Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Establishing a Dedicated Trust Fund
Purpose: Requesting approval of Local Finance Board for a Dedicated Trust by Rider for the “Shop Newark” Property Tax Rebate Program and to appropriate the revenue for the purpose to which said revenue is dedicated.
Trust Account Name: Shop Newark Property Tax Rebate Program
Account Number:
Funding Source: Rebate Program for Tax Payers
Additional Information:
Ordinance 6PSF-c adopted on December 21, 2016, Established a Property Tax Rebate Program (“Shop Newark”)
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WHEREAS, permission is required of the Director of the Division of Local Government Services for approval to establish a Dedicated Trust by Rider of revenues received by a vendor when the revenue is not subject to reasonable accurate estimates in advance; and
WHEREAS, Ordinance 6PSF-c, December 21, 2016, permits The City of Newark, New Jersey, to receive 70% of the rebate funds from the coordinating vendor and deposited into the Shop Newark Property Tax Rebate Program Trust; and
WHEREAS, N.J.S.A.40A:4-39 provides the dedicated revenues anticipated from the Shop Newark Property Tax Rebate Program Trust Fund are hereby anticipated as revenue and are hereby appropriated for the purpose to which said revenue is dedicated by statute or other legal requirement; and
WHEREAS, N.J.S.A.40A:4-39 also provides that the Director of the Division of Local Government Services may approve expenditures of monies by Dedication by Rider.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL
OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The Mayor and/or his/her designee, the Director of Finance, is hereby authorized by the Municipal Council of the City of Newark to request permission of the Director of the Division of Local Government Services for the approval to establish a Dedicated Trust by Rider for revenues collected from residents who shop at in-town businesses and a percentage of the purchase back as a credit on their property tax bill, pursuant to Ordinance 6PSF-c, December 21, 2016, for the Property Tax Rebate Program (“Shop Newark”) Trust Fund by the City of Newark.
2. The dedicated revenue is hereby appropriated for the purpose to which said revenue is dedicated by statute or other legal requirement, in this instance, for the Property Tax Rebate Program (“Shop Newark”) Trust Fund.
3. The City Clerk of the City of Newark, County of Essex is hereby directed to forward two certified copies of this resolution to the Director of the Division of Local Government Services of New Jersey for approval.
STATEMENT
This resolution authorizes the Mayor and/or his/her designee, the Director of Finance, to request permission of the Director of the Division of Local Government Services to establish a Dedicated Trust by Rider for the Property Tax Rebate Program (“Shop Newark”) Trust Fund, and to appropriate the revenue for the purpose to which said revenue is dedicated.