Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing (X) Amending
Purpose: Application to Local Finance Board for approval
of Bond Ordinance
Name of Project(s): Various General Capital Improvements
Amount to be Financed: $33,364,950.00
Funding Source: Notes/Bonds
Local Finance Board meeting date(s): April 12, 2017
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY AUTHORIZING THE MAKING OF AN APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A 40A:3-4(a), (b), (c) AND (d) AND APPROVING THE SUBMISSION THEREOF
Additional Information:
body
WHEREAS, THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY (the "City"), adopted resolution on January 24, 2017 authorizing the making of an application to the Local Finance Board (the "LFB") for consideration of a General Capital Multi-Purpose Bond Ordinance (the "Previous Bond Ordinance"); and
WHEREAS, the City subsequently amended its application to the LFB to seek approval of only a portion of the projects and amounts included in the Previous Bond Ordinance; and
WHEREAS, the LFB approved the adoption and qualification of the amount of bonds for one project included in the Previous Bond Ordinance and deferred application for consideration of the remainder of such projects and amounts contained in the Previous Bond Ordinance; and
WHEREAS, the City and the State Monitor have agreed to the scope of the capital projects and the appropriations therefor to be included in a multi-purpose bond ordinance; and
WHEREAS, the City will introduce a bond ordinance that is an amended version of the Previous Bond Ordinance authorizing the issuance of qualified bonds for that portion of the Previous Bond Ordinance that was deferred by the LFB (the "Bond ...
Click here for full text