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AN ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, AUTHORIZING THE ISSUANCE OF UP TO $36,000,000.00 AGGREGATE PRINCIPAL AMOUNT OF MOTOR VEHICLE RENTAL TAX REVENUE BONDS OF THE CITY AND APPROPRIATING THE PROCEEDS OF SUCH BONDS TO CERTAIN ELIGIBLE PROJECTS AND AMENDING SECTION 10:22A-3 OF ORDINANCE 6PSF-I ADOPTED MAY 5, 2010, BY ADDING A PROVISION FOR THE ISSUANCE OF BONDS SECURED BY THE MOTOR VEHICLE RENTAL TAX.
Deferred 6PSF-e 010814/ Public Hearing Open
Deferred 6PSF-b 012214/ Public Hearing Open
Deferred 6PSF-a 020614/ Public Hearing Open
Deferred 6PSF-b 021914/ Public Hearing Open
Deferred 6PSF-a 030514/ Public Hearing Open
Deferred 6PSF-a 031914/ Public Hearing Open
Deferred 6PSF-a 040214/ Public Hearing Open
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WHEREAS, the New Jersey Economic Stimulus Act of 2009, specifically N.J.S.A. 40A: 48H-1, et seq. (the "Municipal Motor Vehicle Rental Tax Law") authorized certain municipalities to impose a tax on the rental of motor vehicles within designated industrial zones within such municipality (the "Rental Tax") and to use the proceeds thereof for certain eligible purposes related to redevelopment purposes, as defined in the Municipal Motor Vehicle Rental Tax Law, specifically N.J.S.A. 40:48H-2.b (the "Eligible Projects"); and
WHEREAS, pursuant to Ordinance 6PSF-i, adopted by the Municipal Council on May 5, 2010, the City of Newark (the "City") authorized the imposition of a Rental Tax on motor vehicle rental transactions that occur within certain designated industrial zones of the City; and
WHEREAS, pursuant to and in accordance with the provisions of the Municipal Motor Vehicle Rental Tax Law, specifically N.J.S.A. 40:48H-6, the City is authorized to issue, or cause to be issued, bonds for the purpose of financing Eligible Projects, which bonds may be payable from and secured by Rental Tax proceeds; and
WHEREAS, such bonds are to be issued pursuant to and in accordance with the ...
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