4/24/12 - Barnegat Township School District

13. Motion to approve the following Resolution:
RESOLUTION PROVIDING FOR THE ISSUANCE AND SALE
OF A SCHOOL DISTRICT REFUNDING BOND, SERIES 2012,
OF THE BOARD OF EDUCATION OF THE TOWNSHIP OF
BARNEGAT IN THE COUNTY OF OCEAN, NEW JERSEY, IN
THE ORIGINAL PRINCIPAL AMOUNT OF $4,135,000 TO
FINANCE AN ENERGY SAVINGS IMPROVEMENT
PROGRAM OF THE BOARD; PROVIDING FOR THE FORM,
MATURITIES AND OTHER DETAILS OF THE REFUNDING
BOND; APPROVING A TERM SHEET AND AUTHORIZING
THE BUSINESS ADMINISTRATOR TO SELL THE
REFUNDING BOND
WHEREAS, pursuant to N.J.S.A. 18A:18A-4.6, the Board of Education of the
Township of Barnegat, in the County of Ocean, New Jersey (the “Board,” or, when
referring to the territorial boundaries governed by the Board, the “School District”), has
determined to undertake and implement an energy savings improvement program to
provide certain energy conservation measures in its existing facilities (the “Energy
Savings Improvement Program”); and
WHEREAS, N.J.S.A. 18A:18A-4.6 and N.J.S.A. 18A:24-61.1 et seq. authorize
the issuance by the Board of refunding bonds for the purpose of financing the Energy
Savings Improvement Program; and
WHEREAS, in accordance with N.J.S.A. 18A:24-61.4, the Board has finally
adopted on March 27, 2012, an Ordinance (the “Refunding Ordinance”) authorizing the
issuance by the Board of its refunding bonds in an amount not to exceed $5,500,000 to
finance the Energy Savings Improvement Program; and
WHEREAS, pursuant to N.J.S.A. 18A:24-61.5, the Board has sought and
obtained approval on March 14, 2012 from the Local Finance Board in the Division of
Local Government Services of the Department of Community Affairs of the State of New
Jersey (the “Local Finance Board”) to the adoption by the Board of the Refunding
Ordinance and the issuance of refunding bonds thereunder; and
WHEREAS, the Board desires to approve the issuance of its School District
Refunding Bond, Series 2012 (the “Refunding Bond” or the “Bond”), to be issued as a
single registered bond in the original principal amount of $4,135,000 for the purpose of
financing the Energy Savings Improvement Program; and
WHEREAS, in connection with the sale and issuance of the Refunding Bond, the
Board also desires to approve and authorize the private placement of the Refunding Bond
with Banc of America Public Capital Corp (together with its affiliate or designee, the
“Initial Purchaser”) in accordance with its term sheet dated March 22, 2012 (the “Term
Sheet”).
Barnegat Township Board of Education Meeting
April 24, 2012 15