May 15, 2006 6:00 pm
REGULAR MEETING
FLAG SALUTE
THIS MEETING IS BEING
RECORDED:
I hereby declare that notice
has been given to the Herald Times, the Atlantic City Press and posted on the
bulletin board of the Middle Township Municipal Building, stating the time and
place of the following meeting, as required in P.L. 1975, Chapter 231 of the
State of New Jersey. (Sunshine Law).
The Township Committee met
on the above date at 6:00 PM at the
* Moment of Silence in respect for Mr. Len
Pantaleo whom has just recently passed.
NOW
THEREFORE BE IT RESOLVED, by the Township Committee of the
Dedicated
Trust $
5,777.26
Current Acct. $ 1,548,533.05
NOW
THEREFORE BE IT RESOLVED, by the Township Committee of the
NOW
THEREFORE BE IT RESOLVED, by the Township Committee of the
EMPLOYEE
NAME
TYPE OF DAY
TIME
DONATED
|
Richard McHale |
Sick |
24 hours |
|
Joshua Bryan |
Sick |
12 hours |
|
Mark Higginbottom |
Vacation |
8 hours |
|
John Edwards |
Sick |
12 hours |
|
Jason Sill |
Sick |
12 hours |
|
Chris Leusner |
Sick |
8 hours |
|
Steve Novsak |
Sick |
8 hours |
|
Paul Fritsch |
Sick |
8 hours |
|
John Norton |
Sick |
24 hours |
|
Scott Webster |
Sick |
16 hours |
|
Jim Dougherty |
Sick |
8 hours |
|
Robert McHale |
Sick |
8 hours |
|
Bill Mulligan |
Sick |
24 hours |
|
Madonna Sill |
Sick |
12 hours |
|
Diana Shinn |
Vacation |
12 hours |
|
Greg Arnold |
Sick |
37.5 hours |
|
Sue Rennie |
Sick |
7.5 hours |
|
Kim Tomkinson |
Sick |
14 hours |
|
Bill Candell |
Sick |
40 hours |
|
Vera Kalish |
Sick |
7 hours |
|
George McClure |
Sick |
80 hours |
|
Bill Barger |
Vacation |
16 hours |
|
Andrew Smith |
Sick |
16 hours |
|
Rick Ceglarski |
Vacation |
8 hours |
|
Judy Lowe |
Sick |
7 hours |
|
Kathy Meers |
Vacation |
7 hours |
|
TOTAL |
|
436 hours |
NOW
THEREFORE BE IT FURTHER RESOLVED, that the total
amount of contributed time be credited to Robert Eagan as Sick Days.
WHEREAS,
$5,000.00 is being held as a performance guarantee for various street openings
within the confines of the
WHEREAS,
the certified Public Works Manager has conducted his inspection and determined
that all improvements have been completed, and
WHEREAS,
it has been recommended that the performance guarantees for the openings listed
below are released.
NOW
THEREFORE BE IT RESOLVED, by the Township Committee of the
|
87-03 |
Jonathon Hand Excavating |
W. |
Permit Bond – |
|
103-05 |
Fred Langford |
Bayberry Drive at |
$5,000.00 Cash Bond |
|
113-05 |
Rick Spackman |
|
$5,000.00 Cash Bond |
|
1-06 |
Comcast |
Teal Road |
Waived per Franchise
Agreement |
|
6-06 |
Walter Hunter t/a Bozzi Plg. |
|
Perf. Bond – RLI Insur.
|
|
15-06 |
Paxton Construction |
24 Sunray Beach |
Perf. Bond via M. Nichols |
|
*8-06 |
Rick Spackman |
|
$5,000.00 Cast Bond |
*
Released 2/6/2006 .. See file
WHEREAS,
certain monies held in trust accounts from time to time may have balances
remaining after all fees have been paid, and
WHEREAS,
the applicants are entitled to a refund of this money,
NOW
THEREFORE BE IT RESOLVED, by the Township Committee of the
10.
RESOLUTION NO.
237-06 – AUTHORIZING THE ISSUANCE AND SALE OF UP TO $7,072,000 OF GENERAL
OBLIGATION BONDS, SERIES 2006, OF THE TOWNSHIP OF MIDDLE; MAKING CERTAIN
COVENANTS TO MAINTAIN THE EXEMPTION OF THE INTEREST ON SAID BONDS FROM FEDERAL
INCOME TAXATION; AND AUTHORIZING SUCH FURTHER ACTIONS AND MAKING SUCH
DETERMINATIONS AS MAY BE NECESSARY OR APPROPRIATE TO EFFECTUATE THE ISSUANCE
AND SALE OF THE BONDS – On
motion by Committeemember Leusner seconded by Committeemember DeLanzo and passed
on roll call, the following resolution was adopted.
WHEREAS,
pursuant to the Local Bond Law, constituting Chapter 169 of the Laws of 1960 of
the State of New Jersey, as amended and supplemented ("Local Bond
Law"), the Township Committee of the Township of Middle, County of Cape
May, New Jersey ("Township"), has, pursuant to the bond ordinances
listed in Exhibit "A" attached hereto, each duly and finally adopted
by the Township Committee and published in accordance with the requirements of
the Local Bond Law (collectively, the "Bond Ordinances"), authorized
the issuance of general obligation bonds or bond anticipation notes of the
Township to finance the costs of certain capital improvements, set forth in and
authorized by the Bond Ordinances, all as more particularly described in
Exhibit "A" attached hereto and made a part hereof; and
WHEREAS,
on July 22, 2005, the Township issued its bond anticipation notes in the
principal amount of $6,189,600 consisting of: (i) $5,074,400
General Improvement Notes; and (ii) $1,115,200 Sewer Utility Notes
(collectively, the "Notes"), as set forth in Exhibit "A",
to temporarily finance a portion of the costs of the improvements authorized by
the Bond Ordinances; and
WHEREAS,
the Notes mature on July 21, 2006; and
WHEREAS,
the Township has not yet issued any of its obligations to finance the costs of
other improvements authorized by certain Bond Ordinances (collectively, the
"New Improvements"); and
WHEREAS, it is the desire of the
Township to issue its general obligation bonds in the aggregate principal
amount of up to $7,072,000, as further described in Exhibit "A", the
proceeds of which will be used to:
(i) repay a portion of the principal of the
General Improvement Notes at maturity; (ii) permanently finance the costs
of the New Improvements, for which
obligations have been authorized, but not issued; and (iii) pay certain costs
and expenses incidental to the issuance and delivery of the Bonds
(collectively, the "Project"); and
WHEREAS,
pursuant to the Local Bond Law and the Bond Ordinances, it is the intent of the
Township Committee to hereby authorize, approve and direct the issuance and
sale of such bonds, to ratify and confirm certain actions heretofore taken by
or on behalf of the Township, and to make certain related determinations and
authorizations in connection with such issuance and sale.
NOW,
THEREFORE, BE IT RESOLVED BY THE TOWNSHIP COMMITTEE OF THE
Section 1. Pursuant to the Local Bond Law and the Bond Ordinances, the issuance
and sale of General Obligation Bonds of the Township, to be designated
substantially "Township of Middle, County of Cape May, New Jersey, General
Obligation Bonds, Series 2006" ("Bonds"), in an aggregate
principal amount of up to $7,072,000 for the Project, is hereby authorized and
approved.
Section
2. The Bonds shall be dated July 15, 2006 and shall
mature on July 15 in the years and amounts set forth below:
|
Year |
Principal Amount |
Year |
Principal Amount |
|
2007 |
$145,000 |
2012 |
$895,000 |
|
2008 |
205,000 |
2013 |
880,000 |
|
2009 |
630,000 |
2014 |
890,000 |
|
2010 |
730,000 |
2015 |
945,000 |
|
2011 |
815,000 |
2016 |
937,000 |
The
term of the Bonds is equal to or less than the average period of usefulness of
the Project being financed through the issuance of the Bonds. Interest on the Bonds shall be payable
initially on January 15, 2007 and on July 15 and January 15 in each year
thereafter until maturity or earlier redemption. The Bonds will be subject to optional
redemption prior to their stated maturity dates upon the terms and conditions
stated thereunder.
Section 3. The Bonds maturing on and after July 15, 2017, are subject to
redemption prior to their stated maturity dates at the option of the Township,
upon notice as set forth below, as a whole or in part (and, if in part, such
maturities as the Township shall determine and within any such maturity by lot)
on any date on and after July 15, 2016, at a redemption price equal to 100% of
the principal amount of Bonds to be redeemed, plus accrued interest to the
redemption date.
Section 4. Notice of redemption shall be
given by mailing first class mail in a sealed envelope with postage pre-paid
not less than thirty (30) days nor more than sixty (60) days prior to the
redemption date to the owner of every Bond of which all or a portion is to be
redeemed at his or her last address, if any, appearing on the registration
books of the Paying Agent (hereinafter defined). So long as the Bonds are issued in
book-entry-only form, all notices of redemption will be sent only to the
Securities Depository (hereinafter defined) and will not be sent to the
beneficial owners of the Bonds.
Failure of an owner of the Bonds to receive such notice or of the
Securities Depository to advise any participant or any failure of a participant
to notify any beneficial owner of the Bonds shall not affect the validity of
any proceedings for the redemption of Bonds. Such notice shall specify: (i) the series
and maturity of the Bonds to be redeemed; (ii) the redemption date and the
place or places where amounts that are due and payable upon such redemption
will be payable; (iii) if less than all of the Bonds are to be redeemed, the
letters and numbers or other distinguishing marks of the Bonds to be redeemed;
(iv) in the case of a Bond to be redeemed in part only, the portion of the
principal amount thereof to be redeemed; (v) that on the redemption date there
shall become due and payable with respect to each Bond or portion thereof to be
redeemed, the redemption price; and (vi) that from and after the redemption
date interest on such Bonds or portion thereof to be redeemed shall cease to
accrue and be payable.
Section 5. The Bonds will be issued in fully registered book-entry-only form. One certificate shall be issued for the
aggregate principal amount of Bonds maturing in each year. Both the principal of
and interest on the Bonds will be payable in lawful money of the
Section 6. The Township is hereby authorized to make representations and
warranties, to enter into agreements and to make all arrangements with DTC, as
may be necessary in order to provide that the Bonds will be eligible for
deposit with DTC and to satisfy any obligation undertaken in connection therewith.
Section 7. In the event that DTC may determine to discontinue providing its
service with respect to the Bonds or is removed by the Township and if no
successor Securities Depository is appointed, the Bonds which were previously
issued in book-entry form shall be converted to Registered Bonds in
denominations of $5,000, or any integral multiple thereof ("Registered
Bonds"). The beneficial owner
under the book-entry system, upon registration of the Bonds held in the
beneficial owner's name, will become the registered owner of the Registered
Bonds. The Township shall be
obligated to provide for the execution and delivery of the Registered Bonds in
certified form.
Section 8. The Chief Financial Officer is hereby authorized and directed to engage
the services of a qualified financial institution to serve as paying agent for
the Bonds ("Paying Agent").
The Chief Financial Officer is hereby authorized to enter into an
agreement with the Paying Agent for the services to be provided.
Section 9. The preparation of a preliminary official statement ("Preliminary
Official Statement") relating to the Bonds, and the distribution of said
Preliminary Official Statement to prospective purchasers of the Bonds and
others having an interest therein, are hereby authorized and directed. The Mayor, Chief Financial Officer,
Township Clerk and Deputy Township Clerk are each hereby authorized to deem the
Preliminary Official Statement "final", as contemplated by paragraph
(b)(1) of Rule 15c2-12 promulgated by the Securities and Exchange Commission
pursuant to the Securities Exchange Act of 1934, as amended ("Rule
15c2-12").
Section 10. The Chief Financial Officer is
hereby authorized and directed to engage the services of one or more qualified
firms (collectively, the "Printer") to provide electronic and/or
physical dissemination of the Preliminary Official Statement and Official
Statement (hereinafter defined) and to provide electronic bidding services
associated with the sale of the Bonds, all pursuant to and in accordance with the
provisions of the Local Bond Law and the regulations promulgated thereunder. The
Chief Financial Officer is hereby authorized to enter into an agreement with
the Printer for the services to be provided.
Section 11. Pursuant
to the Local Bond Law, the Chief Financial Officer is hereby authorized to sell
and award the Bonds at a public sale.
The sale of the Bonds shall be in accordance with the provisions of the
Local Bond Law, and the advertised terms of such public sale. The Chief Financial Officer is hereby
authorized and directed to cause a summary notice of sale and a notice of sale
of the Bonds to be prepared and disseminated in accordance with the Local Bond
Law. At the next meeting of the
Township Committee after the sale and award of the Bonds, the Chief Financial
Officer shall report, in writing, to the Township Committee the principal
amount, the rate or rates of interest, the maturity dates, the dates upon which
interest on the Bonds shall be paid, the price and the purchaser or purchasers
of the Bonds.
Section 12. The preparation of a final official statement ("Official
Statement") with respect to the Bonds is hereby authorized and
directed. Within seven (7) business
days of the sale of the Bonds and in sufficient time to accompany any confirmation
that requests payment from a customer, the Township will deliver sufficient
copies of the Official Statement to the purchaser of the Bonds in order for the
same to comply with Paragraph (b)(4) of Rule 15c2-12. The Mayor, Chief Financial Officer, Township
Clerk, and Deputy Township Clerk are each hereby authorized to execute the
Official Statement, and the distribution thereof to purchasers and others is
hereby authorized and directed. The
execution of the final Official Statement by the Mayor, Chief Financial
Officer, Township Clerk or Deputy Township Clerk shall constitute conclusive
evidence of approval by the Township of the changes therein from the
Preliminary Official Statement. The
Mayor, Chief Financial Officer, Township Clerk and Deputy Township Clerk are
each hereby authorized to approve any amendments of or supplements to the
Official Statement.
Section 13. The Bonds shall be general obligations of the Township. The full faith and credit of the
Township are irrevocably pledged to the punctual payment of the principal of
and interest on the Bonds and, to the extent payment is not otherwise provided, the Township shall levy ad valorem
taxes on all taxable real property without limitation as to rate or amount for
the payment thereof.
Section 14. In order to assist the underwriters of the Bonds in complying with the
secondary market disclosure requirements of Rule 15c2-12, the Mayor, Chief
Financial Officer, Township Clerk and Deputy Township Clerk are each hereby
authorized to execute on behalf of the Township before the issuance of the
Bonds an agreement with the Paying Agent, as dissemination agent, providing for
the preparation and filing of the necessary reports in accordance with Rule
15c2-12.
Section 15. The Township hereby covenants that it will not make any use of the
proceeds of the Bonds or do or suffer any other action that would cause: (i) the Bonds
to be "arbitrage bonds" as such term is defined in Section 148(a) of
the Internal Revenue Code of 1986, as amended ("Code") and the Income
Tax Regulations promulgated thereunder; (ii) the
interest on the Bonds to be included in the gross income of the owners thereof
for federal income taxation purposes; or (iii) the interest on the Bonds to be
treated as an item of tax preference under Section 57(a)(5) of the Code.
Section
16. The Township hereby covenants as follows: (i) it shall
timely file such information report or reports as may be required by Sections
148(f) and 149(e) of the Code; and (ii) it shall take no action that would
cause the Bonds to be "federally guaranteed" within the meaning of
Section 149(b) of the Code.
Section 17. To the extent not otherwise exempt, the Township hereby covenants that
it shall make, or cause to be made, the rebate required by Section 148(f) of
the Code in the manner described in Treasury Regulation Sections 1.148-1
through 1.148-11, 1.149(b)-1, 1.149(d)-1, 1.149(g)-1, 1.150-1 and 1.150-2, as
such regulations and statutory provisions may be modified insofar as they apply
to the Bonds.
Section 18. The Township hereby designates
the Bonds as "qualified tax-exempt obligations" as defined in and for
the purposes of Section 265(b)(3) of the Code. For purposes of this designation, the
Township hereby represents that it reasonably anticipates that the amount of tax-exempt
obligations to be issued by the Township during the period from January 1, 2006
to December 31, 2006, and the amount of obligations designated as
"qualified tax-exempt obligations" by it, will not exceed $10,000,000
when added to the aggregate principal amount of the Bonds.
For
purposes of this Section 18, the following obligations are not taken into
account in determining the aggregate principal amount of tax-exempt obligations
issued by the Township: (i) a private activity bond as defined in Section 141 of the
Code (other than a qualified 501(c)(3) bond, as defined in Section 145 of the
Code); and (ii) any obligation issued to refund any other tax-exempt obligation
(other than to advance refund within the meaning of Section 149(d)(5) of the Code)
as provided in Section 265(b)(3)(c) of the Code.
Section 19. Application to Moody’s Investors Service for a rating of the
Bonds, and the furnishing of certain information concerning the Township and
the Bonds, for the purpose of qualifying the Bonds for municipal bond
insurance, are hereby authorized, ratified, confirmed and approved.
Section 20. All actions heretofore taken
and documents prepared or executed by or on behalf of the Township by the
Mayor, Chief Financial Officer, Township Clerk, Deputy Township Clerk, and
other Township officials or by the Township's professional advisors, in
connection with the issuance and sale of the Bonds are hereby ratified,
confirmed, approved and adopted.
Section 21. The Mayor, Chief Financial Officer, Township Clerk and Deputy Township
Clerk are each hereby authorized to determine all matters and execute all
documents and instruments in connection with the Bonds not determined or
otherwise directed to be executed by the Local Bond Law, the Bond Ordinances,
or by this or any subsequent resolution, and the signatures of the Mayor, Chief
Financial Officer, Township Clerk or Deputy Township Clerk on such documents or
instruments shall be conclusive as to such determinations.
Section 22. All other resolutions, or parts thereof, inconsistent herewith are
hereby rescinded and repealed to the extent of any such inconsistency.
Section 23. This resolution shall take effect immediately upon adoption this 15th
day of May, 2006.
Exhibit "A"
|
Ordinance No. |
Amount of Bonds/ |
Notes |
Amount of Bonds |
|
1070-00 |
$728,500 |
$9,000 |
$9,000 |
|
1126-03 |
2,452,900 |
2,422,900 |
2,422,900 |
|
1134-03 |
250,000 |
187,700 |
0 |
|
1137-03 |
500,000 |
500,000 |
0 |
|
1139-03 |
171,224 |
0 |
0 |
|
1169-04 |
2,550,750 |
1,740,000 |
2,550,100 |
|
1173-04 |
450,000 |
427,500 |