title
Dept/ Agency: Administration/Office of Management & Budget
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Temporary Appropriation Resolution for Sewer Utility Debt Service
Purpose: To provide funds for the debt services of the Sewer Utility for 2014
Funding Source: City of Newark/Sewer Utility
Appropriation Amount: $ 7,084,000.00
Budget Year: 2014
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:
All Wards
Funds accepted by Resolution # N/A
Operating Agency: Sewer Utility
Two-Thirds vote of full membership required
Body
[TAR-#SDS1
WHEREAS, the Local Budget Law (N.J.S.A. 40A:4-19) provides that where any contracts and/or commitment of payments are to be made prior to the final adoption of the budget, temporary appropriations shall be made for the purpose and in the manner and the time provided; and
WHEREAS, this resolution is within the first thirty (30) days of the year 2014; and
WHEREAS, 26.25% of the total appropriation of the 2013 Sewer Utility Budget exclusive of any appropriations made for interest and debt redemption charges, capital improvement fund and public assistance is $7,084,000.00.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY,THAT:
1. The following temporary appropriation be made and a certified copy of this resolution be transmitted to the Chief Financial Officer for his/her records.
2. The Governing Body by two-thirds vote of its full membership hereby amends its temporary budget by making the following temporary appropriations:
SEWER UTILITY DEBT SERVICE
96520 Principal-Trust Loan $5,755,000.00
96530 Interest Trust Loan 1,329,000.00
TOTAL DEBT SERVICE $7,084,000.00
3. This action will take effect on January 1, 2014.
4. A copy of this resolution shall be filed with the Director of the Division of Local Government Services by the City Clerk of the City of Newark.
STATEMENT
This resolution hereby authorizes an amendment to the City's temporary budget by making the following temporary appropriations:
SEWER UTILITY DEBT SERVICE
96520 Principal-Trust Loan $ 5,755,000.00
96530 Interest Trust Loan 1,329,000.00
TOTAL DEBT SERVICE $7,084,000.00