Title
Dept/ Agency: Administration/Office of Management and Budget
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Temporary Emergency Appropriation
Purpose: To provide funds for the City of Newark all Interest, Debt Redemption Charges, and Capital Improvements for Year 2026.
Funding Source: City of Newark Budget
Appropriation Amount: $102,861,698.00
Budget Year: 2026
Contract Period: January 1, 2026 through December 31, 2026
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 2026 may be made during December of the pending year and until the Budget is adopted; and
WHEREAS, this Resolution shall be effective as of January 1, 2026; and
WHEREAS, the total appropriation in the Budget made for Debt Service, Capital and Relief Fund Contributions in the 2026 Budget is the sum of One Hundred-Two Million Eight Hundred Sixty-One Thousand Six Hundred Ninety-Eight Dollars and Zero Cents ($102,861,698.00).
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 $27,327,923.00
95440-Interest on Qualified Bond Principal 10,834,986.00...
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