STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

61
STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS DIVISION OF LOCAL GOVERNMENT SERVICES LOCAL FillANCE BOARD APPLICATION "'-0"'" kl5 h ,'f> 6 f M flN-'/tL ll-t'lt IV J3o fv i!J C)F E,-fCc Cc:,,.tl1l'SS;lINER..5 J)riyi'lI:::'T "";0.1 (Applicant) NEW JERSEY LOCAL FillANCE BOARD TIMOTHY CUNNINGHAM

Transcript of STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

Page 1: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

STATE OF NEW JERSEY

DEPARTMENT OF COMMUNITY AFFAIRS

DIVISION OF LOCAL GOVERNMENT SERVICES

LOCAL FillANCE BOARD

APPLICATION

"'-0"'" kl5 h ,'f> 6 f M flN-'/tL ll-t'lt IV

J3ofvi!J C)F E,-fCc Cc:,,.tl1l'SS;lINER..5 J)riyi'lI:::'T "";0.1

(Applicant)

NEW JERSEY LOCAL FillANCE BOARDTIMOTHY CUNNINGHAM

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APPLICANT'S

NAME:

STATE OF NEW JERSEY

DEPARTMENT OF COMMUNITY AFFAIRS

DIVISION OF LOCAL GOVERNMENT SERVICES

LOCAL FINANC EBOARD

APPLICAT~ON DATA

ADDRESS:

.1

"---_·71""""......,8K'D: "if A:{~m.CiI'l'Ih(;sc'''lli!&7;?,:i' 1),'~rtKiC:F No, I

~e,o· "1.30 )\ 3ets-

COUNTY ~-,-M--"..=0=~~h.=O=LL'T'""'-'-Lh __

YEAR ~o IS-

N,"f', s: fj-.

APPLICABLE STATUTE TO WHICH APPLICATION IS BEING SUBITTED: LfDR: Of - /:,

AMOUNT FOR WHICH APPLICATION IS BEING SUBMITTED $ 7iff, 7!/ij..()Oi

CONTACT PERSON:

TITLE:

ORGANIZATION/FIRM: .-l!lii.lJ..lfJpJ:~N )Pi eriie: CGI>i.l't. u,~sti~l:lf1'No.1ADDRESS: bra '''ff!tJjJ6t{r Rc_l'(j).

~ AN, rt.'J._lYfll tJ. rJ .""J'. o ., '7). b

PHONE NUMBER:

SIGNATURE:

DATE:

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RESOLUTION SERVICE LIST

SECRETARY/CLERK

NAME: ftJ._ftt--) 5pe-c:t6R.

ADDRESS: 'P. c. go X 3 '15

MAYORlEXEC. DIR.

NAME:

ADDRESS:

lJ8PtB COUNSEL

NAME:

ADDRESS:I

4-<£00. R ou...Te- 9 S"ol.A"Th S'o_>rG 3'aCH:.

FINANCIAL ADVISOR

NAME:

ADDRESS:

AUDITOR

NAME:

ADDRESS:

OTHER

NAME:

ADDRESS:

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TOWNSHIP OF MANALAPAN

BOARD OF FIRE COMMISSIONERSDISTRICT No. 1

PO. Box 395Manalapan, NJ 07726

732~536~2881Fax 732~536~9041

NEW JERSEYDCA LOCAL FINANCE BOARDEXECUTIVESUMMARY

The Manalapan Township Board of Fire Commissioners District No.1 is an agency establishedand operating pursuant N.J.S.A. 40A:14-70.1, et seq. The Board maintains a main fire house onTennent Road and a satellite fire house on Pease Road to service the westerly portion of FireDistrict 1.

The Board determined in 2014 that it would require a new rescue pumper fire truck to replacea truck that was no longer serviceable. At the annual fire district election on Saturday, February21, 2015 the Board submitted the following question to the voters of Fire District No.1:

"Shall the Manalapan Township Board 'of Fire Commissioners District No.1 be givenapproval to purchase a replacement Rescue/Pumper Fire Truck at a cost not to exceed$750,000, and to finance the purchase to be repaid with interest over a period of 5years?"

The result of the election was that the 128 eligible voters who cast votes approved thepurchase by a vote of 109 votes in favor and 18 votes against.

The Board intends to purchase a Pierce rescue pumper fire truck through the Houston-Galveston Area Council Cooperative. The purchase price is $741,769 to be lease purchased at2.58% interest over five years. The payments will be $50,000 down and quarterly paymentscommencing upon delivery for five years. The Board intends to trade in its older fire truck whichis being replaced. The Board's only current debt is for a fire truck purchased in 2011 and thefinal payment on that truck will be made on about, August 15, 2016. Pierce has advised that thenew truck will not be ready for about eleven to twelve months after receipt of a purchaseorder. The purchase order will not be submitted until after approval from the NJDCA LocalFinance Board, and therefore, after receipt of the new truck, the Board will only have debtservice for a single truck. The Township's current tax rate is $2.064 per hundred and no adverseimpact is anticipated on Manalapan Township's locai tax rate or bond rating.

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TOWNSHIP OF MANALAPAN

BOARD OF FIRE COMMISSIONERSDISTRICT No. 1

PO. Box 395Manalapan, NJ 07726

732-536-2881Fax 732-536-9041

APPLICATION TO N.J. DCA LOCAL FINANCE BOARD - FINANCING FIRETRUCK PURCHASE

The Board received three quotes for financing the new fire truck from Brunswick Bank & Trust, Wells

Fargo and PNC Equipment Finance. Each of the quotes is attached. The Board considered each of the

quotes and determined to use PNC which works with Pierce, the truck manufacturer, in financing its

sales. Brunswick's interest rate was the highest, and when the Board compared the total costs of Wells

Fargo and PNC, PNC was more favorable. Wells Fargo places the loan amount in an escrow account and

makes a single payment to Pierce upon delivery of the truck. PNC pays Pierce upfront which entitles the

Board to prepayment discounts reduci.ng the financed amount to $708,268. In addition, the Board

intends to make a down payme~t of $50,000 further reducing the financed amount to $658,268. As a

result, the quarterly payments to PNC are $4,059.53 less than the quarterly payments would be to Wells

Fargo. In addition, the Wells Fargo proposal requires the Board to pay Wells Fargo fees and expenses,

including filing fees, lien and UCC searches, costs of.an appraisal and escrow agent fees. PNC does not

require the payment of such costs and expenses.

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Cparker

From:Sent:To:Subject:

Alan Spector <[email protected]>Monday, February 01, 2016 1:36 PMCparkerFW: Brunswick Bank & Trust

From: Danielle Haynes [mailto:haynesd@brunswic~bank.com]Sent: Monday, February 01, 2016 1:29 PMTo: Alan SpectorSubject: Brunswick Bank & Trust

Good afternoon Mr. Spector,

Brunswick Bank & Trust would like to submit the following for consideration regarding the opportunity for the funding of theManalapan Township Board of Fire Commissioners District #1 purchase of a new Pierce Pumper Fire Truck:

Purchase Price (based on estimate provided): $750,000Interest Rate Options: Variable Rate at Prime + 0.00% OR 4.00% FixedTerm: 10 years, interest to be paid semi-annually, principal to be repaid annually in 10 payments of $75,000.Collateral: Brunswick Bank would be listed as the lien holder 011 the title of the truck. A UCC-1 would also be filed.

We hope that you will consider Brunswick Bank & Trust for this financing opportunity.Please let me know if you need further information or have any questions.

Thank you,Danielle

Danielle HaynesCommercial Credit AnalystBrunswick Bank & Trust439 Livingston AvenueNew Brunswick, NJ [email protected]: (732) 247-5800 x127Fax: (732) 247-5996

www.bnmswiclbanli.com

1

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January 19, 2016

Alan SpectorChairmanManalapan Township Board of Fire Commissioners District No.1Manalapan, NJ07726

Dear Alan:

We are pleased to provide the following equipment lease financing proposal for ManalapanTownship Board of Fire Commissioners District No. 1. Wells Fargo Equipment Finance, Inc.is well positioned to provide financing options to meet your unique needs. We appreciate theopportunity to work with you and look forward to hearing from you with regard to this proposal.

Lessor: Wells Fargo Equipment Finance, Inc. (WFEF)

Lessee: Manalapan Township Board of Fire Commissioners DistrictNo.1

Type of Facility: Tax-exempt equipment lease-purchase agreement.

Equipment: 1 Pierce Pumper Fire Truck

Equipment Cost: $741,769

LeaseTerm: 60 months

Rate: 2.18%

Payment Amount: $39,247.31

Frequency: Quarterly in Arrears

End of Term: Lessee will have the option to purchase the Equipment for$1.00 at the end of the LeaseTerm.

Lease Commencement: It is expected that a definitive lease agreement and escrowagreement will be executed and the lease termcommenced on or before March 31, 2016. On the closingdate, Lessor will deposit the lease proceeds into an escrowaccount from which vendor/contractor payments will bedisbursed in accordance with the terms of the escrow

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agreement. Funds in the escrow account will be investedat the direction of Lessee and in accordance with the termsof the escrow agreement. There is no charge for theescrow arrangement if the escrow account is maintainedby Lessor or an affiliate of Lessor and disbursements donot exceed one per month.

Lease Rate: To be determined by Lessor at the time of a funding or twobusiness days prior thereto. Based on current rates andmarket conditions, the interest rate as of January 19, 2016would be 2.18% per annum, is 75 basis points over the 5year Interest Rate Swap reported in the Federal StatisticalRelease H.1S on January 14, 2016. Actual pricing may bedifferent in the event that Lessor's cost of funds oreconomic conditions change prior to any funding. Theinterest rate may be adjusted to allow Lessor to maintainits anticipated economics. Once funded, the applicableinterest rate will remain fixed for the term of theapplicable lease.

This proposal and the interest rate set forth above assumethat the interest component of payments under the leasewill be excludable from the owner's gross income forfederal income tax purposes, and will not be an item of taxpreference for purposes of the federal alternativeminimum tax. The lease agreement will Include federal taxcovenants pursuant to which the Lessee will agree tocomply with all applicable provisions of the InternalRevenue Code of 1986, and the regulations promulgatedthereunder, to maintain the tax-exempt status of suchinterest payments.

It is further assumed that Lessee will designate the lease asa "qualified tax-exempt obligation" under Section 265(b)(3)of the Code.

Documentation: Standard WFEF lease documents are anticipated togetherwith the terms described herein.

Unconditional Net Lease: Each lease transaction shall be "net", meaning that allcosts and expense related to the transaction andequipment, including, without limitation, insurance,maintenance, repairs and taxes are the Lessee's soleresponsibility. Manufacturer's warranty will be available tothe Lessee to the extent assignable so long as no defaulthas occurred. Subject only to the annual appropriationprovisions in the lease agreement, all payments shall beabsolute and unconditional, to be paid without defense,reduction or offset.

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Insurance Requirements: All Risk personal property and liability insurance coveragein amounts, with insurers, and under policies in form andsubstance, satisfactory to WFEF, containing endorsementsnaming WFEF and its successors and assigns as additionalinsured and/or lender loss payee as appropriate.

Transaction Expenses; Fees: Lessee agrees to reimburse WFEF for reasonable expensesincurred by WFEF in connection with this transaction,including, but not limited to, any applicable filing feesand/or lien searches, UCC searches, escrow agent,appraisal and other similar expenses, excluding onlyoutside counsel fees incurred by WFEF.

In addition, a non-refundable fee equal to $300 will bepayable to WFEF at the time definitive documents areexecuted ("Documentation Fee.")

Indicative TermsOnly: This proposal is for discussion purposes only. It does not

set forth the complete terms or conditions of anytransaction and does not constitute an obligation orcommitment by WFEF to make any lease or to provide anyother financial accommodation. Any lease or other creditextension by WFEF is subject, without limitation to thefollowing conditions:(a) there not having occurred (i) any material change in

the financial or operational performance of the lessee;or (ii) any event that would constitute a default underthe terms of WFEF's standard lease documents orunder any terms, if any, referred to above;

(b) (i) credit approval by WFEF regarding the financial andoperational performance of the lessee, and (Ii)approval by WFEF of the subject equipment to befinanced and all other collateral;

(c) receipt and complete review and approval by WFEF ofany other due diligence items related to theprospective lessee as determined by WFEF in its soleand absolute discretion;

(d) satisfactory completion of regulatory complianceinvestigation and background review of theprospective lessee (including BSA and OFAC diligence)and receipt by WFEF of other information regardingthe prospective lessee deemed necessary by WFEF inits sole discretion;

(e) execution and delivery of definitive lease documentsand ancillary documents (including such legal opinionsas may be required by WFEF) each in form andsubstance acceptable to WFEF and the other partiesthereto; and

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(f) there not having occurred any event that would inWFEF's reasonable opinion make it illegal orcommercially impractical to enter into the transaction,including without limitation, disruption in financialmarkets, regulatory requirements or changes inapplicable law, including tax laws,

Expiration: This proposal shall expire on the earlier of (i) the date thatany event described in the Indicative Terms Only sectionabove occurs that would permit WFEF not to proceed anyfurther, or (ii) March 31, 2016 if a definitive leaseagreement has not been fully executed and delivered.

Confidentiality: Lessee agrees that the terms described herein areconfidential and that it will protect the confidentiality ofsuch information in a manner at least as protective as ittreats its own confidential information and shall notdisclose any of the provisions hereof to any person orentity (including, without limitation any financial institutionor other lender) other than (I) to its employees who areinvolved in evaluating or effectuating the Lease facility, itslawyers and accountants, and (ii) as may be required bylaw.

No Advice: The transaction described in this proposal is an arm'slength, commercial transaction between you and WFEF inwhich: (a) WFEF is acting solely as a principal (i.e., as alender or lessor) and for its own interest; (b) WFEF is notacting as a municipal advisor or financial advisor to you; (c)WFEF has no fiduciary duty pursuant to Section 15B of theSecurities Exchange Act of 1934 to you with respect to thistransaction and the discussions, undertakings andprocedures leading thereto (irrespective of whether WFEFhas provided other services or is currently providing otherservices to you on other matters); (d) the only obligationsWFEF has to you with respect to this transaction are setforth in the definitive transaction agreements between us;and (e) WFEF is not recommending that you take an actionwith respect to the transaction described in this document,and before taking any action with respect to thistransaction, you should discuss the information containedherein with your own legal, accounting, tax, financial andother advisors, as you deem appropriate. If you would likea municipal advisor in this transaction that has legalfiduciary duties to you, you are free to engage a municipaladvisor to serve in that capacity.

Thank you for this opportunity to serve you in connection with this prospective transaction. Ilook forward to working with you as we proceed toward finalizing terms, credit review anddocumentation, it being understood however, that neither party shall be obligated to proceedwith any transaction unless mutually agreeable definitive documents are agreed on andexecuted.

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Thank you for the opportunity to make this proposal. If this Proposal meets with your approval,kindly indicate your acceptance by signing where indicated. Please do not hesitate to contactme with any questions or needs.

Yours sincerely,

Enrico MazzaTerritory ManagerWells Fargo Equipment Finance Inc.2240 Butler PikePlymouth Meeting, PA 19462

ACCEPTED FOR: Manalapan Township Board of Fire Commissioners District No.1

BY:

NAJJE: __Print Name

TITLE: _

DATE: ___

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SUBMISSION REQUIREMENTS

PART I APPLICATION RESOLUTION AND CERTIFICATION

PART II PROPOSED ISSUANCE OF OBLIGATIONS .

PART III TRANSACTIONS TO FINANCE CONSTRUCTION, IMPROVEMENTS, ETC.

PART IV REFUNDING BOND ISSUE

PART V . PROPOSED SECURITY AGREEMENT

PROPOSED FINANCING AGREEMENT

PART VI CREATION OF AUTHORITY

PART VII DISSOLUTION OF AUTHORITY

PART VIII QUALIFIED BOND ISSUE

PART IX MUNICIPAL APPLICATION(A) MUNICIPAL AID APPLICATION(B) MUNICIPAL AND COUNTY BUDGET

REQUIREMENTS AND EXCEPTIONS

PART X APPEALS OF DIRECTOR'S DETERMINATION

PART XI SCHOOL BOND ISSUE

,PART XII APPLICATION REQUIREMENTS:NJ WATER SUPPLY PUBLIC-PRIVATE CONTRACTING ACT

PART XIII APPLICATION REQUIREMENTS:NJ WASTEWATER TREATMENT PUBLIC-PRIVATECONTRACTING ACT

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· '. "

,'! BARTl

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(Part 1)

STATE OF NEW JERSEY

DEPARTMENT OF COMMUNITY AFFAIRS

DIVISION OF LOCAL GOVERNMENT SERVICES

LOCAL FINANCE BOARD

APPLICATION CERTIFICATION

APPLICANT'SNAME: ~t9-l..vsh'·f tJ,F N ItN t1L~ f'tt.rJ -e9"l~rj) es f r;~ COMM1;S/tJlJr;:-fLS

DI"$lR ..lcT ~o. rI, ~~-J.-Au./"'-'JA'--"'N"'------_'~"fr_..ta,,",4i,-,----,<-C=R~ , C bel'a .NAN ' OF THE

.~~~ ~~--GWH5b"f Of 'MItNIl-LBffiN 1300fl.V of FI~ Co hkcS"$O.u67?,S DlifRr~r 4" I

(applicant)

DO HEREBY DECLARE:

That the documents submitted herewith and the statements contained herein are true to thebest of my knowledge and belief; and

,That this application was considered and, its submission to the Local Finance Board

approved by the governi~gbbdy of the 13o,4RV of 6'ru Cahh {SS/~cJ([R..Son J>':;-C.9K'B.6R W.. ;,?. 01S: ; and

That the governing body of the :I¢W;JS!l/:'f (SF N.,gf\lA-LAff!-N 13bltP-U of F,~~C", hhi S.Sc'o;,)Pzs ]>I:(mt;"'r: No. I has notified each participating local unit of its ,'.submission of this application to the Local Finance Board and has made available-to each, a truecopy of this application.

~(signature)

.j

RLfJ-N 5fCc.T6 rz..

ATTEST:

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'1ocaJ,.Jsh,'f of MfWI'ILAf/lJJ

RESOLUTION OF '13c5"t'M.1> of FIR.e: CI'ONhis's;o,oEfSS /),s-rR.(~' jJo~1MAKING APPLICATION TO THE LOCAL FINANCE BOARD

PURSUANT TON.J.S.A. ~oe ,rs A-b

'-c:.wtJsh;Q of M(.lol-fA-I-APArVWHEREAS, THE. Well-a;{) (!Sf FiRG C ('i~I'-I.I"SS{orJcnS l)·,ST£Ic.r rJo. I

desires to make application to the Local Finance Board for its review andlor approval of a'proposed authorizing the fjkJ;,x.<,v ~ fhoJ:O

P....e..d'Lt15€ IlP!'9 biG iiJ Rgc u.£ F,',ze= -:1fl.U:kk

(a) it is in the public interest to accomplish such purpose:(b) said purpose or improvements are for the health, wealth, convenience

or betterment of the inhabitants of the local unit or units;(c) the amounts to be expended for said purpose or improvements are not

unreasonable or exorbitant;(d) the proposal is an efficient and feasible means of providing services

for the needs of the inhabitants of the local unit or units and will notcreate an undue financial burden to be placed upon the local unit orunits;

NqW THEREFORE, BE IT RESOLVED by the 13~,qg7 13 F ' ,COMM.ISSloN.gU" uI'5'nz,;;r: tv't" I as follows:

jI ... ' •

Section 1. The application to the Local Finance Board is herby approved, and theGOdR..V I S ~Counsel and financial advisor, along with other representatives

, _ t. • ~; .' •• ' • t. •. ,

of the J3aa£D. , are hereby authofized to prepare such application and torepresent the . J3C fia j) in matters pertaining thereto.

a f7n-/(}.I'CIt"AISection 2, The SMIMMY of the W"I!BU B,.JDTIff J3tft'll2.j) t!rrrf.@"urY

______ ~--__:__--------..__ls hereby directed to prepare ahd file a copyof the proposed £/~J1-&C.I'&fi- Bi<l) ?....,y;.hdtt:; with the Local Finance·Board as part of such application.

Section 3. The Local Finance Board is hereby respectfully requested to consider suchapplication and to record its findings, recommendations andlor approvals as provided by theapplicable New Jersey Statute.

Recorded VoteAYE NO ABSTAIN ABSENTs- 0 0

cT No, [

(signature),:tL A- J\} 5P tr'c:.'10 rz.

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PART II

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(part II)

PROPOSED ISSUANCE OF OBLIGATIONS

1) Type of Obligation _____ General Obligation BondRevenue Bond-----

_____ Special Obligation Bond_____ Qualified Bond

School Qualified Bond--~--_____ Project Note (BAN)_____ Grant Anticipation Note-----=:X">---- Other: (describe)

I .

2) Purpose of Proposed Finarteirrg

____ Temporarily finance the construction, improvementor acquisition of facilities, infrastructure, equipment, etc.

X Permanently finance the construction, improvement oracquisition of facilities, infrastructure, equipment, etc.

Renew outstanding temporary obligations----

____ Advance refund outstanding permanent obligations

____ Current Refunding Issue

3) Amount of Proposed Financing

$__ 7_'+---'--O( '--".7=I._._CJ.:.... _0_0 Proposed to be issued

$ 74-1 7{,Cf. 00 Maximum to be authorized

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(part II)

4) Tax Implications:

_----.~fc--/__::;tr-=S~- Is issue Tax exempt?

No Is issue Taxable?- _ ___;__---""----

tJ 0 Is issue mixed?,----=--=---

__ ---'-N--"D'--~ Are Private Activity Bonds utilized?

__ --'tJc..:.....::o~_ Is volume cap allocation necessary?

If yes: has volume cap allocation been received?

(yes) (no)

From whom:

For how much: $-------------------------

Will the 1986 Tax Reform Act or any proposed changes to the Act imposerestrictions as to the type of financing and/or limitation on debtstructuring?

If yes Describe: -----------------------------------

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(part II)

5) Description of Obligations:

(A) Short Term Obligations (if applicable)

Proposed Interest Rate: %Maximum Interest Rate: %

(B) Permanent Bonds - Fixed Rate (if applicable)

Serial Coupons

Proposed Interest Rates Maximum Interest Rates

From %To %--- ---- From %To %---- -----

Term Bonds

Proposed Interest Rates. Maximum Interest Rates

Year Rate % YearYear Rate % YearYear Rate % YearYear Rate % YearYear Rate % YearYear Rate % YearYear Rate % YearYear Rate % YearYear Rate % Year,¥ear.' , , . Rate % Year

Rate %Rate %Rate %Rate %Rate %Rate %Rate %Rate %Rate %Rate %

attach additional sheets if necessary.

(C) Maturity(ies)

Serial Maturities fromSinking Fund Payments fromTerm Maturities from -

________ to __to-------- --------to-------- --------

(D) Amortization (check one)

_______ Bullet MaturityLevel Principal------Level Debt Service-----

_______ Other (explain)

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(part II)

5) (Cont.)

(E) lfthe obligations will have a variable interest rate, answerthe following questions:

(1) Explain the benefit in issuing variable rate bonds.

(2) What are the administrative costs anticipated from theissuance and renewal of the variable rate bonds?

(3) Under what circumstances can the variable rate be convertedto a fixed rate and what is the conversion fee?

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(part II)(F) Security pledge for Repayment of Obligations:

TYPE Jurisdiction providing security

Ad Valorem Taxation---___ Revenue/Charges___ Service Agreement___ Lease/Purchase Agreement ____ County Deficiency Agree.___ Unconditional Guaranty___ Other (describe):

I

(6) Credit & Rating Matters IV/ff

a) Ratings:

Moodys Confirmed Applied For Expected

S&P Confirmed Applied For Expected

b) Bond Insurance __ Yes No Pending

If Yes':'Provider

Amount $

Confirmed Yes No

c) Letter of Credit __ Yes No Pending--If Yes-Provider

Amount $

Confirmed Yes No

d) Other Credit or Liquidity Support

If Yes-Provider ----------------Amount $-----------------Confirmed Yes No-- ___ Pending

Description _

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(part II)

7) Issuance Matters

a) Method of Issuance _____ Competitive_____ Negotiated

b) Amount of outstanding debt prior to issue

$----------------------

c) Net debt expressed as a percentage of equalizedvaluations of taxable real estate prior to issue_______ % (if applicable)

d) Net debt expressed as a percentage of equalizedvaluations of taxable real estate after the issue_______ % (if applicable)

e) Provide a recapitulation of applicants indebtednessissued and outstanding as of the date of the application

f) Provide a proposed maturity schedule indicating annualdebt service payments broken down by principal and interestsubsequent to the issuance of the proposed obligations

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(part II)

8) Provide the Sources and Uses of the Proposed Issue

SOURCES:

a) Proceeds ofIssue $

b) Other Cash Contributions $

c) Interest Earnings $

d) Other (describe) $

e) Accrued Interest $

$

$

$

Total Sources $

USES

a) Facilities Costs $

b) Equipment Costs $ '1':1:.,. 769.00c) Capitalized Interest $

d) Debt Service Reserve $

e) Costs of Issuance $

f) Accrued Interest $

g) Other (describe) $

$

$

$

Total Uses $ '7 'f II 7' 'f. b C

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(part II)

Proposed Issuance Costs

Name ProposedAmount

Financial Advisor: $

Bond Counsel: $

Local Attorney: $

Engineer: $

Architect: $

Accountant: $

Auditor: $

Underwriter: $

Appraiser: $

Trustee: $

SpecialConsultants: $

$

$$

Other Bonding Exp: $

Total Issuance Costs $__ 0 _

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(part II)

9) Budget and Audit Submission Requirements '

a) Has the current year's budget been approved and adopted by theDivision of Local Government Services y1£5".

(yes/no)

b) Has the previous year's.audit been completed and submitted to theDivision of Local Government Services yI£S.

(yes/no)

c) Provide: a statement of the impact on the local unit or mits' budget,debt service requirements, debt service ratings, local taX rate and servicefees if the proposed project is implemented or: the proposed projectfinancing is undertaken.

d) Has the Annual Debt Statement been submitted to the Division ofLocal Government Services N 1ft (if applicable)

(yesino)

e) Has the Supplemental Debt Statement for this proposed issuanceof obligations b.een submitted t9 the Division of LocalGovernment Services IV /.4-

(yes/no)

t) Has the Capital Budget been adopted ",_1_14__(if applicable) (yes/no)

10) Provide a certified copy of an introduced ordinance and/or resolution adopted bythe local unit indicating the intent of the local unit for the issuance of the proposedobligation(s). (if applicable)

Page 27: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

TOWNSHIP OF MANALAPAN

BOARD OF FIRE COMMISSIONERSDISTRICT No. 1

PO. Box 395; Manalapan, NJ 07726

732~536~2881Fax 732~536~9041

ELECTIONCERTIFICATION

This is to certify that the Manalapan Township Board of Fire Commissioners District No.1

submitted the following question to the eligible voters of Manalapan Township Fire District No.

1 at the annual Fire District election held on Saturday, February 21, 2015: "Shall the Manalapan

Township Board of Fire Commissioners, District No.1 be given appr6val to purchase a

replacement Rescue/Pumper Fire Truck at a cost not to exceed $750,000, and to finance the

purchase to be repaid with interest over a period of 5 years?" 128 voters cast votes and the

question was approved by a vote of 109 to 18.

I hereby certify that the foregoing is a true statement of the results of the election. I am aware

if any of the foregoing statements made by me are willfully false, I am subject to punishment.

Dated 1;;../.;z./f5

Manalapan Township Board of FireCommissioners District No.1

~hKenneth Kelly, Clerk .

Page 28: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

MANALAPAN TOWNSHIP BOARD OF FIRE COMMISSIONERSDISTRICT NO.1

MEMORIALIZING RESOLUTION TO PURCHASE FIRE TRUCK

Commissioner Spector offered the following Resolution and moved its adoptionwhich was seconded by Commissioner Kelly.

WHEREAS, the Manalapan Township Board of Fire Commissioners District No.1 has determined it is necessary to purchase a new fire truck to replace a truck which isout of date and no longer serviceable; and

WHEREAS, it is required by applicable New Jersey statutes that the Boardsubmit the issue to the voters of Manalapan Fire District No.1 in the form of a questionat the February 21, 2015 annual election, and, if the purchase is approved by theeligible voters of Fire District No.1, to also submit the issue to the N.J. Department ofCommunity Affairs Local Finance Board; and

WHEREAS, the Board intends to enter into an Interlocal Contract ForCooperative Purchasing with HGAC, Houston, Texas, as permitted by applicable NewJersey and Texas statutes in order to purchase the fire truck by the most cost effectivemanner currently available.

NOW, THEREFORE, BE IT RESOLVED by the Manalapan Township Board ofFire Commissioners District No. 1 that the Board shall purchase a new rescue/pumperfire truck for a purchase price not to exceed $750,000.00 subject to the approval of theeligible voters of Fire District No.1 at the annual election and further subject to theapproval of New Jersey Department of Community Affairs Local Finance Board, and theapproval of any other governmental agencies with jurisdiction.

AND BE IT FURTHER RESOLVED that the Board authorizes and directs theChairman, Clerk and Commissioners, and the Board's attorney to take all actionsnecessary to purchase the fire truck through the HGAC Cooperative, including, but notlimited to, submitting the issue to the eligible voters at the annual fire district electionand to the NJ DCA Local Finance Board.

AND BE IT FURTHER RESOLVED that a copy of this Resolution certified to bea true copy is to be retained in the permanent files of the Board.

Page 29: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

ROLL CALL

Alan SpectorKenneth KellyGeorge SchmatzLou CaruanaDaniel LaRocca

ABSENT:ABSTAINED:DISQUALIFIED:DATED:

ooo

December 2,2015

I hereby certify that the foregoIng is a true copy of a Memorializing Resolution ofthe Board adopted at the Board's December 2, 2015 meeting which memorializes theResolution of the Board adopted at its December 3, 2014 meeting.

Ala:tifChairmanManalapan TownshipBoard of Fire CommissionersDistrict No.1

Page 30: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

PART III

Page 31: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

(part III)

TRANSACTIONS TO FINANCE THE CONSTRUCTION OR ACQUISITION OFFACILITIES, INFRASTRUCTURE, EQUIPMENT, ETC.

1) Description of Proposed Project:

f,""~IJ":AJ& --Pu~ch;:rsG" (Sf ,;1.0 L b ~5cQ~/p<-tM.ftm....

2) Who will: a) Use the FacilitiesHIf-,JflLfffA-1'I ~f{. i3A. Fi~ CG~ML'S'>;O~E7l..S

D I~ltl c::.,- No. f

b) Operate the Facilities

'51tt1~

c) Own the FacilitiesS'AKG"

3) When will the facilities be fully acquired or completed?

Completed - __ ~--'~~.=-=O...:..I-=(,,:......_~ _

Acquired - --=-(J._Cl _, _6 _

4) Provide a breakdown of the hard cost of the proposed project being constructed,acquired, etc. EXCLUDING financing costs, such as capitalized interest, cost ofissuance, etc.

Page 32: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

(part III)

5) Schedule of Project Permits /IJ Iif-

DATE"OF DATE OF APPLIC. APPLIC. NOT YETPERMITS REQUIRED APPLIC. APPROVAL PENDING DENIED APPLIED

Federal:

State:

Local:

Page 33: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

PART IV

"

Page 34: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

(part IV)

REFUNDING ISSUE Nlff

1) Purpose ofadvance or current refunding (check one or more)

Generate debt service saving

Modify bond covenantsIf yes: Provide an attachment describing thenature and the reason for the change

Reschedule debt service

Other' (describe)

2) Amortization of Refunding Obligations GeneratingPresent Value Savings will be Structured to Provide: (check one)

Annual Debt Service Savings

Front Loaded Savings

Other (describe)

3) Are issues to be refunded: (check one)" .

CallableNon Callable

4) Complete the following table:

Obligations tobe Refunded

RefundingObligationg

$%to %

%

@

a) Par Amount $b) Interest Rates %to %-_._c) True Interest Cost %d) Maturitye) Call Provisions @

Page 35: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

(part IV)

5) Estimated Pres~nt Value Savings

a) Present Value Savings $ _

b) Pres'P~ty:a~~~ ~~y~:~~;asa%of Refunded Obliga;tlOns $ _

6) Fund Balance

a) Provide a detailed breakdown of the Fund balance. , "":

for the previous four years.

YEARBALANCE

FY.ENDING.~:~:: .: . : ,,' . " : )

UTILIZED INSUCCE1!:DIN9 BUDGET

,. .,r .I

b) If application is for a Tax Appeal=- indicate amountspreviously set aside as a "Reserve for Tax Appeals Pending"

YEARBALANCE

FYENPING

..:-----. , , .) " ,

7) Impact on Local Tax Rate (if applicable)

a) If proposed refunding .approvedb) If proposed refunding denied

Note - base impact on local tax rate on $100 assessedvaluation of local property.

c) What is percentage of equalized value of real propertywithin local government jurisdiction %

Page 36: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

(part IV)

YEAR

d) Provide a breakdown of the assessed value of realproperty for the previous four years.

LAND IMPROVEMENTS EXEMPTIONSTAXABLE

MACHINERY VALUE

e) Provide the percentage of current tax collections forthe previous four years.

YEARS PERCENTAGE

%------%_-----

%------%-----

Page 37: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

(part IV)

f) Provide the average assessed value and tax on a typicalsix .room residence (if applicable).

Assessed Value $ _

Local Tax Rate $-------g) Provide a breakdown of the five largest tax appeals

which remain unsettled at this time (if applicable).

NAME

h) What was the date of the last revaluation?

AMOUNT

$_-----

$~-:------

$------

$.,.-------

$_-----

Page 38: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

PARTV

Page 39: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

(part V)

PROPOSED FINANCING AGREEMENT

PROPOSED SERVICE AGREEMENT

A) Provide a copy of the proposed authority resolution authorizing the adoption ofthe financing agreement and/or security agreement for project financing by theauthority. 'Sc« fhrR-e-nl!:l:;"

B) Provide a copy or copies of the proposed municipal or county ordinance(s) orresolution/s) authorizing a financing .agreement and/or security agreement by alocal unit or units for project financing by an authority. IV / If

C) Provide a statement of the impact on the local unit or units' budget, debt servicerequirements, debt service ratings, local tax rate and service fees if the financingagreement and/or service agreement are implemented. 5r=G A-rr~E"1>.

D) Provide a breakdown of the current existing overiding Guarantee of Debt byproject. IIIII-,

PROJECTPROJECTDEBT

LOCAL UNITGUARANTEE

Total CurrentGuarantee

Proposed ProjectGuarantee

Total ProposedGuarantee

Page 40: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

(part V)

PROPOSED FEE SCHEDULE

NAME AMOUNT

Financial Advisor: $

Bond Counsel: $

Local Attorney: $

Engineer: $

Architect: $

Accountant: $

Auditor: $

Underwriter: $

Appraiser: $

Trustee: $

SpecialConsultants: $

$$$

Other Expenses: $

Total Fees $ D

Page 41: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

PART VI

Page 42: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

(part VI)

CREATION OF AN AUTHORITY

A) Provide a copy or copies of the proposed ordinance(s) or resolution(s) of the local'wilt for the creation of the authority.

B) Provide a statement, in brief and general terms, of the project or projects to beundertaken, the estimated project cost including, but not limited to cost ofappraisals, engineering design, environmental impact and feasibility studies,financing and construction, the manner of proposed project financing, and thearea to be served by the project.

C) Provide copies of any appraisals, estimates, 'computations or calculations made inconnection with estimated cost of constructing or acquiring and financing the.proposed project or projects.

D) Provide a proposed budget of operating costs, including depreciation on physicalassets, for the first year of the authority operations, and the proposed source orsources of the authority's funding of such operations (such as user fees, rentals,service contracts, etc.).

E) Provide a' table of organization, indicating proposed personnel .requirements andthe level of staff required for supervision of the operation of the authority.

F) Provide a statement indicating that the local unit or units have consideredalternate means, including but not limited to private enterprise, of undertaking andfinancing the proposed project or projects and have determined that the creationof the authority is the most feasible means of providing services and financing theproposed project or projects.

Page 43: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

(part VI)

Proposed Creation Costs

Name , Amount

Financial Advisor: $

Bond Counsel: $

Local Attorney: $

Engineer: $,'., '.'

Architect: $

Accountant: I, ; $. ' I

Auditor: :), $

Underwrlter: .. ,"

',' ,$

"Appraiser: $

Trustee: $I

SpecialConsultants: $,

$$$

Other Expenses: $

Total Creation Costs $_----

Page 44: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

PART VII

•• j

I •

Page 45: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

(part VII)

DISSOLUTION OF AUTHORITY N/ ~(A) Provide a copy of the proposed ordinance(s) or resolution(s) to dissolve the

authority. The ordinance(s) or resolution(s) shall make adequate provisionin accordance with a financing agreement and/or security agreement orotherwise for the payment of all creditors or obligees of the authority andassure that adequate provision for the assumption of those services providedby the authority which are necessary for the health, safety and welfare ofthe recipients of those services will be maintained.

(B) Provide a statement signed by the chairman and certified by the treasurer ofthe authority, identifying the amounts owing to creditors and obligees of theauthority. This statement must be prepared by a date not more than thirtydays preceding the submission to the Local Finance Board.

(C) Provide a statement of the impact on the local unit or units budget, debtservice requirements, debt service ratings, local tax rate and service fees ifthe dissolution of the authority is implemented.

(D) Provide a statement of the desc-ript-ion and the amount-of peFml'Ss-ibleexpenditures, if any, requested to be transferred to the local unit or units'budget and certified by the Local Finance Board.

(E) Provide a copy or copies of the bond ordinance(s) or resolution(s) proposedto be adopted by the local unit or units authorizing the issuance ofobligations in furtherance of the dissolution of the authority.

Page 46: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

PART VIII

Page 47: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

(part VIII)

QUALIFIED BOND ISSUE

A) Provide a breakdown of applications submitted to the Local Finance Board for theprevious four years.

DATE'APPROVED

AMOUNTAPPROVED

AMOUNTISSUED

,. I': 'f q

B) What is the amount of annual Qualified Bond debt service payments prior tothis

issue $~-------------------C) What is the amount of the proposed annual Qualified Bond debt service payments

if this issue is approved $ _

D) What is the amount of Qualified Bond revenues eligible to be pledged against

debt service payments $ __

E) Have the required Qualified Bond reports been submitted to the Division of LocalGovernment Services, pursuant to the Local Finance Board resolution.

(yes/no)

If not explain reason.

Page 48: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

PART IX

Page 49: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

MUNICIPAL APPLICATION 1'1/11

A) MUNICIP AL AID APPLICATION

B) MUNICIPAL AND COUNTY BUDGET REQUIREMENTS AND'EXCEPTIONS

Page 50: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

PART X

Page 51: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

APPEALS OF DIRECTOR'S DECISION NI A-

Page 52: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

PART Xl

Page 53: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

SCHOOL BOND ISSUE IV/ It

Page 54: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

PART XII

• I

Page 55: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

LOCAL FINANCE BOARD: PART XIINEW JERSEY WATER SUPPLY PUBLIC-PRIVATE CONTRACTING ACT

APPLICATION REQUIREMENTSN.J.S.A.58:26-19

1. Copy of the proposed contract and identification of specific sections addressingthe following provisions:

Contract Provision

Please IndicatePage Referencein Contract

* The allocation of the risks of operatingand maintaining the water supply facility.

* The allocation of the risks associated withcircumstances or occurrences beyond thecontrol of the parties to the contract.

* The defaulting and termination of the contract.

* The private firm's authority and the extent, orthe procedures for the use, of that authority toinitiate, negotiate and finalize the terms for abulk sale of surplus water. The contract shalleither grant the private firm such authority orspecifically state that the firm is denied thatauthority.

* The requirements for the provision of aperformance bond by the private firm, if sorequired by the public entity.

2. Copy of resolution or ordinance adopted by the governing body approving theproposed contract.

3. Statement of reasons for selecting the proposal submitted by the private firm withwhich the municipality has negotiated a contract.

4. Verbatim record of the public hearing and any written statements submitted byinterested parties.

Page 56: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

5. Statement prepared by the municipality summarizing the major issues raised atthe public hearing and the municipality's specific response to those issues.

6. Copy of bond counsel's written opinion as to the effect of the contract on the taxexempt status of existing and future financing instruments executed by themunicipality given the terms of the contract and the federal laws or regulationsconcerning this matter.

7. Appropriate information to affirm that the terms of the proposed contract do notmaterially impair the municipality's ability to punctually pay principal andinterest due on its outstanding indebtedness and to supply other essential publicimprovements and services.

8. Amount of the concession fee or any other monetary benefit paid by a private firmand statement of how such fee will be used by the municipality for the purpose ofreducing or offsetting properly taxes:

" 9. Please complete Parts II, III, and V of the Local Finance Board application if thepublic entity is executing a financing instrument at this time.

Page 57: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

r'

• t

.' ,I

.,11

., " ,

,.

:1 •

, I #.- .-

, 'I 11 j

PARTXUI

;' '1

:11/

J',

Page 58: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

LOCAL FINANCE BOARD: PART XIIINEW JERSEY WASTEWATER TREATMENT PUBLIC-PRIVATE

CONTRACTING ACTAPPLICATION REQUIREMENTS

N.J.S.A.58:27-19

1. Copy of the proposed contract and identification of specific sections addressingthe following provisions:

Contract Provision

* The charges, rates, fees or formulas to beused to determine the charges, rates, or feesto be charged by the public entity for thewastewater treatment services to be provided;

* The allocationof the risks of financing andconstructing planned capital additions orupgrades to existing wastewater treatmentsystems;

* The allocation of the risks of operatingand maintaining the wastewater treatmentsystem;

* The allocation of the risks associated withcircumstances: or occurrences beyond thecontrol of the parties to the contract. '

* The defaulting and termination of.the contract;

* The employment of current employees of thepublic entity whose ,positions or employmentwill be affected by the terms of the contract;

* The requirements for the provision of aperformance bond by the private firm orpublic authority, if so required by the publicentity; and

* The financial cost of compliance with allrelevant permits.

Please IndicatePage Referencein Contract

Page 59: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

2. Copy of resolution or ordinance adopted by the governing body approving theproposed contract.

3. Statement of reasons for selecting the proposal submitted by the private firm withwhich the municipality has negotiated a contract.

4. Verbatim record of the public hearing and any written statements submitted byinterested parties.

5. Statement prepared by the municipality. summarizing the major ;issues raised at thepublic hearing and the municipality's specific response to those is-sues. - :'

" i ,,~'. :.: ;'; I

6. Copy of bond counsel's written opinion as to the effect of the contract on the taxexempt status of existing and future finaneing instruments executed: by, themunicipality given the terms of the contract and the federal laws. or regulationsconcerning this matter. .. ; -:':" '-.'" ,:"1 f; ",

7. Appropriate information to affirm that the terms of the proposed contract do notmaterially impair the municipality's abHity to punctually'pay '1~Fitre'ipa:Land:interestdue on its outstanding indebtedness! and-to supply other essential 'public;improvements and services. ':1'

8. Amount of the concession fee or.any other monetarybenefit paid By a private firmand statement of how such fee will be used by the: municipality for. tire'purpose ofreducing or offsetting property taxes, wastewater treatment servicerates, or for onetime non-recurring expenses or capital asset expenditures. In addition, please addresshow payment of the concession fee is in ;the'best interest of the partiesto-she contract.

9. Please complete Parts II, III, and V ofthe 'Local Finance Board application if thepublic entity is executing a financing instrument at this time. '

Page 60: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

/INTERLOCAL CONTRACT

FOR COOPERATIVE PURCHASINGILCNo.: __ ~~~~~_

15-4912Permanent Number assigned by HGAC

THIS INTERLOCAL CONTRACT ("Contract"), made and entered into pursuant to the Texas Interlocal Cooperation Act,Chapter791, Texas Government Code (the "Act"), by and between the Houston-Galveston Area Council, hereinafter referred to as "H-GAC,"having its principal place of business at3555 Timmons Lane, Suite 120, Houston, Texas 77027, and * Manalapan TownshipBoard of Fire Commissioners District No.1 (N.J.) , a local government, a state agency, or a non-profit corporationcreated and operated to provide ene or mere govermnental functions and services; hereinafter referred to as "End User," having itsprincipal place of business at '1'·683Tenne at. Read. P. Q. BoX 395, ManaIClP""a..,_o4-'_LN"-,-,,,,-J~.0",_7.L.,.~~ _

WITNESSETH

WHEREAS, H-GAC is a regional planning commission and political subdivision of the State of Texas operating under Chapter 391,Texas Local Government Code; and

. WHEREAS, pursuant to the Act, H-GAC is authorized to contract with eligible entities to perform governmental functions andservices, including the purchase of goods and services; and

WHEREAS, in reliance on such authority, H-GAC has instituted a cooperative purchasing program under which it contracts witheligible entities under the Act; and

WHEREAS, End User has represented that it is an eligible entity under the Act, that its governing body has authorized this Contract on* Oct 07, 2015 (Date), and that it desires to contract with H-GAC on the terms set forth below;

NOW, THEREFORE, H-GAC and the End User do hereby agree as follows:

ARTICLE 1: LEG1\L AUTHORITYThe End User represent's and warrants to H-GAC that (1) it is eligible to contract with H-GAC under the Act because it is one of thefollowing: a local government, as defined in the Act (a county, a municipality, a special district, or other political subdivision of theState of Texas or any other state), or a combination of two or moreofthose entities, a state agency (an agency of the State of Texas asdefined in Section 771.002 of the Texas Government Code, or a similar agency of another state), or a non-profit corporation createdand operated to provide one or more governmental functions and services, and (2) it possesses adequate legal authority to. enter into. thisContract,

ARTlcLE 2: APPLICABLE LAWSH-GACand the End User agree to conduct all activities under this Contract in accordance with all applicable rules, regulations,andordinances and laws in effect or promulgated during the term of this Contract.

ARTICLE 3: WHOLE AGREEMENTThis Contract and any attachments, as provided herein, constitute the complete contract between the parties hereto, and supersede anyand all oral and written agreements between the parties relating to matters herein.

ARTICLE 4: -PERFORMANCE PERIODThe period of this Contract shall be for the balance of the fiscal year of the End User, which began * Jan 01, 2015 andends * Dec 31 , .2015 . This Contract shall thereafter automatically be renewed annually for each succeeding fiscal year,provided that such renewal shall not have the effect of extending the period in which the End User may make any payment due an H-GAC contractor beyond the fiscal year in which such obligation was inc~rred under this Contract.

ARTJ.CLE 5: SCbPE OF SERVICESThe End User appoints H-GAC its true and lawful purchasing agent for the purchase of certain products and services through the H-GAC Cooperative Purchasing Program. End User wil access the Program through HGACBuy.com and by submission of any dulyexecuted purchase order, in the form prescribed by H-GAC to. a contractor having a valid contract with H-GAC. All purchaseshereunder shall be in accordance with specifications and contract terms and pricing established by H-GAC. Ownership (title) toproducts purchased through H-GAC shall transfer directly from the contractor to the End User.

(over)

Page 61: STATE OF NEW JERSEY DEPARTMENT OF COMMUNITY AFFAIRS ...

ARTICLE 6: PAYMENTSH"GAC will confirm each order and issue notice to contractor to proceed. Upon delivery 0T goods or services purchased, andpresentation of e properly documented invoice, the End User shallpromptly, and in any case, within thirty (JO) days, pay H-GAC'scontractor the full amount of the invoice. All payments for:goods or servi ces will be made from current revenues available-to the payingparty. In no event shall fl.GAC have any financial liability to the, End User for a1),ygoods or-serv;ioes End' User procures from an H-QAt contractor. .

ARTiCLE 7: CHAJIiIGESAN)) AMENDMENTSThis Contract may be amended on1y by a written amendment executed by both parties, except tnal.any alterations, addtttoos, ordeletions to tlly terms of this Contract which are required I:>Ychanges in Federal and State lfl,w or regulations are automaticallyincorporated into this Contract without written amendment hereto and shall become effective on the date designated by such Iw orregulation.

H-GAC reserves the right to make changes in the scope of products and services offered through the H-GAC Cooperative PurchasingProgram to be performed hereunder.

ARTICLE 8: TERMINATION PROCEDURESH-GAC or the End User may cancel this Contract at fillY time upon thirty (3.0) days written notice by certified mail 10 the other party tothis Contract. The obllgatiens. of'the End 'User, including its obligation to pay I-I-GACs contractor for all costs incurred under thisContract prior to such notice shall survive such cancellation, as well as any other obligation incurred under this Contraot, untilperformed OT discharged by the End User.

ARTICLE 9: SEVlffiABU.rTYAU parties agreethat should any provision of this Contract be determined to be invalid or unenforceable, such determination shall notaffect any other terril of tbis Oontract, which shall continue in full force and e;ffeet. .

ARTICLE 10: FORCE MAJEURETo. the extent that either party. to this Contract shall be who11y or partially prevented fr01J1 the perfannance within the term specified ofany obligation or dulY placed OIl such party by reason of OT through strikes, St9Ppage of'Iabor, riot, fire, flood, acts of war, insurrection,accident, order; ofany court, act of God,.or specifie cause reasonably beyond tbe parly' s COIJtroJ and not attributable to its neglect .ornonfeasance, in such event, the time for the perfermance' of such obligation. or duty shall be suspended until such disability to perform isremoved; provided, however, force majeure shall not excuse an obligaion solely to pay funds. Determination, of force '!D:ajeure shallrest solely with H-GAC.

ARTICLE 11: VENUEDisputes between 'procuring party and Vendor are to be resolved in accord with the law and venue rules of the State of purchase.

THIS INSTRUMENT HAS BEEN EXECUTED IN TWO ORIGINALS BY THE PARTIES HERETO AS FOLLOWS:

* Manalapan Twp. Bd. Fire Comm. Dist. No.1 Houston-Galveston Area Council

* Manalapan, ~N.J.. 01:726c~ ~~

''i'By: .

ZIP Code

Name of End User (local government, agency. or non-profit corporation)

* 683 Tennent Rd., P.O. SOX 395Mailing Address Executive Director

Signature of chief elected or appointed official

Manager

Date: ~~_..;_--r-~-. _____;;h____,;;;__ __

Typed Name ~Tide of Signatory Date (

*Denotes required fieldsrev. 03111