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Home My Public Portal AboutOrd. 09-006 No. nq-nr:; @d'rt:tmn.c.e of t4~ l@oroug4 ofQInrt.er.et? ~t 3J ~ Councilman Presents the following Ordinance Seconded by Councilman BOND ORDINANCE PROVIDING FOR SE\VER INFRASTRUCTURE IMPROVEMENTS TO ROOSEVELT AVENUE PUMP STATION AND THE TURNPIKE SANITARY SEWER CROSSINGS IN A.1'1D BY THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $8,100,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $8,100,000 BONDS OR NOTES OF THE BOROUGH TO FINANCE PART OF THE COST THEREOF. BE IT ORDAINED BY THE BOROUGH COUNCIL OF THE BOROUGH 0 CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY (not less than two-thirds 0 all members thereof affIrmatively concurring) AS FOLLOWS: Section 1. The improvement described in Section 3 of this bond ordinance is hereby authorized to be undertaken by the Borough of Carteret, in the County of Middlesex, New Jersey (the "Borough") as a general improvement. For the improvement or purpose described in iSection 3, there is hereby appropriated the sum of $8,100,000. Pursuant to N.J.S.A. 40A:2- IlICe), no down payment is provided for the costs of the improvement since the project described in Section 3(a) hereof is being partially funded by the New Jersey Environmental Infrastmcture Trust ("NJEIT"), a portion of which is expected to be a loan that NJEIT will forgive and treat as a grant. Section 2. In order to finance the cost of the improvement or purpose not covered by application of the down payment, negotiable bonds are hereby authorized to be issued in the principal amount of$8,100,OOO pursuant to the Local Bond Law. In anticipation of the issuance ~. NO. I (N-Of) rAGR ? I of the bonds, negotiable bond anticipation notes are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law. Section 3. (a) The improvement hereby authorized and the purpose for the fmancing of which the bonds are to be issued is for the sewer infrastructure improvements to the Roosevelt Avenue Pump Station and the Turnpike Sanitary Sewer Crossings, including all materials and appurtenances necessary therefor and incidental thereto. (b) The estimated maximum amount of bonds or notes to be issued for the improvement or purpose is as stated in Section 2 hereof. (c) The estimated cost of the improvement or purpose is equal to the amount of the appropriation herein made therefor. Section 4. All bond anticipation notes issued hereunder shall mature at such times as may be determined by the chief financial officer; provided that no note shall 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 fmancial officer shall determine all matters in connection with notes issued pursuant to this ordinance, and the chief financial officer's signature upon the notes shall be conclusive evidence as to all such detenninations. All ! notes issued hereunder may be renewed from time to time subject to the provisions of the Local Bond Law. The chief financial officer is hereby authorized to sell part or all of the notes from i 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 ofticer is directed to report in writing to the governing body at the meeting next succeeding the date when any sale or delivery of the notes pursuant to this ordinance is made. Such report must include the amount, the description, the interest rate and the maturity schedule of the notes sold, the price obtained and the name of the purchaser. I - Section 5. The Borough hereby certifiesthatlThas adoPfoo--a capitarlJudget - or a emporary capital budget, as applicable. The capital or temporary capital budget of the Borough . s hereby amended to conform with the provisions of this ordinance to the extent of any nconsistency herewith. To the extent that the purposes authorized herein are inconsistent with he adopted capital or temporary capital budget, a revised capital or temporary capital budget has een filed with the Division of Local Government Services. Section 6. The following additional matters are hereby determined, declared, recited d stat,,<t NO. Qq-()6 PAG" '1 _u__J (a) The improvement or purpose described in Section 3 of this bond ordinance is not a current expense. It is an improvement or purpose that the Borough may lawfully undertake as a general improvement, and no part of the cost thereof has been or shall be specially assessed on property specially benefitted thereby. (b) The period of usefulness of the improvement or purpose within the limitations of the Local Bond Law, according to the reasonable life thereof computed from the date of the bonds authorized by this ordinance, is 40 years. [ ( c) The Supplemental Debt Statement required by the Local Bond Law has been duly , repared and filed in the office of the Clerk, and a complete executed duplicate thereof has been filed in the office of the Director of the Division of Local Government Services in the Department of Community Affairs of the State of New Jersey. Such statement shows that the gross debt of the Borough as defmed in the Local Bond Law is increased by the authorization of the bonds and notes provided in this bond ordinance by $8,100,000, and the obligations r:Juthoriz~4. herein will be wiili~al'-~~bt limi.!ations presc~lbed by t~at Law. (d) An aggregate amount not exceeding $1,500,000 for items of expense listed in and, permitted under N.J.S.A. 40A:2.20 is included in the estimated cost indicated herein for the purpose or improvement. Section 7. The Borough hereby declares the intent of the Borough to issue bonds or bond anticipation notes in the amount authorized in Section 2 of this bond ordinance and to use the proceeds to payor reimburse expenditures for the costs of the purposes described in Section 3(a) of this bond ordinance. This Section 7 is a declaration of intent within the meaning and for IPurposes of Treasury Regulations gl.150-2 or any successor provisions of federal income tax aw. I - Section 8. The Boro~gh e:pects to finance this improvement through the New Jersey ~nvironmental Infrastructure Trust ("NJEIT"). A portion of such financing is expected to be a loan that NJEIT will forgive and treat as a grant upon the issuance by NJEIT of bonds to be used to finance a separate portion of the improvement. The portion of the loan which is forgivable pursuant to the applicable laws and regulati?ns shall upon forgiveness by NJEIT at that point be a deduction from the Borough's debt authorized herein. The amount of the obligations authorized, but not issued hereunder, shall then be reduced to the extent, and in the amount that such loan is forgiven, that such funds are so used. NO. 09-06 PAGE 4 Section 9. The chief financial officer of the Borough is hereby authorized to prepare and to update from time to time as necessary a financial disclosure document to be distributed in connection with the sale of obligations aftlle Borough and to execute such disclosure document on behalf of the Borough. The chief fmanciaI officer is further authorized to enter into the ,appropr!ate undertak!ng to provid.e_~econdary market di::~su~e on behalf of the Borough pursuant to Rule 15c2-12 of the Securities and Exchange COllunission (the "Rule") for the benefit of 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 liable for any monetary damages, and the remedy shall be limited to specific performance of the undertaking. Section 10. The full faith and credit of the Borough are hereby pledged to the punctual ayment of the principal of and the interest on the obligations authorized by this bond ordinance. The obligations shall be direct, unlimited obligations of the Borough, and the Borough shall be obligated to levy ad valorem taxes upon all the taxable real property within the Borough for the payment of the obligations and the interest thereon without limitation of rate or amount. Section 11. This bond ordinance shall take effect 20 days after the first publication thereof after final adoption, as provided by the Local Bond Law. DO NOT USE SPACE BELOW THIS LINE COUNCILMAN RECORD OF COUNCIL VOTE YES NO NY A.B. COUNCIU,1AN KRl.M tWlES . Sl'D'\RZ YES NO NY A.B. c:ru:N DIAZ x x X X X. Indicate Vote AB. Absent NV. f.lot Voting XOR. Indicates Yote-to Overrule Velo Adopted on firsc-reading of the ouncil of the Borough ofCarteret, N.J" on Ji..J:l:=U. 2fJ:J) AdoPtedons~o a In fi hearing on July 9. 2009 7U!e?4J;fY/:- MUNICIPALCLERK 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 ill time(s), once in each issue as follows: June 16. 2009 ~o~ Notary Public of New Jersey LINDA A RIVERA NOTARY PUBLIC OF NEW JERSEY MY COMMISSION EXPIRES MAY 2, 201.1 Sworn and subscribed before me this /7ArA day of (J.A .J~ (/ .,,)..~7. ~:?fl~ Kathleen M. Barney, MMC. () Municipal Clerk -{J - d 1-{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 ill time(s), once in each issue as follows: Julv 15. 2009 ~~~ 0 ~/\I"~ 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 '-fA/. day of ~) 9- CO? A. ./ )".~7) -~~- (__m J/ / -_Y / . / "~lLI!tt!,-" /7u,/:;(A""~./ Kathleen M. Barney, MC Municipal Clerk