Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval
of Tax Appeal Refunding Bonds/Notes
Name of Project(s): Tax Appeal Refunding
Amount to be Financed: $8,420,000.00
Funding Source: Bonds/Notes
Local Finance Board meeting date(s): October 8, 2014
Project Information:
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY MAKING APPLICATION TO THE LOCAL FINANCE BOARD; PURSUANT TO N.J.S.A. 40A:2-51 AND N.J.S.A. 40A:3-4.
Additional Information:
body
WHEREAS, the Municipal Council of the City of Newark, in the County of Essex, New Jersey (the "City") desires to make application to the Local Finance Board for (i) its review and consent to the adoption by the City of a refunding bond ordinance (the "Ordinance") providing for the issuance of bonds or notes (the "Refunding Obligations") in order to pay amounts owing to others for taxes levied in and by the City and (ii) its approval of the proposed maturity schedule for such Refunding Obligations to the extent such Refunding Obligations will be issued in the form of "qualified bonds" under the Municipal Qualified Bond Act, N.J.S.A. 40A:3-1 et seq. (the "MQBA"); and
WHEREAS, the City believes that:
(a) it is in the public interest to accomplish such purpose;
(b) such purpose is in compliance with the requirements of the MQBA;
(c) said purpose or improvements are for the health, welfare, convenience or betterment of the inhabitants of the City;
(d) the amounts to be expended for said purpose or improvements are not unreasonable or exorbitant and are consistent with the requirements of the MQBA; and
(e) the proposal is an efficient and feasible means of providing services for the needs of the inhabitants of the City and will not create an undue financial burden to be placed upon the City; and
WHEREAS, the City believes that the maturity schedule contained in the Application to the Local Finance Board is in the best interests of the City.
NOW THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, THAT:
Section 1. The Application to the Local Finance Board is hereby approved, and the City's Bond Counsel, Assistant Business Administrator, Acting Director of Finance and Financial Advisor, along with other representatives of the City, are hereby authorized to prepare such application, to file such application with the Local Finance Board and to represent the City in matters pertaining thereto.
Section 2. The City Clerk is hereby directed to prepare and file a copy of this Resolution and the Ordinance (if necessary) with the Local Finance Board as part of such application.
Section 3. The Local Finance Board is hereby respectfully requested to consider such application and to record its findings, recommendations and/or approvals as provided by the applicable New Jersey Statute, including causing its consent to be endorsed upon a certified copy of the Ordinance.
Section 4. This Resolution shall take effect immediately upon its adoption.
Statement
Resolution authorizing the filing of an Application with the Local Finance Board with respect to the adoption by the City of a refunding bond ordinance providing for the issuance of Tax Appeal Refunding Notes for the payment of real estate tax appeals totaling $8,420,000.00