File #: 21-1872    Version: 1 Name: Temporary Emergency Appropriation $72,254,430.87
Type: Resolution Status: Adopted
File created: 12/13/2021 In control: Administration
On agenda: 1/20/2022 Final action: 1/20/2022
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 2022. Funding Source: City Budget Appropriation Amount: $72,254,430.87 Budget Year: 2022 Contract Period: January 1, 2022 through December 31, 2022 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: Not Applicable 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 2022.

Funding Source: City Budget

Appropriation Amount: $72,254,430.87

Budget Year:  2022

Contract Period:  January 1, 2022 through December 31, 2022  

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: Not Applicable    

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 2022 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, 2022; and

 

                     WHEREAS, the total appropriation in the Budget made for Debt Service, Capital and Relief Fund Contributions in the 2022 Budget is the sum of $72,254,430.87.

 

                     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                                                               $22,643,217.30

 

                     95440-Interest on Qualified Bond Principal                                                               12,535,917.00

 

                     96670-ECIA Bonds Principal                                                                                              250,000.00

 

                     96680-ECIA Bonds Interest                                                                                                         162,517.51

 

           96830-Demolition Bond Loan II                                                                                                         126,250.00

 

97610-Principal on Notes                                                                                                                              2,041,975.00

 

95650-Interest on Notes                                                                                                                                     1,206,550.00

 

94140-Newark Housing Authority Bonds                                                                                    2,035,000.00

 

94150-Newark Housing Authority Interest                                                               2,451,300.00

 

97430-Tax Appeals BAN Principal                                                                                    2,020,000.00

 

97440-Tax Appeals BAN Interest                                                                                                         80,800.00

 

96860- NJEIT Principal                                                                                                                              933,234.65

 

96870- NJEIT Interest                                                                                                                              111,925.00

 

95670- Trustee-Principal Payment                                                                                            2,535,000.00

 

95680- Trustee-Interest Payment                                                                                              202,800.00

 

97650-HUD Section 108 Loan - Principal                                                                           235,000.00

 

97660-HUD Section 108 Loan - Interest                                                                            215,132.82

                                                                                                                                                                            ____________

                     TOTAL MUNICIPAL DEBT SERVICE                                                                                        $49,786,619.28

 

(2)                     CAPITAL

 

                     95280-Capital Improvements                                                                                                         $100,000.00

 

(3)                     LOCAL DISTRICT SCHOOL PURPOSE

 

                     95570-Payment Qualified Bond Principal                                                               5,515,000.00

 

                     95580-Payment Qualified Bonds Interest                                                               1,283,400.00

 

                     97600-Principal School Promissory Note                                                                      1,300,000.00

 

                     95650-Interest School Promissory Note                                                                      349,775.39

 

                     TOTAL SCHOOL DEBT SERVICE                                                                                    $8,448,175.39

 

(4)                     WATER UTILITY

 

                     95430-Qualified Bond Principal                                                                                                                  490,000.00

 

                     95440-Qualified Bonds Interest                                                                                                                  290,270.00

 

                     96860-NJEIT Principal                                                                                                                                    2,603,745.92

 

                     96880-NJEIT Interest                                                                                                        536,068.75

 

                     96680-ECIA Loan Revenue Bond Interest                                                               2,958,950.00

 

                     97620-ECIA Revenue Notes Principal                                                                                    1,270,000.00

                     

                     TOTAL WATER UTILITY                                                                                                              $8,149,034.67

 

(5)                     SEWER UTILITY

 

                     96520-Principal - Trust Loan                                                                                                         5,183,294.73

 

                     96530-Interest - Trust Loan                                                                                                         587,306.80

 

                     TOTAL SEWER UTILITY                                                                                                                              $5,770,601.53

              

TOTAL DEBT SERVICE                                                                                                                       $72,254,430.87

 

3.                     This action is ratified from January 1, 2022 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 the temporary appropriations to be made to provide funds for Debt Service and Capital Improvements for 2022.