Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Approving loan and escrow agreements for Green Infrastructure Sewer Project
Amount to be Financed: $800,000.00
Source of Appropriation: Bond/Notes through I-Bank
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION AUTHORIZING THE EXECUTION AND DELIVERY OF A PROJECT AGREEMENT TO BE EXECUTED BY THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY AND THE STATE OF NEW JERSEY, ACTING BY AND THROUGH THE DEPARTMENT OF ENVIRONMENTAL PROTECTION, ALL PURSUANT TO THE STATE FISCAL YEAR 2026 NEW JERSEY WATER BANK FINANCING PROGRAM FOR FUNDING THE CITY'S GREEN INFRASTRUCTURE FOR THE SEWER SYSTEM PROJECT
Additional Information:
100% Principal Forgiveness
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WHEREAS, the City of Newark (the "Local Unit"), in the County of Essex, New Jersey, has determined that there exists a need within the Local Unit to acquire, construct, renovate or install the Green Infrastructure for the Sewer System project (the "Project"), as said Project is more particularly defined in that certain Project Agreement (the "Project Agreement") to be entered into by and between the Local Unit and the State of New Jersey, acting by and through the New Jersey Department of Environmental Protection (the "State"), all pursuant to the New Jersey Infrastructure Bank (the "I-Bank") State Fiscal Year 2026 New Jersey Water Bank Financing Program; and
WHEREAS, the Local Unit has determined to finance the acquisition, construction, renovation or installation of the Project with the proceeds of a 100% principal forgiveness loan to be made by the State (the "100% principal forgiveness loan") pursuant to the Project Agreement.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, THAT:
1. The Project Agreement is hereby...
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