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Home My Public Portal AboutOrd. 10-012OrMttance Yn. 10 -12 of the ilurvugg of &rfina, C NI �4_ Councilman Preset x the follow ;ng 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 2010 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.S.A. 40:37A44 at seg.) (the "County Improvement Authorities Law"), and other applicable provisions of law; 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 "2010 Program "); and WHEREAS, the Borough of Carteret, in the County of Middlesex, State of New Jersey (the "Municipality ") has determined to participate in the 2010 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 A, providing for the acquisition and leasing of certain police and /or passenger vehicles from the Authority, which police 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 IT 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 concurring) AS FOLLOWS: Section 1. Pursuant to section 78 of the County Improvement Authorities Law, N.J.S.A. 40:48 -1 et Sec., the Municipality is hereby authorized and directed to enter into and perform the Lease, which Lease provides for the leasing of certain police and /or passenger vehicles acquired with the proceeds of County- Guaranteed Capital Equipment and Improvement Revenue Bonds, Series 2010 (the "Bonds ") to be issued by the Authority under a resolution of the Authority to be adopted by the Authority entitled, "Resolution of the Middlesex County Improvement Authority Authorizing the Issuance of County- Guaranteed Capital Equipment and Improvement Revenue Bonds" (the "General Bond Resolution "). The Lease, in the form submitted herewith in Exhibit A (a copy of which is on file in the office of the Clerk of the Municipality), is hereby approved with such changes, amendments or modifications as may be approved by counsel or bond counsel to the Municipality and bond counsel to the Authority and the County. NO. 10 -12 PAG 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, (1) 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 (tit) all direct and indirect costs of the Authority and the County related to the enforcement of the Lease and the County Guarantee ((t), (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 Municipality 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 authorized 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 authorized 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, infer alfa, 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 Municipality's police andlor 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 under the Lease. (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 and /or 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 of the Lease with respect to some or all of the police and /or 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 counsel or 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 1934, as amended and supplemented, including the secondary market disclosure requirements contained 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 directed 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, financial 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. NO. 10 -12 PAGE 3 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 and /or 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 provision 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. RECORD OF COUNCIL VOTE X - Indicate Vole AB - Absent NV - Not Voting XOR - Indicates Vole to Overrule Veto Adopted on first reading of the Council of the Borough of Carteret, N.J., on August 5,_2010 Adopted on second reaLn after hearing on - . feptember 9, 2010 APPROVED BY Affidavit of Publication Publisher's Fee $53.46 Affidavit $35.00 Mate of New Jersey } SS r { Middlesex County � Personally appeared Aq , t S cv jo C c Of the Home News Tribune, a newspaper printed in Freehold, New Jersey and published in East Brunswick, in'said County and State, and of general circulation in said county, 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 issue as follows: 8/10/1 A.D. 2010 �� a Sworn and s 11 before m e, this 10 day y of August, ust, 2010 0 Notary Pu lic of New Jersey 80RUI was ands Y 'ann wnicn are passed up. fiest readng at a Kathleen A. Gibson Notary Public State of New Jersey My Commission Expires Dec. 18, 2014 at no Cost and d, 'ina for the member: same. TN wmm ary i(or pas ger votides Wd 6- pprwe the erderinRR to of a County Impralement Putho,d, amabze the lease payment d> None anee to d allocated pro ata 2010 Capital Equlvmerrt and improvmm nt Finanting Program Prot .xt List - PRELIMINARY Carteret Bom �gh Project Ouar,<. Est coq es•Sul Life FI YEAR PROJECTS No,- 0 O.DD 5Years Subtotal LEASE Pdice vrhicles 3 $MODOOD 5Yrars Subtotal $100 OD0.OD Subtotal 4100;000.0 TEN YEAR PROJECTS Nore 0 $0.00 1D Years Subtotal $0.00 F" - 94 YEAR PROJECTS 0 0.00 15 1,n" 00 TY YEAR PROJECTS Nora 0 $000 20 years Subtotal $ 0.00 Lea ra IIbl. $100,000.00 Loan Taal. 000 Carteret Buro,gh Taal Borro,,ng $10"00000 ($53.46) 183535 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 time(s), once in each issue as follows: August 10, 2010 J. ' Notary Public of New Jersey 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 . 1 ? day of j v C �O 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 time(s), once in each issue as follows: Septe 10, 2010 Kathleen M. Barney, MMC , Municipal Clerk (- .✓ � / B0R000FCARTERET Notary Public o f N J ersey erse J y ORDINANCE #10-12 BOROUGH OF CARTERET LEASE ORDINANCE STATEMENT AND SUMMARY TheTse or mance�m. 'y Cerms o w icfi ar¢ mciuded' herein, has been ilnailY adopted'by the governing body of the Borough of Carteret in the County of Middlesex, State New Jer LINDA A RIVERA of -'. seY on September �; 2010 and the twenty (2 0) day period of limi tattoo NOTARY PUBLIC OF NEW JERSEY within which a sml, action or proceeding questioning the vat tlrty of such ordinance can be commenced, as provitled m the Lp- My i-I MY COMMISSION EXPIRES MAY 2 20 cal Bond Law, has begun to mn from the tlate oflhe brst publics -'. lion of lhls statem okthe lull ordinance are available aL Burin 1 no cost antl re ular business hours al the Clerk's oil members of the eneral public who re ues( the same. The summa ryry of the terms of lease Sworn and subscribed prdinan<e ows: T1t AN ORDINANCE OF THE BOROUGH OF CARTERET, TH E efore COUNTY OF MIDDLESEX STATE OF NEW J JERSEY APP ROVING AND AUTI{ORIZI NO TH E me this /U. day of N ETERIFI' INTO, EXECUTION AND DELIVERY OVA + COUN TYNMPROVEMENT AUTHORITY R D DLESE TO THE ISSUANCE OF. COUNTY- GUARANTEED 0 CAPITAL EQUIPMENT. A N D M PROVEMENT REVENUE BONDS. SERIES 2010 OF THE C r` / MIDDLESEX COUI - AUTHORITY IMPROVEMENT Purp eoW: Lease certain PPoolice and/or pasngr vehicles (described in Exhibit B. below e and approve the '. entering Into o7 aTease agreement with the .Middlesex County lulprovemenl Authority Appropriation: Amount sufficient to amortize the lease payment obligations a Authorized None Amhmu Giants .7Y.. Appropnaletl. None Secfion 20 Costs: ` Costs of issuance t o be allocated pro rata Useful Lite. Not to FnceL Fi (5) Years ve Kathleen M. Berney Cferk of the Borough of Carteret Middlesex County Improvement Authority 20: Capital Equipment and Improvement FinancinrK Progdram - ° Pre "I J.1 - PREUMlNARY Carteret Borough - Pro ect Q Meet. Est. Cost Useful Life FIV EARWOJECT5— - Eoan °rte '. 0 -$ 00 5 Years Subtotal Lease Pob Yehlcles 3 5Years. Subtotal $$ 660� .00 Subtotal '1100,000,00. TEN YEAR PROJECTS None 0 00 10 Years :$0. Subtotal 10,00 FIFT YEAR PROJECT None 0 50 00 15 Years Subtotal 0.00 TWENTY YEAR PROJECTS (,onstrucm c 1 o 1Reaa fh V dWellnessCenter 1 $2,500,000.00 25 Years eh less Center Parking Lot Construction & Associated Land Ac gmsdion 1 11500 000.00 20 Years Lease $16006000 Loan Total: q,160 OOO.00 Carteret Borough Total Borrowing: ,100`QD0.o0 ($59.13) - '499280