Title
Dept/ Agency: Administration/Office of Management & 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 2014
Funding Source: City of Newark Budget
Appropriation Amount: $55,839,061.00
Budget Year: 2014
Contract Period: January 1, 2014 through March 31, 2014
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 Year 2014 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, 2014; and
WHEREAS, 26.25 % of the total appropriation in the Budget exclusive of any appropriations made for Debt Service, Capital and Relief Fund Contributions in the 2013 Budget is the sum of $55,839,061.00.
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.
(i) MUNICIPAL DEBT SERVICE
95430 Payment on Qualified Bond Principal $14,715,000.00
95440 Interest on Qualified Bond Principal 9,553,000.00
96670 ECIA Bonds Principal 3,920,000...
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