title
2024-06
ENERGY SAVINGS OBLIGATION REFUNDING BOND ORDINANCE OF THE COUNTY OF PASSAIC, NEW JERSEY, PROVIDING FOR THE ACQUISITION, CONSTRUCTION AND INSTALLATION OF ENERGY CONSERVATION IMPROVEMENTS TO CERTAIN BUILDINGS OF THE PASSAIC COUNTY COMMUNITY COLLEGE, ESTIMATED TO COST $21,315,000, APPROPRIATING $10,500,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $10,500,000 ENERGY SAVINGS OBLIGATION REFUNDING BONDS TO PROVIDE FOR A PORTION OF THE COST OF SUCH IMPROVEMENTS.
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WHEREAS, the Passaic County Community College (the “College”) undertook an investigation into the implementation of an energy savings improvement program pursuant to N.J.S.A. 18A:65A-1 and arranged for energy audits of the College facilities to be conducted pursuant to the Local Government Energy Audit Program, and such audits were completed and delivered to the College; and
WHEREAS, the College determined to seek the assistance of an energy services company (“ESCO”) to assist the College with the development and implementation of an energy savings plan; and
WHEREAS, the College hired Schneider Electric Buildings Americas, Inc. (“Schneider Electric”) as its ESCO; and
WHEREAS, Schneider Electric has worked with representatives of the College to develop an energy savings plan (as may be amended and supplemented from time to time, the “Energy Savings Plan”) and has presented the proposed Energy Savings Plan to the College; and
WHEREAS, the College hired Concord Engineering Group, Inc. (“Concord”), a qualified independent third party (the “Verification Agent”), to verify that the projected energy savings to be realized from the energy savings improvement program have been calculated as required by law, the Verification Agent has issued its report to this effect, the report and Energy Savings Plan have been submitted to the Board of Public Utilities Office of Clean Energy (the “BPU”) for review, and the BPU has approved the Energy Savings Plan on December 29, 2023; and
WHEREAS, after reviewing the Energy Savings Plan, the College has determined that the energy savings generated from reduced energy use from the energy savings improvement program will be sufficient to cover the cost of the program's energy conservation measures set forth in the Energy Savings Plan and, therefore, has approved the Energy Savings Plan pursuant to N.J.S.A. 18A:65A-1 and has determined to finance the energy savings improvement program, in part, through the issuance of energy savings obligations authorized as refunding bonds pursuant to N.J.S.A. 18A:65A-1(c)(3); and
WHEREAS, the Board of Trustees of the College (the “Board of Trustees”), has determined, by resolution duly adopted on February 26, 2024, that it is necessary to raise funds the amount of $21,315,000 and to sell energy savings obligation refunding bonds to raise money in an amount not to exceed $10,500,000 for the energy conservation improvements described in the College’s approved Energy Savings Plan and to utilize approximately $6,000,000 of Chapter 12 funds previously appropriated for energy conservation measures (the “Chapter 12 Funds”) and $4,815,000 available as a capital contribution from the College (the “College Capital Funds”); and
WHEREAS, the Board of School Estimate of the College has fixed and determined, by resolution duly adopted on February 27, 2024, that it is necessary to raise funds in the amount of $21,315,000 for the energy conservation improvements described in the College’s approved Energy Savings Plan which shall be funded by the Chapter 12 Funds, the College Capital Funds and energy savings obligation refunding bonds in an amount not to exceed $10,500,000; and
WHEREAS, the Board of School Estimate has prepared and delivered a certificate of such amount necessary for such purposes or improvements to the Board of Trustees and the Board of County Commissioners of the County of Passaic, New Jersey (the “County”); and
WHEREAS, the Board of County Commissioners of the County has received the Board of School Estimate certificate and, pursuant to such certificate, wishes to appropriate the amount of $10,500,000 and authorize the issuance of energy savings obligation refunding bonds to raise money in an amount not to exceed $10,500,000 to provide for a portion of the energy conservation improvements described in the College’s approved Energy Savings Plan.
NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF COUNTY COMMISSIONERS OF THE COUNTY OF PASSAIC NEW JERSEY (with not less than two-thirds of all members thereof affirmatively concurring), AS FOLLOWS:
Section 1. The recitals hereof are incorporated by reference as if set forth at length herein.
Section 2. The County is hereby authorized to provide for energy conservation improvements described in the College’s approved Energy Savings Plan, dated as of December 29, 2023 (as amended and supplemented from time to time) and related work.
Section 3. In order to provide for a portion of the cost of the energy conservation improvements described in Section 2 hereof, negotiable energy savings obligation refunding bonds (the “Bonds”) are hereby authorized to be issued, in one or more series, in the aggregate principal amount not to exceed $10,500,000 pursuant to N.J.S.A. 18A:65A-1(c)(3) and N.J.S.40A:2-52 et seq., which when added to the Chapter 12 Funds and the College Capital Funds, provide for the amount of the estimated cost of such improvements.
Section 4. An aggregate amount not exceeding $5,500,000 for items of expense listed in and permitted under N.J.S.A. 40A:2-51(b) has been included in the aggregate principal amount of the Bonds authorized herein.
Section 5. The supplemental debt statement required by the Local Bond Law has been duly prepared and filed in the office of the Clerk of the Board of County Commissioners of the County, and a complete executed duplicate 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 as required by law. Such statement shows that the gross debt of the County as defined in the Local Bond Law is increased by the authorization of the Bonds provided herein, but that the net debt of the County as provided in the Local Bond Law is not increased by this refunding bond ordinance. The Bonds authorized herein will be within all debt limitations prescribed by the Local Bond Law.
Section 6. The County hereby declares the intent of the County to issue the Bonds in the amount authorized in Section 3 of this refunding bond ordinance and to use the proceeds to pay or reimburse expenditures for the costs of the improvements described in Section 2 hereof. This Section 6 is a declaration of intent within the meaning and for purposes of the Treasury Regulations.
Section 7. The Chief Financial Officer and other appropriate representatives of the County are hereby authorized to prepare such documents, to publish such notices and to take such other actions as are necessary or desirable to enable the County to prepare for the sale and the issuance of the Bonds authorized herein.
Section 8. A certified copy of this refunding bond ordinance as adopted on first reading has been filed with the Director of the Division of Local Government Services in the Department of Community Affairs of the State of New Jersey prior to final adoption.
Section 9. This bond ordinance shall take effect 20 days after the first publication thereof after final adoption, as provided by the Local Bond Law, provided that the consent of the Local Finance Board has been endorsed upon a certified copy of this ordinance as finally adopted.
CERTIFICATION OF CHIEF FINANCIAL OFFICER REGARDING INTRODUCTION OF ENERGY SAVINGS OBLIGATION REFUNDING BOND ORDINANCE
I, Louis E. Imhof III, Clerk of the Board of County Commissioners of the County of Passaic, New Jersey (the "County"), HEREBY CERTIFY that the attached energy savings obligation refunding bond ordinance entitled, “ENERGY SAVINGS OBLIGATION REFUNDING BOND ORDINANCE OF THE COUNTY OF PASSAIC, NEW JERSEY, PROVIDING FOR THE ACQUISITION, CONSTRUCTION AND INSTALLATION OF ENERGY CONSERVATION IMPROVEMENTS TO CERTAIN BUILDINGS OF THE PASSAIC COUNTY COMMUNITY COLLEGE, ESTIMATED TO COST $21,315,000, APPROPRIATING $10,500,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $10,500,000 ENERGY SAVINGS OBLIGATION REFUNDING BONDS TO PROVIDE FOR A PORTION OF THE COST OF SUCH IMPROVEMENTS” was introduced on March 26, 2024 and approved on first reading by a vote of _____________ and that the attached refunding bond ordinance has been compared by me with the original minutes as officially recorded in my office in the minute book of the County and is a true, complete and correct copy of the refunding bond ordinance as introduced.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of the County this ___ day of __________, 2024.
_____________________________________________
Louis E. Imhof III, Chief Financial Officer
[SEAL]Re: COUNTY OF PASSAIC, NEW JERSEY
Energy Savings Obligation Refunding Bond Ordinance
1 Certified copy of the Supplemental Debt Statement prepared as of the date of introduction of the refunding bond ordinance, together with the electronic confirmation of filing provided by the Division of Local Government Services and evidence of filing in the Clerk's Office.
2 Certified copy of the minutes of the meeting of the Board of County Commissioners held on 03/26/24 showing introduction of the refunding bond ordinance.
3 Affidavit of Publication in local newspaper following introduction of the refunding bond ordinance.
4 Certified copy of the minutes of the meeting of the Board of County Commissioners held on 04/09/24 showing public hearing and final adoption of the refunding bond ordinance.
5 Affidavit of Publication in local newspaper following final adoption of the refunding bond ordinance.
6 Clerk's Certificate executed no sooner than 21 days following final publication of the refunding bond ordinance
BELOW FOR McMANIMON, SCOTLAND & BAUMANN, LLC USE ONLY
Posted: __/__/__ Useful Life: N/A Reviewed By: ____
N.J.S.A. 40A:2-51(b) Costs: $5,500,000 Mayor's Approval: ___/___/___
Amends/Amended By: Ord. # ___________ F/A: ___/___/___
Amendment: _____________________________________________________
Supplements/Supplemented By: Ord. #__________ F/A: ___/___/___
Original Appropriation/Authorization: $___________/$___________
Authorization for CFO to Sell Notes: X Yes _____ No
Resolution Authorizing CFO to Sell Notes: F/A ___/___/___
Grant Moneys Expected: N/A
1
DEBT STATEMENT CERTIFICATE
I, Louis E. Imhof III, Clerk of the Board of County Commissioners of the County of Passaic, New Jersey (herein called the "County"), HEREBY CERTIFY that annexed hereto is a true and complete copy of the Supplemental Debt Statement of the County that was prepared as of March 26, 2024 by Richard Cahill, Chief Financial Officer of the County and filed in my office on March 26, 2024 and that a complete, executed copy of such statement was filed in the office of the Director of the Division of Local Government Services of the State of New Jersey on __________________, 2024.
IN WITNESS WHEREOF, I have hereunto set my hand and the seal of the County this _________ day of _________________, 2024.
_____________________________________
Louis E. Imhof III, Clerk
[SEAL]
2
EXTRACT from the minutes of a regular meeting of Board of County Commissioners of the County of Passaic, New Jersey held at _____________________________ in the County on March 26, 2024 at __ o'clock __.m.
PRESENT:
ABSENT:
[Attach appropriate minutes hereto]
CERTIFICATE
I, Louis E. Imhof III, Clerk of the Board of County Commissioners of the County of Passaic, New Jersey, HEREBY CERTIFY that the foregoing annexed extract from the minutes of a meeting of the County duly called and held on March 26, 2024 has been compared by me with the original minutes as officially recorded in my office in the Minute Book of the County and is a true, complete and correct copy thereof and of the whole of the original minutes so far as they relate to the subject matters referred to in the extract.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of the County this _______ day of _____________, 2024.
___________________________________
Louis E. Imhof III, Clerk
[SEAL]
4
EXTRACT from the minutes of a regular meeting of the Board of County Commissioners of the County of Passaic, New Jersey held at _________________________ in the County on April 9, 2024 at __ o'clock __.m.
PRESENT:
ABSENT:
[Attach appropriate minutes hereto]
CERTIFICATE
I, Louis E. Imhof III, Clerk of the Board of County Commissioners of the County of Passaic, New Jersey, HEREBY CERTIFY that the foregoing annexed extract from the minutes of a meeting of the County duly called and held on April 9, 2024 has been compared by me with the original minutes as officially recorded in my office in the Minute Book of the County and is a true, complete and correct copy thereof and of the whole of the original minutes so far as they relate to the subject matters referred to in the extract.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of the County this _______ day of _____________, 2024.
___________________________________
Louis E. Imhof III, Clerk
[SEAL]
6
CLERK'S CERTIFICATE
I, Louis E. Imhof III, Clerk of the Board of County Commissioners of the County of Passaic, New Jersey, HEREBY CERTIFY as follows:
1. I am the duly appointed Clerk of the Board of County Commissioners of the County of Passaic, New Jersey (herein called the "County"). In this capacity, I have the responsibility to maintain the minutes of the meetings of the governing body of the County and the records relative to all ordinances and resolutions of the County. The representations made herein are based upon the records of the County.
2. Attached hereto is a true and complete copy of a refunding bond ordinance passed by the governing body of the County on first reading on March 26, 2024 and finally adopted by the governing body on April 9, 2024.
3. On March ___, 2024, a copy of the refunding bond ordinance and a notice that copies of the refunding bond ordinance would be made available to the members of the general public of the County who requested copies, up to and including the time of further consideration of the refunding bond ordinance by the Board of County Commissioners of the County, was posted in the principal administration building of the County at the place where public notices are customarily posted. Copies of the refunding bond ordinance were made available to all who requested them.
4. A certified copy of the refunding bond ordinance and a copy of the amended capital budget form has been filed with the Director of the Division of Local Government Services.
5. After final passage, the refunding bond ordinance, a copy of which is attached hereto, was duly published on April ___, 2024. No protest signed by any person against making the improvement or incurring the indebtedness authorized therein, nor any petition requesting that a referendum vote be taken on the action proposed in the refunding bond ordinance has been presented to the governing body or to me or filed in my office within 20 days after the publication or at any other time after the final passage thereof.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the corporate seal of the County this _______ day of _____________, 2024.
____________________________________
Louis E. Imhof III, Clerk
[SEAL]
NOTICE OF PENDING BOND ORDINANCE AND SUMMARY
The refunding bond ordinance, the summary terms of which are included herein, was introduced and passed upon first reading at a meeting of the governing body of the County of Passaic, New Jersey, on March 26, 2024. It will be further considered for final passage, after public hearing thereon, at a meeting of the governing body to be held at the __________________, in the County on April 9, 2024 at _______ o'clock ___.m. During the week prior to and up to and including the date of such meeting, copies of the full refunding bond ordinance will be available at no cost and during regular business hours at the office of the Clerk of the Board of County Commissioners for the members of the general public who shall request the same. The summary of the terms of such refunding bond ordinance follows:
Title: ENERGY SAVINGS OBLIGATION REFUNDING BOND ORDINANCE OF THE COUNTY OF PASSAIC, NEW JERSEY, PROVIDING FOR THE ACQUISITION, CONSTRUCTION AND INSTALLATION OF ENERGY CONSERVATION IMPROVEMENTS TO CERTAIN BUILDINGS OF THE PASSAIC COUNTY COMMUNITY COLLEGE, ESTIMATED TO COST $21,315,000, APPROPRIATING $10,500,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $10,500,000 ENERGY SAVINGS OBLIGATION REFUNDING BONDS TO PROVIDE FOR A PORTION OF THE COST OF SUCH IMPROVEMENTS.
Purpose: To raise $10,500,000 to provide for a portion of the $21,315,000 estimated cost of certain energy conservation improvements described in the Passaic County Community College’s approved Energy Savings Plan, dated as of December 29, 2023 (as amended and supplemented from time to time) and related work, together with $6,000,000 of Chapter 12 funds previously appropriated for energy conservation measures and $4,815,000 available as a capital contribution from the College.
Appropriation: $10,500,000
Bonds Authorized: $10,500,000
Grants Appropriated: N/A
N.J.S.A. 40A:2-51(b) Costs: $5,500,000
Useful Life: N/A
Louis E. Imhof III, Clerk
This Notice is published pursuant to N.J.S.A. 40A:2-17.
BOND ORDINANCE STATEMENT AND SUMMARY
The bond ordinance, the summary terms of which are included herein, has been finally adopted by the County of Passaic, New Jersey on April 9, 2024 and the 20 day period of limitation within which a suit, action or proceeding questioning the validity of such ordinance can be commenced, as provided in the Local Bond Law, has begun to run from the date of the first publication of this statement. Copies of the full ordinance are available at no cost and during regular business hours at the Clerk's office for members of the general public who request the same. The summary of the terms of such bond ordinance follows:
Title: ENERGY SAVINGS OBLIGATION REFUNDING BOND ORDINANCE OF THE COUNTY OF PASSAIC, NEW JERSEY, PROVIDING FOR THE ACQUISITION, CONSTRUCTION AND INSTALLATION OF ENERGY CONSERVATION IMPROVEMENTS TO CERTAIN BUILDINGS OF THE PASSAIC COUNTY COMMUNITY COLLEGE, ESTIMATED TO COST $21,315,000, APPROPRIATING $10,500,000 THEREFOR AND AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $10,500,000 ENERGY SAVINGS OBLIGATION REFUNDING BONDS TO PROVIDE FOR A PORTION OF THE COST OF SUCH IMPROVEMENTS.
Purpose: To raise $10,500,000 to provide for a portion of the $21,315,000 estimated cost of certain energy conservation improvements described in the Passaic County Community College’s approved Energy Savings Plan, dated as of December 29, 2023 (as amended and supplemented from time to time) and related work, together with $6,000,000 of Chapter 12 funds previously appropriated for energy conservation measures and $4,815,000 available as a capital contribution from the College.
Appropriation: $10,500,000
Bonds Authorized: $10,500,000
Grants Appropriated: N/A
N.J.S.A. 40A:2-51(b) Costs: $5,500,000
Useful Life: N/A
Louis E. Imhof III, Clerk