[9-13-2022 by Ord. No. 1116-2022]
The recitals to this chapter are hereby incorporated as if set
forth in full herein.
[9-13-2022 by Ord. No. 1116-2022]
To effectuate the Natirar PACE Project, the Borough hereby establishes
the Program, on the terms and conditions set forth herein and in the
Natirar Special Assessment Agreement, as the same may be amended from
time to time in accordance with its terms. The Borough hereby authorizes
and directs each of the Mayor of the Borough (the "Mayor"), the chief
financial officer of the Borough (the "Chief Financial Officer") and
the Clerk of the Borough (the "Borough Clerk") to make application
to the Authority to issue the Authority bonds to fund the Natirar
PACE Project by delivering a copy of this chapter as adopted to the
Authority in furtherance of such application.
[9-13-2022 by Ord. No. 1116-2022]
a. Upon execution
of the Natirar Special Assessment Agreement, the Borough shall impose
and levy an assessment against the Natirar property upon which the
Natirar PACE Project is located in an aggregate amount not exceeding
the amount set forth in the Natirar Special Assessment Agreement.
Such assessment shall be imposed and levied in the manner provided
by the Act and pursuant to the Natirar Special Assessment Agreement.
The Borough shall not contribute to the cost of the Natirar PACE Project.
b. Each assessment
shall remain a lien upon the Natirar property until the assessment,
with all installments and accrued interest, penalties, and fees thereon,
applicable to the Natirar property shall be paid and satisfied. Each
assessment shall be payable in quarterly installments and over the
period of the Authority bonds, which shall not exceed the number of
years permitted by the Act, as set forth in the Natirar Special Assessment
Agreement.
c. Pursuant
to N.J.S.A. 40:56-33, every assessment, together with interest thereon
and all costs and charges connected therewith, shall upon the effective
date of this chapter be a continuous first lien upon the Natirar property,
paramount to all prior or subsequent alienations and descents of such
Natirar property or encumbrances thereon, except subsequent taxes
or assessments, notwithstanding any mistake in the name or names of
any owner or owners, or any omission to name any owner or owners who
are unknown, and notwithstanding any lack of form therein, or in any
other proceeding which does not impair the substantial rights of the
owner or owners or other person or persons having a lien upon or interest
in the Natirar property.
[9-13-2022 by Ord. No. 1116-2022]
a. The Natirar
Special Assessment Agreement is hereby approved in the form attached
hereto as Exhibit B, together with such additions, insertions, modifications,
completions and other changes as reviewed and approved by Counsel
to the Borough, subject only to confirmation by Natirar that the terms
and conditions set forth in Exhibit B to such Natirar Special Assessment
Agreement are complete and accurate; such confirmation to be evidenced
solely by execution of the Natirar Special Assessment Agreement by
Natirar.
b. The Mayor and
the Chief Financial Officer are each hereby authorized and directed
without further authorization to execute by manual or facsimile signature
the Natirar Special Assessment Agreement. The signatures of the Mayor
and Chief Financial Officer shall be conclusively presumed to evidence
all necessary approvals for the execution of the Natirar Special Assessment
Agreement. The Borough Clerk is hereby authorized and directed without
further authorization to attest to the signature of the Mayor and
Chief Financial Officer, as applicable, and to apply the seal of the
Borough to the Natirar Special Assessment Agreement.
c. The Borough
Clerk is hereby authorized and directed without further authorization
to deliver a fully executed copy of the Natirar Special Assessment
Agreement to the Chairperson of the Authority, Natirar, the tax assessing
officer of the Borough (the "Tax Assessor") and the tax collecting
officer of the Borough (the "Tax Collector").
d. The Borough
shall, at the cost of Natirar, record the Natirar Special Assessment
Agreement against the Natirar property in the land records of the
County.
[9-13-2022 by Ord. No. 1116-2022]
a. The assessments
due and payable under this chapter and pursuant to the Natirar Special
Assessment Agreement are hereby pledged to the punctual payment of
the principal of and the interest on the Authority bonds issued to
fund the Natirar PACE Project. The Authority bonds shall be special,
limited obligations of the Authority, secured solely by the assessments
received by the Borough. The Authority bonds shall be non-recourse
to the Borough and the County and shall not be secured by the full
faith and credit of either the Borough or the County.
b. Nothing
in this chapter, any document or agreement authorized or entered into
pursuant to this chapter or any Authority bond referenced in this
chapter shall be construed as obligating the Borough or the county
to pay any Authority bond or the interest thereon, or as pledging
the full faith and credit of the Borough, the county, the state or
any other political subdivision thereof, or as obligating the Borough,
the county, the state or any other political subdivision thereof,
directly, indirectly or contingently, to levy or pledge any form of
taxation whatever therefor, other than the assessments received by
the Borough.
[9-13-2022 by Ord. No. 1116-2022]
The Tax Assessor is hereby authorized and directed, immediately
upon receipt of the fully executed Natirar Special Assessment Agreement
from the Borough Clerk, to record the assessment on the books and
records of the Borough in accordance with the terms of such Natirar
Special Assessment Agreement. The Tax Collector is hereby authorized
and directed, immediately upon receipt of the fully executed Natirar
Special Assessment Agreement from the Borough Clerk, to collect the
assessment in accordance with the terms of the Natirar Special Assessment
Agreement.
[9-13-2022 by Ord. No. 1116-2022]
By executing the Natirar Special Assessment Agreement, Natirar
acknowledges that the Borough intends to make and to levy an assessment
against the Natirar property in an aggregate amount set forth in the
Natirar Special Assessment Agreement.
[9-13-2022 by Ord. No. 1116-2022]
The Borough hereby acknowledges and agrees that it shall pledge
and assign all of its right, title and interest in and to the Natirar
Special Assessment Agreement, including the assessment payable thereunder,
and including interest, penalties and costs of collection, to the
Authority pursuant to an assignment ("the Assignment") acceptable
to the Borough and the Authority and/ or the trustee of the Authority
bonds (the "bond trustee"). Natirar is hereby notified of such assignments
and, by executing the Natirar Special Assessment Agreement, Natirar
acknowledges and consents to such assignment.
[9-13-2022 by Ord. No. 1116-2022]
In connection with the issuance of the Authority bonds, so long
as such Authority bonds are outstanding, the bond trustee as assignee
of the Authority will require the Borough to cause Natirar to pay
all the payments and other costs and charges payable by Natirar under
the Natirar Special Assessment Agreement to the bond trustee. In the
event that Natirar shall fail to make such payments, the bond trustee,
as assignee of the Authority, will cause and direct the Borough to
institute and prosecute all such legal proceedings available under
applicable law as may be appropriate to enforce the payment of the
assessment and costs under the Natirar Special Assessment Agreement.
[9-13-2022 by Ord. No. 1116-2022]
The Mayor, Chief Financial Officer and Borough Clerk are each
hereby authorized to take all additional steps necessary to effectuate
the purposes of the Program, including the execution of the assignment,
and the execution and entering into any other document, certificate
or agreement necessary to effectuate the terms of this chapter or
the terms and purposes of the Program.
[9-13-2022 by Ord. No. 1116-2022]
Pursuant to Section 3(b) of the Act, the Director has determined
that the assessments and the Authority bonds issued shall generally
be subject to N.J.S.A. 40:56-21 et seq., except that N.J.S.A. 40:56-21
through 30, inclusive, 34, 35 (the third and fourth paragraphs thereof),
37, 40 and any other provisions of N.J. S. A. 40:56-21 et seq. that
conflict with the terms of the Authority bonds shall not apply. Further,
pursuant to the power granted to the Director pursuant to Section
3(c) of the Act, the Director has further determined that the provisions
of N.J.S.A. 40:56-11 shall not apply to eligible projects.
[9-13-2022 by Ord. No. 1116-2022]
This chapter shall take effect in accordance with applicable
law.