Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval of bond ordinance
Name of Project(s): Joint Meeting Flood Mitigation
Amount to be Financed: $ 2,705,000.00
Funding Source: Bonds
Local Finance Board meeting date(s): July 8, 2020
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
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:3-1 ET SEQ.
Additional Information:
body
WHEREAS, The City of Newark, in the County of Essex, New Jersey (the "City"), is a member of the Joint Meeting of Essex and Union Counties (the “Jt. Meeting”); and
WHEREAS, the Joint Meeting desires to undertake a flood mitigation facilities project in two (2) phases (the “Project”), the cost of which is to be paid by the members and customers of the Joint Meeting based upon the allocable share of the cost to be borne by each member and each customer; and
WHEREAS, the City desires to make application to the Local Finance Board for its approval of, and an endorsement of its consent upon, as applicable, the Bond Ordinance appropriating the City’s allocable share of the cost of the Project and authorizing the issuance of bonds and notes for the Project specifically pertaining to the: (i) qualification of a bond ordinance pursuant to N.J.S.A. 40A:3-1 et. seq. (the “Bond Ordinance”); (ii) the issuance of qualified bonds under the Bond Ordinance; and (iii) approval of the maturity schedule therefor pursuant to the provisions of N.J.S.A. 40A:3-1 et seq., specifically N.J.S.A. 40A:3-4; and
WHEREAS, the City believes:
(a) it is in the public interest to accomplish such purpose; and
(b) said purpose is for the health, wealth, convenience or betterment of the inhabitants of the City; and
(c) the amounts to be expended for said purpose 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, NEW JERSEY, THAT:
1. The submission of and the application to the Local Finance Board with respect to the qualification of the bond ordinance and the maturity schedule of bonds and notes issued thereunder is hereby approved, and the Chief Financial Officer, Financial Advisor, Bond Counsel and the City Clerk, along with other representatives of the City and the Joint Meeting, are hereby authorized and directed to prepare and submit such application to the Local Finance Board and to represent the City in matters pertaining thereto.
2. The City Clerk is hereby authorized and directed to file a copy of this resolution as adopted and a copy of the proposed Bond Ordinance as passed upon first reading with the Local Finance Board as part of such application.
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 above-referenced New Jersey Statutes and to cause its consent to be endorsed upon the Bond Ordinance.
STATEMENT
Resolution making an application to the Local Finance Board for the City’s portion of the Joint Meeting Flood Mitigation Project.