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 all Interest and Debt Redemption Charges for Year 2017
Funding Source: City of Newark Budget
Appropriation Amount: $72,155,491.00
Budget Year: 2017
Contract Period: January 1, 2017 to December 31, 2017
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
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 2017 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, 2017; and
WHEREAS, the total appropriation in the Budget made for Debt Service, Capital and Relief Fund Contributions in the 2017 Budget is the sum of $72,155,491.00.
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 $23,215,000.00
95440 Interest on Qualified Bond Principal 11,802,975.00
96670 ECIA Bonds Principal 3,350,000.00
96680 ECIA Bonds Interest 3,780,046.00
97380 Business Personal Property Tax
Replacement ...
Click here for full text