Title
Dept./ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval of refunding bond ordinance
Name of Project(s): Lead Service Line Replacement
Amount to be Financed: $120,000,000.00
Funding Source: Bonds and/or Notes
Local Finance Board meeting date(s): September 11, 2019
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY, MAKING A JOINT APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A. 40A:2-51 et seq., N.J.S.A. 40A:2-55 AND APPROVING THE SUBMISSION THEREOF.
Additional Information:
body
WHEREAS, the City of Newark, in the County of Essex, State of New Jersey (the "City") in conjunction with the Essex County Improvement Authority (the "ECIA") desires to make a joint application to the Local Finance Board (the "Board") for its review and/or approval of a financing to be undertaken by the ECIA on behalf of the City; and
WHEREAS, in connection therewith, the City seeks review and approval of (i) the adoption of a refunding bond ordinance in the amount of $120,000,000 (the "Ordinance") for the purposes of paying, funding or refunding an emergency temporary appropriation adopted by the City pursuant to N.J.S.A. 40A:4-20 for amounts required to accomplish, on an emergency basis, the replacement of lead service lines within the City from the water main in the street to the meter inside the structure and all work and equipment necessary therefor and relating thereto pursuant to N.J.S.A. 40A:2-51,-52 and-55 of the Local Bond Law, including paying costs of issuance relating thereto, (ii) the issuance of such refunding bonds pursuant to N.J.S.A. 40A:2-51 to -59, and (iii) such other approvals as may be required to accomplish the foregoing financing; and
WHERE...
Click here for full text