BOARD OF CHOSEN FREEHOLDERS – FEBRUARY 8, 2012
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A regular meeting of The Board of Chosen Freeholders of the County ofMorris, State of New Jersey, was held on February 8, 2012, in the FreeholdersPublic Meeting Room, Administration and Records Building, Morristown, NewJersey. The meeting began at 7:30 p.m.Clerk of the Board Diane M. Ketchum announced that adequate notice ofthis regular meeting held this 8th day of February, 2012 has been providedthrough resolution adopted by this Board at its Regular Meeting held at theAdministration and Records Building on January 6, 2012, to the Star Ledger,the Daily Record, and the Record through a posting on the County website andby filing a copy of same with the Morris County Clerk and this Clerk of theBoard.
ROLL CALL
PRESENT: Freeholders Douglas Cabana, Gene Feyl, Ann Grossi,Thomas Mastrangelo, John Murphy, and Director WilliamChegwidden (6)ALSO PRESENT: County Counsel Dan O’Mullan, Assistant County Counsel Randy Bush,Administrator John Bonanni, Assistant County AdministratorMary Jo Buchanan and Clerk of the Board Diane M. Ketchum
PRAYER AND FLAG SALUTE
County Counsel Dan O’Mullan opened the meeting with a prayer and asalute to the flag.
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PRESENTATIONCertificates of Appreciation
Presented to the following Girl Scouts for their Participation in the2011 Back to School Supplies DriveSponsored by the Morris County Women’s Advisory CommitteeCara Minor, Cadette Girl Scout Troop 80415 MorristownJuliet Minor, Cadette Girl Scout Troop 80415 MorristownGillian Goldberg, Cadette Girl Scout Troop 80415 MorristownJaclyn Ahrens, Junior Girl Scout Troop 1982 ChathamElla DuRie, Junior Girl Scout Troop 1982 ChathamZoe Iorizzo, Junior Girl Scout Troop 1982 ChathamCalli Snyder, Junior Girl Scout Troop 1982 ChathamMeghan Ward, Cadette Girl Scout Troop 1151 ParsippanyLaura Wald, Junior Girl Scout Troop 1949 ParsippanyMelyssa Pickett, Senior Girl Scout Troop 718, RockawayKelley Buhler, Senior Girl Scout Troop 1806, Denville--
PRESENTATIONSResolution of Recognition
Celebrating the 100
th
Anniversary of the Girl Scouts of Northern New Jersey--
MINUTES FOR APPROVAL
All Meeting Minutes of January 6, 2012On motion by Freeholder Cabana and seconded by Freeholder Murphy themeeting minutes were approved.--
COMMUNICATIONS
1. Confirming/ratifying the action of the Director to approve a requestfrom the Mendham Little League to hang a banner across Route 24/510 inMendham Township as soon as approval is given from all required
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entities.2. The Mendham Township Library is requesting permission to hang a banneracross on Route 24/510 in Mendham Township from April 13-30 toadvertise Shredder Day on April 28.On motion by Freeholder Murphy and seconded by Freeholder Cabana thebanner requests were approved.--
ORDINANCESPUBLIC HEARING/INTRODUCTION
Director Chegwidden stated: “We will now consider for finaladoption the ordinance entitled ‘GUARANTY ORDINANCE SECURING THE MORRISCOUNTY IMPROVEMENT AUTHORITY’S COUNTY OF MORRIS GUARANTEED SCHOOL DISTRICTREVENUE REFUNDING BONDS, SERIES 2012 (MORRIS HILLS REGIONAL DISTRICTPROJECT) IN AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $34,500,000.”Clerk Ketchum read the following ordinance:WHEREAS,
The Morris County Improvement Authority (including anysuccessors and assigns the “Authority”) has been duly created byresolution no. 42 entitled “Resolution of the Board of Chosen Freeholdersof Morris County, New Jersey creating the Morris County ImprovementAuthority” duly adopted by the Board of Chosen Freeholders (the “Board ofFreeholders”) of the County of Morris (the “County”) in the State of NewJersey (the” State”) on April 10, 2002 as a public body corporate andpolitic of the State pursuant to and in accordance with the Countyimprovement authorities law, constituting Chapter 183 of the Pamphlet Lawsof 1960 of the State, and the acts amendatory thereof and supplementalthereto (the “Act”) and other applicable law;WHEREAS, the Authority is authorized by law to finance publicfacilities through the acquisition of debt including without limitationthe general obligation school district bond of the Morris Hills RegionalDistrict (the “Morris Hills Board” or the ‘Local Unit”);WHEREAS, on March 31, 2004, the Authority issued its $43,092,000original aggregate principal amount of County of Morris Guaranteed SchoolDistrict Revenue Bonds, Series 2004 (Morris Hills Regional School DistrictProject)” (the “Series 2004 Bonds”) for the purpose, among other things,of the purchase of a general obligation school district bond of the MorrisHills Board in the original aggregate principal amount of $43,092,000 (the“Series 2004 Morris Hills Board Bond”);WHEREAS, the Series 2004 Morris Hills Board Bond was issued pursuantto a proposal approved by the Morris Hills Board on February 3, 2003 andby the legal voters of such school district on March 11, 2003 (the “MorrisHills Board proposal”) and a resolution of the Morris Hills Boardauthorizing the issuance by the Morris Hills Board and sale to theAuthority of the Series 2006 Morris Hills Board Bond (the “Series 2004Morris Hills Board Bond Resolution”);WHEREAS, the Authority financed the acquisition, construction,renovation and installation of certain property and infrastructureimprovements that were the subject of the Morris Hills Board Proposal (the“2004 Morris Hills Board Project”) as more fully set forth on Exhibit A toan agreement dated March 1, 2003 (the “Series 2004 Loan Agreement”) withthe Morris Hills Board evidencing the purchase by the Authority of theSeries 2004 Morris Hills Board Bond (the “2004 Loan”);WHEREAS, the 2004 Loan was secured through the Morris Hills Boardbond and the Original Loan Agreement which 2004 Loan was to be repaid bythe Morris Hills Board in accordance with a debt service schedule forth inExhibit A to the Morris Hills Board Bond and Exhibit B to the Series 2004Loan Agreement;WHEREAS, the Series 2004 Bonds were issued pursuant to (i) a bondresolution of the Authority entitled “Resolution Authorizing the Issuanceof County of Morris Guaranteed School District Revenue Bonds, Series 2004(Morris Hills Regional District Project) and Additional Bonds of theMorris County Improvement Authority”, which was duly adopted by theAuthority at a meeting thereof duly called and held on February 11, 2004,
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as amended and supplemented by a Certificate of the Chairman of theAuthority dated March 31, 2004 issued pursuant to section 2.02(1)(e) ofthe original bond resolution (collectivley, the “Series 2004 BondResolution), (ii) the Act, and other applicable law;WHEREAS, payment of the principal of (including mandatory sinkingfund installments, if any) and interest on the Series 2004 bonds wasfully, unconditionally and irrevocably guaranteed in an aggregateprincipal amount not to exceed $45,000,000 in accordance with (i) theterms of a guaranty ordinance of the County finally adopted by the Boardof Chosen Freeholders on February 11, 2004 and (ii) by a guarantycertificate executed by an authorized officer of the County on the face ofeach Series 2004 Bond (collectively, the “Series 2004 County Guaranty”),all pursuant to section 37 (“Section 37”) of the Act (N.J.S.A. 40:37A-80)and other applicable law, which payments are included as part of the TrustEstate applicable to the Series 2004 Bonds pledged by the Authority to theTrustee under the Series 2004 Bond Resolution;WHEREAS, the Series 2004 Bonds are presently Outstanding (as suchterm is defined in the Series 2004 Bond Resolution) in the aggregateprincipal amount of $34,747,000, a portion of which is subject toredemption on or after October 1, 2014, at the option of the Morris HillsBoard, upon notice to the Authority, at a redemption price equal to 100%of the principal amount to be redeemed (the “Callable Series 2004 Bonds”);WHEREAS, THE Morris Hills Board has notified the Authority or itsintention to advance refund all or a portion of the Callable Series 2004Bonds (the “Series 2004 Bonds to be Refunded”),WHEREAS, the Authority and the Morris Hills Board have determinedthat there are debt service savings to be achieved through the advancerefunding of all or a portion of the Series 2004 Bonds to be Refunded (the“Advance Refunding Project”);WHEREAS, in order to implement the Advance Refunding Project, and topay the costs of issuance and fund any necessary reserves or other costsrelated thereto (collectively the “Series 2012 Project”) the Authorityshall adopt a bond resolution entitled “SUPPLEMENTAL RESOLUTIONAUTHORIZING THE ISSUANCE OF COUNTY OF MORRIS GUARANTEED SCHOOL DISTRICTREVENUE REFUNDING BONDS, SERIES 2012 (MORRIS HILLS REGIONAL DISTRICTPROJECT) OF THE MORRIS COUNTY IMPROVEMENT AUTHORITY” (the “Series 2012Supplemental Bond Resolution” and together with the Series 2004 BondResolution, and any other further amendments thereof or supplementsthereto, the “Bond Resolution”);WHEREAS, the Series 2012 Supplemental Bond Resolution shallauthorize the issuance of “County of Morris Guaranteed School DistrictRevenue Refunding Bonds, Series 2012 (Morris Hills Regional DistrictProject)” in the aggregate principal amount not to exceed $34,500,000 (the“Series 2012 Refunding Bonds”);WHEREAS, the Advanced Refunding Project shall be achieved throughthe deposit of a portion of the proceeds of the Series 2012 RefundingBonds with the trustee authorized under the bond Resolution (the“Trustee”) as escrow, agent (the “Escrow Agent”) pursuant to an “EscrowDeposit Agreement” to be dated as of the first day of the month ofissuance of the Series 2012 Refunding Bonds (the ‘Escrow DepositAgreement”) between the Authority and the Escrow Agent;WHEREAS, upon issuance of the Series 2012 Refunding Bonds, and thedeposits with the Escrow Agent of a portion of the proceeds thereof inaccordance with the terms of the Escrow Deposit Agreement, the Series 2004Bonds to be Refunded shall no longer be Outstanding under the BondResolution, and only the Series 2004 bonds that are not refunded throughthe Advance Refunding Project(the “Outstanding Series 2004 Bonds”) and theSeries 2012 refunding Bonds shall be Outstanding under the BondResolution;WHEREAS, the Series 2012 Refunding Bonds shall be secured on aparity basis with the Outstanding Series 2004 Bonds, and any other Bondsissued under and as defined in the Bond Resolution (collectivley, the“Outstanding bonds”), by the Series 2012 Trust Estate under and as definedin the Bond Resolution, including the Series 2012 Supplemental BondResolution which Series 2012 Trust Estate shall consist, in material part,of the payment of the principal, redemption premium, if any, and intereston the general obligation school district bond of the Morris Hills Board
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FH Minutes - 2012-02-08
BOARD OF CHOSEN FREEHOLDERS - Feburary 8, 2012
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