City Council

A Special Meeting of the City Council of the City of Hackensack was held at City Hall, 65 Central Avenue, Hackensack, New Jersey, on Monday, September 14, 1998, at 7:0 0 P. M. Mayor Zisa called the meeting to order and asked the City Clerk to call the roll. Present - Councilman Roger B. Mattei, Deputy Mayor Jesus R. Galvis, Councilwoman Juanita Trammell, Councilman Mark A. Stein, I Mayor John F. Zisa, City Manager James S. Lacava, City Clerk Doris L. Dukes and City Attorney Richard E. Salkin Also present - Louis Garbaccio, CFO, Jack Kraft, Bond Attorney and Brian Burke from First Union Bank Mrs. Dukes: "In accordance with the Open Public Meetings Act, Chapter 231, Laws of 1975 adequate notice of this meeting was provided by sending a notice to The Record and by posting a copy on the Bulletin Board in .city Hall". Mayor Zisa called upon Jack Kraft, Bond Attorney who explained the resolution regarding the refunding bond issue which Council would be requested to take action on tonight. He said based on the interest rate received today, there will be a savings to the City of $263, 0 0 0 . A t the request of Mr. Kraft Mr. Burke also made some comments regarding the savings to the City. He pointed out there would not be an extension of debt and the bonds would have the same maturities. Mayor Zisa thanked Mr. Kraft, Mr. Burke and the City's Administrative staff for their efforts in this matter. I The Mayor asked the, City Clerk to proceed. Resolution #261 OFFERED BY: Stein SECONDED BY: Trammell BE IT RESOLVED by the City Council of the City of Hackensack, in the County of Bergen, New Jersey as follows: Section 1. $6, 70 0 , 0 0 0 General Obligation Refunding Bonds (Series 1998) of the City of Hackensack, New Jersey (the "City") referred to and authorized by a Refunding Bond Ordinance of the City finally adopted June 1, 1998 pursuant to the Local Bond Law of the State of New Jersey, shall be issued as general obligation bonds (the "Bonds") . The Bonds shall be dated September 1, 1998 and shall mature in the principal amounts on September 1 in each of the years as follows: Principal Interest Principal Interest Year Amount Rate Year Amount Rate 1999 $10 0 , 0 0 0 3. 55% 20 0 6 $605, 0 0 0 4. 10 % 20 0 0 15, 0 0 0 3. 70 % 20 0 7 60 0 , 0 0 0 4. 20 % 20 0 1 15, 0 0 0 3. 80 % 20 0 8 590 , 0 0 0 4. 20 % 20 0 2 640 , 0 0 0 3. 90 % 20 0 9 580 , 0 0 0 4. 30 % 20 0 3 630, 0 0 0 3. 95% 2010 570 , 0 0 0 4. 40 % I 20 0 4 625, 0 0 0 4. 0 0 % 2011 565, 0 0 0 4. 50 % 20 0 5 615, 0 0 0 4.10 % 2012 550 , 0 0 0 4. 60 % The Bonds shall be fourteen in number, with one bond being issued for the principal amount maturing in each year, and shall be numbered RG0- 1 to RG0-14, inclusive. The Bonds shall be subject to redemption prior to their stated maturities in accordance with the form of the Bonds set forth in Section 3 hereof.  Section 2. The Bonds will be issued in fully registered form. Both principal of and interest on the Bonds will be payable in lawful money of the United States of America. Each bond will be registered in the name of Cede & Co. , as nominee of The Depository Trust Company, New York, New York, which will act as securities depository (the "Securities Depository") . The Bonds will be on deposit with The Depository Trust Company. The Depository Trust Company will be responsible for maintaining a book- entry system for recording the interests of its participants or the transfers of the I interests among its participants. The participants will be responsible for maintaining records recording_ the beneficial ownership interests in the Bonds on behalf of individual purchasers. Individual purchases may be made in multiples of $1, 0 0 0 (with a minimum purchase of $5, 0 0 0 ) through book- entries made on the books and the records of The Depository Trust Company and its participants. The Bonds will bear interest payable on December 1, 1998 and semiannually thereafter on the first day of June and December in each year until maturity. The Bonds shall be executed by the manual or facsimile signatures of the Mayor and the Chief Financial Officer under the official seal (or facsimile thereof) affixed, printed, engraved or reproduced thereon and attested by the manual signature of the City Clerk. Section 3. The Bonds shall be substantially in the following form with such additions, deletions and omissions as may be necessary for the City to deliver the Bonds in accordance with the requirements of The Depository Trust Company: REGISTERED REGISTERED NUMBER RGO. $ UNITED STATES OF AMERICA STATE OF NEW JERSEY I COUNTY OF BERGEN CITY OF HACKENSACK GENERAL OBLIGATION REFUNDING BOND (SERIES 1998) DATE OF INTEREST ORIGINAL MATURITY RATE PER ISSUE: DATE ANNUM: CUSIP: September 1, 1998 June 1, % CITY OF HACKENSACK, a municipal corporation of the State of New Jersey, situate in the County of BERGEN (the "City") , hereby acknowledges itself indebted and for value received promises to pay to CEDE & CO. on the Maturity Date specified above, the principal sum of DOLLARS ($ ) , and to pay interest on such sum from the Date of Original Issue stated above until it matures at the Interest Rate Per Annum specified above on December 1, 1998 and semiannually thereafter on the first day of June and December in each year· until maturity. Principal and interest on this bond shall be paid to Cede & Co. in accordance with the procedures of the Depository Trust Company. No transfer of this bond shall be valid unless made on the registration books of the City and by surrender of this bond I (together with a written instrument of transfer satisfactory to the City duly executed by the Registered Owner or by his or her duly authorized attorney and the issuance of a new bond or bonds in the same form and tenor as the original bond except for the differences in the name of its Registered Owner and the denominations. The owner of this bond may surrender same (together with a written instrument of transfer satisfactory to the City duly executed by the Registered Owner or by his or her duly authorized attorney, in exchange for an equal aggregate principal amount of bonds of any authorized denominations.  The bonds of this issue maturing prior to June 1, 20 0 9 are not subject to redemption prior to their stated maturities. The bonds of this issue maturing on and after June 1, 20 0 9 are redeemable at the option of the City in whole or in part on any date on or after June 1, 20 0 8 at the respective redemption prices expressed as percentages of principal amount set forth below, plus in each case accrued interest to the date fixed for redemption: I Redemption Period (both dates inclusive) Redemption Price June 1, 20 0 8 to May 31, 20 0 9 10 1% June 1, 20 0 9 and thereafter , 10 0 % Notice o f redemption shall be given by publishing such notice once a week for two successive weeks in a newspaper that carries financial news, . is printed in the English language and is customarily published on each business day in the City of New York, the first of such publications to be at least 30 but not more than 60 days before the date fixed for redemption. Notice of redemption also shall be mailed by first cl�ss mail in a sealed envelope with postage prepaid to the registered owners of the bonds to be redeemed not less than 30 days, nor more than 60 days prior to the date fixed for redemption. Such mailing shall be to the Owners of such bonds at their respective addresses as they last appear on the registration books kept for that purpose at the office of the City. Such mailing is not a condition precedent to redemption, and the failure to mail or to receive any notice of redemption will not affect the validity of the redemption proceedings. If the City determines to redeem a portion of the bonds prior to maturity, such bonds shall be selected by such method as the City shall determine. I If notice of redemption has been given as provided herein, the bonds or the portion thereof called for redemption shall be due and payable on the date fixed for redemption at the redemption price, together with accrued interest to the date fixed for redemption. This bond is one of an authorized issue of bonds pursuant to the Local Bond Law of the State of New Jersey and a Refunding Bond Ordinance of the City finally adopted June 1, 1998, in all respects duly approved and published as required by law. The full faith and credit of the City ar hereby irrevocably pledged for the punctual payment of the principal of and the interest on this bond according to its terms. It is hereby certified and recited that all conditions, acts and things required by the Constitution or the statutes of the State of New Jersey to exist, to have happened or to have been performed precedent to or in the issuance of this bond exist, have happened and have been performed and that the issue of bonds of which this is one, together with all other indebtedness of the City, is within every debt and other limit prescribed by such Constitution or statues. IN WITNESS WHEREOF, the CITY OF HACKENSACK has caused this bond to be executed in its name by the manual or facsimile I signatures of its Mayor and its Chief Financial Officer, its corporate seal to be hereunto imprinted or affixed, this bond and the seal to be attested by the manual signature of its City Clerk, and this bond to be dated t�e Date of Original Issue as specified above. CITY OF HACKENSACK Attest: By: ����- City Clerk  (Assignment Provision of Back of Bond) ASSl;GNMENT FOR VALUE RECEIVED _�---�- hereby assigns to ��---------- ----------------- --- bond and irrevocably appoints -.-----=----=---....,. ' as Attorney, to transfer this bond on the registration books of the City, with full power of substitution and revocation. I NOTICE: The signature of this assignment must correspond with the name as it appears on the face of the within bond in every particular. Dated: Signature Guarantee: Section 4. The Bonds are hereby sold to First Union Capital Markets, a division of Wheat First Securities, Inc. in accordance w.ith the Purchase Contract dated September 14, 1998 submitted to this City Council, the terms of which are hereby incorporated herein and by this reference made a part hereof. Section 5. Proceeds of the Bonds shall be deposited with The Trust Company of New Jersey, Jersey City, New Jersey (the"Escrow Agent") to be held and applied in accordance with an Escrow Deposit Agreement, the execution of which is hereby approved, to provide for the payment of a portion of the City's outstanding General Improvement Bonds dated June 1, 1992. Section 6. The Bonds shall have printed thereon or attached thereto a copy of the written opinion with respect to the Bonds that is to be rendered by the law firm of LOWENSTEIN SANDLER PC, Roseland, New Jersey, complete except for the omission of its date. I Section 7. The law firm of LOWENSTEIN SANDLER PC, Roseland, New Jersey, is authorized to arrange for the printing of the Bonds and the printing of the Official Statement to be prepared by the auditors. The City auditors are authorized . to prepare the Official Statement necessary in connection with the issuance of the Bonds, and the Mayor and the Chief Financial Officer are authorized to execute any certificates necessary in connection with the distribution of the Official Statement. Section 8. The City hereby covenants that it will comply with any conditions subsequent imposed by the Internal Revenue Code of 1986, as amended (the"Code") in order to preserve the exemption from taxation of interest on the Bonds, including the requirement to rebate all net investment earnings on the gross proceeds above the yield on the bonds. Section 9. The City is hereby authorized to make representations and warranties, to enter into agreements and to make all arrangements with The Depository Trust Company, New York, New York, as may be necessary in order to provide that the Bonds I will be eligible for deposit with The Depository Trust Company and to satisfy any obligation undertaken in connection therewith. Section 10 . In the event that �he Depository Trust Company determines to discontinue providing its service with respect to the Bonds or is removed by the City and if no successor Securities Depository is appointed, the Bonds shall be registered in the names of the beneficial owners. The City shall be obligated to provide for the execution and delivery of the new registered Bonds without charge to the beneficial owners.  Section 11 • The City shall enter into an undertaking to provide secondary market disclosure as required by SEC Rule 15c2-12. The Chief Financial Officer is authorized to execute the undertaking on behalf of the City. Section 12. This resolution shall take effect immediately. Roll Call: Ayes - Mattei, Galvis, Trammell, Stein, Zisa Motion offered by Stein, seconded by Mattei that the meeting be adjourned. Carried (7:20 PM) I ATTEST: /' I �f� City Clerk � I