Cumberland County
New Jersey

Resolution
RES-2017-612

Resolution Of The Board Of Chosen Freeholders Of The County Of Cumberland, State Of New Jersey Consenting To A Financing By The Cumberland County Improvement Authority, Pursuant To N.J.S.A. 40:37A-56

Information

Department:FinanceSponsors:Freeholder James F. Quinn, Freeholder Joseph V. Sparacio
Category:Budget

Attachments

  1. Printout

Body

WHEREAS, the Cumberland County Improvement Authority (“Authority”), a public body corporate and politic and a political subdivision of the State of New Jersey (“State”), organized and existing under the Act (as hereinafter defined) and created pursuant to a resolution of the Board of Chosen Freeholders of the County of Cumberland, New Jersey (“County”) adopted on December 30, 1980, and any successor to its duties and functions, is authorized by the County Improvement Authorities Law, constituting Chapter 183 of the Laws of 1960 of the State, as amended and supplemented (N.J.S.A. 40-37A-44 et seq.) (the “Act”), to provide within the County of Cumberland ("County"), public facilities (as defined in the Act) for use by the State, the County or any beneficiary county, or any municipality in the County, or any two (2) or more or any subdivisions, departments, agencies or instrumentalities of any of the foregoing for any of their respective governmental purposes; and

WHEREAS, the City of Vineland (“City”) has determined there exists a need to develop and construct a new public safety building to serve the needs of the citizens of the City and to further the health, safety and welfare of the residents of the City; and

WHEREAS, in furtherance of such determination, the City, has formally provided a request to the Authority seeking financial assistance to pay for the costs of; (i) the acquisition of the remaining portion of the land necessary for the Facility (as defined herein), not currently owned by the City (the land currently owned by the City and the land to be acquired by the Authority shall collectively be referred to herein as the "Project Site"); (ii) the costs of the development and construction of an approximately 53,000 square foot public safety facility (“Facility”) on the Project Site; (iii) the costs of equipping of the Facility; (iv) all other costs and expenses necessary for or related to the development, construction and equipping of the Facility; (v) capitalized interest on any bonds, notes or other debt obligations issued by the Authority to finance the costs thereof; and (vi) the costs of issuance with respect to the proposed financing (collectively, the “Project”); and

WHEREAS, the Authority has agreed to assist the City for purposes of financing the Project, in particular by the issuance by the Authority of one or more series of bonds in an amount up to $22,000,000 ("Bonds"); and

WHEREAS, the Authority has applied to the Local Finance Board pursuant to N.J.S.A. 40A:37A-6 for positive findings with respect to the construction and development of the Facility and the issuance of the Bonds and has received the requisite positive findings from the Local Finance Board on October 11, 2017; and

WHEREAS, in accordance with Section 13 ("Section 13") of the Act (N.J.S.A. 40:37A-56), prior to the issuance of the Bonds, the Authority will have made a detailed report to the Board of Chosen Freeholders of the County, which report will include, without limitation, the financing documents related to the financing of the Project;

              NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF CHOSEN FREEHOLDERS OF THE COUNTY OF CUMBERLAND, NEW JERSEY, as follows:

              SECTION 1.                Pursuant to N.J.S.A. 40:37A-56, the County hereby consents to the Project and the undertaking of the financing of the Project by the Authority, as described herein.

              SECTION 2.                The County’s consent set forth in Section 1 hereof shall in no way in and of itself be construed as a guaranty by or of the County to make debt service payments on the Bonds issued in connection with the Project.

              SECTION 3.                            This resolution shall take effect immediately.

Passed and adopted at a regular meeting of the Board of Chosen Freeholders held at the Cumberland County Administration Building, 164 West Broad Street, Bridgeton, New Jersey on Tuesday, November 28, 2017 at 6:00 p.m. prevailing time.