Title
Dept/ Agency: Finance
Action: ( X ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for Approval
Of Bond Ordinance
Name of Project(s): NJEIT 2014 Fiscal Year Financing
Amount to be Financed: $43,000,000.00
Funding Source: New Jersey Environmental Infrastructure Trust (NJEIT)
Local Finance Board meeting date(s):
Additional Information:
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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. 58:11B-9(a), N.J.S.A. 40A:2-7(d), N.J.S.A. 40A:2-11, N.J.S.A. 40A:2-26(e), N.J.S.A. 40A:2-47(b) AND N.J.S.A. 40A:3-4 AND PREVIOUS APPROVALS OF THE BOARD
WHEREAS, the City has submitted applications to the New Jersey Department of Environmental Protection ("NJDEP") and the New Jersey Environmental Infrastructure Trust ("NJEIT") to participate in the NJEIT FY 2014 Financing Program; and
WHEREAS, the City has decided to adopt two ordinances (collectively, the "Ordinances") to finance certain capital projects under the NJEIT FY 2014 Financing Program; and
WHEREAS, the City wishes to amend the purposes of a prior ordinance of the City; and
WHEREAS, the City desires to make application to the Local Finance Board for approval of the Ordinances; and
WHEREAS, in connection with various previous applications by the City to the Local Finance Board (including specifically its applications in connection with certain bonds and refunding bonds issued under the Municipal Qualified Bond Act, N.J.S.A. 40A:3-1 et seq. (the MQBA) and the School Qualified Bond Act, N.J.S.A. 18A:24-85 et seq.) the Local Finance Board has heretofore conditioned its approvals upon the undertaking by the City that, for the duration of such bond issues, all future capital authorizations shall require approval from the Local Finance Board; and
WHEREAS, the City desires to make application to the Local Finance Board for (i) its review and consent to the adoption by the City of the ordinances providing for the issuance of one or more series of its bonds by the City to the State via the NJDEP and the NJEIT pursuant to N.J.S.A. 58-11B-9(a) (collectively, the Bonds), (ii) its approval of such Bonds to be issued in the form of qualified bonds under the MQBA, (iii) approval of the use of non-conforming maturity schedules pursuant to N.J.S.A. 40A:2-26(e), as described therein, (iv) waiver of the requirement of a down payment under N.J.S.A. 40A:2-7(d) and/or approval to treat debt authorized by each of the New Ordinances as having been issued for self-liquidating purposes pursuant to N.J.S.A. 40A:2-47(b), as applicable, and (v) approval of the New Ordinances pursuant to covenants of the City in connection with previous Local Finance Board approvals; and
WHEREAS, the Municipal Council of the City believes that:
(a) it is in the public interest to accomplish such purposes;
- such purposes are in compliance with the requirements of the MQBS;
- said purposes or improvements are for the health, welfare, convenience or betterment of the inhabitants of the City;
- 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
- 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.
NOW THEREFORE, BE IT RESOLVED by the Municipal Council of the City of Newark, in the County of Essex, New Jersey as follows:
Section 1. The applications to the New Jersey Environmental Infrastructure Trust (NJEIT) and the New Jersey Department of Environmental Protection (NJDEP) are hereby approved and ratified.
Section 2. The application to the Local Finance Board is hereby approved, and the City's business administrator, chief financial officer, bond counsel, financial advisor and auditor, 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 Ordinances 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 certified copies of the Ordinances.
Section 4. The Municipal Council hereby ratifies its authorization of the forms and application from the date of submission to the date of adoption of this authorizing resolution.
Section 5. This Resolution shall take effect immediately.
STATEMENT
Ratification and Approval of Application to the Local Finance Board in connection with a financing through the NJEIT FY 2014 Program for sewer and water utility improvements and the approval of the adoption by the City of water and sewer ordinances appropriating funds for sewer utility and water utility capital improvements.