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AN ORDINANCE AMENDING TITLE X, FINANCES AND TAXATION, CHAPTER 10:32, SPECIAL IMPROVEMENT DISTRICTS, OF THE REVISED ORDINANCES OF THE CITY OF NEWARK, NEW JERSEY, 2000, AS AMENDED AND SUPPLEMENTED, TO AMEND VARIOUS SECTIONS INCREASING THE ADMINISTRATIVE FEE RETAINED BY THE CITY TAX COLLECTOR FROM ONE PERCENT (1%) TO TWO PERCENT (2%)
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WHEREAS, the City of Newark has established various Special Improvement Districts ("SIDs") pursuant to N.J.S.A. 40:56-65 et seq., and Chapter 10:32 of the Code of the City of Newark; and
WHEREAS, Chapter 10:32 authorizes the City Tax Collector to collect special assessments and license fees on behalf of such districts and to retain an administrative fee for the costs associated with billing, collection, accounting, and disbursement of such funds; and
WHEREAS, the current administrative fee retained by the City Tax Collector is set at one percent (1%) of the amount collected; and
WHEREAS, the Municipal Council finds that an increase in the administrative fee is necessary and appropriate to reflect the administrative burden and costs incurred by the City in connection with the collection and administration of SID revenues; and
WHEREAS, the Municipal Council desires to amend Chapter 10:32 to increase the administrative fee retained by the City Tax Collector from one percent (1%) to two percent (2%) across all applicable Special Improvement District provisions;
NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
Note: Additions are shown as underlined and bold. Deletions are strikethroughs.
Section 1.
Section 10:32-2.5(m) of the Code of the City of Newark be and is hereby amended to read as follows:
The City Tax Collector shall withhold from each quarterly payment an Administrative Fee of 1% two percent (2%) of the amount actually collected by the Tax Collector.
Section 2.
Section 10:32-3.5(m) of the Code of the City of Newark be and...
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