A Special Meeting was called by Mayor and Council of the Borough of Audubon Park pursuant to the provisions of the Open Public Meetings Law to discuss the Bond Anticipation Note and any other matters that arise. Notices of this meeting were sent by electronic mail to the Retrospect and the Courier Post on November 7, 2007. In addition, copies of notices were posted on the bulletin board in the Municipal Building and filed in the Office of the Municipal Clerk on aforementioned date. Notices on the bulletin board have remained continuously posted. Mayor, Lawrence E. Pennock, called this meeting to order at 7:30 PM in the Community Hall with the salute to the flag.
Roll Call: Councilman Beeman, Councilwoman Hook and Councilman Passon were
present. Councilman Fisher arrived at 7:31 PM and Councilwoman Lewis
arrived at 7:34 PM. Councilman Romano was absent (excused).
Mayor Pennock opened the meeting with statements concurring with the sunshine laws.
Mayor: We are here to discuss the Bond Anticipation Note. We sent bid paperwork out to three banks: Commerce, Sovereign and Citizens Bank. Commerce was the only bid that we received for 3.59% interest. We will pay down a minimum of $30,000.00 on the Bond.
Motion made by Councilman Passon to accept Commerce Bank’s bid on the Bond Anticipation Note. Seconded by Councilman Beeman. Roll call vote: Councilman Beeman-yes, Councilman Fisher-yes, Councilwoman Hook-yes, and Councilman Passon-yes.
RESOLUTION AUTHORIZING THE ISSUANCE OF $184,300.00 OF BOND
ANTICIPATION NOTES OF THE BOROUGH OF AUDUBON PARK, COUNTY OF CAMDEN, STATE OF NEW JERSEY
BE IT RESOLVED by the Mayor and Borough Council of the Borough of Audubon Park, County of Camden, State of New Jersey (hereinafter “Borough”), as follows:
SECTION 1. The Borough duly adopted Bond Ordinance No. 2000-5 for the repair of the school roof, Bond Ordinance No. 2001-4 for the acquisition of a fire truck, and Bond Ordinance 2003-3 for the purchase of firehouse doors and reconstruction of Road “C”.
SECTION 2. The amounts due on the Bond Anticipation Notes issued as a result of the above Bond Ordinances for the purpose of temporarily financing the aforesaid purchases and improvements total $214,300.00.
SECTION 3. Pursuant to the provisions of Section 40A:2-26(f) of the Local Bond Law of New Jersey, and in lieu of the sale of more than one issue of bonds as provided for in said Local Bond Law, the several issues of bonds of the Borough authorized pursuant to the Bond Ordinances referenced hereinabove shall be combined into a single and combined issue of bonds in the principal amount of $184,300.00.
SECTION 4. The following matters in connection with the aforesaid Bond Anticipation Notes are hereby determined:
(a) All notes issued hereunder shall mature at such times as may be determined by the chief financial officer of the local unit, provided that no note issued pursuant to Sections 1 through 2, inclusive, hereof shall mature later than (i) one year from the date of the first such note issued pursuant to the respective ordinances referred to in said Sections, and (ii) three years from the date of the first note issued pursuant to each such respective ordinance unless the local unit shall have paid and retired amounts of such notes sufficient to allow it, in accordance with provisions of Section 40A:2-8 of the Local Bond Law, to renew a portion thereof beyond the third anniversary da te of the first of such notes, but in no event shall any of such notes mature later than the tenth anniversary of the date of the original notes;
(b) All notes issued hereunder shall bear interest at such rate or rates as may be determined by the Chief Financial Officer of the Borough; and
(c) The notes shall be in the form prescribed by resolution heretofore adopted by the Governing Body of the Borough determining the form of Bond Anticipation Notes issued pursuant to Local Bond Law, and any such notes may be signed or sealed by officers of the Borough in any manner permitted by Section 40A:2-25 of said Local Bond Law notwithstanding that said form or resolution may otherwise provide.
SECTION 5. The Chief Financial Officer of the Borough is hereby authorized and directed to determine all matters in connection with said notes not determined by this or a subsequent resolution, and the Chief Financial Officer’s signature upon said notes shall be conclusive as to such determinations.
SECTION 6. The Chief Financial Officer of the Borough is hereby authorized to sell said Bond Anticipation Note from time to time at public or private sale in such amounts as the Chief Financial Officer may determine at not less than par and to deliver the same from time to time to the purchasers thereof upon receipt of payment of the purchase price plus accrued interest from their dates to the date of delivery thereof and payment therefore; and
SECTION 7. Any instrument issued pursuant to this resolution shall be a general obligation of the Borough, and the Borough’s faith and credit are hereby pledged to the punctual payment of the principal of and interest on said obligations and, unless otherwise paid or payment provided for, an amount sufficient for such payment shall be inserted in the budget and a tax sufficient to provide for the payment thereof shall be levied and collected; and
SECTION 8. The Chief Financial Officer of the Borough is authorized and directed to report in writing to the Governing Body at the meeting next succeeding the date when any sale or delivery of notes pursuant to this resolution is made, such report to include the amount, description, interest rate and maturity of the notes sold, the price obtained and the name of the purchaser.
The Chief Financial Officer of the Borough is hereby further authorized and directed to do all other matters necessary, useful, convenient or desirable to accomplish the delivery of said notes to the purchasers thereof as promptly as possible, including (i) the preparation, execution and dissemination of a Preliminary Official Statement and Final Official Statement with respect to said notes, (ii) preparation, distribution and publication, if necessary, of a Notice of Sale with respect to said notes, (iii) execution of a Continuing Disclosure Undertaking, with respect to said notes in accordance with Rule 15c2-12 promulgated by the Securities and Exchange Commission and (iv) execution of an arbitrage and use of proceeds certificate certifying that, among other things, the Borough, to the extent it is empowered and allowed under applicable law, will do and perform all acts and things necessa ry or desirable to assure that interest paid on said notes is not included in gross income under Section 103 of the Internal Revenue Code of 1986, as amended.
SECTION 9. This Resolution shall take effect immediately.
_______________________________
LAWRENCE E. PENNOCK, MAYOR
__________________________________
DAWN M. PENNOCK, DEPUTY CLERK
Adopted:_____________
Motion made by Councilman Passon for Resolution authorizing the issuance of $184,300.00 Bond Anticipation Notes. Seconded by Councilman Fisher. Roll call vote: Councilman Beeman-yes, Councilman Fisher-yes, Councilwoman Hook-yes, Councilwoman Lewis-yes, Councilman Passon-yes.
Opened to the Public at 7:31 PM
Closed to the Public at 7:31 PM
Mayor: Met with the Tax Assessor today and we may be able to delay the reassessment
for another year. Does anyone have a problem if we switch our meeting nights
from Monday to Tuesday starting in January 2008? Discussed the possibility
of economic development.
Councilman Passon made a motion to approve the concept of economic development. Seconded by Councilman Fisher. All ayes.
Mayor: Discussed the rumors circulating through town regarding the firehouse and the resignation of Richard Pritchard.
Mayor: Asked Deputy Borough Clerk to discuss her meeting with Terri Stagliano
regarding the Seniors and Veterans Property Tax Reduction paperwork.
Motion made by Councilwoman Lewis to adjourn the meeting at 7:41 PM. Seconded by Councilman Beeman. All ayes.
_______________________________
DAWN M. PENNOCK, RMC
DEPUTY BOROUGH CLERK
DATED: