Title
AN ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, STATE OF NEW JERSEY AUTHORIZING A SPECIAL EMERGENCY APPROPRIATION PURSUANT TO THE PROVISIONS OF N.J.S.A. 40A:4-53(m) AND 55 AND THE ISSUANCE OF SPECIAL EMERGENCY NOTES TO FUND AN OPERATIONAL DEFICIT IN REVENUES AS A RESULT OF A DECLARED PUBLIC HEALTH EMERGENCY.
DEFERRED 6PSF-c122220
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WHEREAS, the Governor of the State of New Jersey has declared a Public Health Emergency pursuant to Emergency Health Powers Act (N.J.S.A. 26:13-1 et seq.) in response to the COVID-19 pandemic (the "Public Health Emergency"); and
WHEREAS, as a result of the Public Health Emergency, the City of Newark, in the County of Essex, New Jersey (the "City") has experienced a deficit balance in the City's Current Fund Results of Operations in the 2020 budget year in the amount of $25,128,423.00 (the "Operational Deficit"); and
WHEREAS, the City's Chief Financial Officer has prepared a Certification with respect to the Operational Deficit being directly attributable to the Public Health Emergency (the "Certification"), which the Certification has been approved by a majority of the members of the Municipal Council; and
WHEREAS, concurrently herewith, the City has submitted an Application, including the Certification, which the Application has been approved by the Municipal Council prior to its submission, to the Director of the Division of Local Government Services ("DLGS") to obtain approval of the Operational Deficit and the Special Emergency Appropriation related thereto; and
WHEREAS, if approved by the Director of the DLGS, N.J.S.A. 40A:4-53(m) permits a municipality to adopt an ordinance authorizing a special emergency appropriation in order to fund the Operational Deficit of the City; and
WHEREAS, the City is desirous of funding the Operational Deficit through the adoption of this Special Emergency Appropriation Ordinance; and
WHEREAS...
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