Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval
of bond ordinance
Name of Project(s): Rehabilitation PATH Home Units
Amount to be Financed: $6,000,000.00
Funding Source: Bond/Notes
Local Finance Board meeting date(s): March 12, 2025
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. 40A:3-4 IN CONNECTION WITH THE CITY'S REHABILITATION OF HOUSING UNITS MANAGED BY THE NEWARK HOUSING AUTHORITY AND APPROVING THE SUBMISSION THEREOF
Additional Information:
body
WHEREAS, the CITY OF NEWARK, IN THE COUNTY OF ESSEX, NEW JERSEY (the "City"), desires to make application to the Local Finance Board for the Board's approval pursuant to N.J.S.A. 40A:3-4 in the Municipal Qualified Bond Act to the issuance of bonds by the City to pay a portion of the costs or rehabilitating housing managed by the Newark Housing Authority in connection with the City and the Newark Housing Authority implementing the Path Home Program, pertaining to the City's adoption of a bond ordinance to provide for the issuance of up to $6,000,000.00 in qualified bonds; and
WHEREAS, the City believes:
(a) it is in the public interest to accomplish such purpose;
(b) said purposes or improvements are for the health, welfare, convenience or betterment of the inhabitants of the City;
(c) the amounts to be expended for said purpose or improvements are not unreasonable or exorbitant; and
(d) the proposal is an efficient and feasible means of providing services for the needs of the inhabitants of the City and will not create an undue financial burden to be placed upon the City.
NOW, THERE...
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