Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application Letter to Local Finance Board for approval of amending bond ordinance.
Name of Project(s): Various
Amount to be Financed: $38,409,000.00
Funding Source: Bonds/Bond Anticipation Notes
Local Finance Board meeting date(s): June 8, 2022
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY AUTHORIZING THE SUBMISSION OF A LETTER APPLICATION TO THE LOCAL FINANCE BOARD, PURSUANT TO N.J.S.A. 40A:3-1, ET SEQ., WITH RESPECT TO AN AMENDMENT OF A PREVIOUSLY APPROVED BOND ORDINANCE AND APPROVING THE SUBMISSION THEREOF.
Additional Information:
This Resolution is a companion legislation to Legistar ID #22-0632, which looks to amend 6PSF-a(S) adopted on June 22, 2021, by combining two (2) Library projects into one (1) project. The overall amount will not change.
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WHEREAS, the City of Newark, in the County of Essex, State of New Jersey (the "City") previously submitted an application to the Local Finance Board , Division of Local Government Services, in the Department of Community Affairs (the "Local Finance Board" or "LFB") for approval of the adoption of a multi-purpose capital improvement bond ordinance (the "Bond Ordinance") as a qualified bond ordinance and the approval of a maturity schedule of bonds issued thereunder pursuant to the provisions of the Municipal Qualified Bond Act N.J.S.A. 40A:3-1 et seq.; and
WHEREAS, the City is desirous of amending the Bond Ordinance to combine the two (2) Library purposes set forth therein into one (1) improvement or purpose, including combining the appropriations and authorizations for such purposes; and
WHEREAS, the City desires to make ...
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