4/24/12 - Barnegat Township School District

WHEREAS, in connection with the sale and issuance of the Refunding Bonds, the
Board also desires to approve and authorize the negotiated sale of the Refunding Bonds
and to appoint an Escrow Agent and a Verification Agent.
NOW THEREFORE, BE IT RESOLVED BY THE BOARD OF EDUCATION
OF THE TOWNSHIP OF BARNEGAT, IN THE COUNTY OF OCEAN, NEW
JERSEY (not less than two-thirds of all members thereof, affirmatively concurring), AS
FOLLOWS:
Section 1. The Board hereby authorizes the issuance and sale of the Refunding
Bonds of the Board in the aggregate principal amount of not to exceed $7,000,000.
Section 2. The Refunding Bonds shall be designated as “School District
Refunding Bonds, Series 2012”, and may contain such alternate series designation as
approved by the Business Administrator. The Refunding Bonds shall be issued in the
aggregate principal amount to be determined by the Business Administrator, which
amount shall not exceed $7,000,000. Such Refunding Bonds shall be dated the date of
delivery thereof, shall be numbered from 1 upward in the denomination of $5,000 or any
multiple of $1,000 in excess thereof, shall be issued as fully registered bonds and shall
mature on July 15 in each of the years and in the principal amounts, and shall bear
interest at the rates as shall be determined by the Business Administrator.
In accordance with N.J.S.A. 18A:24-61.4, the Board hereby delegates to the
Business Administrator the power to sell and award the Refunding Bonds in accordance
with this Resolution and the hereinafter defined Purchase Contract in a maximum
principal amount of $7,000,000, a final maturity date on or before July 15, 2024 and a
maximum interest rate of 5.25%. The refunding of the Refunded Bonds and the issuance
of the Refunding Bonds shall produce present value savings (as a percentage of the
principal amount of the Refunded Bonds refunded) of at least 3%. The Business
Administrator is hereby directed to report, in writing, to the Board at its first meeting
after the sale of the Bonds as to the principal amount, interest rates and maturities of the
Bonds sold, the price obtained and the name of the purchaser and the present value
savings resulting from the issuance of the Refunding Bonds to refund the Refunded
Bonds.
Section 3. The Refunding Bonds will be initially issued in book-entry form only
in the form of one certificate for the aggregate principal amount of the Refunding Bonds
maturing in each year and bearing the same rate of interest and, when issued, will be
registered in the name of and held by Cede & Co., as registered owner and nominee for
The Depository Trust Company, New York, New York (“DTC”), which is hereby
appointed to act as securities depository for the Refunding Bonds. The Refunding Bonds
will be dated the date of delivery thereof and will bear interest payable semiannually on
the 15th day of January and July, respectively, in each year until maturity, commencing
with the January 15 or July 15 that is at least thirty (30) days after the date the Bonds are
delivered to the purchaser thereof. As long as DTC or its nominee, Cede & Co., is the
registered owner of the Bonds, payments of the principal of and interest on the Bonds
Barnegat Township Board of Education Meeting Minutes
April 24, 2012 35