Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval of revised maturity schedule
Name of Project(s): Outstanding tax appeal refunding notes and certain outstanding refunding notes
Amount to be Financed:
Funding Source:
Local Finance Board meeting date(s): October 8, 2014
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY MAKING APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A. 40A:2-51 AND N.J.S.A. 40A:3-4
Additional Information:
This resolution and LFB application will permit the City of Newark to revise the maturity schedule on the existing Tax Appeal Refunding Notes and other Refunding Notes, so as to realize a savings in the 2014 budget
body
WHEREAS, the Municipal Council of the City of Newark, in the County of Essex, New Jersey (the "City") desires to make application to the Local Finance Board for its approval of proposed revised maturity amortization schedules for certain outstanding tax appeal refunding notes and certain outstanding refunding notes (collectively, the "Refunding Obligations") issued and to be issued from time to time under certain refunding bond ordinances previously adopted by the City (collectively, the "Ordinances"), which maturity amortization schedules have been previously approved by the Local Finance Board under both the Local Bond Law, N.J.S.A. 40A:2-1 et seq., and the Municipal Qualified Bond Act, N.J.S.A. 40A:3-1 et seq. (the "MQBA") in connection with the Local Finance Board's approval of the issuance thereof under said statutes and in accordance with covenants entered into by the City in connection with past City bond issues entitled to the benefits of the MQBA; and
WHEREAS, the City believes that:
(a) it is in the public interest to accomplish such purpose;
(b) such purpose is in compliance with the requirements of the MQBA;
(c) said purpose or improvements are for the health, welfare, convenience or betterment of the inhabitants of the City;
(d) the amounts to be expended for said purpose or improvements are not unreasonable or exorbitant and are consistent with the requirements of the MQBA; and
(e) 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; and
WHEREAS, the City believes that the maturity schedule contained in the Application to the Local Finance Board is in the best interests of the City;
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 Application to the Local Finance Board is hereby approved, and the City's Bond Counsel, Business Administrator, Acting Director of Finance and Financial Advisor, along with other representatives of the City, are hereby authorized to prepare such application, to file such application with the Local Finance Board and to represent the City in matters pertaining thereto.
2. The City Clerk is hereby directed to prepare and file a copy of this Resolution and the Ordinance (if necessary) with the Local Finance Board as part of such application.
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 Statute, including causing its consent to be endorsed upon a certified copy of the Ordinance.
4. This Resolution shall take effect immediately upon its adoption.
STATEMENT
This Resolution authorizes the filing of an Application with the Local Finance Board with respect to proposed revised maturity amortization schedules for certain outstanding Tax Appeal Refunding Notes and Refunding Notes previously issued by the City for the payment of, respectively, real estate tax appeals and expenses incurred with respect to Hurricane Sandy.
CERTIFICATION
I, Robert P. Marasco, City Clerk of the City of Newark, in the County of Essex, New Jersey (the "City"), do hereby certify that the above is a true copy of a resolution adopted by the City Council of the City at its meeting held on October __, 2014.
____________________________________
ROBERT P. MARASCO, City Clerk
Dated: October __, 2014