Asbury Park
NJ

Resolution
2017-69

Resolution of the City of Asbury Park Making Application to the New Jersey Local Finance Board Pursuant to N.J.S.A. 40A:3-1 et seq. and Previous Approvals by Said Board

Information

Department:City ClerkSponsors:
Category:Bond Ordinance

Attachments

  1. Printout

Body

WHEREAS, the City Council of the City of Asbury Park, in the County of Monmouth, State of New Jersey (the "City") desires to adopt a bond ordinance (the "Ordinance") providing for the issuance of one or more series of general improvement bonds of the City in the not to exceed aggregate principal amount of $2,857,142 (the "Bonds") and notes in anticipation thereof, in order to finance various capital improvements by and in the City; and

 

WHEREAS, in connection with various previous applications by the City to the Local Finance Board, in the Division of Local Government Services, New Jersey Department of Community Affairs (including specifically its applications in connection with certain bonds and refunding bonds issued under the Municipal Qualified Bond Act, N.J.S.A. 40A:3-1 et seq. (the “MQBA”)), the Local Finance Board has heretofore conditioned its approvals upon the undertaking by the City that, for the duration of such bond issues, all future capital authorizations shall require approval from the Local Finance Board; and

 

WHEREAS, the City believes that:

 

(a)              it is in the public interest to accomplish such purpose;

 

(b)              such purpose is in compliance with the requirements of the MQBA;

 

(c)              said purpose or improvements are for the health, welfare, convenience or betterment of the inhabitants of the City;

 

(d)              the amounts to be expended for such purpose or improvements are not unreasonable or exorbitant and are consistent with the requirements of the MQBA; and

 

(e)              the proposal is an efficient and feasible means of providing services for the needs of the inhabitants of the City and will not create an undue financial burden to be placed upon the City; and

 

WHEREAS, the City Council desires to make application to the Local Finance Board for (i) its approval of the adoption of the Ordinance and the capital authorizations contained therein, and (ii) its approval of the issuance of, and of the proposed maturity schedule for such Bonds, to be issued in the form of "qualified bonds" under the MQBA; and

 

WHEREAS, the City believes that the maturity schedules contained in the Application to the Local Finance Board are in the best interests of the City.

 

NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF ASBURY PARK, IN THE COUNTY OF MONMOUTH, STATE OF NEW JERSEY, as follows:

 

Section 1.              The Application to the Local Finance Board is hereby approved, nunc pro tunc, and ratified and the City's Bond Counsel, Chief Financial Officer, City Manager and Financial Advisor, along with other representatives of the City, are hereby authorized to prepare such application, to file such application with the Local Finance Board and to represent the City in matters pertaining thereto.

 

Section 2.              The Clerk is hereby directed to prepare and file a copy of this Resolution and the Ordinance with the Local Finance Board as part of such application.

 

Section 3.              The Local Finance Board is hereby respectfully requested to consider such application and to record its findings, recommendations and/or approvals as provided by the applicable New Jersey Statute, including causing its consent to be endorsed upon a certified copy of the Ordinance.

 

Section 4.              This Resolution shall take effect immediately upon its adoption.

 

 

              The above resolution was adopted on the following roll call vote:

 

Meeting History

Feb 8, 2017 7:00 PM  Municipal Council Regular Meeting
RESULT:ADOPTED [UNANIMOUS]
MOVER:Amy Quinn, Deputy Mayor
SECONDER:Eileen Chapman, Councilmember
AYES:Eileen Chapman, Yvonne Clayton, Jesse Kendle, Amy Quinn, John Moor