Title
Dept/ Agency: Administration/Office of Management and Budget
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Temporary Emergency Appropriation
Purpose: To provide funds for all Interest and Debt Redemption Charges for Year 2018
Funding Source: City of Newark Budget
Appropriation Amount: $69,930,012.10
Budget Year: 2018
Contract Period: January 1, 2018 to December 31, 2018
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 # n/a
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 2018 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 January 1, 2018; and
WHEREAS, the total appropriation in the Budget made for Debt Service, Capital and Relief Fund Contributions in the 2018 Budget is the sum of $69,930,012.10.
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 $24,105,000.00
95440 Interest on Qualified Bond Principal 10,937,448.11
96670 ECIA Bonds Principal 3,500,000.00
96680 ECIA Bonds Interest 3,630,445.63
96380 Demolition Bond Loan II 126,250.00
97430 Note Principal 3,285,000.00
97440 Note Interest 541,890.00
94140 Newark Housing Authority Bonds 1,525,000.00
94150 Newark Housing Authority Interest 2,788,675.00
95650 Interest on Notes 1,468,945.61
TOTAL MUNICIPAL DEBT SERVICE $51,908,654.35
(2) CAPITAL
95280 Capital Improvements $26,250.00
(3) LOCAL DISTRICT SCHOOL PURPOSE
95570 Payment Qualified Bond Principal 4,820,000.00
95580 Payment Qualified Bonds Interest 1,967,005.00
TOTAL SCHOOL DEBT SERVICE $6,787,005.00
(4) WATER UTILITY
Qualified Bond Principal 1,615,000.00
Qualified Bonds Interest 600,197.50
NJEIT Principal 2,116,389.35
NJEIT Interest 569,735.00
TOTAL WATER UTILITY $4,901,321.85
(5) SEWER UTILITY
Principal - Trust Loan 5,259,123.13
Interest - Trust Loan 1,047,657.77
TOTAL SEWER UTILITY $6,306,780.90
TOTAL DEBT SERVICE $69,930,012.10
3. This action will take effect on January 1, 2018.
4. A copy of this resolution shall be immediately filed with the Director of the Division of Local Government Services by the City Clerk of the City of Newark, New Jersey.
STATEMENT
The purpose of this resolution is to provide funds for Debt Service and Capital Improvements for 2018.