Title
Dept/ Agency: Administration/Office of Management & Budget
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Temporary Emergency Appropriation
Purpose: To provide funds for all Interest and Debt Redemption Charges for Year 2016
Funding Source: City of Newark Budget
Appropriation Amount: $57,793,453.00
Budget Year: 2016
Contract Period: January 1, 2016 through December 31, 2016
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( X ) n/a
Additional Information:
Funds accepted by Resolution # n/a
Operating Agency: All Departments
Two-Thirds vote of full membership required.
body
TAR #2
WHEREAS, N.J.S.A. 40A: 4-19 provides that Temporary Appropriations for all Interest and Debt Redemption charges for the year 2016 may be made during December of the pending year and until the Budget is adopted: and
WHEREAS, this Resolution is passed at this meeting to be effective January 1, 2016; and
WHEREAS, the total appropriation in the Budget made for Debt Service, Capital and Relief Fund Contributions in the 2016 Budget is the sum of $57,793,453.00.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1 The following temporary appropriations be made, and that a certified copy of this resolution be transmitted to the Chief Financial Officer for his/her records.
2 The Governing Body by a two-thirds vote of its full membership hereby amends its temporary budget by making the following temporary appropriations;
(1) MUNICIPAL DEBT SERVICE
95430 Payment on Qualified Bond Principal $15,095,000.00
95440 Interest on Qualified Bond Principal 8,934,000.00
96670 ECIA Bonds Principal 3,715,000.00
96680 ECIA Bonds Interest 4,70...
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