Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving loan and escrow agreements for the Peddie CSO Project
Amount to be Financed: $3,772,074.00
Source of Appropriation: New Jersey Infrastructure Bank
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A PROJECT AGREEMENT TO BE EXECUTED BY THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY AND THE STATE OF NEW JERSEY, ACTING BY AND THROUGH THE DEPARTMENT OF ENVIRONMENTAL PROTECTION, ALL PURSUANT TO THE STATE FISCAL YEAR 2025 WATER BANK FINANCING PROGRAM FOR FUNDING THE CITY’S IMPROVEMENTS TO THE PEDDIE CSO PROJECT
Additional Information:
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WHEREAS, the City of Newark (the “Local Unit”), in the County of Essex, New Jersey, determined that there existed a need within the Local Unit for the City’s Improvements to the Peddie CSO project (the “Project”), as said Project is more particularly defined in that certain Project Agreement (the “Project Agreement”) to be entered into by and between the Local Unit and the State of New Jersey, acting by and through the New Jersey Department of Environmental Protection (the “State”), all pursuant to the State Fiscal Year 2025 New Jersey Water Bank Financing Program (the “Program”);
WHEREAS, the Local Unit has determined to finance the acquisition, construction, renovation or installation of the Project with the proceeds of a 100% principal forgiveness loan to be made by the State pursuant to the Project Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, as follows:
1. The Project Agreement is hereby authorized to be executed and delivered on behalf of the Local Unit by either the Mayor or the Chief Financial Officer in substantially the form attached hereto as Exhibit A, with such changes as the Mayor or the Chief Financial Officer (each an “Authorized Officer”), in their respective sole discretion, after consultation with counsel and any advisors to the Local Unit (collectively, the “Local Unit Consultants”) and after further consultation with the I-Bank, the State and their representatives, agents, counsel and advisors (collectively, the “Program Consultants”, and together with the Local Unit Consultants, the “Consultants”), shall determine, such determination to be conclusively evidenced by the execution of the Project Agreement by an Authorized Officer as determined hereunder. The Local Unit Clerk is hereby authorized to attest to the execution of the Project Agreement by an Authorized Officer of the Local Unit as determined hereunder and to affix the corporate seal of the Local Unit to the Project Agreement.
2. The Authorized Officers of the Local Unit are hereby further severally authorized to (i) execute and deliver, and the Local Unit Clerk is hereby further authorized to attest to such execution and to affix the corporate seal of the Local Unit to, any document, instrument or closing certificate deemed necessary, desirable or convenient by the Authorized Officers or the Local Unit Clerk, as applicable, in their respective sole discretion, after consultation with the Consultants, to be executed in connection with the execution and delivery of the Project Agreement and the consummation of the transactions contemplated thereby, which determination shall be conclusively evidenced by the execution of each such certificate or other document by the party authorized hereunder to execute such certificate or other document, and (ii) perform such other actions as the Authorized Officers deem necessary, desirable or convenient in relation to the execution and delivery thereof.
3. This resolution shall take effect upon the adoption hereof.
4. Upon the adoption hereof, the Local Unit Clerk shall forward certified copies of this resolution to DeCotiis, FitzPatrick, Cole & Giblin, LLP, bond counsel to the Local Unit, and Richard Nolan, Esq., McCarter & English, LLP, bond counsel to the I-Bank.
STATEMENT
Resolution authorizing the execution and delivery of a project agreement to be executed by the City of Newark and the State of New Jersey, acting by and through the Department of Environmental Protection, all pursuant to the State Fiscal Year 2025 Water Bank Financing Program for funding the City’s Improvements to the Peddie CSO Project.