Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for Approval
of Bond Ordinance
Name of Project(s): 2013 Amending Bond Ordinance
Amount to be Financed: $6,391,861.22
Funding Source: Bonds
Local Finance Board meeting date(s):
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
Additional Information:
Amends Ordinances No. 6s&FA(S-2) 102307 (the 2007 Original Ordinance) and No. 6PSF-A 090209 (the 2009 Amending Ordinance)
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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. 40A:3-4 AND PREVIOUS APPROVALS OF THE BOARD
WHEREAS, on October 23, 2007, the Council of the City finally adopted Bond Ordinance No. 6S&FA(S-2)102307 (the "2007 Original Ordinance"), which was amended on September 2, 2009 by Bond Ordinance No. 6PSF-a090209 (the "2009 Amending Ordinance", and together with the 2007 Original Ordinance, the "2007 Ordinance); and
WHEREAS, the Local Finance Board has heretofore heard and approved the City's applications with respect to the 2007 Ordinance; and
WHEREAS, the City has heretofore issued certain bonds and notes (collectively, the Obligations) to finance certain of the purposes authorized by the Ordinance; and
WHEREAS, certain of the appropriations of the 2007 Ordinance, both funded and unfunded, remain unspent and are no longer necessary for the purposes for which the 2007 Ordinance was approved; and
WHEREAS, the City has decided to adopt an Ordinance (the "2013 Amending Ordinance" and together with the 2007 Ordinance, the Ordinances) to (i) amend certain of the purposes, bond and note authorizations and appropriations under the 2007 Ordinance to new capital projects and (ii) reappropriate certain proceeds of obligations previously issued under the 2007 Ordinance to new capital purposes; and
WHEREAS, the City desires to make application to the Local Finance Board for approval of the 2013 Amending Ordinance; and
WHEREAS, the bonds which have been, or will be, issued by the City under the Ordinances have been, or 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, 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 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 Municipal Council of 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;
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 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 Clerk is hereby directed to prepare and file a copy of this Resolution and the proposed 2013 Amending Ordinance 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 2013 Amending Ordinance.
Section 4. This Resolution shall take effect immediately.
STATEMENT
Approval of Application to the Local Finance Board in connection with the proposed adoption by the City of an ordinance amending certain of the purposes, bond and note authorizations and appropriations under previous City bond ordinances, and reappropriating certain proceeds of obligations previously issued by the City under such ordinances to new capital purposes.
The foregoing is a true copy of a resolution adopted by the Municipal Council of the City of Newark on __________ __, 2013.
______________________________
Robert P. Marasco, City Clerk
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