Warren H. Victor, Chairman David E. Zimmer, CFA, Executive Director Herbert Barrack, Vice Chairman Robert A. Briant, Sr. Treasurer Andrew P. Sidamon-Eristoff, State Treasurer Bob Martin, DEP Commissioner Richard E. Constable, III, DCA Commissioner 3131 Princeton Pike, Building 6, Suite 201, Lawrenceville, NJ 08648-2201 Website: www.njeit.org Phone: 609-219-8600 Fax: 609-219-8620 “Financing New Jersey’s Water Quality Future” New Jersey Environmental Infrastructure Trust September 6, 2012 PUBLIC NOTICE Public notice is hereby given that the members of the New Jersey Environmental Infrastructure Trust ("Trust") will hold a public meeting on Thursday, September 13, 2012 at 10:00 a.m., in the large conference room, at 3131 Princeton Pike, Building 6, Suite 201, Trenton, New Jersey. Formal action may be taken at this meeting. To the extent known, the agenda of the public meeting will be as follows: 1. Call to Order – Chairman 2. Open Public Meeting Act Statement 3. Roll Call *4. Approval of Minutes of the August 9, 2012 Meeting 5. Announcements 6. Public Comment 7. Unfinished Business: A. Discussion of the Construction Status Report (E. Chebra) B. Discussion and Status of the SFY2013 Clean Water, Drinking Water and Land Projects (hand-out) (E. Chebra) C. Update of Outstanding Trust RFP’s (D. Zimmer) D. Update on closed IFP Loans (D. Zimmer) 8. New Business *A. Discussion and Approval of the August 2012 Treasurer’s Report (D. Zimmer) *B. Acknowledge Receipt of Executive Director’s Report Concerning NJ Environmental Infrastructure Trust Refunding Bond Series 2012A-R, 2012B-R and 2012C-R (D. Zimmer) *C. Discussion and Approval of the SFY2012 NJEIFP Nano Infrastructure Loan Program (D. Zimmer) *D. Discussion and Approval of the Extension to the IT Support/Pro Computer Contract (D. Zimmer) *E. Adoption of a Resolution of Appreciation for Frank Scangarella’s Years of Service to the Environmental Infrastructure Financing Program (D. Zimmer) F. Credit Discussion of the 2009 Program loan to Valley View Health Care and Rehab Center (D. Zimmer) G. Federal Legislation Update (R. Briant, Sr.) 9. Executive Session (if necessary) *ACTION ITEMS “Please note this is a proposed agenda and the New Jersey Environmental Infrastructure Trust may consider and take action on such other business which may come before it at this public meeting. In addition, the New Jersey Environmental Infrastructure Trust may not act upon the items listed in the above proposed agenda in its discretion.”
Transcript
Warren H. Victor, Chairman David E. Zimmer, CFA, Executive Director Herbert Barrack, Vice Chairman Robert A. Briant, Sr. Treasurer Andrew P. Sidamon-Eristoff, State Treasurer Bob Martin, DEP Commissioner Richard E. Constable, III, DCA Commissioner
3131 Princeton Pike, Building 6, Suite 201, Lawrenceville, NJ 08648-2201 Website: www.njeit.org Phone: 609-219-8600 Fax: 609-219-8620
“Financing New Jersey’s Water Quality Future”
New Jersey Environmental Infrastructure Trust
September 6, 2012
PUBLIC NOTICE Public notice is hereby given that the members of the New Jersey Environmental Infrastructure Trust ("Trust") will hold a public meeting on Thursday, September 13, 2012 at 10:00 a.m., in the large conference room, at 3131 Princeton Pike, Building 6, Suite 201, Trenton, New Jersey. Formal action may be taken at this meeting. To the extent known, the agenda of the public meeting will be as follows: 1. Call to Order – Chairman 2. Open Public Meeting Act Statement 3. Roll Call
*4. Approval of Minutes of the August 9, 2012 Meeting 5. Announcements 6. Public Comment 7. Unfinished Business:
A. Discussion of the Construction Status Report (E. Chebra)
B. Discussion and Status of the SFY2013 Clean Water, Drinking Water and Land Projects (hand-out) (E. Chebra)
C. Update of Outstanding Trust RFP’s (D. Zimmer)
D. Update on closed IFP Loans (D. Zimmer) 8. New Business
*A. Discussion and Approval of the August 2012 Treasurer’s Report (D. Zimmer) *B. Acknowledge Receipt of Executive Director’s Report Concerning NJ Environmental
Infrastructure Trust Refunding Bond Series 2012A-R, 2012B-R and 2012C-R (D. Zimmer) *C. Discussion and Approval of the SFY2012 NJEIFP Nano Infrastructure Loan Program (D. Zimmer) *D. Discussion and Approval of the Extension to the IT Support/Pro Computer Contract
(D. Zimmer) *E. Adoption of a Resolution of Appreciation for Frank Scangarella’s Years of Service to the Environmental Infrastructure Financing Program (D. Zimmer) F. Credit Discussion of the 2009 Program loan to Valley View Health Care and Rehab Center (D. Zimmer) G. Federal Legislation Update (R. Briant, Sr.) 9. Executive Session (if necessary)
*ACTION ITEMS “Please note this is a proposed agenda and the New Jersey Environmental Infrastructure Trust may consider and take action on such other business which may come before it at this public meeting. In addition, the New Jersey Environmental Infrastructure Trust may not act upon the items listed in the above proposed agenda in its discretion.”
Priority List
RankApplicant Project No. Estimated
Project Cost Project Description
Supp Caldwell Borough S340523-04-1 $886,000 Caldwell WWTP UpgradesSupp Camden County MUA S340640-10-1 $10,500,000 Atlantic Basin Interceptor System ExtensionSupp North Bergen MUA S340399-21-1 $3,313,000 Wastewater Conveyance SystemSupp North Hudson SA S340952-12-1 $4,514,000 STP ImprovementsSupp Milltown Borough S340102-02-1 $788,000 Sanitary Sewerage System ImprovementsSupp Newark City S340815-05-1 $10,117,000 CSO Screening FacilitySupp Passaic Valley SC S340689-03-1 $19,314,000 Contract A601 WWPS Electrical ImprovementSupp Passaic Valley SC S340689-10-1 $13,354,000 Contract A315 Phase IV Sewer
8 Projects Subtotal $62,786,000
6 Newark City S340815-21 $11,902,000 Brick Sewer Rehabilitation18 Elizabeth City S340942-13 $11,802,000 Western Interceptor Modifications18 Elizabeth City S340942-14 $3,048,000 Third Avenue Combined Sewer Modification21 Jersey City MUA S340928-09 $2,783,000 East Side Pump Station Rehab.21 Jersey City MUA S340928-10 $3,424,000 6th & 10th Sts. Sewer Improvements21 Jersey City MUA S340928-11 $4,315,000 Brown Place Sewer Improvement35 Ocean County UA S340372-49 $1,749,000 NWPCF & SWPCF Brick Repairs44 Camden County MUA S340640-13 $5,574,000 Delaware #1 Pump Upgrades58 Warren County MUA (Pequest) S340454-04 $15,805,000 STP Improvements61 Cumberland County UA S340550-06 $2,015,000 Treatment Plant Upgrades67 Morris Township S340724-05 $6,513,000 Woodland STP68 Hanover SA S340388-05 $10,116,000 Primary Digester #273 Cinnaminson SA S340170-06 $2,153,000 Headworks Replacement76 Evesham MUA S340838-04 $2,585,000 SCADA
BB2, 87 Ocean County SB344080-02 $5,089,000 Stormwater/NPS 91 Bay Head Borough S344120-02 $273,000 Bridge Ave Parking Lot Improvement92 Passaic Valley SC S340689-20 $5,203,000 Boiler Upgrades93 Bergen County UA S340386-11 $16,767,000 STP-Little Ferry97 Atlantic County UA S340809-22 $1,596,000 Solar Pump Station Network98 Gloucester County UA S340902-09 $3,345,000 STP Improvements116 Maple Shade Township S340710-08 $1,995,000 STP Improvements121 Long Beach Township S344170-02 $676,000 Stormwater/NPS
BB3, 123 Ocean Gate Borough SB344180-01 $2,056,000 Stormwater/NPS 126 Passaic Valley SC S340689-21 $1,176,000 Kearny-Harrison-Newark Branch133 Winslow Township S340895-08 $1,947,000 Sanitary Sewer Interceptor135 Asbury Park S340883-05 $2,488,000 Sanitary System Improvements136 Secaucus MUA S340154-02 $420,000 Sewer System Truck Purchase145 Burlington Township S340712-10 $1,271,000 Sanitary Sewer Rehab in Beverly Area146 Cinnaminson SA S340170-04 $1,789,000 Lakeview Sewer Main Lining149 Ocean Township S340112-03 $1,050,000 Hornblower Dr. ACP Sewer153 Atlantic Highlands S340857-03 $3,140,000 Force Main
Supplemental Loans
Traditional and Barnegat Bay
SFY2013 Loan Applications - May Report
Clean Water Projects Agenda Item 7B
NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE FINANCING PROGRAM
157 Cranford Township S340858-01 $991,000 I/I Correction163 Middlesex County UA S340699-10 $10,265,000 Main Trunk Sewer Rehabilitation166 Ocean County UA S340372-51 $5,633,000 N1-1B Interceptor166 Ocean County UA S340372-52 $283,000 C1-21 Force Main172 Gloucester County UA S340902-10 $423,000 Warren St. Pump Station172 Gloucester County UA S340902-11 $500,000 Porches Branch Sewer179 Rockaway Valley RSA S340821-06 $6,846,000 Old Jersey Trunk Sewer Replacement181 Toms River Township MUA S340145-03 $2,642,000 Collection System Improvements181 Toms River Township MUA S340145-04 $3,340,000 Pump Station Upgrades195 Perth Amboy City S340435-09 $3,373,000 Collection System Improvements198 Jackson Township MUA S340953-03 $819,000 Sewer Rehabilitation267 Oradell Borough S340835-01 $1,279,000 Phase 2 Sanitary Sewer Improvements304 National Park Borough S340419-01 $1,714,000 Pump Stations 1&2315 Ocean Gate Borough S340151-01 $353,000 Sewer Rehabilitation324 Point Pleasant Borough S340428-01 $2,129,000 Meadow Point Rd. & Bradley Rd. Pump Stas.327 Ocean County UA S340372-48 $18,484,000 Biosolids Management333 Ocean County UA S340372-50 $992,000 SWPCF Roof Replacement357 Middlesex County UA S340699-11 $20,297,000 Wastewater Reuse Facilities428 Watchung Borough S340823-02 $1,310,000 Sewer Extension434 Clifton City S340844-03 $5,196,000 Bonsil Preserve Sewer467 Harrison Township S340362-06 $19,252,000 Richwood Water Reclamation505 Middletown Twp. S340097-01 $3,875,000 Shadow Lake Restoration507 Gloucester Township S340364-08 $737,000 Lake Dredging508 NJ Water Supply Authority S340421-01 $31,104,000 D&R Canal Dredging509 Old Bidge Township S340945-12 $10,506,000 Stormwater Management Facilities562 Fanwood Borough S340429-01 $2,264,000 Glenwood Ave. Drainage562 Linwood City S340217-01 $824,000 Linwood Ponds Project576 Highlands Borough S340901-03 $4,506,000 Stormwater System Improvements610 Bellmawr Borough S342011-02 $9,821,000 Landfill Closure611 NJ Water Supply Authority S343054-09 $2,730,000 Land Acquisitions - Multiple Locations674 New Jersey City Univ. S340111-02 $17,100,000 West Campus Redevelopment694 Carteret Borough S340939-07 $13,899,000 Marina Dredging
66 Projects Subtotal $344,869,000
Projects Est. CostCW Supplemental 8 $62,786,000CW Traditional and BB 66 $344,869,000
CW Total 74 $407,655,000
RWBR = Reclaimed Wtr for Beneficial ReuseSL = Sludge ManagementSP = Solar PanelsDR = Dam RemovalVW = Vehicle Wash
Priority List Rank Applicant Project No. Estimated
Project Cost Project Description
None
Int = Interceptors
FM = Force Main LF Constr = New Landfill ConstructionLF Closure = Landfill Closure Activities
NPS = Nonpoint Source Pollution ContLand = Land acquisition Rem = Site remediation
Supplemental Loans
Septic= Septic System Repair/Replacement
Traditional
8 Vineland City 0614003-010 $3,973,000 Radium Removal For Well #1417 Sea Village Marina 0108021-002 $672,000 Water Main Extension18 Newark City 0714001-016 $9,365,000 Water System Improvements22 Newark City 0714001-017 $1,479,000 Upgrage Transmission Lines23 Newark City 0714001-015 $11,225,000 Cleaning & Lining of Water Mains35 Jersey City/Jersey City MUA 0906001-008 $8,699,000 Improvements to Raw Water Gravity Feed44 Jersey City/Jersey City MUA 0906001-007 $14,530,000 Cleaning & Lining / Replace Water Mains 58 Manchester Utilities Authority 1603001-011 $761,000 Replace mains, valves & hydrants61 Southeast Monmouth MUA 1352005-005 $8,821,000 Manasquan WTP Improvements71 Aqua NJ - Southern 0415002-008 $1,462,000 Water main Replacement, Gloucester Twp. 74 Manchester Utilities Authority 1603001-006 $1,493,000 Rehabilitate Central Avenue Storage Tank 75 Manchester Utilities Authority 1603001-012 $310,000 Reservoir Rehabilitation77 Collingswood Borough 0412001-002 $350,000 Replace Aerator at Westside WTP89 Jersey City MUA 0906001-006 $17,147,000 Transmission Main Installation90 New Jersey City University 0906001-005 $955,000 West Campus Redevelopment - Water Mains99 Ocean Township 1520001-004 $893,000 Water Main Replacemnt Hornblower Rd Area
128 Fountainhead Properties, Inc. 1511013-001 $243,000 WTP Improvements139 Collingswood Borough 0412001-003 $873,000 Water Main Replacement157 Ventnor City 0122001-001 $2,100,000 Clean and Line Water Mains 160 Woodbury City 0822001-001 $3,518,000 Woodbury Glassboro Rd Water Main Replac.169 Evesham MUA 0313001-001 $1,869,000 Upgrades to WTP for wells # 13 and 14203 Fountainhead Properties, Inc. 1511013-002 $76,000 Loop System with 400 LF of Water Main210 Manchester Utilities Authority 1603001-013 $254,000 Old Filter Plant Rehabilitation225 Middlesex Water Company 1225001-014 $4,200,000 Cleaning & Lining of Mains (Phase 11)300 Clayton Borough 0801001-001 $4,001,000 Construction of a new .75 MG storage tank313 Millville City 0610001-002 $3,938,000 Construct & New Bldg - Well #18338 Independence MUA 2112001-001 $262,000 Improvements to Autumn Ln Pump Station347 Collingswood Borough 0412001-004 $1,106,000 New Well at Crestmont Terrace348 Collingswood Borough 0412001-005 $582,000 Conversion of Well #6 to ASR Well367 Hampton Borough 1013001-001 $478,000 Construction of Back Up Well 400 Jackson Township MUA 1511001-009 $788,000 New Bldg and Emer. Generator - Well #8409 Fountainhead Properties, Inc. 1511013-004 $235,000 Improvements/Replacement of Well #1410 Fountainhead Properties, Inc. 1511013-003 $24,000 Rehabilitation of Well #2422 Pine Beach Borough 1522001-001 $725,000 Upgrade Meters Townwide431 Marlboro Township 1328002-001 $7,697,000 New Tenant Rd WTP to Treat Well #5442 Pine Beach Borough 1522001-002 $471,000 Replace Well #19 Hammonton Town 0113001-005 $2,174,000 Install Radium Removal - wells #5 and 7
233 Merchantville-Pennsauken 0424001-007 $2,678,000 Rehab Park Ave Storage Tank266 Flemington Boro 1009001-006 $1,482,000 Construct and Solar - Well #5R 267 Flemington Boro 1009001-007 $741,000 Construct and Solar - Well #7 299 Matawan Borough 1329001-005 $987,000 Middlesex Storage Tank Improvements327 Flemington Boro 1009001-008 $168,000 Install Wells #1B and 1C430 Montclair Township 0713001-008 $2,098,000 Construct WTP and Main for Nishuane Well
43 Projects Subtotal $ 125,903,000 Projects Est. Cost
Clean Water:Supplemental 8 62,786,000$ Traditional and BB: 66 344,869,000$
Total Clean Water 74 407,655,000$ Drinking Water:Supplemental 0 -$ Traditional 43 125,903,000$
Total Drinking Water 43 125,903,000$ Total DW and CW 117 533,558,000$
PS = Pump StationsST = Storage Tanks
KeyWM = Water Mains ASR = Aquifer Storage and Recovery Well
Bldg = Building RenovationCl = Cleaning and Lining of Main
WTP = Water Treatment Plant
INT = InterconnectionWell = Well Construction / Replacement P = Pumps
Aux = Installation of Emergency GeneratorTreat = Treatment DMI = Drought Management Initiative
BR = BrownfieldsSP = Solar Panels
Rehab = Rehabilitation
SEC = Security FeaturesMeter = Water Meters LSL = Lead Service Lines
Agenda Item 8A RESOLUTION NO. 12 - ____
RESOLUTION ACKNOWLEDGING RECEIPT OF THE AUGUST 2012 TREASURER’S REPORT
WHEREAS, the New Jersey Environmental Infrastructure Trust (the "Trust") has reviewed the Treasurer’s Report for August 2012 and
WHEREAS, the Trust has placed in its files certain correspondence relating to expenses incurred in relation to the Trust.
NOW THEREFORE BE IT RESOLVED THAT the Trust hereby acknowledges receipt of the Treasurer’s Report for August 2012 and requests that the same be entered into the record. Adopted Date: Motion Made By: Motion Seconded By: Ayes: Nays: Abstentions:
Agenda Item 8B
RESOLUTION NO. 12-___
RESOLUTION ACKNOWLEDING RECEIPT OF EXECUTIVE DIRECTOR’S REPORT CONCERNING THE TERMS OF THE SALE OF THE NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST 2012 REFUNDING BONDS SERIES:
BE IT RESOLVED THAT, in connection with the sale on August 14, 2012 of the Environmental Infrastructure 2012 Refunding Bonds, the Board hereby acknowledges receipt of the Executive Director’s report and ratifies all actions taken which include copies of the following:
Notice of Sale and Summary of the Notice of Sale Official Statement
Series 2012A-R, 2012B-R and 2012C-R Refunding Bond Bids
Adopted Date:
Motion Made By:
Motion Seconded By:
Ayes:
Nays:
Abstentions:
ME1 13904626v.3
AGENDA ITEM 8C
RESOLUTION NO. 12-__
RESOLUTION OF THE NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST AUTHORIZING THE STATE FISCAL YEAR 2014
NANO INFRASTRUCTURE LOAN PROGRAM WHEREAS, the New Jersey Environmental Infrastructure Trust (the “Trust”), pursuant to and in accordance with (i) the “New Jersey Environmental Infrastructure Trust Act”, constituting Chapter 334 of the Pamphlet Laws of 1985 of the State of New Jersey (the “State”) (codified at N.J.S.A. 58:11B-1 et seq.), as the same has been, and in the future may from time to time be, amended and supplemented (the “Act”), and (ii) the regulations promulgated pursuant to the Act (N.J.A.C. 7:22-2.1 et seq.), as the same have been, and in the future may from time to time be, amended and supplemented (the “Regulations”), is authorized to make loans to local government units and investor owned and small water companies for water supply projects pursuant to Section 5(m) of the Act (N.J.S.A. 58:11B-5(m)); and
WHEREAS, the Trust may collect fees and charges from local government units and water companies in connection with Trust loans and guarantees that are sufficient to reimburse the Trust for the establishment of reserves and other funds (N.J.S.A. 58:11B-5(o)); and
WHEREAS, the NJEIT has partnered with the New Jersey Department of Environmental
Protection (the “NJDEP”) since 1987 to make loans for water supply projects through the New Jersey Environmental Infrastructure Financing Program (“NJEIFP” or “Financing Program”); and WHEREAS, loan applicants must satisfy the NJEIFP’s credit worthiness standards to, among other things, ensure that the borrower pledges adequate security to honor its debt service obligations in the event of a loan payment default; and WHEREAS, each year, the NJEIFP makes loans, for improvements to water supply systems serving populations less than 10,000 (“Small Water Systems”), to borrowers consisting primarily of small water companies (such as homeowners associations and trailer parks); and WHEREAS, these small water companies have limited financial and professional resources and, therefore, require a significantly greater commitment of resources by the Financing Program in order to undertake the requisite due diligence and to establish necessary measures to ensure borrower compliance with the Financing Program’s credit worthiness standards; and WHEREAS, notwithstanding the challenges for the Financing Program in assessing the risk associated with Small Water System loans, the NJDEP has concluded that continued NJEIFP loans for Small Water System drinking water improvements are critical to address important public health issues for the affected communities; and WHEREAS, it is the desire of the Trust to establish the Nano Infrastructure Loan Program (the “NLP”) to serve as the funding mechanism for improvements to Small Water Systems while also addressing the inherent credit risks posed by such applicants to the Trust.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Trust (the “Board”), as follows.
ME1 13904626v.3
Section 1. The Board hereby authorizes the establishment of the SFY 2014 NLP, provided (a) the aggregate principal amount of the NLP loans made by the Trust and the NJDEP during SFY 2014 pursuant to the NLP shall not exceed $4,000,000 at any time; (b) each NLP loan shall consist of the following components, (i) a fifty percent (50%) NJDEP principal forgiveness loan, (ii) a twenty five percent (25%) NJDEP zero interest loan (clauses (i) and (ii) shall be referred to collectively herein as the “Fund Loan Component”), and (iii) a twenty five percent (25%) Trust loan (the “Trust Loan Component”); (c) during SFY 2014, the Trust is hereby authorized to expend an aggregate of $1,000,000 for the Trust Loan Component, the source of funds for which shall be bond proceeds from one or more series of Trust bonds to be issued by the Trust pursuant to the Act for such purposes; (d) Trust bond proceeds issued for non-Small Water System NJEIFP loans shall not be utilized to fund the Trust Loan Component of NLP loans; (e) the Chairman, Vice Chairman or Executive Director of the Trust (each, an “Authorized Officer”), at his discretion, after consultation with Bond Counsel to the Trust and the Office of the Attorney General of the State, may require borrowers having aggregate outstanding NLP loan balances in excess of $1,000,000 to establish a loan guarantee fund to serve as additional collateral for repayment of [the Trust Loan Components of] such NLP loans [what are the terms of such guarantee fund?]; (f) any applicant shall demonstrate (in addition to other SFY 2014 NJEIFP application prerequisites) that the Small Water System is (and shall continue to be) managed in a professional manner consistent with the Federal Fiscal Year 2013 Drinking Water Intended Use Plan; (g) NLP loan recipients shall not be subject to the imposition by the NJDEP of an administrative fee; and (h) NLP loan recipients shall not be subject to the imposition by the Trust of an administrative fee to cover any portion of the Trust’s public bond issuance costs but shall be subject to an annual Trust administrative fee for loan servicing in the amount of 0.30% of the Trust loan and an annual guarantee rate surcharge in the amount of 1.00% of the Trust loan, such surcharge to be deposited into a NLP loan loss reserve fund that shall act as collateral support for the NLP Program if and until needed for NLP loan payment defaults. Except as otherwise provided by this Section 1, as a condition precedent to the receipt by an applicant of an NLP loan, such applicant shall comply with each eligibility requirement that shall apply to any applicant for participation in the SFY 2014 NJEIFP.
Section 2. Any SFY 2014 NLP loan made by the Trust shall be evidenced by the following: (a) a bond or other appropriate obligation of the borrower to be issued to the Trust (the
“Obligation”), with the following covenants (in addition to other NJEIFP loan covenants): (i) a municipality shall provide a general obligation (“GO”) pledge of the unlimited ad valorem taxing authority thereof; (ii) a utility authority that has entered into a service agreement containing one or more municipal GO pledges shall pledge its right to receive payments pursuant to such service agreement; (iii) other utility authorities shall provide a pledge of their service agreements and various indenture covenants and mortgages (if any) as collateral; (iv) a water company shall pledge to repay its NLP loan from any legally available source as a general obligation thereof, pursuant to its articles of incorporation or other applicable documentation, specifying the borrower’s obligation to raise and collect annual fees and charges to the extent necessary to cover all operating and debt service expenses in order to manage and operate the system in good working condition;
(b) any other documentation as shall be deemed necessary and appropriate by the
Authorized Officer, after consultation with Bond Counsel to the Trust and the Office of the Attorney General of the State (collectively, the “Loan Instruments”).
Each Obligation shall be in substantially the form attached hereto as Exhibit A, with such
revisions and modifications thereto as shall be approved by an Authorized Officer, after consultation with Bond Counsel to the Trust and the Office of the Attorney General of the State. The Loan Instruments shall include such terms and provisions relating to the SFY 2014 Financing Program as shall be determined by the Authorized Officer, after consultation with Bond Counsel to the Trust and
ME1 13904626v.3
the Office of the Attorney General of the State, as being necessary in connection with (i) the satisfaction of the requirements of the Act and the Regulations and (ii) the implementation of the terms of this Resolution.
Section 3. Applicants referenced in Sections 2(a), above, that do not provide as collateral
either a direct or indirect municipal GO pledge shall be assessed a 1% annual loan loss reserve fee to be charged on the total outstanding principal amount of the Trust Loan Component of the borrower’s NLP loan. This fee shall be non-refundable and shall be deposited by the Trust upon receipt thereof into a loan loss reserve fund ("LLR Fund") that shall be established and held by the Trust as a segregated pledge account. All monies deposited into the LLR Fund shall be utilized by the Trust solely to secure and collateralize the Trust Loan Components of all outstanding NLP loans. In addition, in order for the Trust to secure and maintain AAA/AAA/Aaa ratings on the SFY 2014 NLP bonds, the Trust is hereby authorized and directed to accept any supplement to the LLR Fund that shall be paid by the NJDEP initially from loan repayments of its Drinking Water annual capitalization grants, which supplements shall be in an amount that shall be necessary to satisfy the NLP’s public bond rating agencies in connection with the issuance of such AAA/AAA/Aaa ratings. To the extent that on-going payments from NLP borrowers satisfactorily secure any and all default risks with respect to the SFY 2014 NLP bonds, as such default risks are assessed and determined by the Authorized Officer, after consultation with Bond Counsel to the Trust, the Office of the Attorney General of the State and the financial advisor to the Trust, the NJDEP shall be permitted to withdraw its initial reserve funds for re-use in the NJEIFP.
Section 4. The Authorized Officers are hereby severally authorized and directed to
execute (i) any Loan Instrument to which the Trust is a party (the “Trust Loan Instruments”) and (ii) any certificates, instruments or documents contemplated therein or otherwise related to the participation of any borrower in the SFY 2014 NLP.
Section 5. Upon execution of the Trust Loan Instruments by an Authorized Officer, the
Secretary and the Assistant Secretary of the Trust are each hereby severally authorized and directed, where required, to affix the corporate seal of the Trust, and to attest to the signature of such Authorized Officer, thereon and on any certificates, instruments or documents contemplated therein or related thereto.
Section 6. NLP shall fully comply with the provisions of the Act, the Regulations
applicable thereto and the terms of this Resolution. Section 7. This Resolution shall become effective in accordance with the terms of Section
4(i) of the Act (N.J.S.A. 58:11B-4(i)). Adopted Date:
Motion Made By:
Motion Seconded By:
Ayes:
Nays:
Abstentions:
ME1 13904626v.3
EXHIBIT A
FORMS OF OBLIGATION
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Agenda Item 8D
RESOLUTION NO. 12-___
RESOLUTION OF THE NEW JERSEY ENVIRONMENTAL INFRASTRUCTURE TRUST AUTHORIZING A ONE YEAR
RENEWAL OF ITS AGREEMENT WITH PRO COMPUTER SERVICE FOR INFORMATION TECHNOLOGY CONSULTING SERVICES
WHEREAS, the New Jersey Environmental Infrastructure Trust (the “Trust”) is authorized to procure Information Technology Consulting Services pursuant to N.J.S.A. 58:11B-5L; and WHEREAS, pursant to Trust resolution No. 11-18, the Board of Directors of the Trust (the “Board”) authorized the Executive Director of the Trust to solicit proposals for Information Technology Consulting Services for the maintenance and monitoring of the Trust’s computer network and workstations; and WHEREAS, the Trust competitively procured Information Technology Consulting Services through formal advertisement and distribution of a Request for Proposals (“RFP”), and pursant to the recommendation by the selection committee whose members independently ranked all seven (7) proposals received based on the criteria and weights set forth in the notice of solicitation; and
WHEREAS, pursant to Trust resolution No. 11-33, the Board authorized the execution of a contract with the highest ranked firm, Pro Computer Services (“PCS”), for a term of one year with an option for a one year renewal subject to Board approval.
WHEREAS, it is the desire of the Board to exercise its one-year option for renewal of its
agreement with PCS. NOW THEREFORE BE IT RESOLVED THAT the Board hereby approves and authorizes the renewal of the Trust’s agreement with PCS for the maintenance and monitoring of the Trust’s computer network and workstations for an additional term of one year, terminating on August 31, 2013, at an estimated annual cost of $9,600 and not to exceed $24,000; and BE IT FURTHER RESOLVED THAT the Chairman or Vice Chairman of the Trust is hereby authorized to execute an amended agreement with PCS substantially in the form of the agreement attached to the RFP. The terms and conditions of the amended agreement shall include, but not be limited to:
a. the provision of services as outlined in the Trust’s RFP distributed on June 1, 2011 and the proposal submitted by PCS dated June 30, 2011; and
Page 2 of 2
b. the payment of all fees for all services as detailed in the June 30, 2011 submittal,
not to exceed $24,000; and c. the term of the contract shall be for a period of one year, terminating on August
31, 2013, with no option for further renewal; and
d. such other terms and conditions as may be contemplated by the RFP and the materials enclosed therewith as deemed necessary and appropriate by the Chairman or Vice Chairman of the Trust.
Adopted Date:
Motion Made By:
Motion Seconded By: Ayes:
Nays:
Abstentions:
Agenda Item 9
RESOLUTION NO. 12-__
EXECUTIVE SESSION
BE IT HEREBY RESOLVED THAT, pursuant to N.J.S.A. 10:4-12 and N.J.S.A. 10:4-13, the members of the New Jersey Environmental Infrastructure Trust (the "Trust") hold an executive session regarding contract negotiations, personnel matters and advice from counsel.
BE IT FURTHER RESOLVED THAT it is expected that discussions undertaken at this executive session will be made public once a final position is adopted by the Trust regarding such actions.
