Title
Dept/ Agency: Administration/Office of Management & Budget
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Temporary Emergency Appropriation
Purpose: To provide funds for all Interest and Debt Redemption Charges for 2012 Calendar Year
Funding Source: City of Newark
Appropriation Amount: $47,493,938.00
Budget Year: 2012
Contract Period: January 1, 2012 through December 31, 2012
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( X ) n/a
Additional Information:
Operating Agency: Citywide
Two-Thirds vote of full membership required
Invitation: Director of Management & Budget, January 18, 2012
Body
WHEREAS, N.J.S.A. 40A: 4-19 provides that Temporary Appropriations for all Interest and Debt Redemption charges for the year 2012 may be made during December of the pending year and until the Budget is adopted; and
WHEREAS, this Resolution is passed at this meeting be effective January 1, 2012; and
WHEREAS, 26.25% of the total appropriation in the Budget exclusive of any appropriations made of Debt Service, Capital and Relief fund Contributions in the 2012 Budget in the sum of $132,726,664.00.
WHEREAS, 26.25% of the total appropriation in the Budget exclusive of any appropriations made of Debt Service, Capital and Relief fund Contributions in the 2012 Budget in the sum of $132,726,664.00.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, that:
1. The following temporary appropriations be mad, and that a certified copy of this resolution be transmitted to the Chief Financial Officer for her records.
2. The Governing Body by a two-third vote of its full membership hereby amends its temporary budget by making the following temporary appropriations:
(1) MUNICIPAL DEBT SERVICE
95430 Payment of Qualified Bond Principal $6.215.000.00
95440 Interest on Qualified Bond Principal 10,938,442.00
96670 ECIA Bonds Principal 530,000.00
95580 ECIA Bonds Interest 665,022.00
97380 Business Personal Property Tax
Replacement School 1,153,905.00
96820 Demolition Bond Loan 109,904.00
96830 Demolition Bond Loan II 126,250.00
97430 Note Principal 1,347,200.00
97440 Note Interest 215,536.00
94140 Newark Housing Authority Bonds 1,195,000.00
94150 Newark Housing Authority Interest 3,866,094.00
95680 Special Emergency Note Interest 24,000.00
Sales Leaseback Series C-Principal 1,095,000.00
Sales Leaseback Series A-Interest 2,349,038.00
Sales Leaseback Series B-Interest 1,571,250.00
Sales Leaseback Series C-Interest 59,483.00
Refunding Bonds-Principal 850,000.00
Refunding Bonds-Interest 112,250.00
Public Safety C- Principal 150,000.00
Public Safety C-Interest 216,800.00
TOTAL MUNICIPAL DEBT SERVICE $14,703,764.00
(2) LOCAL DISTRICT SCHOOL PURPOSE
95570 Payment Qualified Bond Principal 10,130,000.00
95580 Payment Qualified Interest 4,573,764.00
TOTAL SCHOOL DEBT SERVICE $14,703,764.00
STATEMENT
To provide funds for all Interest and Debt Redemption Charges for 2012 Calendar Year.