File #: 17-0843    Version: 1 Name: Resolution Making Application to LFB - School Bond
Type: Resolution Status: Adopted
File created: 5/1/2017 In control: Finance
On agenda: 5/3/2017 Final action: 5/3/2017
Title: Dept/ Agency: Finance Action: ( ) Ratifying (X) Authorizing ( ) Amending Purpose: Application to Local Finance Board for approval of bond ordinance Name of Project(s): School Capital Improvements Bond Amount to be Financed: $30,582,031.00 Funding Source: Bonds/Notes Local Finance Board meeting date(s): June 14, 2017 Project Information: (Description/ Project No./ Amount Appropriated/Ordinance No.) RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, AUTHORIZING THE MAKING OF AN APPLICATION TO THE LOCAL FINANCE BOARD; PURSUANT TO N.J.S.A 40A:3-4, PARTICULARLY SUBSECTIONS (b), (c) AND (d), AND APPROVING THE SUBMISSION THEREOF Additional Information:
Sponsors: Council of the Whole
Related files: 17-0307, 17-0841

Title

Dept/ Agency: Finance

Action:  (   ) Ratifying     (X) Authorizing     (   ) Amending

Purpose: Application to Local Finance Board for approval

of bond ordinance

Name of Project(s):  School Capital Improvements Bond

Amount to be Financed: $30,582,031.00                            

Funding Source:   Bonds/Notes                  

Local Finance Board meeting date(s):  June 14, 2017  

Project Information:

(Description/ Project No./ Amount Appropriated/Ordinance No.)

RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, AUTHORIZING THE MAKING OF AN APPLICATION TO THE LOCAL FINANCE BOARD; PURSUANT TO N.J.S.A 40A:3-4, PARTICULARLY SUBSECTIONS (b), (c) AND (d), AND APPROVING THE SUBMISSION THEREOF                            

Additional Information:

                   

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WHEREAS, THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY (the “City”), desires to make application to the Local Finance Board (the “LFB”) for the approval of (i) the adoption of a Multi-Purpose Bond Ordinance for school capital projects (the “Bond Ordinance”) and (ii) the issuance of qualified bonds pursuant to the Bond Ordinance and the approval of the maturity schedule therefor, both (i) and (ii) pursuant to the provisions of N.J.S.A. 40A:3-4 of the Municipal Qualified Bond Act; and

 

WHEREAS, the City believes:

 

(a)                     it is in the public interest to accomplish such purpose;

 

(b)                     said purpose or improvements are for the health, wealth, convenience or betterment of the inhabitants of the City;

 

(c)                     the amounts to be expended for said purposes or improvements are not unreasonable or exorbitant; and

 

(d)                     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, THAT:

 

Section 1.                     The preparation and submission of an application to the LFB is hereby approved (the “Application”), and the Chief Financial Officer, the City’s Financial Advisor and Bond Counsel, along with other representatives of the City, are each hereby authorized and directed to prepare and submit such Application and to represent the City in matters pertaining thereto.

 

Section 2.                     The City Clerk of the City of Newark is hereby authorized and directed to file a certified copy of this Resolution and a certified copy of the Bond Ordinance as passed upon first reading with the LFB, which filing will supplement the Application.

 

Section 3.                     The LFB is hereby respectfully requested to consider such Application and to record its findings, recommendations and/or approvals as provided by the applicable New Jersey Statutes and to cause its consent to be endorsed upon the Bond Ordinance upon adoption and consenting to and authorizing the issuance of qualified bonds pursuant thereto.

 

STATEMENT

 

This Resolution authorizes the preparation and submission of an Application to the Local Finance Board (“LFB”) for its approval of the adoption of the Bond Ordinance as a qualified school capital projects bond ordinance and the issuance by the City of school Bonds or Notes to finance the costs thereof as qualified bonds.