equipment Lease PlOgram Serie! 2008 E&i~~~~Ug" ok~U:tILife Eouornert Destrtotion C05t for Financfne tY.ear 5-Year lo-','ear PoliCe t;illf. $100,000 0 $TUO';OOO Q~~tity ($61.05) Total ~ :G::' .1l.illl..OOD. <. ----ro58T5 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 (ll times, once in each issue as follows: AU2ust 29. 2008 ~~ q ~rt~ Notary Public of New Jersey LINDA A RIVERA NOTARY PUBLIC OF NEW JERSEY MY COMMISSION EXPIRES MAY 2, 20i Sworn and subscribed before me thi~ day of<1~"""J'.' ."l. 0:>/ ~. ./2 . Ka~~;~~ft~:~C(F Municipal Clerk _ A- \. u 01,-Jv