Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval
of bond ordinance to permanently finance outstanding Bond Anticipation Notes
Name of Project(s): Various
Amount to be Financed: $56,673,000.00
Funding Source: Bonds
Local Finance Board meeting date(s): April 22, 2015
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY MAKING APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A. 40A:3-4, 18A:24-90 AND 40A:2-26
Additional Information:
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WHEREAS, THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY (the "City"), desires to make application to the Local Finance Board (the "Board") for the Board's approval of maturity schedules for the issuance of qualified bonds pursuant to N.J.S.A. 40A:3-4, 18A:24-90 and 40A:2-26 in the Municipal Qualified Bond Act, The School Qualified Bond Act and the Local Bond Law to permanently fund certain general obligation notes of the City which mature on June 24, 2015; and
WHEREAS, the City believes:
(a) it is in the public interest to accomplish such purposes;
(b) said purposes or improvements are for the health, wealth, convenience or betterment of the inhabitants of the City;
(c) the amounts to be expended for said purposes or improvements are not unreasonable or exorbitant; and
(d) the proposal is an efficient and feasible means of providing services for the needs of the inhabitants of the City and will not create an undue financial burden to be placed upon the City.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, AS FOLLOWS:
Section 1. The application to the Local Finance Board, for the Board's approval of ...
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