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AN ORDINANCE OF THE CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY, PROVIDING FOR PROCESS AND OPERATIONAL UPGRADES AT THE PEQUANNOCK WATER TREATMENT PLANT AND OTHER RELATED EXPENSES IN AND FOR THE CITY AND APPROPRIATING $23,000,000.00 AND PROVIDING FOR THE ISSUANCE OF $23,000,000.00 IN BONDS OR NOTES OF THE CITY TO FINANCE THE SAME.
DEFERRED 6PSF-d 031721
PUBLIC HEARING TO BE HELD ON MARCH 23, 2021.
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NOW, THEREFORE, BE IT ORDAINED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
Section 1. The improvement or purpose described in Section 3 of this Bond Ordinance is hereby authorized to be undertaken by the City of Newark, in the County of Essex, New Jersey (the "City"), as a general improvement. For the improvement or purpose described in Section 3 hereof, there is hereby appropriated the amount of $23,000,000.00. No down payment is required hereunder as this ordinance involves an environmental infrastructure project to be funded by loans pursuant to the New Jersey Water Bank Financing Program.
Section 2. In order to finance the cost of the improvement or purpose, negotiable bonds are hereby authorized to be issued in the principal amount of $23,000,000.00 pursuant to the Local Bond Law. In anticipation of the issuance of the bonds, negotiable bond anticipation notes are hereby authorized to be issued pursuant to and within the limitations prescribed by the Local Bond Law.
Section 3. (a) The improvement hereby authorized and the purpose for which the bonds or notes are to be issued is for physical and operational improvements at the Pequannock Water Treatment Plant, including, without limitation, optimization of coagulation procedure, replacement of filter media and underdrain system, replacement of filter valves, replacement of backwash pumps, filter flow control changes, adding an air scouring system and upgrading electrical and control system, and including all work and mat...
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