Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Declaring official intent to reimburse the City of Newark for costs prior to Insurance of Debt
Purpose: Intent to reimburse expenditures to City for project costs from proceeds of debt obligations issue by the City
Amount to be Financed: $19,750,000.00
Source of Appropriation: Bonds issued to NJET and State of New Jersey
Additional Information:
Description:
1. Rehabilitation of distribution system water mains by cleaning and cement mortar lining of approximately 85,000 linear feet of 6 inch, 8 inch and 12 inch mains and replacement of broken valves and appurtenances throughout the City.
2. Replacement of approximately 32,000 linear feet of small diameter 4 inch distribution water mains with 6 inch and 8 inch mains; replacement of broken valves and appurtanances throughout the City.
DEP Project Number:
1. 0714001-005
2. 0714001-006
Amount Appropriated:
1. $12,000,000.00
2. $7,750,000.00
Ordinance Numbers:
1. 6PSF-C06172009
2. 6PSF-C06172009
Invitation: Finance Director and Bond Counsel, August 4, 2009