[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,[1] 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.
[1]
Editor's Note: Exhibit B is on file in the Borough offices.
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.