File #: 20-1643    Version: 1 Name: Resolution: Temporary Emergency Appropriation - Interest, Debt Redemption Charges, and Capital Improvements for Year 2021
Type: Resolution Status: Adopted
File created: 12/14/2020 In control: Administration
On agenda: 1/21/2021 Final action: 1/21/2021
Title: Dept/ Agency: Administration/Office of Management and Budget Action: (X) Ratifying (X) Authorizing ( ) Amending Type of Service: Temporary Emergency Appropriation Purpose: To provide funds for all Interest, Debt Redemption Charges, and Capital Improvements for Year 2021. Funding Source: City Budget Appropriation Amount: $57,838,481.10 Budget Year: 2021 Contract Period: January 1, 2021 through December 31, 2021 Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale ( ) Grant ( ) Sub-recipient (X) n/a Additional Information: Funds accepted by Resolution Operating Agency: All Departments Two-Thirds vote of full membership required.
Sponsors: Council of the Whole

Title

Dept/ Agency:  Administration/Office of Management and Budget

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

Type of Service: Temporary Emergency Appropriation

Purpose: To provide funds for all Interest, Debt Redemption Charges, and Capital Improvements for Year 2021.

Funding Source: City Budget

Appropriation Amount: $57,838,481.10

Budget Year:  2021

Contract Period:  January 1, 2021 through December 31, 2021  

Contract Basis: (   ) Bid   (   ) State Vendor   (   ) Prof.  Ser.   (   ) EUS  

(   ) Fair & Open   (   ) No Reportable Contributions   (   ) RFP   (   ) RFQ

(   ) Private Sale   (   ) Grant   (   ) Sub-recipient   (X) n/a   

Additional Information:

Funds accepted by Resolution

Operating Agency: All Departments

Two-Thirds vote of full membership required.

 

body

 

TAR #2

 

                     WHEREAS, N.J.S.A. 40A:4-19 provides that Temporary Appropriations for all Interest and Debt Redemption charges for the year 2021 may be made during December of the pending year and until the Budget is adopted; and

 

                     WHEREAS, this resolution is passed at this meeting to be effective retroactively as of January 1, 2021; and

 

                     WHEREAS, the total appropriation in the Budget made for Debt Service, Capital and Relief Fund Contributions in the 2021 Budget is the sum of $57,838,481.10

 

                     NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:

 

1                     The following temporary appropriations be made, and that a certified copy of this Resolution be transmitted to the Chief Financial Officer for his/her records.

 

2                     The Governing Body by a two-thirds vote of its full membership hereby amends its temporary budget by making the following temporary appropriations:

 

 

 

 

(1)                     MUNICIPAL DEBT SERVICE

 

                     95430                     Payment on Qualified Bond Principal                                                               $15,430,000.00

 

                     95440                     Interest on Qualified Bond Principal                                                               9,800,242.37

 

                     96670                     ECIA Bonds Principal                                                                                              235,000.00

 

                     96680                     ECIA Bonds Interest                                                                                                         174,945.63

 

           96380                     Demolition Bond Loan II                                                                                                         126,250.00

 

97610 Note Principal                                                                                                                              1,558,000.00

 

95650 Note Interest                                                                                                                                        850,530.00

 

94140                     Newark Housing Authority Bonds                                                                                    1,935,000.00

 

94150                     Newark Housing Authority Interest                                                               2,548,050.00

 

97430 Tax Appeals BAN Principal                                                                                    2,020,000.00

 

97440 Tax Appeals BAN Interest                                                                                                         121,200.00

 

96860 NJIET Principal                                                                                                                              943,234.65

 

96880 NJIET Interest                                                                                                                              129,080.00

 

95680 Interest Payment-Trustee                                                                                              253,500.00

                                                                                                                                                                            ____________

                     TOTAL MUNICIPAL DEBT SERVICE                                                                                    $36,125,032.65

 

(2)                     CAPITAL

 

                     95280                     Capital Improvements                                                                                                         $100,000.00

 

(3)                     LOCAL DISTRICT SCHOOL PURPOSE

 

                     95570                     Payment Qualified Bond Principal                                                                                    3,125,000.00

 

                     95580                     Payment Qualified Bonds Interest                                                                                    1,441,375.00

 

                     97600                     Principal School Promissory Note                                                                      1,300,000.00

 

                     95650 Interest School Promissory Note                                                                      1,024,871.09

 

                     TOTAL SCHOOL DEBT SERVICE                                                                                    $6,891,246.09

 

(4)                     WATER UTILITY

 

                     Qualified Bond Principal                                                                                                               1,115,000.00

 

                     Qualified Bonds Interest                                                                                                                  342,780.00

 

                     NJEIT Principal                                                                                                                                    2,566,284.11

 

                     NJEIT Interest                                                                                                                             573,417.50

 

                     ECIA Loan Revenue Bond Interest                                                                                    3,007,750.00

 

                     ECIA Revenue Notes Principal                                                                                                         1,220,000.00

                                                                                                                                                                                                   ___________

                     TOTAL WATER UTILITY                                                                                                              $8,825,231.61

 

(5)                     SEWER UTILITY

 

                     Principal - Trust Loan                                                                                                                              5,201,311.96

 

                     Interest - Trust Loan                                                                                                                              695,658.79

 

                     TOTAL SEWER UTILITY                                                                                                                              $5,896,970.75

               ____________

TOTAL DEBT SERVICE                                                                                                                       $57,838,481.10

 

3.                     This action is ratified from January 1, 2021 to the date of the adoption of this authorizing resolution.

 

4.                     A copy of this resolution shall be immediately filed with the Director of the Division of Local Government Services by the City Clerk.

 

 

STATEMENT

 

This resolution ratifies and authorizes temporary appropriations to be made to provide funds for Debt Service and Capital Improvements for 2021.