Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval of bond ordinance
Name of Project(s): Mulberry Commons Pedestrian Bridge
Amount to be Financed: $110,000,000.00
Funding Source: Revenue Bonds
Local Finance Board meeting date(s): October 20, 2021
Project Information:
(Description/ Project No./ Amount Appropriated/Ordinance No.)
RESOLUTION OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, APPROVING THE SUBMISSION OF AN APPLICATION TO THE LOCAL FINANCE BOARD PURSUANT TO N.J.S.A. 40A:12A-29(a)(3) PERTAINING TO THE ISSUANCE OF UP TO $110,000,000.00 PRINCIPAL AMOUNT OF MASS TRANSIT ACCESS TAX REVENUE BONDS AND PROJECT NOTES (MULBERRY PEDESTRIAN BRIDGE REDEVELOPMENT PROJECT) (CITY SECURED) AT ANY ONE TIME OUTSTANDING OF THE CITY, ACTING AS REDEVELOPMENT ENTITY AND THE ADOPTION OF A SUBSIDY ORDINANCE BY THE CITY RELATING THERETO.
Additional Information:
The 3.5% Mass Transit Tax will be pledged to pay the debt service for these bonds.
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WHEREAS, the P.L. 2019, c. 289, specifically N.J.S.A. 40:48C-1.7, et seq. (the "Mass Transit Access Parking Tax Law"), authorized certain municipalities to impose a 3.5% tax within such municipality and to use the proceeds therefrom for the exclusive purposes of financing and funding capital improvements for pedestrian access to mass transit stations, specifically N.J.S.A. 40:48C-1.7(b) (the "Eligible Project"); and
WHEREAS, pursuant to Ordinance 6PSF-e, adopted by Municipal Council on March 24, 2020 (the "Tax Ordinance"), the City of Newark (the "City") has heretofore authorized the imposition of a 3.5% Mass Transit Access Tax on fees generated from the parking, garaging and storing of motor vehicles, subject to certain exemptions and exceptions (the "Mass Transit Access Tax"); and
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