Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval of bond ordinance.
Name of Project(s): NJIB Lead Service Line Replacement Program
Amount to be Financed: $49,203,472.00
Funding Source: Bonds
Local Finance Board meeting date(s): February 10, 2021 and March 10, 2021
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY AUTHORIZING THE MAKING OF APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A. 58:11B-9(a), 40A:3-4 AND 40A:2-26(e) IN CONNECTION WITH THE ISSUANCE OF UP TO $49,203,472.00 OF THE CITY'S BONDS AS QUALIFIED BONDS FOR THE NJIB LEAD SERVICE LINE REPLACEMENT PROJECT.
Additional Information:
This resolution is to supplement an LFB Application submitted in August 2018.
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WHEREAS, the City of Newark, in the County of Essex, New Jersey (the "City"), desires to make supplemental application to the Local Finance Board for the Board's: (a) approval pursuant to N.J.S.A 58:11B-9(a) of the issuance of bonds by the City to the New Jersey Infrastructure Bank; (b) approval pursuant to N.J.S.A. 40A:3-4 in the Municipal Qualified Bond Act to the issuance of the bonds as qualified bonds; and (c) consent pursuant to N.J.S.A. 40A:2-26(e) to non-conforming maturity schedules, all pertaining to the City's issuance of up to $49,203,472.00 in qualified bonds pursuant to a $75,000,000.00 bond ordinance adopted by the City on August 8, 2018 and heretofore approved by the Local Finance Board on September 12, 2018, which approval was modified by the Local Finance Board on September 11, 2019, for the City's issuance of bonds under the Municipal Qualified Bond Act for the replacement of lead service lines within the City from the water ma...
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