CITY OF HOBOKEN, NEW JERSEY
BOND ORDINANCE J-74
BOND ORDINANCE AUTHORIZING THE COMPLETION OF VARIOUS CAPITAL IMPROVEMENTS AND THE ACQUISITION OF VARIOUS CAPITAL EQUIPMENT (INLCUDING PUBLIC ART ACQUISITION/INSTALLATION AND CAPITAL FACILITY IMPROVEMENTS ALLOCATIONS RELATED THERETO) IN AND FOR THE CITY OF HOBOKEN, COUNTY OF HUDSON, NEW JERSEY; APPROPRIATING THE SUM OF $10,948,400THEREFOR; AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OR BONDANTICIPATION NOTES OF THE CITY OF HOBOKEN, COUNTY OF HUDSON, NEW JERSEY IN THEAGGREGATE PRINCIPAL AMOUNT OF UP TO $10,661,230; MAKING CERTAIN DETERMINATIONSAND COVENANTS; AND AUTHORIZING CERTAIN RELATED ACTIONS IN CONNECTION WITH THEFOREGOING
BE IT ORDAINED by the City Council of the City of Hoboken,County of Hudson, New Jersey (not less than two-thirds of all the members thereof affirmatively concurring), pursuant to the provisions of the Local Bond Law, Chapter 169 of the Laws of 1960 of the State of New Jersey, as amended and supplemented ("Local Bond Law"), as follows:
Section1. The purposes described in Section 7 hereof are hereby authorized as general improvements to be made or acquired by the City of Hoboken, County of Hudson,New Jersey ("City").
Section2. It is hereby found, determined and declared as follows:
(a) the estimated amount to be raised by the City from all sources for the purposes stated in Section 7 hereof is $10,948,400;
(b) the estimated amount of bonds or bond anticipation notes to be issued for the purposes stated in Section 7 hereof is $10,661,230; and
(c) a down payment in the amount of $287,170 for the purposes stated in Section 7 hereof is currently available in accordance with the requirements of Section 11 of the Local Bond Law, N.J.S.A. 40A:2-11, and is hereby appropriated for the purposes set forth herein.
Section 3. The sum of $10,661,230, to be raised by the issuance of bonds or bond anticipation notes, together with the required down payment in the amount of $261,340, is hereby appropriated for the purposes stated in this bond ordinance ("Bond Ordinance").
Section4. The issuance of negotiable bonds of the City in an amount not to exceed $10,661,230to finance the costs of the purposes described in Section 7 hereof is hereby authorized. Said bonds shall be sold in accordance with the requirements of the Local Bond Law.
Section5. In order to temporarily finance the purposes described in Section 7 hereof, the issuance of bond anticipation notes of the City in an amount not to exceed $10,661,230, is hereby authorized. Pursuant to the LocalBond Law, the Chief Financial Officer is hereby authorized to sell part or allof the bond anticipation notes from time to time at public or private sale and to deliver the same to the purchasers thereof upon receipt of payment of the purchase price plus accrued interest from their date to delivery thereof. The Chief Financial Officer is here by directed to report in writing to the governing body at the meeting next succeeding the date when any sale or delivery of the bond anticipation notes pursuant to this Bond Ordinance is made. Such report must include the amount, the description, the interest rate and the maturity schedule of the bond anticipation notes sold, the price obtained and the name of the purchaser.
Section6. The amountof the proceeds of the obligations authorized by this Bond Ordinance which maybe used for the payment of interest on such obligations, accounting,engineering, legal fees and other items as provided in Section 20 of the Loca lBond Law, N.J.S.A. 40A:2-20, shall not exceed the sum of $2,200,000.
Section7. The improvements hereby authorized and the purposes for which said obligations are to be issued; the estimated costs of each said purpose; the amount of down payment for each said purpose; the maximum amount obligations to be issued for each said purpose and the period of usefulness of each said purpose within the limitations of the Local Bond Law are as follows:
Purpose/Improvement
Estimated
Total Cost
Down Payment
Amount of Obligations
Period of
Usefulness
A.
Improvements to various streets and roads in the City (New Jersey Transportation Bank Program) including, but not limited to, Adams Street, 13th Street, 3rd Street and Castle Point Terrace, together with the acquisition of all materials and capital equipment and the completion of all work necessary therefore or related thereto.
$5,205,000
$0
$5,205,000
10 years
B.
Improvements to various streets and roads in the City, together with the acquisition of all materials and capital equipment and the completion of all work necessary therefore or related thereto.
1,000,000
50,000
950,000
10 years
C.
Acquisition of Fire Apparatus for the Department of Public Safety, together with the acquisition of all materials and capital equipment and the completion of all work necessary therefore or related thereto.
1,260,000
63,000
1,197,000
20 years
D.
Acquisition of various Sport Utility Vehicles and Equipment for the Department of Public Safety, together with the acquisition of all materials and capital equipment and the completion of all work necessary therefore or related thereto.
900,000
45,000
855,000
5 years
E.
Acquisition of Heavy Vehicles and Equipment for the Department of Infrastructure including, but not limited to, Garbage Trucks and Bobcats, together with the acquisition of all materials and capital equipment and the completion of all work necessary therefore or related thereto.
800,000
40,000
760,000
10 years
F.
Improvements to various City Buildings and Grounds including, but not limited to, upgrades and rehabilitation of the Multi-Service Center HVAC system, together with the acquisition of all materials and capital equipment and the completion of all work necessary therefore or related thereto.
1,625,000
81,250
1,543,750
15 years
G.
Acquisition and installation of various Information Technology Equipment in and for the City, together with the acquisition of all materials and capital equipment and the completion of all work necessary therefore or related thereto.
50,000
2,500
47,500
7 years
H.
Acquisition, installation and/or completion of permanent public art in and for the City, together with the acquisition of all materials and capital equipment and the completion of all work necessary therefore or related thereto.
54,200
2,710
51,490
5 years
I.
Completion of various capital facility improvements in and for the City including, but not limited to, improvements for public housing facilities projects, together with the acquisition of all materials and capital equipment and the completion of all work necessary therefore or related thereto.
54,200
2,710
51,490
15 years
TOTAL:
$10,948,400
$287,170
$10,661,230
Section 8. The average period of useful life of the several purposes for the financing of which this Bond Ordinance authorizes the issuance of bonds or bond anticipation notes, taking into consideration respective amounts of bonds or bond anticipation notes authorized for said several purposes, is not less than 11.43 years.
Section9. Grants or other monies received from any governmental entity, if any, will be applied to the payment of, or repayment of obligations issued to finance, the costs of the purposes described in Section 7 above.
Section10. The supplemental debt statement provided for in Section 10 of the Local Bond Law, N.J.S.A. 40A:2-10, was duly filed in the office of the Clerk prior to the passage of this Bond Ordinance on first reading and a complete executed duplicate original thereof has been filed in the Office of the Director of the Division of Local Government Services in the Department of Community Affairs of the State of New Jersey. The supplemental debt statement shows that the gross debt of the City, as defined in Section 43 of the Local Bond Law, N.J.S.A. 40A:2-43, is increased by this Bond Ordinance by $10,661,230 and that the obligations authorized by this Bond Ordinance will be within all debt limitations prescribed by said Local Bond Law.
Section 11. The full faith and credit of the City are irrevocably pledged to the punctual payment of the principal of and interest on the bonds or bond anticipation notes authorized by this Bond Ordinance and, tothe extent payment is not otherwise provided, the City shall levy ad valorem taxes on all taxable real property without limitation as to rate or amount for the payment thereof.
Section12. The applicable Capital Budget is hereby amended to conform with the provisions of this Bond Ordinance to the extent of any inconsistency therewith, and the resolution promulgated by the Local Finance Board showing full detail of the amended Capital Budget and Capital Program as approved by the Director of the Division of Local Government Services, is on file with the Clerk and available for inspection.
Section13. The City hereby declares its intent to reimburse itself from the proceed of the bonds or bond anticipation notes authorized by this Bond Ordinance pursuant to Income Tax Regulation Section 1.150-2(e), promulgated under the Internal Revenue Code of1986, as amended ("Code") for "original expenditures", as defined in Income Tax Regulation Section 1.150-2(c)(2), made by the City prior to the issuance of such bonds or bond anticipation notes.
Section14. The City hereby covenants as follows:
(a) it shall take all actions necessary to ensure that the interest paid on the bonds or bond anticipation notes is exempt from the gross income of the owners thereof for federal income taxation purposed, and will not become a specific item of tax preference pursuant to Section 57(a)(5) of the Code;
(b) it will not make any use of the proceeds of the bonds or bond anticipation notes or do or suffer any other action that would cause the bonds or bond anticipation notes to be "arbitrage bonds"as such term is defined in Section 148(a) of the Code and the Regulations promulgated thereunder;
(c) it shall calculate or cause to be calculated and pay, when due, the rebatable arbitrage with respect to the "gross proceeds" (as such terms is used in Section 148(f) of the Code) of the bonds or bond anticipation notes;
(d) it shall timely file with the Internal Revenue Service, such information report or reports as may be required by Sections 148(f) and 149(e) of the Code; and
(e) it shall take no action that would cause the bonds or bond anticipation notes to be "federally guaranteed"within the meaning of Section 149(b) of the Code.
Section 15. The improvements authorized hereby are not current expenses and are improvements that the City may lawfully make. No part of the cost of the improvements authorized hereby has been or shall be specially assessed on any property specially benefited thereby.
Section16. All ordinances, or parts of ordinances, inconsistent herewith are hereby repealed to the extent of such inconsistency.
Section17. In accordance with the Local Bond Law, this Bond Ordinance shall take effect twenty (20) days after the first publication thereof after final passage.
Notice of Pending Bond Ordinance and Summary
The bond ordinance, the summary terms of which are included herein, was introduced and passed upon first reading at a meeting of the City Council of the City of Hoboken, in the County of Hudson, State of New Jersey, of August 12, 2026. It will befurther considered for final passage, after public hearing thereon, at a meeting of the City Council to be held at City Hall, 94 Washington Street,Hoboken, New Jersey on Sept 2, 2026at 7:00 o'clock PM. During the week prior to and up to and including the date of such meeting copies of the full ordinance will be available at no cost and during regular business hours, at the City Clerk's office for the members of the general public who shall requestt he same. The summary of the terms ofsuch bond ordinance follows:
Title: BOND ORDINANCE AUTHORIZING THE COMPLETION OF VARIOUS CAPITAL IMPROVEMENTS AND THE ACQUISITION OF VARIOUS CAPITAL EQUIPMENT (INLCUDING PUBLIC ART ACQUISITION/INSTALLATION AND CAPITAL FACILITY IMPROVEMENTS ALLOCATIONS RELATED THERETO) IN AND FOR THE CITY OF HOBOKEN, COUNTY OF HUDSON, NEW JERSEY; APPROPRIATING THE SUM OF $10,948,400THEREFOR; AUTHORIZING THE ISSUANCE OF GENERAL OBLIGATION BONDS OR BOND ANTICIPATION NOTES OF THE CITY OF HOBOKEN, COUNTY OF HUDSON, NEW JERSEY IN THE AGGREGATE PRINCIPAL AMOUNT OF UP TO $10,661,230; MAKING CERTAIN DETERMINATIONS AND COVENANTS; AND AUTHORIZING CERTAIN RELATED ACTIONS IN CONNECTION WITH THE FOREGOING
Purpose/Improvement
Estimated
Total Cost
Down Payment
Amount of Obligations
Period of
Usefulness
A.
Improvements to various streets and roads in the City (New Jersey Transportation Bank Program) including, but not limited to, Adams Street, 13th Street, 3rd Street and Castle Point Terrace, together with the acquisition of all materials and capital equipment and the completion of all work necessary therefore or related thereto.
$5,205,000
$0
$5,205,000
10 years
B.
Improvements to various streets and roads in the City, together with the acquisition of all materials and capital equipment and the completion of all work necessary therefore or related thereto.
1,000,000
50,000
950,000
10 years
C.
Acquisition of Fire Apparatus for the Department of Public Safety, together with the acquisition of all materials and capital equipment and the completion of all work necessary therefore or related thereto.
1,260,000
63,000
1,197,000
20 years
D.
Acquisition of various Sport Utility Vehicles and Equipment for the Department of Public Safety, together with the acquisition of all materials and capital equipment and the completion of all work necessary therefore or related thereto.
900,000
45,000
855,000
5 years
E.
Acquisition of Heavy Vehicles and Equipment for the Department of Infrastructure including, but not limited to, Garbage Trucks and Bobcats, together with the acquisition of all materials and capital equipment and the completion of all work necessary therefore or related thereto.
800,000
40,000
760,000
10 years
F.
Improvements to various City Buildings and Grounds including, but not limited to, upgrades and rehabilitation of the Multi-Service Center HVAC system, together with the acquisition of all materials and capital equipment and the completion of all work necessary therefore or related thereto.
1,625,000
81,250
1,543,750
15 years
G.
Acquisition and installation of various Information Technology Equipment in and for the City, together with the acquisition of all materials and capital equipment and the completion of all work necessary therefore or related thereto.
50,000
2,500
47,500
7 years
H.
Acquisition, installation and/or completion of permanent public art in and for the City, together with the acquisition of all materials and capital equipment and the completion of all work necessary therefore or related thereto.
54,200
2,710
51,490
5 years
I.
Completion of various capital facility improvements in and for the City including, but not limited to, improvements for public housing facilities projects, together with the acquisition of all materials and capital equipment and the completion of all work necessary therefore or related thereto.
54,200
2,710
51,490
15 years
Appropriation: $10,948,400
Bonds/Notes Authorized: $10,661,230
Grants (if any) Appropriated: $0
Section 20 Costs: $2,200,000
Useful Life: 11.43years
JERRY LORE, RMC, DEPUTY City Clerk
This Notice is published pursuant to N.J.S.A.40A:2-17.
4935-4580-8313,v. 2
