Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Application to Local Finance Board for approval
of bond ordinance
Name of Project(s): Queen Ditch Sewer Utility Capital Improvement
Amount to be Financed: $5,000,000.00
Funding Source: Bonds/Notes
Local Finance Board meeting date(s): December 14, 2016
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 58:11B-9(a), 40A:3-4 AND 40A:2-26(e) IN CONNECTION WITH THE CITY'S NJEIT QUEEN DITCH RESTORATION PROJECT
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 (a) approval pursuant to N.J.S.A 58:11B-9(a) of the issuance of bonds by the City to the New Jersey Environmental Infrastructure Trust, (b) approval pursuant to N.J.S.A. 40A:3-4 in the Municipal Qualified Bond Act to the issuance of the bonds as qualified bonds and (c) consent pursuant to N.J.S.A. 40A:2-26(e) to non-conforming maturity schedules, all pertaining to the City's adoption of a supplemental appropriation bond ordinance appropriating and authorizing an additional $5,000,000.00 in bonds for sewer utility improvements, including, but not limited to, installation of approximately 380 linear feet of precast box culvert, end-of-pipe netting facilities at the transition to the drainage ditch, and dredging of the existing drainage ditch, and for the issuance of not to exceed $10,250,000.00 in qualified bonds to the New Jersey Environmental Infrastructure Trust and the State of New Jersey in connection with the permanent financing of said project; and
WHEREAS, the City beli...
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