Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval of bond ordinance
Name of Project(s): 2015 Tax Appeal Refunding Bonds
Amount to be financed: $6,225,000.00
Funding Source: Bonds/Notes
Local Finance Board meeting date(s): October 14, 2015
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
Issuance of Tax Appeal Refunding Bonds in an amount not to exceed $6,225,000.00
Additional Information:
This resolution coincides with a Refunding Bond Ordinance to approve the issuance of the Bonds (Legistar #15-1686)
Body
WHEREAS, the City of Newark, in the County of Essex, New Jersey (the “City”), desires to make application to the Local Finance Board (the “Board”) for the Board’s approval of (i) the adoption of a refunding bond ordinance for amounts owed to others for taxes levied in the City pursuant to N.J.S.A. 40A:2-51, and (ii) the approval of the maturity schedule for the refunding bonds to be issued to pay amounts of said taxes owed to others, pursuant to N.J.S.A. 40A:2-51 and N.J.S.A. 40A:3-4 and (iii) the issuance of qualified bonds pursuant to N.J.S.A. 40A:3-4 of the Municipal Qualified Bond Act, and the Local Bond Law to pay amounts owing to others for tax levied in the City, as applicable; and
WHEREAS, the City believes:
(a) it is in the public interest to accomplish such purpose;
(b) said purpose or improvements are for the health, wealth, convenience or betterment of the inhabitants of the City; and
(c) the amounts to be expended for said purposes or improvements 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, IN THE COUNTY OF ESSEX, NEW JERSEY, THAT:
Section 1. The application to the Local Finance Board, for approval of issuance of Tax Appeal Refunding Bonds in an amount not to exceed $6,225,000.00, is hereby approved (the “Application”), and the Acting Chief Financial Officer and the City’s Financial Advisor and Bond Counsel, along with other representatives of the City, are each hereby authorized and directed to prepare such Application and to represent the City in matters pertaining thereto.
Section 2. The City Clerk of the City is hereby authorized and directed to file a certified copy of this Resolution and a certified copy of the Refunding Bond Ordinance as passed upon first reading both part of the Application, with the Local Finance Board to obtain the Board’s consent as part of such application,
Section 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 New Jersey Statutes and to cause its consent to be endorsed upon the Refunding Bond Ordinance.
STATEMENT
This Resolution authorizes the submission of an Application to the Local Finance Board (“Board”) for the Board’s approval of the issuance by the City of refunding bonds ($6,225,000.00) to pay, fund or refund amounts due and owing to others as a result of the settlement of or judgements pertaining to tax appeals.