HomeMy Public PortalAboutR 00:173No.
Date of Adoption'Jklh~ 1 ~ 2000
RESOLUTION AUTHORIZING THE ISSUANCE OF $76,000 BONDS OF THE
BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW
JERSEY IN ORDER TO RECEIVE A LOAN FROM THE NEW JERSEY
ECONOMIC DEVELOPMENT AUTHORITY THROUGH THE PETROLEUM
UST REMEDIATION, UPGRADE AND CLOSURE FUND, PUBLIC LOAN
PROGRAM AND DETERMINING THE FORM OF SUCII BONDS AND OTHER
DETAILS IN CONNECTION THEREWITH. ,
BE IT RESOLVED BY THE BOROUGH COUNCIL OF THE BOROUGH OF
CARTERET, IN THE COUNTY OF MIDDLESEX, STATE OF NEW JERSEY
AS FOLLOWS:
SECTION 1. $76,000 of the bonds authorized pursuant to Bond Ordinance #00-5 of the
Borough of Carteret, in the County of Middlesex. State of New Jersey (the "Borough")
finally adopted on March 16, 2000 pursuant to the "Local Bond Law", P.L. 1960, c 169,
as amended (N.J.S.A.) 40a:2-1 et. seq.), in connection with re~novaI and replacement of
underground petroleum storage tanks at the various locations throughout the Borough set
forth in Schedule A, attached hereto, shall be sold and awarded to the New Jersey
Economic Development Authority (the "NJEDA") the following terms:
Designation:
Loan Amount:
Date:
Interest Rate:
Maturities:
Petroleum UST Remediation, Upgrade and Closure Fund
$76,000
To be determined by NJEDA
zero per centum (0%) per annum,
(up to 10) years
Place of Payment: New Jersey Economic Development Authority
Petroleum UST Remediation, Upgrade and Closure Fuud
P.O. Box 18641
Newark, NJ 07191-8641
Attention: Public Program
SECTION 2. The bond shall be executed by the manual or facsimile signature of the
Mayor and the Chief Financial Officer, under the Official seal, affixed and attested by the
Clerk. Such officials are authorized to execute such replacement bonds in registered form
as may be necessary fi'om time to time and are authorized to execute all certificates,
agreements and other documents required by the NJEDA in connection with such Bond.
SECTION 3. The Mayor is hereby authorized to enter into a loan agreement with the
NJEDA, and such agreement shall be attested under the official seal Affixed and attested
by the Clerk, to provide for the loan contemplated by this resolution. The Mayor is
further authorized to enter into such other agreements as may be necessary to effectuate
the transactions contemplated by this resolution and the loan agreement, and such
documents shall be attested under the official seal by the Clerk. The Mayor or the Chief
Financial Officer and/or the Clerk are further authorized to provide such information on
NO. 00-173 PAGE. 2
behalf of the Municipality and to execute such certifications as may be necessary in order
to ensure compliance xvith the terms of the loan agreement.
SECTION 4. The total project cost is $76,000, inclusive of the amount of Bonds,
SECTION 5. Ali other details or requirements of the Local Bond Law of New Jersey,
including any changes in the terms of the Bond otherwise set forth herein, shall be
determined by the Clerk.
SECTION 8. This resolution shall take effect immediately.
Adopted this 1st day of June 2000
and certified as a true copy of the
original on June 2, 2000
KATHLEEN M. BARNEY, RMCTCMC
Municipal Clerk
RECORD OF COUNCIL VOTE
COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NV A.B.
CRILLEY X QUINONES X
FAZEKAS X SANTORO X
0 ' BRIEN X SOHAYDA X
X - ]:}dicale Vole AB - Absent NV - Not Voting XOR - Indicates Vote lo Overrule Veto
Adopted at a meeting of the Municipal Council
~___JUNE 1. 2000