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ORDINANCE 2017-04 Refunding Bond Ordinance

ADOPTED: April 4, 2017

REFUNDING BOND ORDINANCE PROVIDING FOR THE REFUNDING OF $2,999,000 AGGREGATE PRINCIPAL AMOUNT OF OUTSTANDING BONDS OF THE BOROUGH OF POINT PLEASANT BEACH, IN THE COUNTY OF OCEAN, STATE OF NEW JERSEY, APPROPRIATING A SUM NOT EXCEEDING $3,100,000 TO PAY THE COST THEREOF AND AUTHORIZING THE ISSUANCE OF NOT EXCEEDING $3,100,000 AGGREGATE PRINCIPAL AMOUNT OF REFUNDING BONDS OF SAID BOROUGH TO FINANCE SUCH APPROPRIATION.

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BE IT ORDAINED by the Borough Council of the Borough of Point Pleasant Beach, in the County of Ocean, New Jersey, as follows:
Section 1. The Borough of Point Pleasant Beach, in the County of Ocean, New Jersey (the "Borough") is hereby authorized to refund $2,999,000 aggregate principal amount of outstanding bonds (subject to redemption prior to their stated maturities) dated July 31, 2007 and maturing on or after August 15, 2018 (the "Outstanding Bonds").
The Outstanding Bonds consist of the following two issues of bonds, bearing interest at the rates per annum, payable on February 15 and August 15 of each year until maturity or prior redemption, and maturing in annual installments on August 15 in each year, as follows:
$2,578,000 General Improvement Bonds, Series 2007
Principal Interest
Year Amount Rate__
2018 $860,000 4.125%
2019 860,000 4.125
2020 858,000 4.125



$421,000 Water-Sewer Utility Bonds, Series 2007
Principal Interest
Year Amount Rate__
2018 $140,000 4.125%
2019 140,000 4.125
2020 141,000 4.125

The Outstanding Bonds are subject to optional redemption on or after August 15, 2017 at a redemption price of 100%.
The Borough Council may determine by subsequent resolution not to refund a portion of the Outstanding Bonds.
Section 2. The Borough Council of the Borough has ascertained and hereby determines that the Outstanding Bonds set forth in Section 1 of this ordinance have not been paid or discharged and that the Borough is authorized by Section 51(a) of the Local Bond Law of New Jersey (Chapter 2 of Title 40A of the New Jersey Statutes Annotated, as amended; the "Local Bond Law") to issue its refunding bonds as hereinafter provided to refund the Outstanding Bonds. The object of the refunding is to effect debt service savings for the Borough.
Section 3. A sum not exceeding $3,100,000 is hereby appropriated (a) to refund the Outstanding Bonds set forth in Section 1 of this ordinance in the aggregate principal amount of $2,999,000 and (b) to pay an amount not exceeding $25,000 for the cost of the issuance of the refunding bonds, including underwriter's compensation, printing, advertising, financial and legal expenses therefor, as permitted by Section 51(b) of the Local Bond Law (collectively, the "Purpose").
Section 4. To finance the Purpose, refunding bonds of said Borough in an aggregate principal amount not exceeding $3,100,000 are hereby authorized to be issued pursuant to the Local Bond Law (the "Refunding Bonds"). The Refunding Bonds shall be sold at private sale by resolution of the Borough Council and shall be in registered form and shall contain the word "refunding" in their title and shall recite that they are issued pursuant to the Local Bond Law and shall bear such date or dates, mature at such time or times not exceeding 40 years from their date, bear interest at such rate or rates per annum, be payable at such time or times, be in such denominations, carry such registration privileges, be executed in such manner consistent with the provisions of the Local Bond Law for bonds of a municipality, be payable at such place or places, and be subject to such terms of redemption, with or without premium, as may be hereafter determined by resolution of the Borough Council within the limitations prescribed by law.
Section 5. The Refunding Bonds shall be direct, unlimited and general obligations of the Borough and the Borough shall be obligated to levy ad valorem taxes upon all taxable real property within the Borough for the payment of the principal of and the interest on the Refunding Bonds without limitation as to rate or amount. The full faith and credit of the Borough are hereby pledged to the punctual payment of the principal of and the interest on the Refunding Bonds. Each Refunding Bond issued pursuant to this ordinance shall recite that all conditions, acts and things required by the Constitution or statutes of the State of New Jersey to exist, to have happened and to have been performed precedent to and in the issuance of the Refunding Bond exist, have happened and have been performed, and that the Refunding Bond, together with all other indebtedness of the Borough, is within every debt and other limit prescribed by the Constitution or statutes of said State.
Section 6. All matters with respect to the Refunding Bonds not determined by this ordinance shall be determined by subsequent resolution or resolutions to be hereafter adopted by the Borough Council of the Borough, or the performance or determination thereof delegated by resolution or resolutions, to the Chief Financial Officer.
Section 7. It is hereby determined and stated that the Supplemental Debt Statement required by the Local Bond Law has been duly made and filed in the office of the Borough Clerk of said Borough, and that such statement so filed shows that the gross debt of said Borough, as defined in Section 43 of the Local Bond Law, is increased by this ordinance by $3,100,000, but $2,999,000 (the principal amount of the Outstanding Bonds being paid from the proceeds of the Refunding Bonds) shall be deducted from gross debt pursuant to Section 52 of the Local Bond Law, and that the issuance of the bonds authorized by this ordinance will be within all debt limitations prescribed by said Local Bond Law.
Section 8. It is hereby determined and stated that no sum need be appropriated hereby as a down payment.
Section 9. The Borough is hereby authorized to enter into any agreements that may be necessary to effect the purchase of securities, as permitted by Sections 53(c) and 60 of the Local Bond Law, to accomplish the refunding.
Section 10. This refunding bond ordinance shall take effect twenty days after the first publication thereof after final passage as provided by the Local Bond Law.



ATTEST: APPROVED:
Borough Clerk Mayor




STATEMENT

The bond ordinance published herewith has been finally adopted by the Borough Council of the Borough of Point Pleasant Beach, in the County of Ocean, in the State of New Jersey, on the 4th day of April, 2017, and the twenty day period of limitation within which a suit, action or proceeding questioning the validity of such ordinance can be commenced, as provided in the Local Bond Law, has begun to run from the date of the first publication of this statement.
____________________________
Borough Clerk
Borough of Point Pleasant Beach
County of Ocean
State of New Jersey


Published March08, 2017 | New Ordinances | 2505


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