File #: 11-1507    Version: Name: Temporary Emergency Appropriation #2
Type: Resolution Status: Filed
File created: 12/8/2011 In control: Administration
On agenda: 1/19/2012 Final action: 1/19/2012
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
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.