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Home My Public Portal AboutOrd. 10-009 No. 10-9 @rotmutt.C of tlr~ l@orouglr ofQInrterd, ~ ~ JJ ~ ( Councilman Presents the following Ordinance Seconded by Councilman BOND ORDINANCE PROVIDING FOR VARIOUS PARK IMPROVEMENTS IN AND BY THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY, APPROPRIATING $1,230,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF $480,000 BONDS OR NOTES OF THE BOROUGH TO FINANCE PART OF THE COST THEREOF. BE IT ORDAINED BY THE BOROUGH COUNCil OF THE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY (not less than two-thirds of all members thereof affirmatively concurring) AS FOllOWS: Section 1. The Improvement described in Section 3(a) of this bond ordinance Is hereby authorized to be undertaken by the Borough of Carteret, in the County of Middlesex, New Jersey (the "Borouglf) as a general Improvement. For the improvement or purpose described in Section 3(a), there is hereby appropriated the sum of $1,230,000, including a Green Acres Grant in the amount of $240,000 (the .State Grant), a grant from the Middlesex County Open Space Trust Fund in the amount of $500,000 and a contribution from the Board of Education of the Borough (the 'Board of EducatioJi') pursuant to an interlocal agreement by and between the Borough and the Board of Education In the amount of $250,000. There is no down payment required pursuant to N.J.S.A. 40A:2-11(c), as the Improvement or purpose set forth in Section 3(a) Is partially funded by the State Grant. Section 2. In order to finance the cost of the improvement or purpose, negotiable bonds are hereby authorized to be issued In the principal amount of $480,000 pursuant to the Local Bond law. In anticipation of the issuance 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 financing of which the bonds are to be issued is the various park improvements, including the reconstruction of Sullivan Field, including all work and materials necessary therefor and incidental thereto. The estimated maximum amount of bonds or notes to be issued for the (b) improvement Of purpose is as stated in Section 2 hereof. (c) The estimated cost of the improvement or purpose Is equal to the amount of the NO. I 10-9 PAOli ? 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 financial 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 determinations. 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 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 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 said, the price obtained and the name of the purchaser. Section 5. The Borough hereby certifies that it has adopted a capital budget or a temporary capital budget, as applicable. The capital or temporary capitai budget of the Borough is hereby amended to conform with the provisions of this ordinance to the extent of any inconsistency herewith. To the extent that the purposes ~uthorized herein are inconsistent with the adopted capitai or temporary capital budget, a revised capital or temporary capital budget has been filed with the Division of Local Government Services. Seciion 6. The following additional matters are hereby determined, declared, recited and stated: (a) The improvement or purpose described in Section 3(a) 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 15 years. NO. 10-9 PAOE 3 (c) The Supplemental Debt Statement required by the Local Bond Law has been duly prepared 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 Locai 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 defined In the Local Bond Law Is Increased by the authorization of the bonds and notes proVided In this bond ordinance by $480,000, and the obligations authorized herein will be within all debt limitations prescribed by that Law. (d) An aggregate amount not exceeding $250,000 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 forthe 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 purposes of Treasury Regulations. Section 8. Any grant moneys received for the purpose described in Section 3 hereof shall be applied either to direct payment of the cost of the improvement or to payment of the obligations issued pursuant to this ordinance. The amount of obligations authorized but not Issued hereunder shall be reduced to the extent that such funds are so used. 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 c~mnect;on with the sale of 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 holders and beneficial owners of obligations of the Borough and to amend such undertaking from time to time in connection with any change in Jaw, or interpretation thereof, provided such lundertaklng 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. NO. 10-Q PAGE 4 Section 10. The full faith and credit of the Borough are hereby pledged to the punctual payment 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 shaH 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 withoullimilation of rate or mount. 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 PEll1N) DIAZ or = RECORD OF COUNCIL VOTE YES NO NY A.B. COUNCILMAN X KRlN X NAtllS X SDl\RZ YES NO NY A.B. X X COUNCILMAN X x . Indicate VOle AB . Absent NV - Not Voting XOR . Indicates Vote 10 Overrule VelD April 22, 2010 . /e"l:-rIi;> ;,~t:/5';'>~;;~~ /, MUNICIPA CLERK / ;:,tate of New Jersey Middlesex County Personally appeared Affidavit of Publication Publisher's Fee $26.46 Affidavit $35.00 . E'.-- Of the Home News Tribune, a newspape. .' lted in Freehold, New Jersey and published in Neptllue, in said County and State, and of general circulation in said county, who being duly sworn, deposetll and saith that the advertisement of which the annexed is a trne copy, has been pnblished in the said newspaper 1 times, once in each issue as follows: 5/01/10 4:" Sw ~ ~~ C\ ()~lo~ Notary ~btlC of New Jersey ubscribed before me, this yof May, 2010 8tl'lOLGHOfCMTEREf OWii1a:iice#l()~. _ neE OF PENDING BONDoROJ NANCE AND SUMMARY The bond ordinance, the summa", term.'> of wl-ic:h i1re incluood herein, Will> IrtmruCed and pass.ed upon first reading al a m%l:ing d the govetni/1i: body cJ the Borough of Car- te-ret In the Comly of Middle-"...e!C, Slate of New' Jer~.ey. on Aorll, 22 2010. It ....;11 be furthel considered for final pi'lSSilge, after pul:Hc hearirg thereon, at a mo-eling of the gaveming body to be held at ~ Comcll Chamber.'> Municpal Building, in 1m Bor- ough on' May 2U, 2010 ill 6:00 o'clock p_m. Dur'ing the .....-ooK Plior to and up to i1f1d including the dille of .such meeting, copies of the full ordinance wil! be available at no cost and during r<:gular busif1e$ hO\.X5 at the Clerks offiCe for the members of the ge-nffal public wrn sh<ll! re<jUffit Uw ~me. The ~r;:~f~I~5~e terms of such bond ()Idi~ Tille: BOND ORDINANCE PROVIDING FOR VARIOUS PARK IMPROVEMENTS IN AND BY mE BOROUGH OF CARTERET, IN THE COUNTY OF MIDDLESEX, NEW JERSEY APPROPRIATING $1,230,..000 THEREFOR AND AUTHORIZING THt. JSSUANCE OF ~6~%B~ 'tg~~SN~~N~JJi~ ~ ~~ COST THEREO:-. Purpore(s): valious park impro.oements if"}- cluding the recOf!Struetion of Sulli\l<ln Neld, fnch.Jdlng all work and mate/fals ne<:essary therefor and ineidffital thereto Appropriation: $.1,230,000 Bonds/Note; Authorized: $480,000 GIi;nts (if any) Approp!!ated: $240000 GIOOfl ACr€-s Glantt- $500,000 Midd~e:< County Open Space r\J5t Fund Grant Section 20 CasU;: $250,000 Useful life; 15,>>-'€-ars Kath!~n M. Samey, C!erk This NotiCe is puWshW purwant to N,J,S.A,40A:2-17 ($26.46) 134426 Kathleen A. Gibson Notary Public State of New Jersey My Commission Expires Dec. 18, 2014 o '1 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 U1 time(s), once in each issue as follows: May 1. 2010 dl/7,~N a. ~~ 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 '1>>.... day of IN} ct.vJ I ;:l. 0 ) 0 BOROUGH Of CAIlTERET Oidinahce#10.g ~?!ICap'OJ'c~~~fJ~t.~~~~RDI ThebondprqIO<lnce... the. summ<'lryterii#9f which ..13fl;! ,illJ;:IUded herein,w(3,s. .lntrCll:f.lJcelj ~nd. P<l~S!'l(j. upQnlirst reae/fig at a rneEltillg ofJh!Igoyemingb<:idyofttie.a{)f911gh (}L(;<u. teml;....lnJhe(:Qunty ..01. MiddlesexjStllteQf New Jersev,onAprH,22.2QIO,ltwill,'f:M:l flJ!"t1:l(~rconslcferedfor final Pilssage, after pllblic . hearing there<)n, . <it ameeUl:\goLJI1e governing ...bQdy.tobe heJd~1 JheCo:unl;il Chambers. Municipal BUilding, .In _ the,8Q,r. Ollg/:lOllt. May 20,2010 4116,00 o'l,:IO(;k p.m;Ounng thewe:el:(ptior to and up 'p<olnd mc/u(HngUie date of $Ucl:lmeeUng, cop1i:>spf the full ordlna;nce Will ~ available at no (;O$t and during.. regular business hours .. aLthe c;/erksoffic:efor.tlle mernbersof tl:legi:>nera;1 pUblic.. wtll,lshall request the. $ame,The ~~~C~~~,{)~kll:let~rrns ... t)1. s~~h. bQnd9r~i- Title:.BONDORDINANCE. .PROVIDINGFOR VARIOUS PARK IMPROVEMENTS IN AND BY THE BOROUGH OF CARTERET,INTHE COUNTY OF MIDDLESEX, . NEW JERSEY, ~~bR9f~i~B~~INSJ,2T1?EO~~sJrJ~f~%~ $480,000 BONDS OR NOTES OF THE g8~fV~~RE1~.r'N~N?EP~R~OF.n~~. PurpQ$e(s):....a,riquspark imrrovementsJn. cludlngfhe. recpnstrucllon 0.. Sullivanfiell.1. Inphldingallwork .andrna;teria/$ n~1)' ther.efor and InCldtmtal thereto. . Appropriation: $1;230,000 BondsjNot6$f\lIth()rlled~$4Bo 000 g~~~~s. J\~~esantratttP~tfb~:g%h Ul~~lg~~ ~~~ll~~ ~~e&~f::'2~~bb'bnd Grant Useful Life: J5 years Kathleen M.Barne.y. Clerk This Notice. ISPlJbllshed pursuafll to N.J.S.A.40A:2-17. ($26.46) 134426 () I () ~ AFFIDAVIT OF PUBLICATION The following is a true copy of an Ordinance or Resolution of the Borough of Carteret that has appeared in the Home News Tribune, a newspaper which is printed in Freehold, New Jersey and published in Neptune, in said County and State and of general circulation in said county. One ill time(s), once in each issue as follows: Mav 27. 2010 o~~ otary Public of New Jersey idu~~r Kathleen M. Barney, MMC Municipal Clerk LINDA A RIVERA NOTARY PUBLIC OF NEW JERSEY MY COMMISSION EXPIRES MAY 2, 2011 Sworn and subscribed before me this,~~ day ofd"/'~-- d-oJ 0 I BOROUGH OF CART[IlET hRbiNANCE..'uld-9 BOND O~DINANCEAND:3LJM".,AR.Y TMb()llitqr!1ln<lI'Jf~;Uw!;'llfllrn~l)'J WI11iJhare ~mcllJdec:J.l1ereIJl; has a(iQP\MbY!heJ$gf9Ughi;:lf'ca,. COunt)!: of MJddll:!sex, State of Ne MAY 20. 2010ilnd the;?:Oda limitation withIn. whichasult.ilc l()fJP(pro::' t::El~II1g:qIJElstlonillgtl1evaJldilYl,)fSl!Ch 9rdl~ nance(:aJl.....~. c()lllme!l(:~,iils', rovidedin the lOl;al. aoiW I,:aw. has begun .. from the l;late of the flrsl pUblh::.ation . ment,c;ppies9ftl1ef1,JlIW!11 bleat rwcos,l',' and during hQurs.atJhe<::leijl!;t;)f1Ic,El.i " nil>er$,of the geJl13ftl1pl,lbllcWl.lQ{ the'~rne. The $llmmary c.>f lhett:lrm~o:f~!1~l:1t}()Il(j()r:" dlnance folwws:<. .....<; ........... .<>.. .......................... .... ..... Title: BONDORDINANC.E....PROVIDING..rOR VARIQU$.PARKIMPROVEMENTSINAND BY THE BOROUGH .OFCARTERET,INtHE COUNTY..... OF ....MIDDlE$EX;NEW.JERSEV APPROPRIATING ...$l,230.J.OOOTHEREFOR AND AUTHORIZING ...THt.JSSUANCEOF $480,OOO.BONPS>OR > NOTES OF THE BOROUGH ..TO FINANCE PART OF THE C05T.TH.ER ~ D' ID' ~ . p~rl<lfTlPi6veri1iJ.rllsln. r!1c::.ti()flJ)fSulllv~IlFieldi .erW!>re<,~ss.ary thi;iieiWr ...><.. ~~dOQn~t~nAU'h6riZe! f . .$()Obb Grants. ULafiy:)J\pPfOpriated:$240;oQ(). G",nAe",G..,anl,:$l500.000Mlddlcse.x CQIJnty Open SP<.lc.e 'TrustFun(jqr<l~t .......... Section .20. CQsts;..$250,OOO Vsefullife:15 yeats ($~j.2~) ~~tlll~IlM;i'lo/B;~~WI<